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€140m of tax revenue collected via cryptocurrencies

As cryptocurrencies reached record highs last year, people in Finland reported nearly 2.1 billion euros worth of such assets to tax authorities.

Mynt med Bitcoinmotiv
The prices of well-known cryptocurrencies have fallen sharply in recent months. Image: All Over Press / Tass / Vyacheslav Prokofyev
Yle News

The Finnish Tax Administration reported that it had brought in roughly 140 million euros of tax revenue through cryptocurrency last year, reaching a record high.

Earlier this year, it was reported that cryptocurrency taxpayer numbers exploded in Finland with nearly 150,000 people declaring income through the commodity.

According to figures reported to tax authorities, residents of Finland sold more than 2.14 billion euros worth of cryptocurrencies. In 2020, the corresponding amount was just 190 million euros.

The prices of cryptocurrencies skyrocketed across the board, which reflected in the tax administration's figures.

People in Finland profited almost 460 million euros in the emerging digital market, almost 15 times as much as in the previous year. Of this amount, the taxpayer is charged capital duty, or 30 percent.

Similar gains are not expected for this fiscal year. The price of cryptocurrencies fell steeply in November 2021, and the current price of many cryptocurrencies is less than half of last year's highs.

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