Tax investigators suspect that taxes in the millions are being evaded in the trade in cryptocurrencies.
(Photo: IMAGO)
Frankfurt In the noughties, it was the owners of black money accounts in Switzerland. Now the financial administration of North Rhine-Westphalia is hunting for crypto investors. Two weeks ago, the magazine “Der Spiegel” reported that the NRW financial administration was evaluating user data from a crypto exchange in order to uncover tax evasion. The Handelsblatt has now learned from which stock exchange and from which period the data originates. Further requests for information could soon follow.
Many investors think cryptocurrencies like Bitcoin, Ether and Co. are anonymous. But all data is stored on the blockchain, except for the name of the wallet owner. Ingo Heuel, criminal tax lawyer at the law firm LHP explains: “The tax offices are now building databases to identify the owners of the coins.” Then they could assign the blockchain data.
Handelsblatt offers tips on how crypto investors should behave before and after receiving mail from the tax authorities and explains why cryptocurrency traders could be exposed more easily in the future.
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