Denmark Tax Agency Clarifies Capital Gains Tax Treatment of Stablecoins, Reference Tokens as Financial Contracts

The Danish Customs and Tax Administration Sept. 2 posted online Tax Council Binding Answer No. SKM2025.478.SR, clarifying the capital gains tax treatment of stablecoins and reference tokens as financial contracts. The taxpayer, an individual, planned to invest in various stablecoins, intending to stake, place, and deposit them with the providers of the coins, which would result in the receipt of reference tokens as proof of ownership of such coins. The taxpayer sought clarification on whether the specified stablecoins and reference tokens should be taxed as financial contracts under the Capital Gains Act. Upon review, the Tax Council found that the ...