The DTA said it had received information from the Finnish tax authorities that around 2,700 Danes buy and sell bitcoins on a bitcoin exchange in Finland. This is the first time the Swedish Tax Agency received specific information in this area. The preliminary review shows that more than 2,700 citizens have bought and sold bitcoins for more than DKK 100 million over the years 2015-17, the vast majority in 2017. The tax authorities are now reviewing the information to ensure proper taxation. There may be either profits or losses that could affect the traders' taxable income and result in a proposal for a new annual statement.

The FSA found that:

• the ICO is covered by the prospectus regulation; and
• the token in question is covered by e-money rules.

The FSA said:

"The Danish FSA has assessed that the token offered in the specific case is not a transferable security. The reason is that the token in question does not involve any financial or decision-making rights over the company or the company's earnings."

"The token in question cannot be equated with e-money either, as the precondition for being covered by the rules for e-money is that the holders of them have a claim against the issuer, which is used as a means of payment. This is not the case with the token in question , because payment with the token on the platform neither initiates an underlying payment to the payee nor can be redeemed with the issuer. In other words, the token in question is the actual means of payment on the company's trading platform, and the payment thus takes place independently of an underlying claim between the e-money holder and the issuer."

The FSA said that:

• cryptocurrencies used as  a means of payment remain unregulated;
• tokens that look like financial instruments may fall within regulation;
• even though a token is not a financial instrument, the way an ICO is structured, or the way in which they are invested in, can still be regulated activities;
• it will assess whether an ICO is regulated or not on a case-by-case basis.