Starting January 2026, Finland will adopt a new data exchange standard aimed at tracking cryptocurrency income more effectively. The Finnish Tax Administration (VERO) announced that the initiative could impact as many as 450,000 citizens who hold or trade digital assets.
According to VERO, during the 2024 fiscal year, about 18,000 Finns declared profits from crypto sales, generating approximately €68 million ($79 million) in tax revenue. However, only 10% of all tax filings included accurate information on transactions involving virtual assets such as Bitcoin or Ethereum.
Tax authorities estimate that up to 100,000 individuals failed to report gains from digital asset operations in 2024, either unintentionally or deliberately.
The upcoming standard, developed by the Organisation for Economic Co-operation and Development (OECD), will integrate crypto transaction data into the Common Reporting Standard (CRS) — an international system used for exchanging financial information between more than 70 countries.
Under the new Crypto-Asset Reporting Framework (CARF), virtual asset service providers (VASPs) — including crypto exchanges, custodians, and wallet providers — will be obligated to collect and transmit users’ personal data, counterparties, and transaction details. This includes intermediate conversions, such as swaps into stablecoins like USDT.
The gathered data will be automatically shared with tax authorities worldwide, allowing them to pre-fill tax declarations and simplify the reporting process for cryptocurrency holders.
Once CARF is fully implemented, VERO will have the right to request detailed transaction information from both domestic and foreign crypto platforms. Failure to disclose income could lead to higher tax rates or even criminal prosecution for tax evasion.
Meanwhile, Finnish media report that local Bitcoin mining companies have started using heat generated from mining rigs to warm residential buildings and small towns — an example of how the country continues to blend innovation and sustainability in the crypto sector.
