In Finland, crypto assets are treated by the Finnish Tax Administration as property, not as official currency. That means tax is based on what you did with the asset. Selling, swapping, and paying with crypto are taxable events. Simply buying crypto is not.
This guide was written in consultation with Kvarn X's partners at Divly
In Finland, crypto assets are treated by the Finnish Tax Administration as property, not as official currency. That means tax is based on what you did with the asset. Selling, swapping, and paying with crypto are taxable events. Simply buying crypto is not.
For most Kvarn X users, crypto falls under capital income taxation in Finland. Capital income typically arises when you:
Capital income tax in Finland is:
Buying crypto is not a taxable event. Transfers between your own wallets or your own accounts are not taxable either.
In Finland, taxation does not only arise when you convert crypto into euros. A taxable disposal also happens when you:
According to the Finnish Tax Administration, gains from crypto disposals are taxed under the normal capital gains rules. Losses are deductible when there has been a taxable disposal.
There is also an important EUR 1,000 threshold. If the total selling prices of all assets disposed of during the year are no more than EUR 1,000, the gains are tax-exempt. At the same time, any losses are not deductible. Crypto disposals count toward this threshold as well.
Two key concepts in Finnish crypto taxation are FIFO and the deemed acquisition cost.
The Finnish Tax Administration applies FIFO to crypto disposals. This means the first units acquired are treated as the first units sold. In practice, this determines which purchase price is used as the acquisition cost when a sale or swap is calculated.
When calculating a gain, you can use either:
The deemed acquisition cost is:
This is one of the most important special features of Finnish crypto taxation. In many cases, the deemed acquisition cost can significantly reduce the taxable gain.
Crypto is usually reported in Finland through MyTax (OmaVero) when you review and correct your pre-completed tax return.
According to the Finnish Tax Administration, disposals can be reported either:
If you report the whole year at once, attach a PDF or other separate calculation that itemises all sales. If the tax year includes both gain-making and loss-making disposals, MyTax requires separate calculations for gains and losses.
If you have staking income, Finnish guidance says it is reported as other capital income. That should be kept separate from disposal gains and losses. The Finnish Tax Administration also explains in its guidance on how to report gains and losses from virtual currencies in MyTax that sales should be itemised and that gains and losses may need to be separated in the reporting.
You should keep at least:
The Finnish Tax Administration requires sufficiently detailed records to be kept for several years.
To report correctly, you need your transaction history from Kvarn X. Kvarn X provides a dedicated CSV file designed for Divly, making it easier to take your trading data into the next step of the tax process.Here is the process:
It is a good idea to download the file every time you want to include your latest transactions. That way, you are working with updated data when calculating gains, losses, and fees for your tax return.
Kvarn X is partnered with Divly. Kvarn X users automatically receive a 20% discount on Divly tax reports.
The Kvarn X CSV is designed so that it can be imported directly into Divly. This is a practical way to continue preparing your tax return, especially if you also want to combine Kvarn X data with activity from other wallets or exchanges.
Divly helps users:
In Finland, Divly follows the Finnish Tax Administration's reporting guidance closely and helps users through the full filing process. Divly also automatically applies the deemed acquisition cost whenever it lowers the user's taxes.
In practice, the workflow looks like this:
Kvarn X and marketmate.fi have launched a partnership in Finland with the goal of providing investors with professional, up-to-date, and easy-to-understand information on crypto assets as part of a broader, holistic investment framework.
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