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Finland Crypto Tax Guide 2024

Pratibha Tiwari
Reviewed by
Sukesh Tedla
min read
Last updated:
Jan 12, 2023

Are you one of the many crypto investors who seek to understand crypto taxes, or do you feel overwhelmed by the prospect of tax reporting?

Luckily, the Finnish Tax Administration, Vero, has released official tax guidance to help you understand how to calculate and report your crypto taxes in Finland. In this guide, we will explain how crypto taxes in Finland work, how much tax you pay on your crypto gains, and how to report your crypto taxes to Vero.

Bear in mind that cryptocurrency taxes are complex, and this guide goes to length to explain certain guidelines and concepts. However, we will do our best to simplify and tabulate the data to make this guide more digestible. We suggest reading it thoroughly to avoid overlooking any important details. 

So, let’s begin.

Latest Updates/Guidelines

16/06/23-  Updated to accommodate ICO, crypto gifts and donation taxes

16/06/23- Updated to accommodate DAO taxes

How is Crypto Taxed in Finland?

As per the guidelines issued by Verohallinto (also known as Vero), the Finnish Tax Administration considers cryptocurrencies as personal assets and not legal tender or fiat currency.

Vero has defined Cryptocurrencies as a form of digital value that can be used to settle liabilities, electronically transferred, saved, and exchanged, and are not issued by any central bank or public authority.

In Finland, cryptocurrency purchases and transfers between wallets and exchanges are tax-free. However, profits generated from selling or exchanging cryptocurrencies are subject to Capital Gains Tax and are considered capital income. 

Income generated from mining and staking activities is subject to Income Tax, while capital gains from crypto assets are taxed at varying rates. For capital gains up to €30,000, the tax rate is 30%. Any amount exceeding this threshold is taxed at 34%. This implies that the tax liability on your crypto profits will either be 30% or 34%, depending on your total capital income for the tax year.

Assets received as compensation for a product or service are considered income and subjected to income tax. Three different types of income taxes are levied on crypto income:

  1. National Taxes
  2. Municipal Taxes
  3. Church Taxes

National income taxes are progressive and range from 12-44% based on the total value of your reported income. Municipal taxes are flat tax rates levied by individual municipalities that vary from 16.5-23.5%. 

The church tax applies to members of the Evangelic Lutheran, Orthodox, or Finnish German churches. It is imposed at a flat rate ranging from 1.0% to 2.1%, depending on your residential location.

Consider this example to understand how these taxes work.

Here’s a list of all transactions Emir was involved in during 2022:

Transaction-1: 13/02/2022 - Bought 1 BTC 

Transaction-2: 15/04/2022 - Received 2 BTC as compensation for a sale

Transaction-3: 18/04/2022 - Received 2 ETH as mining reward

Transaction-4: 21/05/2022 - Bought 1 ETH 

Transaction-5: 04/06/2022 - Sold 1 BTC

Transaction-6: 17/09/2022 - Sold 1 ETH

From the above ledger of transactions, Transactions 5 and 6 will attract capital gains taxes while transactions 2 and 3 are income tax-bearing transactions.

Let’s assume gains incurred in the BTC and ETH disposal were €20,000 and €1,500 respectively.

Total Gain = € 21,500 

This is your total capital gain, and a capital gains tax will be levied on it.

Now assuming that the FMV (Fair Market Value) of the BTC and ETH token on receipt in transactions 2 and 3 were €20,000 and €1,800 respectively, at the time of receipt.

Total Income = 6.25 * €20,000 + 2 * €1,800 = €1,28,600

This is your taxable income base, and income tax will be levied on it.

Can the Vero Track Crypto?

At present, we lack information on this subject. Nevertheless, if you are wondering whether you can omit certain transactions to reduce your tax bill, we strongly recommend abandoning that strategy and disclosing all of your crypto transactions to Vero. If you’re an individual engaged in cryptocurrency transactions in Finland, you might have undergone a Know-Your-Customer (KYC) verification process while signing up for an exchange. Therefore, it is likely that Vero possesses a record of their activities, and they can easily track your crypto transactions.

Capital Gains Tax Finland

In Finland, cryptocurrency is categorised as a personal asset, necessitating the payment of capital gains tax upon the sale or disposal of crypto assets. It is important to accurately report any sales of Bitcoin or other cryptocurrencies as capital gains. If you participate in such crypto transactions, your gains will likely be subject to tax obligations.

  • Trading one cryptocurrency for other cryptocurrencies.
  • Converting a cryptocurrency into fiat currency such as USD or EUR.
  • Using cryptocurrency to purchase goods or services.
  • Trading NFTs.
  • Participating in cryptocurrency staking.
  • Earning income from margin/futures trading in cryptocurrency.

Capital Gain Tax Rate Finland

Like other investments regulated by Vero, your gains or losses from cryptocurrency may be subject to taxation based on your overall gains. If you earn capital gains from these activities, you will be taxed at a rate of 30% for amounts up to €30,000 and 34% for any exceeding amount. This means that your tax liability for crypto profits will be either 30% or 34%, depending on your total capital income during the tax year.

How to Calculate Capital Gains and Losses?

Calculating capital gains and losses on your cryptocurrency investments is a 2 step process in any tax jurisdiction that imposes capital gains taxes on the disposal of crypto assets. 

The first step is to determine the sales price (also known as proceeds) of the cryptocurrency sold, and then you can determine the purchase price (also known as cost basis).

To calculate capital gains, it is important to determine both the sales price and the purchase price of the cryptocurrency. While the sales price is based on the value of the cryptocurrency at the time of the transaction, determining the purchase price can be more complex. In Finland, the tax authority provides guidelines that allow you to calculate the purchase price using accounting methods such as First-in First-out (FIFO) or Last-in First-out (LIFO). These methods help ensure the accuracy of the calculations.

  1. FIFO Accounting- Under FIFO accounting, the first asset you buy is considered the first asset you sell
  2. LIFO Accounting-  Whereas under LIFO accounting, the last asset you buy is considered the first one you sell. 

In addition, if there are any trading or brokerage fees associated with the transaction you can add them to the cost basis, which means that trading fees are fully deductible against profits.

Lastly, you can calculate your capital gains with the general formula -  Capital Gains = Selling Price - Purchase Price.

Consider the following transactions:

12/01/22 - Elias bought 1 BTC for €18,000

16/03/22 - Elias bought 1 ETH for €1,600

19/05/22 - Elisa bought 1 BTC for €20,000

18/06/22 - Elias bought 2 ETH for €1,500 each

20/07/22 - Elias sold 1 BTC for €22,000

21/08/22 - Elias sold 2 ETH for €2,000 each

As evident from the above ledger, Elias made two disposals. Let’s look at the individual gains made in each transaction.

1st Disposal

1 BTC sold €22,000

Since Elias purchased two Bitcoins on two different dates for different prices. We need to use an accounting method to identify the cost base of the disposed BTC.

Tax authorities in Finland recommend using FIFO (First-In-First-Out)  or LIFO (Last-In-First-Out) accounting for cost-basis calculations. We are using the FIFO accounting method for these calculations. We have discussed both accounting methods in detail later in the guide. For now, a simple explanation of FIFO is that the first asset you buy is the first one you sell.

So the BTC disposed of is the same one bought on 12/01/22 for €18,000

Disposal Amount = €22,000

Cost Base = €18,000

Capital Gain = Disposal Amount - Cost Base = €22,000 - €18,000 = €4,000

2nd Disposal 

2 ETH sold for €2,000 each

Now, there are two types of ETH tokens in this bunch. Let’s call them ETH-1 and ETH-2.

ETH-1 was acquired on 16/03/22 for €1,600

ETH-2 was acquired on 18/06/22 for €1,500

Cost Base for ETH-1 = €1,600 

Cost Base for ETH-2 = €1,500

Gain from ETH-1 Disposal =  2,000 - 1,600 = €400

Gain from ETH-2 Disposal =  2,000 - 1,500 = €500

Total Gain = €900

Now, Collective gain from both disposals = €4,000 + €900 = €4,900

This is your tax base and CGT will be levied on it.

Crypto Losses

Losses are a common occurrence in any type of activity, whether it involves business or cryptocurrency. Fortunately, there are certain concessions available to you if you have incurred losses through crypto transactions. Under § 50 of the Income Tax Act, you can claim tax deductions for losses resulting from the sale of cryptocurrencies as long as the total sales price is over €1,000.

Additionally, it is possible to offset these losses against any gains from the sale of other virtual currencies within the tax year and the subsequent five years. However, it's important to note that losses can only be claimed if you have sold your cryptocurrencies. If the value of your currencies has decreased but you still hold them, you cannot claim any losses for tax purposes. It is crucial to consider these factors when assessing your overall tax situation related to cryptocurrency investments.

Lost Or Stolen Crypto

If you've had your cryptocurrency stolen, you won't be required to pay taxes on them. The same goes for instances where you've experienced losses due to chain hacks, scams, or lost private keys. 

It would be unfortunate if you've had to go through such a situation, but keep all the relevant documentation as proof of evidence for any unknown circumstances.

Crypto Tax Breaks

Listed below are some strategies that allow you to pay fewer taxes without getting into legal trouble:

  1. Write Off Your Losses

Under § 50 of the Income Tax Act, you can claim tax deductions for losses resulting from the sale of cryptocurrencies, as long as the total sales price is over €1,000.

  1. Gift Crypto Assets

Crypto gifts under €5,000 are tax-free in Finland.

Crypto Cost Basis Method

The examples provided thus far are not representative of real-world transactions. They involve complex scenarios with multiple assets of the same kind acquired at different dates and prices, leading to intricate cost-basis calculations. To ensure accurate tax reporting, investors must rely on specialized accounting methods.

Tax authorities have proposed guidelines regarding the use of accounting methods for cost-basis calculations. The preferred cost basis method in Finland is the FIFO method. It helps to determine the cost basis of assets and minimize discrepancies in tax reports. By following these guidelines, investors can navigate the complexities of cost-basis calculations more effectively.

Under FIFO accounting, the first asset you buy is considered the first asset you sell.

Consider the following transactions:

02/01/22 - Emilio bought 1 BTC for €18,000

15/04/22 - Emilio bought 1 BTC for €20,000

18/06/22 - Emilio bought 1 BTC for €23,000

20/07/22 - Emilio sold 1 BTC for €25,000

Now, if Emilio uses the FIFO accounting method, the BTC sold would be the one bought on 02/01/22 for €18,000.

Cost Basis = €18,000

Disposal Amount = €25,000

Capital Gain = €25,000 - €18,000 = €7,000

Deemed Acquisition Cost Method Finland

Sometimes it may be difficult for you to determine the original purchase price of your cryptocurrency due to reasons like - losing access to your trading history. You can tackle this situation with the Finnish Tax Administration's exclusive method called the Deemed Acquisition Cost Method. This method allows you to deduct a fixed percentage of the sales price instead of the purchase price.

The process is straightforward. Here's how it works: If you have held your cryptocurrency for less than 10 years, the deemed acquisition cost is 20% of the selling price. On the other hand, if you have held your crypto for more than 10 years, the deemed acquisition cost is 40% of the selling price. This calculation helps determine the taxable amount based on the duration of your cryptocurrency holding.

The deemed acquisition cost method can be beneficial when dealing with smaller cryptocurrencies that lack easily accessible pricing information. However, if you decide to use this method for reporting your crypto taxes, you may be required to provide evidence demonstrating your inability to access the original transaction history. This documentation is necessary to support your use of the deemed acquisition cost method for accurate tax reporting purposes.

Income Tax 

If you receive cryptocurrency as payment for your services or work, you should pay standard income taxes, just as you would if you would have received compensation in your local currency. The same applies to profits earned from cryptocurrency mining, where the value of the cryptocurrency at the time of receipt must be disclosed to tax authorities. In Finland, the following activities are considered taxable income and should be reported accordingly.

  • Mining rewards
  • Income (e.g., freelancing, salary, rewards, online gaming)
  • Create & Sell NFT

Income Tax Rate Finland

Finland has a progressive tax system similar to neighbouring countries. Meaning that the tax rate increases as the total taxable income increases. Income tax is divided into three categories:

  1. National Taxes 
  2. Municipal Taxes 
  3. Church Taxes.

National taxes come with a tax-free allowance of €19,000 for the 2022 tax year, with tax rates ranging from 12% to 44% above this threshold, depending on your total income. You can understand the national tax rates with the table below.

In contrast, municipal taxes are applied at a flat rate and set by individual municipalities, with tax rates ranging from 16.5% to 23.5%.

Finally, there's the church tax that applies to all members of the Evangelic Lutheran, Orthodox, or Finnish German church. The church tax is also levied at a flat tax rate, varying between 1.0% and 2.1%, depending on where you live in Finland.

How to Calculate Crypto Income

Calculating your crypto income is a pretty straightforward process, you just need to add up the FMV of all assets received as mining rewards, staking rewards, or compensation for a product or service, and you will end up with your taxable income base.

Tax-Free Crypto Transactions

Not all crypto transactions attract tax liabilities, here are some crypto transactions that are considered tax-free by Vero.

  • Buying crypto with fiat currency
  • Moving crypto between personal wallets
  • Crypto received as a gift
  • Lost or stolen crypto
  • Donating any crypto without seeking profits
  • Crypto Forking

Taxed Crypto Transactions

If you’re engaging in any of the following activities during the tax year, you may result in potential tax liabilities to Vero:

  • Selling cryptocurrency for fiat currency 
  • Trading one cryptocurrency for another 
  • Using cryptocurrency to purchase goods or services 
  • Earning cryptocurrency as income 
  • Borrowing or lending crypto
  • Receiving cryptocurrency through mining or staking activities
  • Receiving cryptocurrency as a gift (subject to gift tax rules)
  • Creating or Selling NFTs

Tax On Mining Crypto Finland

If you’ve earned income from crypto mining, you have to pay earned income tax. You must report the value of your mining income in euros at the time you gain access to your mined cryptocurrency.

To calculate your income from mining, you can use the average exchange rate for the period you are reporting, whether it be daily or monthly. Also, you have to remain consistent with your chosen period throughout the year.

Some of the deductibles on mining are as follows:

  1. Expenses that you incur while mining can be deducted from your income (only the portion that is directly related to mining) 
  2. Any energy used for the computer or device that is not directly involved in mining cannot be tax-deductible
  3. The purchase price of mining equipment is deductible 
  4. If the equipment is used for personal use occasionally, you can still deduct some expenses based on the frequency of personal use.

This table will help you understand the deduction based on occasional personal use of equipment.

Lastly, if you can use the hardware for mining for more than three years, you should deduct expenses according to a series of depreciation expenses of no more than 25% per year.

Tax on Staking Crypto 

According to the Vero Guidelines, staking rewards are viewed as capital gains and not as income by the tax authorities. Here’s a statement by Vero that highlights why staking rewards are treated as capital gains instead of income:

“...taxation is based on the idea that you are receiving income because you own virtual currency previously.  What you own previously is seen as your capital. Accordingly, the amount added to it is capital income.”

The guidance further clarifies that the taxation of assets occurs when you acquire possession of them and can dispose of them. It's important to emphasise that this guidance also extends to transactions based solely on gains from previously owned tokens, including decentralized finance (DeFi) transactions.

Crypto Margin Trading, Futures, CFDs

Individual investors participating in margin trading, crypto futures, and contracts for difference (CFDs) should consider the tax treatment based on securities and derivatives regulations, as specified in the guidelines.

In margin trading, where investors borrow funds to take leveraged positions, profit or loss resulting from trades after factoring in margin fees is considered realized. It's crucial to understand that realised profits from margin trading are subject to capital income tax. However, losses incurred during property transfers can be offset against gains made in the same tax year and carried forward for up to five years after the tax year.

Crypto Gifts and Donation Taxes

Here’s what Vero has to say about gifts and their taxation:

If the total value of the gifts you receive from the same donor in 3 years is €5,000 or more, you must pay gift tax.”

As evident from the above statement, gifts, in general, do not attract tax liabilities for the gifter. However, the person receiving these assets might have to pay gift tax, if the total value of the asset received from the same person over 3 years exceeds €5,000.

Vero is yet to release specific guidelines on the taxation of crypto donations. Existing guidelines do not offer a clear picture of how such transactions are taxed. Therefore, we advise seeking guidance from an experienced tax professional to help you navigate through this.

NFT Taxes Finland

In Finland, you are liable to pay taxes if you are involved in any of these activities:

  1. Create or Sell NFTs
  2. Resell NFTs

So, we will understand both of these situations appropriately.

If you are the creator or artist of the NFT, any income earned from its sale or commissions on subsequent sales is considered earned income and is subject to taxation. The realized income is based on the value of the received cryptocurrency in euros at the time of the sale and you’ll be liable for income tax in Finland.

However, as the artist, you may deduct expenses incurred while making the art, such as NFT marketplace fees and drawing software expenses. These expenses are reported under the same section as mining expenses: "Expenses for the production of other income than wage income."

The resale of NFTs is treated similarly to trading cryptocurrency. Any gains from the resale of an NFT should be reported and are subject to capital gain tax.

You can refer to the complete NFT tax guide here.

ICO Taxes

Vero offers guidance on taxation for initial coin offerings (ICOs). According to this guidance, investors are considered to have acquired virtual currency, and any realized growth in its value is subject to Capital Gains Tax.

DAO Taxes

Currently, there is a lack of clear guidance regarding the taxation of income from DAOs. However, it is reasonable to assume that such income would be subject to income tax, just like mining rewards and salary earned for work. To ensure compliance and minimise any potential complications, it is recommended that you seek the advice of an experienced tax professional who can offer personalized guidance.

DeFi Taxes Finland

Vero is yet to provide definitive guidelines on how DeFi transactions will be classified for tax purposes. With DeFi being a nascent and constantly evolving field, offering novel ways of earning income worldwide, it is not possible to include all DeFi transactions and returns within a standardized set of tax regulations.

Note that engaging in DeFi transactions that result in an income or capital gain could trigger tax obligations. The following are some DeFi transactions that may incur tax liabilities as determined by Vero:

  • Receiving liquidity tokens or new tokens as rewards from DeFi protocols.
  • Using collateral to obtain a loan from DeFi protocols or private lenders.
  • Participating in staking, yield farming, and adding or removing liquidity from liquidity pools.
  • Realizing profits from margin trading activities within DeFi protocols.

How are Airdrops and Forks Taxed in Finland?

While Vero does not offer explicit guidance on the taxation of airdrops, we hold the view that treating airdrops as capital income rather than earned income, for tax reporting purposes is appropriate. This perspective is based on the similarity between airdrops and staking rewards, thus suggesting that they share comparable characteristics.

Once Vero releases updated guidance on the tax treatment of airdrops, we will incorporate this information into our guide and provide further clarification.

Receiving crypto from a hard fork does not incur tax liabilities However, selling the received assets may be subject to capital gains tax. In this case, the cost of acquiring the newly received cryptocurrency is considered €0, and taxes are calculated based on the total market value when disposing of the assets.

When to Report Crypto Taxes in Finland?

You may be wondering about the deadline for filing taxes in Finland. While Vero has not yet released specific dates, the past trend suggests the deadline could be April 1st, May 10th, May 17th, or May 24th (any of these dates). 

So, hang tight as the deadline approaches, and the official date may be announced by the end of March or April.

How to File Crypto Taxes in Finland?

When you’re done with your capital gain calculation you can start filing the taxes to Vero. You can file your crypto taxes online or offline mode in Finland. However, in this guide, we’ll mainly focus on the online mode for filing taxes. So, stick to these steps to make sure everything goes smoothly and you don’t end up with tax problems at the end of it:

  1. Log in to the MyTax platform.
  2. Navigate to the “Individual income tax” section and select the year you want to report your crypto taxes for (e.g. the Tax year 2021).
  3. Select "Check pre-completed tax return".
  4. Click "Correct" on the new page that appears.
  5. Navigate to the "Other income" section and select "Yes" in the box for "Capital gains".
  6. Click "Add new transfer" and select "Virtual currencies".
  7. Enter details for all the capital gains transactions you made in 2021 or enter the total sales price and acquisition cost of all cryptocurrencies sold during the year.
  8. Enter any expenses directly related to your purchases or sales in the appropriate fields.
  9. In the "Property acquisition costs" field, you can input expenses directly linked to your purchases. Likewise, in the "Selling costs" field, enter any expenses related to your sales as required.
  10. Click on the "Add file" button located at the end of the capital gain calculation, then choose "Attachment" and specify that it pertains to virtual currencies. If you have manually calculated your crypto taxes, you can select your PDF file, and your filing is completed.

Note: For transactions with both gains and losses, use separate fillable fields in MyTax for each calculation - one for gains and one for losses.

Additionally, to report mining, staking, NFT, and airdrop income, go to the "Other income" section of MyTax. Additionally, you can input your mining expenses by selecting Deductions > Expenses for the production of income > Expenses for the production of other income than wage income.

Although these steps may seem overwhelming, there's no need to fret. You can opt for an online crypto tax platform such as Kryptos that can assist you throughout the process. This platform can provide you with step-by-step guidance, aid you in locating deductions and credits, and even file your tax return directly with Vero.

What Crypto Records will the Vero want?

If you’re filing tax returns to Vero, you should maintain sufficient documentation to substantiate the claims made on their tax returns. 

  1. Transaction date
  2. Crypto involved in the transaction
  3. Type of transaction
  4. Quantity of cryptocurrency bought, sold, or exchanged
  5. Euro value of the cryptocurrency at the time of the transaction
  6. Records from exchanges and any other pertinent documents
  7. Wallet addresses for which you possess the private keys.

How to File Crypto Taxes Using Kryptos?

Now that you’re aware of how your crypto transactions are taxed and what forms you need to fill out to complete your tax report, here’s a step-wise breakdown of how Kryptos can make this task easier for you:

  1. Visit Kryptos and sign up using your email or Google/Apple Account
  2. Choose your country, currency, time zone, and accounting method 
  3. Import all your transactions from wallets and crypto exchanges
  4. Choose your preferred report and click on the generate report option on the left side of your screen and let Kryptos do all the accounting.
  5. Once your Tax report is ready, you can download it in PDF format.

If you still need clarification regarding the integrations or generating your tax reports, you refer to our video guide here.

How to Avoid Crypto Taxes in Finland

There’s no legal way to avoid crypto taxes legally. However, you can use these strategies to lower your tax bill. 

  1. Offset your capital losses to lower your tax bill. Vero allows you to offset your losses as long as the disposal is worth more than €1,000.
  2. Gifting crypto assets is tax-free for the gifter in Finland. The recipient might have to pay gift taxes if the total value of assets received from one person over 3 years exceeds €5,000.


1. Is crypto legal in Finland?

Yes, crypto is legal in Finland and is considered a "personal asset" rather than a currency by the Finnish Taxation Authority, Vero. As such, cryptocurrency is subject to taxation following specific guidelines issued by Vero, which include different tax rules and regulations.

2. Do you pay tax on crypto in Finland?

As per the tax laws in Finland, cryptocurrency is classified as property, and any profits or losses incurred through buying, selling, or trading crypto are subject to capital gains tax. The rate of tax is variable and determined by several factors, including the amount of gain realized and the individual's income tax bracket.

Moreover, it is necessary to report crypto tax annually, and always seek advice from a tax professional or accountant to understand your particular tax liabilities regarding cryptocurrency. They can provide you with guidance on the specific requirements and help you file your crypto taxes accurately and on time.

3. How is staking taxed in Finland?

As per the tax regulations, mining rewards are categorized as earned income, whereas staking rewards earned by locking up existing cryptocurrency holdings are classified as capital income. This classification means that staking rewards are liable for Capital Gains Tax, not Income Tax.

4. Is crypto as a gift attractive tax in Finland?

If you receive cryptocurrency as a gift and you’ve decided to sell it within one year, the acquisition value of the donor will be transferred to you. As a result, you would be required to pay taxes on the difference between the selling price and the acquisition value.

Furthermore, if the cumulative value of gifts received from the same donor exceeds €5000 over three years, you are liable to pay gift tax according to the Vero gift tax guidelines.

All content on Kryptos serves general informational purposes only. It's not intended to replace any professional advice from licensed accountants, attorneys, or certified financial and tax professionals. The information is completed to the best of our knowledge and we at Kryptos do not claim either correctness or accuracy of the same. Before taking any tax position / stance, you should always consider seeking independent legal, financial, taxation or other advice from the professionals. Kryptos is not liable for any loss caused from the use of, or by placing reliance on, the information on this website. Kryptos disclaims any responsibility for the accuracy or adequacy of any positions taken by you in your tax returns. Thank you for being part of our community, and we're excited to continue guiding you on your crypto journey!