Two Colombians would have received notifications for excluding their operations with bitcoin. The citizens would have been carrying out their activities in LocalBitcoins.
Colombian users of peer-to-peer, or P2P, bitcoin (BTC) exchanges may have to start confirming operations linked to the cryptocurrency environment in their tax reports.
That measure comes from the alleged request for these data to two Colombians by the Directorate of National Taxes and Customs of Colombia (DIAN), according to information published by DiarioBitcoin.
The tax agency would have sent notifications about irregularities in their tax returns. According to reports, although these notifications would have gone to taxpayers on December 23, they would also represent declarations for the year 2019.
The emails would receive the title: “Possible inaccuracies in the income and complementary tax return, the taxable year 2019 for operations carried out with cryptocurrencies.” This factor is particularly evident since there was no legislation managing this type of tax.
In fact, to this day, there is still no legislative clarity regarding operations related to bitcoin and cryptocurrencies in the South American nations.
Colombian data Could Come from LocalBitcoins
According to the media, it is unclear if there was an express reference from the DIAN to LocalBitcoins. The collaboration of the Finnish Tax Authority (Finland is the country in which the exchange got registered) appeared in the investigation. Therefore, it is logical to think that they are activities carried out through this trade.
The Colombian agency reportedly told citizens that possible inaccuracies got determined in the gross income made in the income tax return and supplementary statements for the taxable year 2019.
In the body of the email, there would be specific information on the operations carried out that year by taxpayers and the equivalent in local currency, the Colombian peso.
Although it is unclear if the exchange directly delivered the data of its users, the company gets ruled by Finnish law, so it would be possible that the tax body of the European country had demanded that data and then shared it with the Colombian entities.
LocalBitcoins policy has been consistent in complying with regulations. According to these regulations, they have progressively increased the demand for personal data to confirm their users’ accounts on the platform, according to KCY policies. This complying has been one of the most prominent elements behind the drop in LocalBitcoins trading volumes worldwide.
Colombia Might be a Difficult field to carry out Activities in Exchanges
The DIAN would be requiring the confirmation of commercial activities in LocalBitcoins. Along with this measure, the DIAN would also add new requirements for the rest of the exchanges that carry out these operations or have clients in the country.
Binance’s case also deserves to be mentioned. The largest trading site in the bitcoin world today has already given Colombians enough trouble: Blocked accounts, a conflict involving the Dutch police and the DEA (the United States Drug Enforcement Administration). ), as well as lack of responses to those affected.
Various bitcoin and other cryptocurrencies disappeared from the accounts of Colombians who could appear on the list of those investigated by the European country. One of the victims would wait for a response for at least $80,000 in bitcoin and the stablecoin Tether missing from his balance.
By: Jenson Nuñez
