Crypto traders: tax calculations may have become practically impossible under new Vero guidance (Dec 2025)
I want to flag something important for anyone actively trading crypto in Finland — especially if you use margin trading, cross/unified margin accounts, or stablecoins.
If these new rules are applied strictly, crypto tax reporting may have crossed the line from “complex” to practically unworkable for many users.
Reference Kryptovarojen verotus - vero.fi
Below is a summary in plain language.
- Margin trading + crypto collateral = taxable disposals
Under the updated Vero guidance:
Pledging crypto as collateral is only non-taxable if the lender is restricted from using the collateral. This is absured.
In most broker margin trading, there are no such restrictions
Therefore, each margin loan likely triggers a taxable disposal of the collateral
This is based on Vero’s own wording (sections 2.8 and 2.11.4).
So far, that’s already bad enough — but it gets worse.
- Isolated margin vs cross / unified margin (the real problem)
Vero’s rules can theoretically be applied to isolated margin accounts:
One asset = one collateral
FIFO disposal can at least be defined
But for cross or unified margin accounts:
All assets in the account act as shared collateral
Brokers do not report:
Which coins are used as collateral
In what ratios
At what exact moment
From a strict tax perspective:
You cannot identify what was “disposed”
You cannot apply FIFO correctly
You cannot reconstruct this data afterward
The only defensible interpretations may be:
Proportional disposal of all assets in the account
or
Treating all assets as disposed when a margin loan is taken
Both are extreme, and neither is realistically supported by current tools or broker data.
- Stablecoins: losses likely not deductible
Another issue that seems underappreciated:
In Finland, stablecoins are treated closer to official currencies
Losses on currency conversions are generally not deductible anymore
Most tax tools still treat stablecoin losses as deductible capital losses. You are in trouble.
This can easily lead to incorrect reporting even for simple USDT / USDC usage.
- Tooling reality check
This is not about any single tax software.
The bigger issue:
Even if you want to comply perfectly:
Brokers don’t provide the required data
Tax software doesn’t model these events
Manual calculation becomes infeasible at scale
This affects:
Active traders
Margin users
Anyone using cross margin
Anyone frequently moving in/out of stablecoins
- Why this matters
If Vero applies these rules strictly:
“I didn’t know” won’t help
“The software couldn’t do it” won’t help
The burden is entirely on the taxpayer
At the moment, there is a huge gap between:
What the guidance theoretically requires and
What is practically possible to calculate
Takeaway
If you are actively trading crypto in Finland:
Be aware that tax reporting risk has increased significantly
Margin trading (especially cross margin) is now a major tax uncertainty
Stablecoin handling deserves extra scrutiny
PLEASE EMAIL ORGANIZATIONS LIKE FINNISH KRYPTO ASSOCIATIONS LIKE KONSENSUS TO ACTIVELY START ENGAGING WITH VERO AND FIGHT AGAINST ABSURD TAX GUIDANCE FROM VERO, E.G. THIS ‘COLLATERAL IS A TAXABLE EVENT UNLESS’…
ALSO I WOULD BE PLEASED TO DISCUSS THIS AS A GROUP WHAT CAN BE DONE TOGETHER.
P.S. Vero guidance is their interpretation of law. And by no means always correct.