Norway saw a 30% increase in the number of taxpayers who reported owning digital assets in 2024, accounting for holdings worth over US$4 billion, according to a statement from Norwegian Tax Administration (Skatteetaten).
The figures show that 73,000 out of Norway’s 5.5 million population reported digital asset holdings in their 2024 tax returns. Of the US$4 billion, taxpayers reported a total of US$550 million in gains against losses of US$290 million.
Looking even further back, the latest figures are astronomically higher than those in 2019, when just 6,470 taxpayers reported digital asset holdings.
“It’s positive that more people are reporting that they own cryptocurrency, and that way it will make sure that the tax is correct. We have put in place many measures the last few years to increase this number, and we see that these measures have effect,” says Skattetaten’s Tax Director Nina Schanke Funnemark.
These measures have included educating the public on what needs to be reported, as well as engaging taxpayers openly on the Tax Administration’s digital asset policies. The Norwegian Tax Administration’s website is replete with specific information—in both Norwegian and English—as to how digital assets are treated for tax purposes in Norway.
Additionally, this week, Funnermark led an open full-day seminar in Oslo, which covered everything from fraud to changes in tax rules.
Measures yet to take effect include additional reporting requirements of custodians and digital asset exchanges. From 2026, they will be required to submit customer information to the Tax Administration through what it calls ‘third party reporting.’ The intention is to allow the Tax Administration to cross-check against information submitted in tax returns.
“This is an important step towards getting the correct taxation of digital values. With this development, we will have a much better overview of who owns cryptocurrencies, both in Norway and abroad.”
The Tax Administration is also encouraging taxpayers to fix previous tax returns, which may have underreported holdings.
“A lot of people have small amounts, and believe that it’s not necessary to inform of this in their tax returns. But all values should be reported regardless of the amount,” says Funnemark.
“It’s possible to chance the information you have already given in the tax return for up to three years back in time. By doing this, you can avoid additional tax penalties if you correct this yourself. Skatteetaten has put in place control measures.”
Norway has been relatively proactive in engaging with the digital asset industry. In addition to the Tax Administration’s efforts, the country’s megalithic sovereign wealth fund has reportedly increased its indirect BTC exposure by 192% in the past 12 months. The total exposure at the time was reported as being 7,161 BTC.
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Source: https://coingeek.com/norway-30-increase-in-taxpayers-reporting-digital-asset-holdings/
