The Norwegian Tax Administration (Skatteetaten) recently reported a significant milestone. The country experienced a 30% increase in cryptocurrency reporting in Norway this year. More than 73,000 taxpayers disclosed their digital asset holdings in their 2024 returns.
The total value of declared digital assets doubled, reaching NOK 40.3 billion, equivalent to $3.9 billion USD. This is the highest figure ever recorded. The tax agency also noted NOK 5.5 billion in crypto asset capital gains. In contrast, reported losses totaled NOK 2.9 billion.
Nina Schanke Funnemark, Norway’s Tax Director, called the increase “gratifying.” She attributed the success to recent measures to encourage voluntary compliance. These include digital reminders (“dults”) sent to taxpayers the agency suspected held undeclared assets.
The growth in reporting is remarkable. In 2019, fewer than 10,000 Norwegians reported crypto holdings. The current figure represents a more than sevenfold increase since then. In Norway, cryptocurrencies are not considered currency, but rather a capital asset. This means they are subject to a flat 22% capital gains tax.
The Norwegian system uses the FIFO (First-In, First-Out) method to calculate the cost basis for gains. Furthermore, digital assets are part of the wealth tax calculation if the total value exceeds NOK 1.7 million.
Is the end of crypto tax anonymity approaching in Norway?
The country’s digital economy faces greater scrutiny. Current transparency relies heavily on self-reporting. However, this is about to change drastically. Starting in 2026, new third-party reporting rules will take effect.
These rules will require exchanges and wallet providers operating in the country to report user data directly to Skatteetaten. Funnemark emphasized that this will give the authority a much better overview of who owns crypto assets. This regulatory measure aligns with the upcoming adoption of the European Union’s MiCA (Markets in Crypto-Assets) regulation.
Norway is tightening its overall regulatory stance on digital assets. The government recently announced a temporary ban on new high-energy mining projects, citing environmental concerns. The increase in cryptocurrency reporting in Norway marks a clear step toward greater fiscal integration. The days of easy tax evasion in the sector appear numbered in the Scandinavian region.
