Last week, the Ministry of Finance submitted a proposal for disclosure obligations for providers of exchange and custody services for crypto assets. The proposal implies that the services must provide information to the tax authorities about their users.
The proposal goes further than the OECD standard for third party disclosure obligations on crypto assets (CARF, which stands for Crypto-Asset Reporting Framework).
“The government wants to have better control over what values are owned by Norwegian actors. Tax authorities will now have a better overview of the turnover and ownership of crypto assets. This move will make it harder to hide values, and is part of the government's efforts to fight financial crime,” said Finance Minister Trygve Slagsvold Vedum (Sp).
Under the standard, providers of exchange services for crypto assets are required to provide information to the tax authorities about users from other countries and their transactions. Norwegian tax authorities will exchange the data with countries participating in the information exchange cooperation and receive the corresponding information about Norwegian users back. According to the Government, the standard is important for ensuring the Tax Administration the necessary information about the turnover and ownership of crypto assets.
The hearing deadline is February 15, 2025. Itself The consultation report can be found here.
Last week, the Ministry of Finance submitted a proposal for disclosure obligations for providers of exchange and custody services for crypto assets. The proposal implies that the services must provide information to the tax authorities about their users.
The proposal goes further than the OECD standard for third party disclosure obligations on crypto assets (CARF, which stands for Crypto-Asset Reporting Framework).
“The government wants to have better control over what values are owned by Norwegian actors. Tax authorities will now have a better overview of the turnover and ownership of crypto assets. This move will make it harder to hide values, and is part of the government's efforts to fight financial crime,” said Finance Minister Trygve Slagsvold Vedum (Sp).
Under the standard, providers of exchange services for crypto assets are required to provide information to the tax authorities about users from other countries and their transactions. Norwegian tax authorities will exchange the data with countries participating in the information exchange cooperation and receive the corresponding information about Norwegian users back. According to the Government, the standard is important for ensuring the Tax Administration the necessary information about the turnover and ownership of crypto assets.
The hearing deadline is February 15, 2025. Itself The consultation report can be found here.
