An increasing number of Norwegians report that they own crypto, but recent data from the Tax Administration shows that the dark numbers are still large. 54,000 reported in the 2023 tax return that they owned crypto, while it is believed that the real figure is 400.-500,000.
In the future, the Norwegian Tax Administration will be able to obtain this information from industry players. In early November, the Ministry of Finance sent a consultation Proposals on the obligation to provide information 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. See more about the Tax Administration's expectations for this new reporting regime further down in the article.
According to the latest figures from the Norwegian Tax Administration, Norwegian taxpayers in 2023 put a total of NOK 17.3 billion on crypto assets. That's more than doubling from the $8.2 billion in crypto wealth from the previous year. However, if cryptocurrencies continue to rise, there is likely to be a further doubling in the next tax settlement. The Bitcoin price, for example, ended last year at $42,265.19, and in the past week set a new record of $104,000, before the price has reacted downwards in recent days.
The Tax Administration emphasizes that there is a gradient of increased compliance in the reporting of crypto assets
- Compliance is improving over time, but there are still too many people who are not reporting into crypto assets, as they should. Remember that you have the opportunity to change your data and resubmit your tax return for three years after the filing deadline if you have something to correct,” says Nina Schanke Funnemark, Tax Director.
In recent years, according to the NorwegianTax Administration, several measures such as guidance and controls have been carried out to get owners to list these assets in the tax return. Compliance on reporting has increased from just 15,000 in 2020 to more than triple last year.
If you do not report your crypto assets, you risk additional taxes or, in the most serious cases, a police report.
According to a survey conducted by EY Norway and K33 and which was disclosed in April, at the time of the survey, 9% of Norwegian adults, or about 395,000, owned cryptocurrency. A similar survey conducted by Norges Bank and published in June showed an even higher proportion, namely 11%, which in the case corresponds to almost 500,000 Norwegians. Beyond 2024 and especially now this autumn, Norwegian private investors also have traded increasingly cryptocurrency, as rates have risen.
For many years, the Norwegian Tax Administration has focused on information as an important measure to get more Norwegians to disclose their crypto holdings in their tax returns. “Our goal is to make it easy to do it right, for the good of both the Tax Administration, society and the individual taxpayer,” Marius Johansen, specialist in cryptocurrency at the Norwegian Tax Agency, said in a statement. interview with Kaupr in February.
In April, Kaupr also hosted a separate tax webinar, where Marius Johansen and Robert Aarestrand from Skatteetaten shared their expertise, together with Anthon Sæegaard from EY and Erlend Ringstad from Kryptosekken.
The webinar, which was moderated by Morten Myrstad, can be viewed below.
From 2026, those who operate exchange and custody services with crypto assets may receive reporting obligations to the Tax Administration, so-called third-party reporting.
Earlier this month, the Ministry of Finance submitted for consultation a proposal that Norwegian service providers must in future submit information about crypto assets owned by foreign and Norwegian taxpayers to the Swedish Tax Administration.
Norway will exchange information with foreign tax authorities and will receive information about Norwegian taxpayers who use exchange and storage services in other countries.
- The tax administration is very pleased that we will soon be able to put in place automatic information exchange on crypto assets between a number of countries. We already receive financial information from other countries about individuals who are taxable to Norway, and with this work we will take another big step towards proper taxation of foreign assets,” says the Tax Director.
Automatic exchange of information about crypto assets between countries requires regulatory development in each country, and the consultation is an important step further. The consultation proposes that the law changes will come into force on 1 January 2026 with first reporting to the tax authorities in 2027. In the long term, the Tax Administration hopes to put in place partial pre-filling of crypto assets in the tax notice, and the Tax Administration has established a separate group across the entire agency working on crypto.
“Information exchange about crypto assets will help even more Norwegians get better help to report their values, and it gives us better opportunities to target controls against those who want to evade taxes,” says Nina Schanke Funnemark, Tax Director.
Well 54,000 people reported owning crypto assets in 2023. 48,150 people reported owning crypto assets in 2022.
Reported revenue was NOK 2.5 billion in 2023 compared to NOK 3.3 billion the previous year.
Reported wealth was NOK 17.3 billion in 2023 compared to NOK 8.2 billion the previous year.
Reported deductions amounted to NOK 2.1 billion compared to NOK 3.6 billion in the previous year.
If you have a gain, income, wealth or loss in crypto assets such as cryptocurrency or NFTs, you must state it yourself in your tax return. Here's how to do it: Virtual assets (cryptocurrency and more)
If you have sold crypto assets at a loss you can get a deduction for it, but you need to be able to document both the entry value and the sale price as best as possible with, for example, information from the crypto exchanges. Here you can read more about both the tax rules and, among other things, losses from fraud: Tax rules - Virtual assets - Skatteetaten
It is important to make sure that the total profit for all transactions is reported (gain/loss) — not just the total amount of crypto assets you own.
For three years after the filing deadline, you have the opportunity to change your data and resubmit your tax return. Here's how to do it: Notification of changes to wealth and income tax for personal taxpayers - Skatteetaten
An increasing number of Norwegians report that they own crypto, but recent data from the Tax Administration shows that the dark numbers are still large. 54,000 reported in the 2023 tax return that they owned crypto, while it is believed that the real figure is 400.-500,000.
In the future, the Norwegian Tax Administration will be able to obtain this information from industry players. In early November, the Ministry of Finance sent a consultation Proposals on the obligation to provide information 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. See more about the Tax Administration's expectations for this new reporting regime further down in the article.
According to the latest figures from the Norwegian Tax Administration, Norwegian taxpayers in 2023 put a total of NOK 17.3 billion on crypto assets. That's more than doubling from the $8.2 billion in crypto wealth from the previous year. However, if cryptocurrencies continue to rise, there is likely to be a further doubling in the next tax settlement. The Bitcoin price, for example, ended last year at $42,265.19, and in the past week set a new record of $104,000, before the price has reacted downwards in recent days.
The Tax Administration emphasizes that there is a gradient of increased compliance in the reporting of crypto assets
- Compliance is improving over time, but there are still too many people who are not reporting into crypto assets, as they should. Remember that you have the opportunity to change your data and resubmit your tax return for three years after the filing deadline if you have something to correct,” says Nina Schanke Funnemark, Tax Director.
In recent years, according to the NorwegianTax Administration, several measures such as guidance and controls have been carried out to get owners to list these assets in the tax return. Compliance on reporting has increased from just 15,000 in 2020 to more than triple last year.
If you do not report your crypto assets, you risk additional taxes or, in the most serious cases, a police report.
According to a survey conducted by EY Norway and K33 and which was disclosed in April, at the time of the survey, 9% of Norwegian adults, or about 395,000, owned cryptocurrency. A similar survey conducted by Norges Bank and published in June showed an even higher proportion, namely 11%, which in the case corresponds to almost 500,000 Norwegians. Beyond 2024 and especially now this autumn, Norwegian private investors also have traded increasingly cryptocurrency, as rates have risen.
For many years, the Norwegian Tax Administration has focused on information as an important measure to get more Norwegians to disclose their crypto holdings in their tax returns. “Our goal is to make it easy to do it right, for the good of both the Tax Administration, society and the individual taxpayer,” Marius Johansen, specialist in cryptocurrency at the Norwegian Tax Agency, said in a statement. interview with Kaupr in February.
In April, Kaupr also hosted a separate tax webinar, where Marius Johansen and Robert Aarestrand from Skatteetaten shared their expertise, together with Anthon Sæegaard from EY and Erlend Ringstad from Kryptosekken.
The webinar, which was moderated by Morten Myrstad, can be viewed below.
From 2026, those who operate exchange and custody services with crypto assets may receive reporting obligations to the Tax Administration, so-called third-party reporting.
Earlier this month, the Ministry of Finance submitted for consultation a proposal that Norwegian service providers must in future submit information about crypto assets owned by foreign and Norwegian taxpayers to the Swedish Tax Administration.
Norway will exchange information with foreign tax authorities and will receive information about Norwegian taxpayers who use exchange and storage services in other countries.
- The tax administration is very pleased that we will soon be able to put in place automatic information exchange on crypto assets between a number of countries. We already receive financial information from other countries about individuals who are taxable to Norway, and with this work we will take another big step towards proper taxation of foreign assets,” says the Tax Director.
Automatic exchange of information about crypto assets between countries requires regulatory development in each country, and the consultation is an important step further. The consultation proposes that the law changes will come into force on 1 January 2026 with first reporting to the tax authorities in 2027. In the long term, the Tax Administration hopes to put in place partial pre-filling of crypto assets in the tax notice, and the Tax Administration has established a separate group across the entire agency working on crypto.
“Information exchange about crypto assets will help even more Norwegians get better help to report their values, and it gives us better opportunities to target controls against those who want to evade taxes,” says Nina Schanke Funnemark, Tax Director.
Well 54,000 people reported owning crypto assets in 2023. 48,150 people reported owning crypto assets in 2022.
Reported revenue was NOK 2.5 billion in 2023 compared to NOK 3.3 billion the previous year.
Reported wealth was NOK 17.3 billion in 2023 compared to NOK 8.2 billion the previous year.
Reported deductions amounted to NOK 2.1 billion compared to NOK 3.6 billion in the previous year.
If you have a gain, income, wealth or loss in crypto assets such as cryptocurrency or NFTs, you must state it yourself in your tax return. Here's how to do it: Virtual assets (cryptocurrency and more)
If you have sold crypto assets at a loss you can get a deduction for it, but you need to be able to document both the entry value and the sale price as best as possible with, for example, information from the crypto exchanges. Here you can read more about both the tax rules and, among other things, losses from fraud: Tax rules - Virtual assets - Skatteetaten
It is important to make sure that the total profit for all transactions is reported (gain/loss) — not just the total amount of crypto assets you own.
For three years after the filing deadline, you have the opportunity to change your data and resubmit your tax return. Here's how to do it: Notification of changes to wealth and income tax for personal taxpayers - Skatteetaten
