According to the latest announcement from the Norwegian Tax Administration (Skatteetaten), approximately 73,000 people declared their crypto assets to the tax authority in 2024, totaling over $4 billion, an increase of about 30% compared to last year. This growth reflects the expansion of Norway's crypto asset market and the proactive measures taken by the tax department in cryptocurrency regulation. Nina Schanke Funnemark, Tax Director at the Norwegian Tax Administration, stated that this change is the result of the implementation of multiple policies and measures aimed at enhancing tax compliance and ensuring the accuracy of tax declarations.
Specific data shows that among all declared crypto assets, approximately $550 million came from profits on cryptocurrencies, while about $290 million belonged to losses. These figures reflect the volatility of the cryptocurrency market and, to some extent, illustrate the financial situation of investors over the past year.
In recent years, with the increase in cryptocurrency trading volume, the Norwegian government has intensified its efforts to strengthen the regulation of crypto assets. The Tax Administration has introduced new rules requiring more crypto asset investors to declare and pay taxes on time in accordance with the law. Funnemark emphasized that these measures have played an important role in raising public awareness of tax compliance and have effectively reduced the number of undeclared assets. Furthermore, the Tax Administration has enhanced its data analysis and tracking capabilities, further improving the scrutiny and monitoring of crypto asset declarations through inter-departmental cooperation.
It is worth noting that Norway plans to require all crypto exchanges and asset custodians to provide crypto asset holding information to the Tax Administration starting in 2026. This policy is expected to enable the government to more accurately track and audit the flow of crypto assets nationwide, further enhancing tax transparency. Funnemark pointed out that this new rule will help standardize the cryptocurrency market, ensure investors comply with their tax obligations, and simultaneously reduce the workload pressure on the Tax Administration.
Overall, the situation regarding crypto asset declarations in Norway is gradually improving. This is not only a victory for tax compliance but also provides valuable reference for how other countries around the world manage crypto asset taxation. As the global crypto asset market continues to develop and mature, more countries may follow Norway's example and adopt similar policies to strengthen regulation and tax compliance.
