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Norway Sees 30% Surge in Crypto Declarations as Tax Push Pays Off
- More than 73,000 Norwegians reported crypto in 2024, marking a 30% year-on-year increase.
- Declared crypto valued at over US$4B (AU$6.06B), including US$550M gains and US$290M losses.
- New third-party reporting rules for exchanges begin in 2026, strengthening compliance.
Norway’s campaign to tighten crypto tax compliance has yielded results, with more than 73,000 residents declaring ownership of digital assets in their 2024 filings – a 30% jump compared with 2023. The Norwegian Tax Administration said the increase reflects the impact of recent enforcement actions and educational campaigns aimed at improving accuracy in crypto reporting.
The total reported value of these holdings exceeded US$4 billion (AU$6.06 billion), representing gains of about US$550 million (AU$833.5 million) and losses of around US$290 million (AU$439.5 million). Officials credited greater awareness and better digital systems for helping taxpayers meet their obligations.
Tax director Nina Schanke Funnemark noted that the growth in declarations shows efforts to raise compliance are working. She emphasised that higher participation reflects the effectiveness of recent initiatives.
It is gratifying that more people are reporting that they own cryptocurrency, and in this way ensuring that the tax is correct.
Nina Schanke Funnemark, Tax Director Related: ‘Bitcoin Jesus’ Roger Ver Nears $48M Settlement With DOJ Over Tax Fraud Charges
Stronger Oversight Ahead
From January 2026, Norwegian crypto service providers, including exchanges and custodians, will be required to share client transaction data with authorities under a new third-party reporting regime. The measure is intended to close long-standing gaps in oversight and ensure consistent transparency across the crypto sector.
The 2024 participation level marks a major leap from 2019, when just 6,470 individuals in Norway’s 5.5 million-strong population declared crypto ownership.
Norway’s sovereign wealth fund also maintains indirect exposure to cryptocurrencies through its holdings in companies such as Coinbase, Metaplanet, and Strategy, which collectively amount to about 7,161 Bitcoin.
Internationally, other governments are moving in the same direction. The UK’s HM Revenue & Customs, for example, recently issued approximately 65,000 warning letters to suspected non-compliers, more than doubling the previous year’s outreach.
Related: EU Urged to Back Euro Stablecoins to Challenge Dollar Dominance
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Rachel Lourdesamy
Rachel is a freelance writer based in Sydney with experience within financial services, marketing, and corporate communications in the APAC region. An avid reader and a graduate of the University of Sydney, she covers topics including business, finance and human interest.
