73,000 Norwegians Declare Crypto Assets
Norway’s tax authority has recorded a sharp increase in citizens reporting ownership of cryptocurrencies in 2024. While around 56,000 Norwegians declared digital assets in 2023, that number has now risen to more than 73,000 – a 30 percent year-over-year increase. The total value of declared crypto assets exceeded USD 4 billion.
According to the Norwegian Tax Administration (Skatteetaten), the surge reflects both growing public interest in blockchain assets and targeted measures to enhance transparency and ensure accurate tax payments.
“It’s encouraging to see more people reporting their cryptocurrency holdings to ensure proper taxation,” said tax director Nina Schanke Funnemark. “We’ve implemented several initiatives to boost compliance, and we’re now seeing the results.”
Four billion in crypto. Norway pushes for greater oversight
The tax authority reported that declared cryptocurrencies total more than USD 4 billion, including about USD 550 million in profits and USD 290 million in losses.
The Norwegian government plans further transparency measures. From 2026, crypto exchanges and digital asset custodians will be required to report selected client data directly to the tax office under a new third-party reporting system. The goal is to tighten oversight and reduce tax evasion.
Interestingly, Norway also has indirect exposure to crypto at the institutional level. Its sovereign wealth fund, managed by Norges Bank, holds the equivalent of over 7,000 bitcoins through investments in companies such as Strategy, Metaplanet and Coinbase.
Global tax authorities are tightening crypto scrutiny
Norway’s initiative is part of a broader trend. Governments across Europe and beyond have been cracking down on undeclared crypto profits. In October, the UK’s HMRC sent more than 65,000 letters to individuals suspected of failing to report crypto-related income.
Analysts say these moves reflect a shift in perception – from viewing cryptocurrencies as an unregulated experiment to recognizing them as standard financial assets subject to the same rules as traditional investments.
Crypto under the microscope
Growing transparency and regulatory oversight suggest that the era of anonymous crypto trading is coming to an end. Countries like Norway and the UK are making it clear that crypto is no longer a grey area – and that every bitcoin, ethereum, or stablecoin must be taxed just like any other investment.
Sources:
https://cointelegraph.com/news/norway-sovereign-wealth-fund-bitcoin-exposure
https://cointelegraph.com/news/uk-tax-authority-doubles-crypto-warning-letters-hmrc-crackdown