The Norwegian Tax Administration (Skatteetaten) reported a significant increase in cryptocurrency declarations for 2024, with over 73,000 individuals disclosing digital asset holdings—a 30% rise from 55,880 in 2023. The total declared value reached $4 billion, including approximately $550 million in gains and $290 million in losses, highlighting both growing participation and improved compliance.
This surge is attributed to stricter regulations, enhanced enforcement, and awareness campaigns by authorities. Nina Schanke Funnemark, Director of the Norwegian Tax Administration, stated, "We have implemented several measures in recent years to boost these numbers, and we are noticing positive results." The agency has utilized advanced tracking tools and blockchain analytics to identify undeclared assets, making non-compliance riskier.
Looking ahead, third-party reporting requirements for crypto exchanges and custodians are set to take effect by January 1, 2026, which will mandate data sharing with the government to close compliance gaps. This trend is part of a broader global movement, as seen with the UK's HMRC sending over 65,000 "nudge letters" to crypto holders in 2024-2025 to encourage tax compliance.
Additionally, Norway's central bank has indirect exposure to cryptocurrencies, such as through investments in companies like Metaplanet and Coinbase, reflecting the integration of digital assets into traditional finance. The data shows a dramatic increase from 2019, when only about 6,470 individuals reported crypto holdings out of Norway's population of 5.5 million.
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