The Norwegian Tax Administration reported a significant increase in cryptocurrency declarations for 2024, with more citizens reporting digital asset holdings compared to the previous year. Over 73,000 residents included cryptocurrency in their tax filings, marking a 30% year-on-year rise and a dramatic increase from 2019, when only 6,470 individuals declared such assets.
Growth Driven by Reporting Measures
According to Director Nina Shanke Funnemark, the surge reflects the agency’s ongoing efforts to improve reporting compliance. “It is encouraging to see more citizens accurately reporting their crypto holdings, ensuring proper taxation. Recent initiatives to raise awareness and streamline declarations are clearly producing results,” she noted.
Declared Assets and Market Impact
The total value of declared cryptocurrency holdings in 2024 exceeded $4 billion, with reported profits around $550 million and losses near $290 million. Starting in 2026, cryptocurrency exchanges and custodians will be required to provide detailed third-party reporting, further enhancing transparency in the sector.
Norway’s sovereign wealth fund, through Norges Bank, also maintains indirect exposure to digital assets. As of August 2025, it held an indirect position of 7,161 BTC via investments in companies such as Strategy, Metaplanet, and Coinbase.
Global Context: Tax Compliance Challenges
Norway’s experience mirrors broader international trends, as governments continue adjusting tax regulations to capture cryptocurrency-related income. For example, earlier this month, the UK tax authority sent approximately 65,000 letters to individuals suspected of underreporting crypto gains. Analysts see these measures as part of a growing push to formalize cryptocurrency taxation and increase regulatory oversight worldwide.
