Over 73,000 Norwegians Declare $4 Billion in Crypto for 2024 Tax Year
The Norwegian Tax Administration reported a significant 30% increase in cryptocurrency declarations for the 2024 tax year, signaling growing transparency and mainstream adoption of digital assets in the Nordic nation.
In an official statement released Tuesday, authorities confirmed that more than 73,000 Norwegians disclosed owning some form of cryptocurrency — up from roughly 56,000 the previous year. These taxpayers collectively reported over $4 billion in crypto holdings, including $550 million in capital gains and $290 million in losses.
“It is gratifying that more people are reporting that they own cryptocurrency, and in this way ensuring that the tax is correct,” said Tax Director Nina Schanke Funnemark, noting that years of targeted outreach and compliance initiatives are now showing results.
Government Push Paying Off as Crypto Enters the Mainstream
The Norwegian Tax Administration has stepped up monitoring and education efforts since 2020, introducing automated data collection systems and guidance tools aimed at simplifying digital asset reporting. Authorities say these measures have successfully narrowed the gap between crypto adoption and accurate tax reporting.
The rise in reported holdings mirrors broader crypto market growth across Europe, where increased regulation and institutional involvement are encouraging individuals to disclose digital assets. The country’s proactive stance contrasts with its early challenges — in 2019, only 6,470 people declared any cryptocurrency holdings.
Norway’s new third-party reporting rules, set to take effect in 2026, will require crypto exchanges and custodians to automatically submit user transaction data, further tightening oversight and reducing evasion risks.
Institutional Exposure Adds to National Interest
Norway’s exposure to crypto isn’t limited to individual investors. Its sovereign wealth fund, managed by Norges Bank, indirectly holds over 7,100 Bitcoin (BTC) through investments in major firms like MicroStrategy, Metaplanet, and Coinbase.
Analysts view the fund’s indirect exposure as a strategic signal that digital assets are being recognized as part of the global financial ecosystem.
With crypto adoption rising globally, Norway’s 30% reporting surge may serve as a blueprint for other European nations seeking to balance innovation and regulation.
The country’s clear tax policies, combined with an emphasis on transparency and automated reporting, are helping transform digital assets from a gray-area investment into a legitimate, accountable asset class.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.