The Norwegian Tax Administration said more people declared cryptocurrency holdings in 2024 than last year, following efforts to increase reporting.
In a notice on Tuesday, the Norwegian tax authority said More than 73,000 people in the country reported owning some form of cryptocurrency on their 2024 returns. The numbers mark about a 30% year-on-year increase from crypto holdings in 2023, and much more than in 2019, when only 6,470 people in the country of 5.5 million people declared having digital assets.
“It’s interesting that many people report that they own cryptocurrency, and in this way ensure that the tax is correct,” said tax director Nina Schanke Funnemark. “We have taken many steps in recent years to increase this number, and we can see that these steps are having an impact.”
The total amount of crypto reported from 73,000 people in 2024 reached more than $ 4 billion holdings, representing almost $ 550 million in gains and $ 290 million in losses. According to the tax authority, crypto exchange operators and custodians will be required to report certain information through third-party reporting starting in 2026.
Related: UK tax authority doubles crypto warning letters to crackdown on unpaid gains
Norway holds a sovereign wealth fund with exposure to cryptocurrencies through Norges Bank. In August, the fund had indirect exposure up to 7,161 Bitcoin (BTC) Through investments in companies like Strategy, Metaplanet and Coinbase.
Tax authorities of countries fighting to handle crypto reporting
Like Norway, some governments have made significant changes to their tax policies since the advent of digital assets. Earlier this month, the UK tax authority issued nearly 65,000 letters to people suspected of underreporting or avoiding taxes on their crypto gains.
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