🎧 Listen to This Article
On March 27, 2025, the Norwegian Tax Administration (Skatteetaten) reported that more than 54,000 individuals declared cryptocurrency ownership in their 2023 tax returns, marking a 12% increase from the previous year. Despite this positive trend, the Tax Administration acknowledges that there are likely many more cryptocurrency owners who have not reported their holdings. As part of its ongoing efforts, Skatteetaten is increasing its efforts to encourage more people to report cryptocurrency assets in their tax returns.
Nina Schanke Funnemark, Director of the Norwegian Tax Administration, emphasized that despite the growth, there is still a significant gap in reporting. “We know there are many more cryptocurrency owners than those who report them on their tax returns,” Funnemark stated. To address this, the Tax Administration has introduced new measures, including sending “nudges” to potential cryptocurrency owners, reminding them to report their assets in the 2024 tax return.
These nudges are targeted based on information from a variety of sources, including international agreements and other intelligence. The goal is to ensure that those who might own cryptocurrency are aware of their obligation to report.
Funnemark stressed that cryptocurrency is not exempt from taxes in Norway. Assets held at the end of the year must be reported, and both gains and losses are taxable. “Even if the values are small, they still need to be reported in the tax return,” she added.
Crypto Ownership by Region
The data shows that most cryptocurrency owners reside in the largest cities, which is expected given population density. However, even when adjusted for population size, Oslo stands out with approximately 16 out of every 1,000 residents reporting cryptocurrency ownership, significantly higher than the national average.
The top municipalities for cryptocurrency ownership are:
- Oslo
- Bergen
- Trondheim
- Stavanger
- Bærum
- Kristiansand
- Drammen
Stricter Reporting Requirements for 2026
Starting in 2026, cryptocurrency service providers such as exchangers and custodians will be required to report transactions to the Norwegian Tax Administration through third-party reporting. The Ministry of Finance is currently reviewing a proposal for Norwegian service providers to report on both domestic and foreign taxpayers.
With these developments, the Tax Administration anticipates better tracking of cryptocurrency ownership, both within Norway and abroad, which is crucial for accurate tax assessment on digital assets.
How to Report Cryptocurrency
Cryptocurrency owners are responsible for reporting their assets in the tax return. There is a designated field in the tax form to list cryptocurrency holdings. If an individual has sold cryptocurrency at a loss, they may qualify for deductions. It is essential to report the total results of all transactions, including both gains and losses, rather than just the amount of cryptocurrency owned.
Fact: What is Nudging?
In 2021, Skatteetaten launched an interactive solution in the tax return process. One key feature is nudging—guidance in the form of helpful text designed to make it easier for taxpayers to correctly fill out their tax returns. Nudging uses behavioral economics principles to steer individuals toward correct reporting.
Nudges in the tax return are tailored based on the information Skatteetaten has about the taxpayer, ensuring they only receive relevant reminders. This personalized approach aims to reduce the need for corrections later, helping taxpayers submit accurate returns and receive their tax assessments faster.
For further details, clarification, contributions, or any concerns regarding this article, please contact us at [email protected]. We value your feedback and are committed to providing accurate and timely information. Please note that our privacy policy will handle all inquiries
