The Norwegian Tax Administration announced that a greater number of individuals declared their cryptocurrency holdings in 2024 compared to the preceding year, a trend attributed to enhanced reporting efforts.
In a notice released on Tuesday, Norway’s tax authority reported that over 73,000 people in the country declared ownership of some form of cryptocurrency in their 2024 tax returns. This figure represents an approximate 30% year-over-year increase from crypto holdings reported in 2023. The numbers are significantly higher than those from 2019, when only 6,470 individuals in the nation of 5.5 million people declared digital assets.
"It is gratifying that more people are reporting that they own cryptocurrency, and in this way ensuring that the tax is correct," stated tax director Nina Schanke Funnemark. "We have taken several measures in recent years to increase this number, and we see that these measures are having an effect."
The total value of crypto reported by the 73,000 individuals in 2024 amounted to over $4 billion in holdings. This included approximately $550 million in gains and $290 million in losses. The tax authority has indicated that crypto exchange operators and custodians will be mandated to report specific information through third-party reporting mechanisms starting in 2026.
Norway's sovereign wealth fund holds exposure to cryptocurrencies indirectly through Norges Bank. As of August, the fund had indirect exposure to 7,161 Bitcoin (BTC) via investments in companies such as Strategy, Metaplanet, and Coinbase.
Global Tax Authorities Grapple with Crypto Reporting
Similar to Norway, several governments have implemented substantial changes to their tax policies since the emergence of digital assets. Earlier this month, the UK’s tax authority issued approximately 65,000 letters to individuals suspected of underreporting or evading taxes on their crypto gains.