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Norwegians Report $4 Billion in Crypto Holdings for 2024 Tax Year

Norway’s tax authority notes a 30% rise in declared crypto assets, with new mandatory exchange and custodian reporting set for 2026.

Summary

Norway’s tax authority announced that over 73,000 individuals declared cryptocurrency holdings totaling $4 billion for the 2024 tax year, reflecting a 30% increase from the prior year. Reported gains amounted to $550 million, while losses were $290 million. Starting in 2026, the country will require third-party reporting of crypto holdings from exchanges and custodians to improve compliance and oversight.

Terms & Concepts
  • Crypto Holdings: The total value of cryptocurrency assets owned by an individual or entity, often declared for tax or regulatory purposes.
  • Cryptocurrency: A digital or virtual currency secured by cryptography, operating on decentralized blockchain technology.
  • Third-party Reporting: A compliance measure where entities such as exchanges or custodians report client asset holdings directly to tax authorities.