Tax Director Nina Schanke Funnemark. Credit: skatteetaten.no press release
The Norwegian Tax Administration has reported a 30 per cent increase in the number of taxpayers declaring cryptocurrency ownership in 2025, marking the largest rise since reporting began.
More than 73,000 individuals included crypto assets in their 2024 tax returns – double the total value from the previous year.
“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 in an official press release.
Norwegians declared over NOK 40 billion (€3.43 billion) in crypto assets
According to figures from the 2024 income year, crypto assets totalling NOK 40 billion (€3.43 billion) were declared – the highest ever reported. This represents more than double the amount declared in 2023. The Tax Administration believes this increase is partly due to the rising market value of digital currencies during 2024.
“Crypto is not tax-free,” warns Tax Director
Funnemark stressed that all digital assets must be reported, regardless of value. Gains are taxable, while losses are deductible.
Last year, Norwegian taxpayers recorded NOK 5.5 billion (€472 million) in gains and NOK 2.9 billion (€249 million) in losses from crypto transactions.
Many new filers declared small sums, but audits have uncovered large undeclared holdings and gains. Those who fail to report risk additional tax penalties, though it remains possible to amend tax returns for up to three years to avoid fines.
New Norwegian tax reporting rules coming in 2026
From 2026, cryptocurrency exchanges and storage providers in Norway will be legally required to submit transaction and ownership data to the Tax Administration – known as third-party reporting.
“This is an important step towards more correct taxation of digital assets,” Funnemark added. “We will have a much better overview of who owns crypto, both in Norway and abroad.”
For expats living in Norway, the new reporting rules mean stricter monitoring of digital assets, including holdings abroad. UK or EU residents with Norwegian tax obligations should ensure all cryptocurrency gains and holdings are declared to avoid penalties once cross-border data sharing increases from 2026.
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