The Norwegian Tax Administration has reported a sharp increase in the number of citizens declaring cryptocurrency holdings in their 2024 tax returns.
According to the agency’s Tuesday announcement, more than 73,000 people in Norway disclosed owning digital assets in 2024 — a rise of around 30% compared to 2023.
This marks a significant leap from 2019, when only 6,470 taxpayers reported crypto ownership in a country with a population of 5.5 million.
Tax director Nina Schanke Funnemark said the trend was encouraging.
“It is gratifying that more people are reporting that they own cryptocurrency, and in this way ensuring that the tax is correct,” Funnemark stated.
“We have taken several measures in recent years to increase this number, and we see that these measures are having an effect.”
Billions Declared in Crypto Holdings
The total value of crypto assets reported in 2024 surpassed $4 billion, with approximately $550 million in gains and $290 million in losses declared.
Officials noted that this improved level of transparency was partly due to educational campaigns and stronger cooperation with exchanges.
Starting in 2026, crypto exchanges and custodians operating in Norway will be required to share user data directly with the tax agency through a third-party reporting system.
Norway’s Broader Crypto Exposure
Norway’s sovereign wealth fund, managed by Norges Bank, also maintains indirect exposure to cryptocurrencies.
As of August 2024, the fund held investments linked to around 7,161 Bitcoin through stakes in companies such as Strategy, Metaplanet, and Coinbase.
Global Push for Crypto Tax Compliance
Norway’s initiative mirrors a wider international effort to improve oversight of digital asset taxation.
In the UK, for example, tax authorities recently sent about 65,000 letters to individuals suspected of underreporting or evading crypto taxes.
As digital assets continue to gain popularity, governments worldwide are strengthening frameworks to ensure accurate reporting and compliance.