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According to Norwegian authorities, more than 73,000 people in the country reported about $4 billion in crypto holdings for the 2024 tax year.
The Norwegian Tax Administration said that more people declared cryptocurrency holdings in 2024 compared to the previous year, following efforts to increase reporting.
In a Tuesday notice, Norway’s tax authority said more than 73,000 people in the country reported owning some form of cryptocurrency in their 2024 returns. The numbers marked about a 30% increase year-over-year from crypto holdings in 2023, and significantly more than in 2019, when only 6,470 people in the country of 5.5 million people declared having digital assets.
“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. “We have taken several measures in recent years to increase this number, and we see that these measures are having an effect.”
Number and value of crypto holdings declared on tax returns. Source: Norwegian Tax AdministrationThe total amount of crypto reported from the 73,000 people in 2024 totaled more than $4 billion in holdings, representing about $550 million in gains and $290 million in losses. According to the tax authority, crypto exchange operators and custodians will be required to report certain information through third-party reporting starting in 2026.
Related: UK tax authority doubles crypto warning letters in crackdown on unpaid gains
Norway holds a sovereign wealth fund with exposure to cryptocurrencies through Norges Bank. As of August, the fund had indirect exposure to 7,161 Bitcoin (BTC) through investments in companies like Strategy, Metaplanet and Coinbase.
Countries’ tax authorities fighting to handle crypto reporting
Like Norway, some governments have made significant changes in their tax policies since the advent of digital assets. Earlier this month, the UK’s tax authority issued about 65,000 letters to people suspected of underreporting or evading taxes on their crypto gains.
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