According to the Norwegian Tax Administration, over 73,000 residents reported approximately $4 billion in cryptocurrency assets for the tax year 2024, marking a 30% increase from 2023. The surge follows initiatives aimed at enhancing tax reporting among crypto holders.

In a recent announcement, the tax authority revealed that from the almost 73,000 individuals who reported ownership, the total declared was over $4 billion in cryptocurrency, with roughly $550 million in gains and about $290 million in losses.

“It is gratifying that more people are reporting that they own cryptocurrency, and in this way ensuring that the tax is correct,” stated Nina Schanke Funnemark, the tax director. “We have taken several measures in recent years to increase this number, and we see that these measures are having an effect.”

Crypto Holdings Declared Number and value of crypto holdings declared on tax returns. Source: Norwegian Tax Administration

As part of an evolving regulatory landscape, crypto exchanges and custodians are expected to start third-party reporting of certain data by 2026.

Norway’s sovereign wealth fund, managed by Norges Bank, also has exposure to cryptocurrencies. In August, it was reported that the fund had investments equivalent to 7,161 Bitcoins via firms such as Strategy, Metaplanet, and Coinbase.

Global Tax Authorities Combatting Crypto Reporting

Various governments, following the trend set by Norway, are adapting their tax frameworks to better manage cryptocurrency declarations. Earlier this month, the UK’s tax authority issued approximately 65,000 warning letters aimed at individuals believed to be underreporting crypto-related earnings.

For more insights, check this article about recent actions by the UK tax authority.