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Tax Director Nina Schanke Funnemark. Credit: skatteetaten.no Press Release
The Norwegian Tax Administration (NTA) has reported the highest increase ever in the number taxpayers declaring ownership of cryptocurrency in 2025.
More than 73,000 individuals included crypto assets in their 2024 tax returns – double the total value from the previous year.
“It’s great that more people are declaring that they own cryptocurrency. This ensures the tax is correct,” Tax Director Nina Schanke Funnemark stated 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 is more than twice the amount of 2023. The Tax Administration believes that this increase is due in part to the rise in digital currency values during 2024.
Tax Director warns that Crypto is not tax-free
Funnemark emphasized that all digital assets, regardless of their value, must be declared. Gains are taxed, but losses are deducted.
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.
Audits have revealed that many new filers only declared small amounts, while audits have also revealed substantial undeclared gains. Failure to report can result in additional penalties. It is possible to amend your tax return for up to three year to avoid any fines.
The new Norwegian tax reporting regulations will come into effect 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.
Funnemark said that this is a significant step in the right direction towards taxing digital assets more correctly. We will be able to see who is the owner of crypto both in Norway as well as abroad.
Expats living in Norway will be subjected to stricter reporting requirements, which includes a greater scrutiny of their digital assets abroad. Residents of the UK and EU with Norwegian tax obligations are advised to declare all cryptocurrency gains or holdings in order to avoid penalties when cross-border data sharing is increased from 2026.
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