“`html
\n<\/p>\n
The Norwegian Tax Administration reported that an increased number of individuals disclosed cryptocurrency ownership in 2024 compared to the prior year, following initiatives to enhance reporting.<\/p>\n
In a notice released on Tuesday, Norway\u2019s tax agency indicated<\/a> that over 73,000 residents in the nation reported possessing some type of cryptocurrency in their 2024 filings. This figure reflected roughly a 30% rise from crypto ownership in 2023, and significantly greater than in 2019, when merely 6,470 individuals in the 5.5 million-population country declared digital assets.<\/p>\n \u201cIt is pleasing that more individuals are stating their cryptocurrency ownership, thereby ensuring correct tax reporting,\u201d remarked tax director Nina Schanke Funnemark. \u201cWe have implemented several initiatives in recent years to bolster this statistic, and we observe that these initiatives are yielding results.\u201d<\/p>\n The total value of crypto disclosed by the 73,000 individuals in 2024 amounted to over $4 billion in assets, signifying approximately $550 million in profits and $290 million in losses. As per the tax agency, crypto exchange firms and custodians will be mandated to provide specific information via third-party reporting commencing in 2026.<\/p>\n Related: <\/strong><\/em>UK tax agency doubles crypto warning letters in crackdown on unpaid profits<\/strong><\/em><\/a><\/p>\n Norway maintains a sovereign wealth fund with investments in cryptocurrencies through Norges Bank. As of August, the fund had indirect investments<\/a> in 7,161 Bitcoin (BTC<\/a>) through investments in firms like Strategy, Metaplanet, and Coinbase.<\/p>\n Similar to Norway, various governments have enacted substantial revisions in their tax regulations since the emergence of digital assets. Earlier this month, the UK\u2019s tax authority dispatched approximately 65,000 letters<\/a> to individuals suspected of underreporting or evading taxes on their cryptocurrency gains.<\/p>\nCountries\u2019 tax agencies combating crypto reporting issues<\/h2>\n