Norway Reports 30% Rise in Crypto Tax Declarations

Norway’s tax authority has reported a significant increase in cryptocurrency-related declarations, marking a 30% rise in the number of citizens reporting digital asset holdings and transactions. 

Overview

On October 28 2025, the  Norwegian Tax Administration (Skatteetaten) revealed that more than 73,000 people in the country reported owning some form of crypto in their 2024 returns.  The jump underscores growing regulatory scrutiny and an increasing willingness among Norwegian investors to comply with evolving tax requirements surrounding crypto assets. 

Tax director Nina Schanke Funnemark said,

“It is gratifying that more people are reporting that they own cryptocurrency, and in this way ensuring that the tax is correct.”

Funnemark added,

“We have taken several measures in recent years to increase this number, and we see that these measures are having an effect.” 

Growing Transparency in Norway’s Crypto Market 

According to Skatteetaten, the uptick reflects both enhanced monitoring capabilities and a greater public understanding of the tax obligations linked to crypto ownership.

Skatteetaten has been strengthening its oversight of the digital asset market, implementing advanced tracking tools and collaborating with international partners to detect undeclared crypto income. The authority has also leveraged blockchain analytics to identify discrepancies between reported and actual holdings.

Norway’s proactive approach contrasts with the early years of crypto adoption, when digital assets often went unreported due to limited awareness and insufficient enforcement mechanisms. Now, as crypto becomes a mainstream investment avenue, more Norwegians are ensuring they stay on the right side of tax laws.

Strong Enforcement Drives Compliance

The 30% increase in reporting follows a series of enforcement campaigns by the tax authority aimed at improving compliance within the crypto sector. Over the past year, Skatteetaten has issued targeted warnings to individuals suspected of underreporting or failing to declare their crypto gains.

In 2024, the agency launched an initiative that cross-referenced data from local and international exchanges with taxpayers’ filings, uncovering thousands of cases of unreported holdings. These efforts led to several fines and backdated tax payments, serving as a strong deterrent for non-compliance.

The authority’s efforts appear to be paying off. More taxpayers are now voluntarily declaring crypto assets, including Bitcoin (BTC), Ethereum (ETH), and a growing list of altcoins, along with income from staking, mining, and decentralised finance (DeFi) activities.

Skatteetaten’s head of digital assets, Ingrid Solberg, said “

The increase in transparency highlights a maturing market and a growing sense of responsibility among crypto investors.”

She added

“The agency’s ultimate goal is not punishment, but to ensure fair taxation and encourage voluntary compliance.”

Norwegian regulators have also worked closely with financial institutions and international agencies through frameworks like the OECD’s Crypto-Asset Reporting Framework (CARF), which standardises information exchange between jurisdictions. This global cooperation has made it more difficult for individuals to conceal assets abroad, thereby further enhancing compliance levels at home.

A Model for Other European Nations

Norway’s success in boosting crypto tax reporting could serve as a model for other European countries seeking to strengthen oversight of the digital asset sector. The nation’s blend of technology-driven enforcement and public education has proven effective in improving transparency without stifling innovation.

European regulators are already tightening reporting requirements under the EU’s Markets in Crypto-Assets (MiCA) regulation and the upcoming CARF guidelines, both of which aim to create a more standardised and transparent environment for crypto taxation across the bloc. Norway, though not an EU member, often aligns with EU financial policies through its participation in the European Economic Area (EEA).

Analysts suggest that the rising compliance rates reflect both fear of penalties and an increasing perception of legitimacy surrounding cryptocurrencies. As more traditional investors and institutions enter the market, accurate tax reporting becomes a hallmark of professional participation rather than a bureaucratic burden.

Looking ahead, Skatteetaten plans to continue refining its tools and frameworks to adapt to emerging trends such as tokenised assets and cross-chain DeFi transactions. The agency’s approach emphasises education and collaboration alongside enforcement — a strategy that has already yielded measurable results.

“Transparency benefits everyone,”

Solberg noted.

“It ensures fair taxation, strengthens trust in the system, and supports the healthy growth of the crypto economy in Norway.”

With one of the most technologically advanced tax systems in Europe, Norway’s leadership in crypto transparency could influence how digital assets are monitored and taxed across the continent — setting a precedent for compliance in an increasingly regulated global crypto landscape.