Norway’s cryptocurrency investors are declaring their digital assets at record levels as the country’s tax authority ramps up enforcement and transparency measures.
According to the Norwegian Tax Administration (Skatteetaten), more than 73,000 taxpayers reported owning digital assets in their 2024 tax filings — a 30% increase compared to the previous year. The declared holdings were valued at over $4 billion, including about $550 million in gains and $290 million in losses, highlighting both growing participation and heightened compliance.
Officials attribute the surge to ongoing awareness campaigns, technological improvements that simplify reporting, and the upcoming introduction of third-party reporting requirements for crypto exchanges and custodians, which are set to take effect by 2026. These measures will make it mandatory for service providers to share transaction data with the government, closing long-standing gaps in crypto-related tax compliance.
Additionally, the number of taxpayers that reported owning digital assets in their 2024 tax filings is considerably higher than in 2019, when only about 6,470 individuals out of the European country’s total population of around 5.5 million reported having cryptocurrency.
Regarding digital assets reporting, the Norwegian Tax Administration noted that 2024 saw an improvement in reporting, as more individuals reported their cryptocurrency holdings than in the previous year.
Norwegian tax authority recognizes an improvement in digital assets reporting
In a statement, Nina Schanke Funnemark, Director of the Norwegian Tax Administration, acknowledged that it is encouraging when more individuals declare their own cryptocurrency holdings. Funnemark explained that this move is important as it ensures accurate tax reporting.
“We have implemented several measures in recent years to boost these numbers, and we are noticing positive results,” she added.
To strengthen the enforcement of the reporting policy, the tax authority stated that, as of January 1, 2026, crypto custodians and exchange operators must report certain information through third-party channels.
Sources from Norway, in the meantime, have reported that the country has a central bank with a sovereign wealth fund that invests partially in digital assets. This came to light after reports surfaced in August indicating that the foundation had an indirect exposure of 7,161 BTC. This was achieved by investing in companies such as Metaplanet, Coinbase, and Strategy.
The latest data reflects a growing global trend toward stricter crypto tax compliance, as governments move to integrate digital assets more firmly into traditional financial frameworks.
UK’s HMRC emphasizes the need for crypto tax compliance
Like Norway, several governments have announced significant updates to their tax regulations as cryptocurrencies gain more popularity among individuals.
Earlier this month, the UK’s tax agency reportedly sent approximately 65,000 letters to cryptocurrency holders who were believed to have failed to report or evade taxes on their gains from the digital assets.
This move was initiated after the country’s tax authority intensified its investigation into cryptocurrency investors, issuing double the number of warning letters to suspected non-compliers or evaders of taxes related to gains on digital assets.
The 65,000 letters from HM Revenue & Customs (HMRC), the UK’s tax, payments, and customs authority, were sent between the 2024 and 2025 tax years. Regarding this figure, a reliable source noted that the letters exceeded the 27,700 sent the previous year, citing data obtained under the Freedom of Information Act.
Notably, the letters are referred to as “nudge letters” and were introduced to encourage investors to correct their tax filings before official investigations commenced voluntarily.
Still, the HMRC increases emphasis on crypto tax compliance. The agency has sent over 100,000 letters in the last four years, as digital assets adoption and asset prices increased.
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