Future Crypto News | Latest Country Updates for Crypto Currency

Norway

GDP

Population

GDP per capital

Light

Green

Banking

General adoption

More and more Norwegians are trading and using crypto, as very recently in June declared the Norway Finance Minister about the blooming of Bitcoin.

Government View

The Norwegian government is not too keen on making cryptocurrencies has a legal tender, as its central bank declared it does not recommend crypto as an alternative to fiat money. This decision is coming based on the stability of crypto in comparison to fiat money.

Blockchain Projects

The Norwegian Ministry of Local Government and Modernization engaged Deloitte to prepare a study on opportunities and challenges related to the use of blockchain technology in the public sector. Deloitte’s report found that the conditions in Norway are already favorable for exchanging assets and information in a secure way via blockchain-based methods. In August 2021, the FSA ordered the world’s largest crypto exchange, Binance, to stop offering its services in the Norwegian market unless it registered with the FSA. Accordingly, Binance terminated its Norwegian operations and services.

Taxes and Regulation

In Norway there is no legal framework regarding the transfer of title to or the granting of security over tokens and virtual assets specifically. The Norwegian Tax Administration has concluded that gains from bitcoin and other virtual assets are taxed similar to gains from fiat currency trading, and that the market value of such assets should be included in the calculation of wealth tax for Norwegian tax residents.

Trading Methods

Trading

Privacy

Providers of exchange services between virtual currencies and fiat currencies and custodian wallet providers are subject to AML requirements, including registration and supervision by the FSA. Providers who store private cryptographic keys with the purpose of transferring, storing or trading digital currency are also in scope of the AML requirements. Conversely, cryptocurrency exchanges which only quote different types of digital currencies for trading purposes are excluded from the AML requirements.

Last Updated

Monday, 31 October, 2022