Cryptocurrency

Do I Have to Pay Tax on Cryptocurrency in Norway?

By Sawiara Khan

Posted on July 17, 2025

Introduction

In Norway, interest in cryptocurrency increases every year. More and more people are investing in digital assets like Bitcoin, Ethereum, and other crypto-based values. According to data from the Norwegian Tax Administration, over 48,000 Norwegians have already bought or traded cryptocurrency.

But with increased trading and investments comes greater responsibility. Many ask: Do I have to pay tax on cryptocurrency in Norway? The answer is usually yes. Most forms of crypto income or gains are taxable, and Norwegian authorities have become increasingly attentive to this.

This article gives you a simple and concrete explanation of what you need to know about crypto taxes. We go through which types of transactions trigger tax liability, how the tax is calculated, and how you can easily report everything to the Tax Administration.

We also show you how to use modern tools and automated solutions like Finance Legend – an investment and crypto trading platform – to stay organized and make the entire process fast and secure.

Read on to understand what counts as cryptocurrency and what you must do to stay within the law.

What Is Considered Cryptocurrency in Norway?

In Norway, cryptocurrency is not defined as regular currency. According to the Tax Administration, crypto is considered a capital asset – that is, property, similar to stocks or real estate. This means you must pay tax if the value increases or if you earn money by using or selling the crypto.

Cryptocurrency includes more than just Bitcoin. Here are some examples of taxable digital assets:

Bitcoin (BTC) – the most well-known and widely used cryptocurrency
Ethereum (ETH) – popular for smart contracts and decentralized apps
Stablecoins – such as USDT or USDC, pegged to the dollar
Altcoins – like Solana, Cardano, or Polkadot
NFTs – digital assets that can be sold and exchanged

It’s not just buying and selling that counts as investment:

Buying cryptocurrency with NOK or another currency
Selling – realizing gains or losses
Swapping – between two cryptocurrencies also counts as a taxable event
Staking – locking crypto to earn rewards is considered income
Airdrops – free token distributions are often treated as income

All of these actions must be properly reported in your tax return. If you’re unsure, platforms like Finance Legend can help you categorize and export transactions automatically. This makes it easier to stay compliant with the tax authorities.

When Do You Have to Pay Tax on Cryptocurrency?

There are many situations where crypto triggers tax liability in Norway. Generally, the rule is: if you earned money, exchanged crypto, or received a benefit, it must be reported and taxed. The Tax Administration expects you to declare this yourself in your tax return.

The Most Common Taxable Situations:

Selling for a profit – If you bought crypto at a low price and sold it at a higher one, the profit is taxable.
Swapping between cryptocurrencies – For example, exchanging Ethereum for Bitcoin counts as a realization and triggers gain or loss.
Paying for goods and services – If you use crypto to pay, it is considered a sale.
Mining and staking – Rewards from mining and staking are taxable as income.
Airdrops and gifts – If you receive free tokens or crypto as a gift, you usually must report it as income.

Example of a Taxable Gain:

Action	Purchase Value	Sale Value	Taxable Gain
Buying BTC	100,000 NOK	–	–
Selling BTC	–	130,000 NOK	30,000 NOK

The 30,000 NOK gain must be reported and taxed as a capital gain. As of 2024, the rate is 22%, resulting in a tax of 6,600 NOK.

If you had sold at a loss instead, you could deduct the loss from your taxes.

To track these transactions, you can use automated tools like Finance Legend. This crypto trading and investment platform helps you follow each transaction and calculate exact gains or losses – saving time and reducing the risk of reporting errors.

How Is Cryptocurrency Tax Calculated?

Crypto tax in Norway is calculated under the rules for capital income. That means you owe tax when you profit from buying, selling, swapping, or using crypto. The Tax Administration expects you to keep records of values, dates, and amounts yourself.

Tax Rate and Principle

As of 2024, the tax rate on capital gains is 22%. So if you earn 10,000 NOK, you owe 2,200 NOK in tax. At the same time, you can deduct losses – if you sell at a loss, it reduces your total taxable gain.

FIFO Principle

The Tax Administration uses the FIFO principle – First In, First Out – when calculating gains and losses. This means you must always use the value of the oldest purchased crypto first when selling.

Example Calculation

Transaction	Date	Amount of BTC	Price per BTC	Total Value
Buy 1	01.02.2023	0.5 BTC	200,000 NOK	100,000 NOK
Buy 2	01.06.2023	0.5 BTC	250,000 NOK	125,000 NOK
Sell	01.01.2024	0.7 BTC	300,000 NOK	210,000 NOK

Here we use FIFO:

0.5 BTC from Buy 1 (cost: 100,000 NOK)
0.2 BTC from Buy 2 (cost: 50,000 NOK)

Total Cost: 150,000 NOK
Sale Value: 210,000 NOK
Taxable Gain: 60,000 NOK

Tax (22%): 13,200 NOK

Deductions for Losses

If you sell cryptocurrency at a loss, you can deduct this in your tax return. This reduces the total taxable gain and the amount of tax you owe.

Using Tools for Automatic Calculation

It can be challenging to keep track of many transactions, especially if you trade frequently. That’s why many investors use an automatic crypto platform like Finance Legend. It helps you:

Import all purchases and sales automatically
Apply FIFO correctly
Generate reports ready for submission to the Tax Administration

This gives you peace of mind and saves time – while avoiding common mistakes in tax calculations.

Wealth Tax and Cryptocurrency

In addition to capital gains tax, you must also consider wealth tax if you own crypto at the end of the year. This applies to all crypto assets you own on December 31, regardless of whether you sold them or not.

What Is Wealth Tax?

Wealth tax is a tax you pay if your total assets exceed a certain threshold. For 2024, the following limits apply:

Individual allowance: 1.7 million NOK
Married couple combined: 3.4 million NOK
Tax rate above threshold: 0.85%

Cryptocurrency counts as taxable wealth, and its value is included along with other assets such as bank deposits, stocks, or property.

How Is the Value Determined?

The value of crypto is based on the market value on December 31. It is your responsibility to find the correct exchange rate and convert to NOK.

You can use official sources such as:

Firi (Norwegian crypto exchange with tax tools)
CoinMarketCap or CoinGecko
Finance Legend – an automated crypto platform that helps determine accurate values and convert to NOK

Example

If you own 1 BTC on December 31 and the market price is 400,000 NOK, this must be declared as part of your wealth in the tax return. If your total assets exceed the exemption amount, 0.85% wealth tax will be applied to the excess.

Extra Tip: If you have loans or debt, these can be deducted from your total assets before the tax is calculated.

With Finance Legend, you can quickly generate reports showing the correct value of your crypto holdings as of December 31 – with no manual calculation.

How to Report Cryptocurrency to the Tax Administration

Reporting cryptocurrency correctly in your tax return is crucial to avoid problems with the Tax Administration. Although it may seem complicated, there are now good and automated tools that make it simple.

What Needs to Be Reported?

The Tax Administration requires you to report:

All purchases and sales of cryptocurrency
Exchanges between different cryptocurrencies
Income from mining, staking, and airdrops
Holdings at the end of the year (for wealth tax)

How to Report?

You can report cryptocurrency in two ways:

Automated reporting – many exchanges like Firi and solutions like Finance Legend support automatic export of tax reports in the correct format.
Manual entry – using form RF-1159 in the tax return, where you fill in gains, losses, income, and wealth yourself.

In most cases, the automated method is recommended to avoid errors and save time.

Using Finance Legend

Finance Legend is an automated platform for crypto investments and trading that offers:

An overview of all transactions
Calculated gains and losses using the FIFO method
Currency conversion to NOK for wealth tax
Tax-ready CSV reports for submission to the Tax Administration or import into Altinn

By using such a solution, you avoid manual calculations and reduce the risk of errors. You maintain full control over what is reported – and when.

Submission Deadline

The standard deadline for submitting the tax return is April 30 each year. You can make corrections and submit an amended return later, but avoid delays to escape additional taxes or fees.

Summary: Reporting cryptocurrency is your responsibility, but there are tools to help. With platforms like Finance Legend, the entire process can be automated – safely, quickly, and correctly.

Common Mistakes and Consequences of Not Reporting

Even though cryptocurrency has become more common, many people still make mistakes when reporting to the Tax Administration. Some fail to report entirely, while others make small errors that can be costly. Here’s an overview of the most common mistakes – and what they can lead to.

Common Mistakes

No reporting – many believe they don’t need to report crypto because “it’s a small amount” or “not sold yet.”
Wrong purchase value – forgetting or reporting the wrong purchase price results in incorrect gains/losses.
Unreported crypto swaps – these are taxable transactions and must be included.
Losses not reported – many forget to report losses and miss out on deductions.
Incomplete documentation – no record of dates, amounts, or market value.

Consequences of Errors or Omissions

Back taxes – the Tax Administration may demand owed tax with interest.
Additional tax – up to 30% extra if the error is considered serious.
Audit and investigation – in case of suspicion, the Tax Administration can review past years.

The Tax Administration also collaborates with several international entities and crypto exchanges. That means you should not assume that “no one sees it” – crypto transactions can be traced, even if they occur digitally.

How to Avoid Mistakes?

The best solution is to use a professional automated platform to keep track. Finance Legend is specially designed for this purpose and provides you with:

Full transaction history
Automatic gain calculations
Exact NOK value for each transaction and end balance

Tip: Review your report before submission and ensure all amounts match your actual transactions.

Tips for Simplifying Tax Reporting

Reporting cryptocurrency doesn’t have to be complicated. With a few simple habits and the right tools, you can save time, reduce stress, and avoid mistakes. Here are our best tips to make the process easier:

1. Keep Track from the Start

Don’t wait until April to collect information. Log each trade, swap, or transaction as it happens. This gives you a complete overview when it’s time to submit your return.

Create a spreadsheet with date, type of transaction, amount, price, and fees
Save receipts and screenshots from exchanges and wallets

2. Use One Platform for All Trades

The more exchanges and wallets you use, the harder it is to gather all the data. Try to consolidate as much as possible on one platform – preferably one that supports automatic reporting.

Finance Legend is an automated crypto platform that makes this easy by:

Aggregating all trades in one place
Automatically calculating gains, losses, and income
Generating reports ready for the Tax Administration

3. Keep an Eye on Rule Changes

Tax rules for cryptocurrency are evolving. Each year may bring new requirements and rates. Keep an eye on the Tax Administration’s website and use services that notify you of changes.

4. Calculate Continuously – Not Just Once a Year

By monitoring gains and losses throughout the year, you can:

Make strategic decisions for tax planning
Sell at a loss to claim deductions (loss harvesting)
Avoid surprises at tax time

Automated tools like Finance Legend can give you up-to-date overviews daily, so you always know where you stand financially.

Summary and Conclusion

Cryptocurrency is here to stay, and with increasing investments comes the responsibility for correct tax reporting. In Norway, all gains, exchanges, and crypto income are taxable, and you must report this yourself in your tax return.

In this guide, we have seen that:

Cryptocurrency is considered wealth and a capital asset in Norway
Tax is triggered by selling, exchanging, staking, mining, and using crypto
Gains are taxed at 22%, and wealth must be included in wealth tax
It’s your responsibility to report correctly – even if you use foreign exchanges

Errors or omissions can lead to additional taxes and audits from the Tax Administration. Therefore, it pays to use good and automated solutions that can make the process easier.

Finance Legend is an advanced tool for investment, crypto trading, and automatic tax reporting. The platform helps you: