The tax office is seeing both that many more people report owning cryptocurrency than in previous years, and that reported income, wealth and deductions are rising sharply. The same is expected in this year’s tax return.

In 2021, 42,781 people reported owning cryptocurrency in 2021, compared to 15,251 in 2020.

The reported income was NOK 9.8 billion. This is an increase of NOK 8.8 billion from the previous year, while reported assets were NOK 23 billion, up from NOK 8 billion in 2020.

– We are very pleased with this increase and also expect billions of cryptocurrency crowns to be filled in the tax return this year, says Marius Johansen, Head of Crypto Investments at the Tax Agency, in a Press release.

At the same time he thinks black figures are great

– Norway’s tax agency identified around 180,000 people in Norway who owned cryptocurrency in 2021, but estimates the actual number to be much higher. In control cases in 2022, we issued notices or decisions on changes for a total of around NOK 130 million in income and NOK 500 million in assets, explains Johansen.

More and more people are also claiming deductions for cryptocurrency losses. If you have been the victim of fraud, you are entitled to a deduction under certain conditions.

– You have to have made a real investment in the cryptocurrency, and be able to document and prove that it was finally lost, emphasizes Johansen.