Norway’s Ministry of Finance unveiled a draft bill, which introduces reporting obligations for third parties serving as crypto asset exchanges or custodians, for public consultation on 15 November 2024.
The consultation is set to conclude on 15 February 2025.
The proposed rules are based on the OECD’s Crypto-Asset Reporting Framework (CARF) with additional regulations. The new rules require third parties to report all crypto transactions and exchanges for income tax and the value of customers’ crypto holdings for wealth tax purposes. However, these regulations do not set any threshold amounts or limits on the number of customers.
The reporting entity must conduct ID checks on customers, gathering tax residency and personal ID numbers for future cross-border reporting. Furthermore, financial institutions must include crypto assets in CRS reporting per the proposed rules.
The new rules will take effect in 2026, with initial reporting beginning in early 2027.
