Wealth in the form of virtual currency

If you have assets in the form of digital currency such as bitcoin, you must declare them in your tax return. You can read more about how you should assess the value here.

What you must do

Your broker/exchanger will be able to tell you how much bitcoin and other virtual currency you owned at the turn of the year.

In order to calculate the value, you must:

  1. Find out the market value of the virtual currency that you owned. Use the exchange rate from the market place where you purchased the virtual currency. If it’s difficult to obtain exchange rates/documentation from the provider, you can use the rates below for the most common currencies. For other currency you have to find the rates from other sources.
  2. Use Norges Bank to convert the rates to Norwegian kroner, or use the rates below for USD and euro.

Currency

Course by 1.1 2020 (for tax return 2019)

Course by 1.1 2019 (for tax return 2018)

Course by 1.1 2018 (for tax return 2017)

US dollar (USD/NOK)

8,78

8,69

8,20

Euro (EU/NOK)

9,86

9,95

9,84

Bitcoin (BTC/USD)

7194,89

3742,70

13 413,33

Bitcoin Cash
(BCH/USD)

204,67

150,9

2534,82

Bitcoin SV
(BSV/USD)

97,08

83,89

 

Ethereum (ETH/USD)

129,63

133,42

755,76

Ethereum Classic
(ETC/USD)

4,5

5,05

28,05

Ripple (XRP/USD)

0,192912

0,352512

2,30

IOTA (MIOTA/USD)

0,160043

0,356734

2,31

EOS (EOS/USD)

2,58

2,57

8,77

Litecoin (LTC/USD)

41,33

30,46

231,67

Tether (USDT/USD)

1,00

1,02

1,01

You must declare the values as per the end of the income year.

Wealth in Bitcoin = Number of virtual units * BTC/USD * USD/NOK

Example

  • You own 5.2 bitcoins at the end of 2018.
  • The exchange rate for bitcoin at the end of the year is USD 3,742.70.
  • The USD/NOK exchange rate at the end of the year 2018 is 8.69

Your bitcoin wealth in Norwegian kroner at the year-end will be: 
5.2 (number of “coins") * 3,742.70 * 8.69 = NOK 169,125.13

You must enter the value of the virtual currency stock as capital/wealth in your tax return. 

If you’ve sold virtual currency during the income year, you must enter any gain or loss.

If you’ve mined virtual currency, for instance bitcoins, you can read more about the procedure here.

You do not have to send us any documentation, but you must be able to present documentation if we ask for it.

Relevant documentation for capital/wealth in virtual currency are annual statements, bank statements, transaction overviews, reports and other information from wallets, brokers, banks, exchangers, etc.

The documentation must give a complete picture of the capital/wealth. Reporting incorrect information or not reporting relevant information regarding capital/wealth may result in penalty tax and a police report.