Wealth in the form of virtual assets

If you have wealth in the form of digital assets 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

You’ll get information about how many bitcoin and other digitial currencies you owned by end of year in your digital wallet and from your intermediary, crypto exchange, marketplace or the like.

In order to calculate the value, you must:

  1. Find out the market value of the virtual assets 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 rates on other virtual assets, you can use the exchange rates for a likely market value offered by another trustworthy provider. Major providers, such as Coinmarketcap offer historical exchange rates for most virtual currencies online for free.
  2. Use the currency exchange rates provided by Norges Bank to convert the values into Norwegian kroner, or use the rates we have provided below for US dollars and euros. It's also possible to add a field for currency in the tax return. There you can state your wealth in, for example, US dollars or euros, and it will be converted into Norwegian kroner. 
Currency Rate by 1.1. 2024 (for tax return 2022) Rate by 1.1. 2023 (for tax return 2022) Rate by 1.1. 2022 (for tax return 2021) Rate by 1.1. 2021 (for tax return 2020)
US dollar (USD/NOK) 10.30 9.84 8.82 8.53
Euro (EUR/NOK) 11.28  10.51 9.99 10.47
Bitcoin (BTC/USD) 42,280.24 16,547.91 46,311.74 28,994.01
Ethereum (ETH/USD) 2,282.87 1,196.71 3,683.05 737.71
Ripple (XRP/USD) 0.6157  0.3399 0.8313 0.2198
Litecoin (LTC/USD) 72.91 70 146.54 124.67
Bitcoin Cash (BCH/USD) 259.40 97.07 430.7 342,.98
Cardano (ADA/USD)  0.5942 0.2464 1.31 0.1814
Binance coin (BNB/USD) 312.39 246.33 511.91 37.37
Solana (SOL/USD) 101.51 9.96 170.31 1.51
Dogecoin Classic (DOGE/USD) 0.0895 0.0703 0.1705 0.0047
Tether USDT/USD 1.00  1.00 1.00 1.00

It's the values at the end of the year that should be reported at the exchange rate on the first day of the following year. 

The wealth for each cryptocurrency is calculated by multiplying the number (coins, tokens, etc.) by the exchange rate for the cryptocurrency and multiplying by the exchange rate the value is reported in. For example, like this: Wealth in Bitcoin = Number of virtual units x BTC/USD x USD/NOK

Example

  • You own 5.2 Bitcoins at the end of 2020.
  • The exchange rate for Bitcoin at the end of the year is USD 28,994.01
  • The USD/NOK exchange rate at the end of the year 2020 is 8.53

Your Bitcoin wealth in Norwegian kroner at the year-end will be: 
5.2 x 28,994.01 x 8.53 = NOK 1 286,058

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

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

If you’ve mined virtual currency, for instance bitcoins, you must enter income and costs in your tax return.

What to do in the tax return

There are two ways of doing this in the card for Virtual assets / cryptocurrency:

  • You can either enter the information for each virtual asset/cryptocurrency in a separate card, or
  • enter the summarised information for all virtual assets in one card, with an attachment showing the information for each virtual currency and other virtual assets.

Log in to the tax return, select the topic Finance og then the card Virtual assets / cryptocurrency. You’ll find information and guidance on what to do and how to proceed once you’re logged in. There are help texts for every field.

Bitcoin-based ETF/ETP (exchange-traded products) are financial instruments connected to cryptocurrency. If you own such financial products that are not stated in the tax return, you must enter them under Other financial products and virtual assets / cryptocurrency and in the card Other financial products.

Change the tax return on paper

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 etc..

The documentation must give a complete picture of the capital/wealth.