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.
Find the market value for each virtual asset you owned at the end of the year and multiply this with the amount.
Use the exchange rate from the market place where you purchased the virtual currency. If the exchange rate from the provider is difficult to access, you can use the exchange rates we've provided below for the most common virtual currencies. For exchange rates for other virtual currencies, 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.
If the market value is stated in a foreign currency, you can us the currency exchange rates provided by Norges Bank to convert the exhcange rate into Norwegian kroner. The exchange rate for American dollars (USD) is stated at the bottom of the table below.
A tip is that you can 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. 2025 (for tax return 2024) | Rate by 1.1. 2024 (for tax return 2023) | 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) |
| Bitcoin (BTC) | 1,060, 374.89 | 435,486.47 | 162,831.43 | 408,469.55 | 247, 318.91 |
| Euro (EUR) | 37,822.85 | 23,513.56 | 11,775.63 |
32,484.50 |
6,292.67 |
| Ripple (XRP) | 23.6091 | 6.3417 | 3.3446 | 7.3321 |
1.8749 |
| Litecoin (LTC) | 1,169.84 | 750.97 | 688.80 | 1,292.48 |
1,063.44 |
| Bitcoin Cash (BCH) | 4,923.86 | 2,671.82 | 955.17 | 3,798.77 |
2,925.62 |
| Cardano (ADA) | 9.5771 | 6.1203 | 2.4246 |
11.5542 |
1.5473 |
| Binance coin (BNB) |
7,956.24 |
3,217.62 | 2,423.89 |
4,515.05 |
318.77 |
| Solana (SOL) | 2,148.21 | 1,045.55 | 98.01 |
1,502.13 |
12.88 |
| Dogecoin Classic (DOGE) | 3.5832 | 0.9219 | 0.6918 |
1.5038 |
0.0401 |
| Tether (USDT) |
11.33 |
10.30 | 9.84 | 8.82 |
8.53 |
| US dollar (USD) | 11.35 | 10.30 |
9.84 |
8.82 |
8.53 |
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.
Example
- You own 0.200000 Bitcoins at the end of 2024.
- The exchange rate for Bitcoin at the end of the year is NOK 1,060,374.89
Your Bitcoin wealth in Norwegian kroner for the 2024 will be:
0.200000 x NOK 1,060,374.89.
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.
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.