Crypto license in Norway

Norway is a key player in the cryptocurrency industry, offering a favorable business environment. Gofaizen & Sherle provides assistance in launching cryptocurrency activities, which is an alternative to obtaining a Crypto license in Norway, providing a guaranteed turnkey solution.

Norway, with its innovative approach to the business environment and stable economic system, provides a favorable environment for cryptocurrency businesses. The national taxation system is well structured, with cryptocurrencies treated as assets, making tax compliance easier.

However, regulation of the crypto sector is still taking shape, which requires careful consideration before starting operations in this jurisdiction. Cryptocurrencies in Norway can also be used for payments, but there are no specific regulations on their use. In 2018, the Ministry of Finance issued a Money Laundering Regulation requiring cryptocurrency providers and exchanges to register with the financial supervisory authority and comply with anti-money laundering regulations, which is tantamount to holding a Norway crypto license.

In May 2023, Norges Bank suggested that the Norwegian government rethink its approach to cryptocurrency regulation, drawing attention to the potential failure of the European Union’s proposed Market in Crypto Assets (MiCA) measures. At the moment, the matter is still under consideration.

Advantages of Obtaining a Crypto License in Norway

Advanced innovative regulation

Norway actively develops and tests a blockchain-based state digital currency and recommends adapting regulations to global trends. This creates a confident and predictable environment for crypto businesses, driving innovation and technological development in the country.

Clear tax policy

Cryptocurrencies are classified as assets in Norway, simplifying taxation by making it transparent and clear. This makes it easier for holders of Cryptocurrency exchange licenses in Norway to plan their financial activities and optimize their tax liabilities.

Government support for innovation

The Norwegian government actively supports new technologies and innovation, including in the cryptocurrency sector, through tax incentives and programs such as SkatteFUNN, designed to stimulate research and development.

International tax treaties

Norway has signed about 90 international double tax treaties, which makes it attractive for international cryptocurrency companies seeking to minimize their tax burden when operating in different countries.

No specific border restrictions for cryptocurrencies

Norway has no specific border restrictions or declaration requirements for cryptocurrencies upon importation, which simplifies international transactions and reduces administrative barriers for cryptocurrency companies.

No strict restrictions on mining

There are no outright bans or strict restrictions on cryptocurrency mining in Norway. This makes the country attractive for mining operations, especially given its developed infrastructure and stable energy supply.

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Requirements for a crypto license in Norway

To obtain a Crypto license in Norway you need to meet several requirements:

  • The company must be registered in Norway and have a registered office in Norway.
  • The company must have developed and implemented anti-money laundering and counter-terrorist financing policies.
  • Owners and key management must undergo a process of identification and identity verification.
  • The company must have a well-defined risk management plan, including risks associated with cryptocurrency transactions.
  • Having qualified legal support to comply with all regulatory requirements.
  • Implementation of reliable technological solutions to ensure the security of cryptocurrency transactions and user data.

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Cryptocurrency Regulations in Norway

Cryptocurrencies are not considered legal tender in Norway, but their use to make payments is legal and they are classified as an asset type rather than money. This provides insight into the country’s approach to digital currencies – they are integrated into the economic environment as a medium of exchange but without official currency status.

However, despite the lack of specific cryptocurrency regulation, in 2018, the Norwegian Ministry of Finance established a Money Laundering Regulation that imposes certain obligations on cryptocurrency exchanges and service providers. The regulation requires such operators to register with the Norwegian financial supervisory authority, Finanstilsynet, and comply with anti-money laundering regulations. These measures underscore Norway’s commitment to transparency and security in the cryptocurrency sector, balancing innovation and regulatory requirements.

This means that while cryptocurrency service providers are required to register and follow anti-money laundering regulations, there is currently no specific permit or Crypto license in Norway that regulates all aspects of cryptocurrency activity. This creates a unique regulatory environment where the focus is on ensuring compliance with AML standards, while a broader range of cryptocurrency transactions remain relatively free from Cryptocurrency exchange licenses in Norway.

The law governing VASPs in Norway

Virtual Asset Service Providers (VASPs) in Norway are regulated by the Anti-Money Laundering and Countering the Financing of Terrorism Act (AML Act). This Act establishes a framework for customer identification, transaction monitoring, data storage, and suspicious activity reporting, which helps prevent the use of the financial system for illegal purposes, including money laundering and terrorist financing.

Under Section 4(5) of the AML Act, VASP services include:

1.Exchange of virtual currencies:

  • Exchange of virtual currencies for other virtual currencies.
  • Exchange of virtual currencies for fiat money (traditional money such as dollars, euros, etc.).

2.Storage of virtual currencies:

  • Services that provide storage, management, and protection of virtual currencies on behalf of customers. This includes managing the keys required to access the virtual currencies, as well as the ability to perform transactions at the customer’s request.

VASPs in Norway are supervised by the following regulatory authorities:

  • The Central Bank of Norway plays a key role in managing macroeconomic stability and monetary policy and is involved in discussions and policy-making regarding the financial sector, including cryptocurrencies.
  • The Financial Supervisory Authority of Norway (FSAN) directly supervises and regulates financial institutions, including VASPs. This organization is responsible for verifying that VASP activities comply with the requirements of the AML Act, protecting consumer rights and ensuring financial market stability.

Taxation in Norway

In 2024, Norway regulates the taxation of income from cryptocurrencies, defining them as a financial asset. Cryptocurrencies are not recognized as legal tender, but they can be used to pay for goods and services. Income from the sale, exchange, or use of cryptocurrencies as payment is taxable as capital gains, while income from staking or mining is taxed as ordinary income.

For tax purposes, all cryptocurrency transactions must be documented. Taxpayers are required to include in their annual tax return the transaction dates, purchase and sale prices, and the amount received from each transaction.

  • Capital gains tax: Profits from cryptocurrencies are subject to a 22% capital gains tax in 2024. Losses can be used to reduce the tax base on other capital investments.
  • Tax on mining and staking income: Income from mining or staking is taxed as ordinary income at standard rates.
  • VAT and other taxes: Cryptocurrency transactions are exempt from VAT. Businesses receiving payment for goods or services in cryptocurrency must include its value in the VAT base at the standard rate.

FAQ about Norway crypto license

How to get a crypto license in Norway?

To obtain a Norway crypto license, a company must register with the Norwegian Financial Supervisory Authority (Finanstilsynet) and comply with anti-money laundering regulations. Documentation must be submitted, including details of owners and management personnel, and AML/CTF policies must be developed and implemented.

Is crypto taxable in Norway?

Yes, cryptocurrency is taxable in Norway. It is classified as a financial asset and income from the sale, exchange, or use of cryptocurrency as payment for goods and services is taxable as capital gains. Also, income from mining and stealing cryptocurrencies is taxed as ordinary income.

Who regulates crypto in Norway?

In Norway, cryptocurrency is regulated by the Norwegian Financial Supervisory Authority (Finanstilsynet), which monitors compliance with anti-money laundering regulations. Norges Bank is also involved in developing policies and regulations for digital currencies.

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