Cryptocurrency business does no regulated in Norway and special laws do not exist. However, there is an obligation to register in FSAN. All companies shall obtain registration in FSAN in case if the company:

• registered in Norway
• operates from Norway
• targets the Norwegian market

Applications for registration should be sent to the FSAN preferably via Altinn or alternatively by e-mail. The application documents to FSAN must be supported with the following necessary information as specified in the articles 1-3 of the AML Law:

• the name of the applicant
• form of organization and organization number
• legal address
• the services offered
• name, residential address and date of birth or d-number of the CEO or persons holding a similar executive position; members of the board or persons holding a similar position
• documentation by risk assessments and company procedures, as per articles 7 and 8 of the AML Law

It should be noted that service providers must be registered in the Norwegian Commercial Register, and it is assumed that the operation of the services will take place via a separate corporate account. As part of the registration, the company must attach the following documents:

• the type of service offered, with a detailed description of the exchange service/exchange platform and/or storage service. The documentation must contain specific descriptions of the functionality of the service. For example, an account must be given of how trades are to be executed, the types of currencies (official and virtual) that can be exchanged and/or stored, how transactions are to be carried out, a brief description of the systems used, etc.
• the company's risk assessments and money laundering procedures. The risk assessment must identify and assess the risk of money laundering and terrorist financing associated with the company's own operations. The procedures must be adapted to the nature and scope of the business and be based on the business's risk assessment
• a completed suitability form and a police certificate that is no older than three months for the CEO, board members, beneficial owners and other persons in the actual management of the company

The FSAN may reject applications that do not comply with the requirements of the AML Law. If the information attached to the application for registration is incomplete, the FSAN will not register the company. It is forbidden to launch services for the exchange or storage of virtual currency until the FSAN makes a positive decision on registration. If the conditions for registration are no longer met, the FSAN may withdraw the registration.

To become a VASP in Norway, you must fulfill the following conditions:

• establish a local company with at least one shareholder (do not have to be a Norwegian citizen/resident), at least two directors (one of them has to be a resident of Norway or resident in one of the member states of the EEA), minimum share capital - NOK 30,000 (~€2,600)
• have a registered office in Norway
• apply for registration in the FSAN

From January 1, 2024, a fee of NOK 15,000 (~ € 1,300) was introduced to apply for registration as a VASP. The company must therefore enclose a receipt for the paid fee with the application.

Corporate income tax (CIT)

The basic CIT rate is 22%.

Norwegian residents are subject to paying the the income tax derived in Norway and abroad, and non-residents are obligated to pay the income tax sourced as a result of business carried out in or from Norway.

Norwegian tax authorities have determined that cryptocurrency should not be treated as regular currency for tax purposes since it is not issued or guaranteed by a central bank, and there is no formal issuer or official exchange rate (as the price is determined by supply and demand). Thus, income from cryptocurrency complies with the general rules of asset taxation. Cryptocurrencies are not eligible for the benefits or special tax rules that apply to regular (fiat) currency, stocks, bonds, financial instruments or other types of assets with special exemption rules.

The tax requirement applies regardless of whether virtual currency is sold, purchased, mined or held. Every person or entity must value, report and document profits, losses, dividends and assets on their tax return.

Capital Gains Tax (CGT)

Norway imposes a standard capital gains tax rate of 22% on any profit generated from cryptocurrency transactions. This encompasses a broad spectrum of activities, including the sale or exchange of cryptocurrencies, the acquisition of goods or services using cryptocurrency.

Value-added tax (VAT)

The standard VAT rate is 25% which is applicable to most crypto-related products and services. Cryptotransactions are exempt from VAT. Businesses that receive payment for goods or services in cryptocurrency must include its value in the VAT base at the standard rate.