Norway: Opened Consultation on Reporting Obligations for Crypto Asset Service Providers

On 15 November 2024, the Norwegian Ministry of Finance opened a public consultation, until 15 February 2025, regarding a new proposal aimed at imposing reporting obligations on crypto asset service providers, including those offering exchange and storage services. This proposal is designed to extend the OECD's standard for third-party reporting on crypto assets (CARF) by not only requiring the reporting of user data and transactions to tax authorities but also expanding these obligations to include information on all users, including those based in Norway. The proposal enhances the oversight of crypto assets held by Norwegian entities, facilitating the Norwegian Tax Administration's access to detailed information on transactions and ownership, thereby allowing a more effective combat against financial crime.