CRYPTO NEWS AGREGATOR
Mon, Sep 20, 2021 8:35 PM by Victoria O.

Watchdogs: Norway Cryptocurrency Regulation

Norway crypto regulation

Statements can not be called frequent, but nevertheless, the government's concern about the cryptocurrency was guessed, in addition, many warnings were issued against participating in the ICO. 

In this country, cryptocurrencies are not prohibited and are not subject to strict regulation, but the government monitors them. Every Norwegian citizen who owns a cryptocurrency must report this to the relevant authorities on a monthly basis, disclose the amount and profit from trading the asset.

Due to the private nature of cryptocurrencies and the unwillingness of many holders to lose this advantage, Norway has issued a law that exempts cryptocurrencies from value-added tax. Let's look at the aspects of Norway Cryptocurrency Regulation, crypto taxes in Norway bitcoin atm in Norway, and crypto card Norway

Is Cryptocurrency legal in Norway?

Bitcoin is recognized as an exchange-traded asset here, but it is not recognized as a currency, the attitude to cryptocurrencies is neutral, since they are not prohibited, but they are not subject to strict regulation. Norwegian citizens who own cryptocurrencies are required to report this to the tax service and disclose the amount of profit from owning digital assets. There is no VAT on cryptocurrencies.

The Smart City of Anarcho-Capitalists

Liberstad (Liberstad/"Free City") – a private city of anarcho-capitalists in Norway-has made the native cryptocurrency of the local blockchain platform an official means of exchange. This became known from a press release published on February 12.

Founded in 2015, Liberstad is the product of the Libertania project. It is managed by the non-profit organization Liberstad Drift, which seeks to create a city society free from government interference.

There is no taxation in the city, and there are numerous services funded by the private sector. In 2017, land plots in the city were sold for bitcoins and Norwegian kroner. By April 2018, 100 candidates for residents had purchased land.

Mining Like a Viking: A “Green” Mining Farm in Norway

The Northern Bitcoin farm was founded in 2015. Its CEO and founder, Mathis Schultz – is a former banker who worked in such companies as LGT, Julius Baer, and Elan Capital partners. Schultz admits that he left the traditional finance industry to devote himself to developing the future of financial technologies.

It all started with one container with miners, and then the farm grew to more than 3,000 ASIC miners who work in Lefdal today. Thanks to this growth, the company was able to get listed on the Munich Stock Exchange, where it is now valued at $177 million.

At the same time, its value remained relatively stable, despite the "bear" market, which affected many cryptocurrency companies. The idea to establish a mining farm in this data center turned out to be very successful.

Access to cheap, renewable energy sources, which local companies actively exploit, and the positive attitude of the Norwegian government allow the farm to work with minimal costs and with neutral carbon emissions.

The region itself boasts up to 6.7 TWh of excess renewable energy. This leads to the fact that the cost of electricity for the farm fluctuates somewhere between 0.035-0.045 dollars per kWh.

How to Buy Bitcoin in Norway

Bitcoin Norway, the country's preeminent exchanger, has used a newly introduced feature in the Vipps app to allow its users to purchase digital currency using credit or debit cards.

How Do You Get Crypto in Norway?

Using the Vipps application, users can instantly send payments to the Bitcoin Norway email address, which will then be verified, and then bitcoins will be sent to the buyer's address.

Bitcoin Norway user, who was recently notified about the company's new service, posted a screenshot of the user interface.

Is Coinbase Legal in Norway?

Bitcoin Norway in comparison with the OTC market

In most countries, there are over-the-counter bitcoin exchanges, such as Bitcoin Norway, which allow users to buy and sell digital currency without unnecessary user verification. Customers can visit a bank branch or currency exchangers to send or receive a payment for Bitcoin.

In the Philippines, a startup with venture capital BuyBitcoin.ph It offers a similar service, with the help of which users can invest money in a bank and demand cryptocurrency through their Bitcoin address.

Bitcoin Norway, in turn, eliminates the need to go to a bank or currency exchanger and vice versa simplifies the purchase and sale of Bitcoins – you can do this simply through your phone. This service increases efficiency while optimizing the user experience.


The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research.

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