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Norway Rejects Bitcoin As Currency; Taxes As Asset, Instead

Posted by timothy on from the money-need-not-derive-from-the-state dept.

An anonymous reader writes "Norway is the latest country to consider the legal implications of cryptocurrencies like Bitcoin. Norway's director general of taxation has come out and said '[Bitcoin] doesn't fall under the usual definition of money,' which means that it will be considered as assets and charged under capital gains laws. This sentiment was echoed last week by the European banking authority as well, where citizens were warned of using the cyrptocurrency."

2 of 245 comments (clear)

  1. Re: How is Norway going to know? by therealkevinkretz · · Score: 5, Informative

    In the US, To be taxed at the lower rate, it must be classified as "long-term" - I.e. the asset must be held for at least a year before it's sold. Other (short-term) gains are taxed at the same rate as income.

  2. The article is a bit flawed by TyFoN · · Score: 5, Informative
    What really happened was that the norwegian IRS said that the bitcoin does currently not have any status as a currency in Norway and will be taxed as an asset.

    They very clearly state that bitcoins have not been banned as a currency, only that it's status still has to be decided by Finanstilsynet (almost like SEC, but with a broader mandate).

    The Norwegian IRS does not have the authority to claim it is a currency or not, only Finanstilsynet. All they do is tax what they see as an asset until Finanstilsynet gives other directions.

    Nettvalutaen Bitcoins beskattes
    Translated
    Quite different heading than the /. heading.
    Translated it just means "Bitcoins are to be taxed".