Norway gradually became friendlier towards Bitcoin, while changing its stance and providing favorable regulation outlines.
In 2013 Norway couldn’t define Bitcoin as money or currency and that it is considered a taxable asset of 25% capital gain tax.
The decision to classify Bitcoin as an asset considerably stifled adoption, which made dealing with Bitcoin way harder.
In November of 2019 Bitcoin transactions became VAT-Exempt, changing the stance of the Norwegian Tax Administration to get in line with the EU regulation (In October of 2015 the European Court of Justing ruled that Bitcoin exchange transactions are VAT-Exempt).
Norway is home to a private Anarcho-Capitalist city – Liberstad which adopted cryptocurrencies as the sole medium of exchange while also creating its own, called CITY.
In 2018 the Finanstilsynet (Financial Supervisory Authority of Norway) provided new AML regulation outlines for Crypto service providers. The consequences of the new regulation for the people is that they should expect to need to pass identity verification (KYC) and answer questions to clarify the purpose of the transaction and the origin of the user’s money.
Buying bitcoin in Norway is easy since the country isn’t on any sanctions list and has taken a favorable stance towards it, meaning that Norwegians have unlimited access to the best bitcoin exchanges in the industry.
Here’s a list of the most used exchanges to buy or sell bitcoin by Norwegian people as of this date:
Pros: Very high security, Flexible buying option, High liquidity, Wide range of products
Cons: No advanced order types, Small range of cryptocurrencies
Pros: 4 FIAT options for deposit, All of the crypto is traded against FIAT, Regular exchange and Margin trading platform in one, Regulated
Cons: Lackluster UI, Cannot modify the UI, Low Leverage, Mandatory KYC
Pros: 4 FIAT currency available, UI friendly to newcomers
Cons: Lack of UI customization
Pros: Peer to peer exchange, High volume, Available in 240+ countries
Cons: Only BTC, Old UI design
Pros: 70+ Cryptocurrencies, Debit/Credit cards accepted
Cons: Lack of customization of the UI, No FIAT options beside stable coins for trading
Norway is home to some of the best traders in the world. In the list below you’ll find the most used platforms for trading by Norwegian people.
Pros: Regulated, Multiple Types of Deposits, Over 1500+ Instruments
Cons: High Fees, KYC, No Crypto deposits and withdrawals
Pros: 350+ Cryptocurrencies, Debit/Credit cards accepted, Wide variety of options
Cons: Lack of advanced order types, No FIAT options beside stable coins for trading
Pros: High Leverage, High Liquidity, Good Support, Wide range of markets
Cons: Users from US and Canada not allowed, Few deposit options
Pros: Global Market Leader, Highest volume on the market, High internal liquidity, Advanced order types, High security
Cons: Users from US not allowed, Platform freezes when high load
Pros: Flexible withdraws, Good security, Demo account available
Cons: Only 4 options for trading, Low leverage on EOS and XRP
Events in 2013
Norway decides that Bitcoin is not a currency, but a taxable asset
Pizza24, a Swedish pizza delivery services start to accept Bitcoin
Events in 2014
Bitcoinsnorway a new Norwegian cryptocurrency exchange donates 5% from its profit to charity
Events in 2016
A Blockchain system is used for Norway to attract tourists thanks to Loyyal – a New York based company
Norway’s largest bank DNB introduces a new feature on its app – Vipps, giving the option for its clients to pay to companies through bank accounts or debit cards, thus making the buying of Bitcoin seamless
Events in 2017
Prosecutors want a pay up from drug dealers linked to Silkroad in Bitcoin in Norway.
Payza, a global payment service provider adds Bitcoin to its list of available currencies, giving the option to their users to send, receive and store bitcoins through the app.
OneCoin (a Ponzi scheme) receives an Ultimatum from the Norwegian authorities
Events in 2018
Bitfury is approved by the Norwegian government to open a Datacenter in Norway
Bitmynt AS loses the in court against Nordea in an appeal against closing the exchange‘s bank account
Bitcoin mining farms stop receiving subsidies from the government of Norway
Events in 2019
Android users in Norway can now purchase Ethereum through the Opera browser
Liberstad – the Anarcho-Capitalist smart city adopts crypto as THE method of value exchange
Accepting Bitcoin becomes a priority for the Norwegian Airlines
Bitcoin Millionaire makes a dangerous jump through a balcony to escape an armed robbery.