The Norwegian government is taking steps to embrace Web3 with the establishment of a metaverse tax office.
At the Nokios conference on Wednesday, the Brønnøysund, Norway’s central register, and Skatteetaten, the nation’s tax authority, announced that they’re partnering with consulting firm Ernst and Young (EY) to establish an office in Decentraland. The goal of the initiative, according to Nokios, is to deliver services to younger, tech-native individuals while establishing their Web3 footprint.
Magnus Jones, Nordic blockchain lead at EY, wrote in a LinkedIn post on Tuesday that he hopes the partnership with Norwegian authorities will help spearhead education in the crypto space by teaching users about taxes related to decentralized finance (DeFi) and non-fungible tokens (NFT).
The Brønnøysund is also exploring additional Web3 services, such as decentralized autonomous organizations (DAO), wallets, smart contracts and more.
“Kudos once again to Norwegian authorities who dare to make moves to bring clarity in a complex landscape,” wrote Jones. “Building further on issuing worlds first guidance on how to tax DeFi and also NFTs, and being a front runner in the crypto space in general.”
Beyond the metaverse, Norway has been slowly integrating crypto services at a national level. In June, the government said it would use Ethereum scaling service Arbitrum to release a capitalization tables platform for unlisted companies. In September, Norway, Israel and Sweden joined forces with the Bank for International Settlements to explore the possibility of introducing a CBDC (central bank digital currency) for cross-border payments.