Cryptocurrencies and accounting regulations – what next?

Cryptocurrencies have long been part of everyday life for many investors and companies. But how should we record the purchase, sale and ownership of digital currencies in accordance with Norwegian regulations? It’s not as easy as you might think.

Regnskap Norge has now asked the tax authorities for clear explanations and practical solutions. The aim is to ensure correct accounting without making it an impossible task for those responsible for accounting.

What are the challenges?

1. 1. Documentation of transactions
   2. Accounting regulations require sales documents for all purchases and sales. But what do you do if the trade is conducted via a foreign crypto exchange that does not issue invoices? Clear guidelines are needed here as to what constitutes ‘sufficient’ documentation.

1. 1. Balance sheet inventory
   2. How do we document cryptocurrencies in the annual accounts? Are screenshots from wallets and price information from the exchange sufficient? This needs to be clarified.

1. 1. Large numbers of small transactions
   2. Crypto trading often involves hundreds of small transactions. Do they all have to be recorded individually? Or can we use collective entries? And how do we ensure that the data can be reported in SAF-T format?

1. 1. Storage and availability
   2. The regulations require that documentation be stored in Norway and be available electronically for several years. But what if the data is stored at a foreign crypto exchange? Agreements must ensure access – but how can this be solved in practice?

Source: 19.11.25 Written by Hege Tveit Vikane, Regnskap Norge

Are you involved in crypto trading or mining and want to know how to account for it correctly? Get in touch.