In Norway, cryptocurrencies are treated as assets and must be declared in your yearly tax return. Every time you sell crypto on Firi, you will incur either a profit or loss, and every time you buy crypto, this will affect your wealth. Further, if you give or receive crypto as a gift, or if you pay for goods and services with crypto, this will affect your taxes. Income from affiliate programs, mining, crypto loans etc. also have to be included in your tax return. In other words: Most crypto transactions will affect your taxes.
If you do all your crypto trading on Firi you can use our tax calculator to calculate your crypto taxes. The tax calculator handles purchases and sales, gift cards given or received, and any bonuses you have received through our affiliate program. Read more about the tax calculator and where to find it here.
You can’t directly use Firi’s tax calculator if you have traded on other local or foreign exchanges, and have transferred crypto to your Firi wallet. The reason for this is that we won’t know the purchase value of the transferred crypto, and therefore cannot calculate profit or loss on the transaction.
Firi's tax calculator has functionality that lets you set the purchase value yourself on any transactions that don’t have a purchase value. Once you have done this, you can use our tax calculator to calculate your crypto taxes. Read more about the tax calculator and learn where to find it here.
Please note: If you also hold crypto on other exchanges or external wallets, you have to calculate the taxes on this manually or via other tax services, and declare this in your tax return. Read more in the section below.
You are responsible for calculating and declaring the taxes on any crypto held on other exchanges or in external wallets. For now, Firi can’t help you with this. You can calculate the taxes by hand if the number of transactions is relatively low. Otherwise there are other tax services similar to Firi’s that you can use. For our Norwegian customers, Kryptosekken.no offers integrations with the major exchanges and wallets. Koinly.io is a similar international tax service.
To make it simpler for you to calculate your cryptocurrency taxes, we have done tax calculation for all customers who have traded with us in 2021. Now you can easily get your calculations of income, profit and loss (and wealth, for Norwegian customers), and enter into your tax return.