Norway’s tax transparency
Crypto hit list? Norway’s tax transparency sparks outrage as top investors exposed- Illustration of cryptocurrency trends with coins, market graphs, and trading statistics, highlighting virtual money, mining, and global finance for international commerce and investment.
Norwegian media giant TV2 has landed in hot water after revealing the personal details of some of the nation’s wealthiest cryptocurrency holders, sparking a storm of criticism and raising fears of targeted attacks.
The exposé, published on December 4, named high-profile crypto moguls and disclosed their staggering wealth.
Among those caught in the spotlight are Terje Øvrehus, known for his Bitcoin investments, Kristoffer Daniel Norambuena, and Alexander Leonard Larsen, co-founder of controversial crypto gaming firm Axie Infinity.
Together, the trio boasts a jaw-dropping $89.5 million in assets, with Øvrehus holding $32.7 million, Norambuena $28.8 million, and Larsen $28 million.
But here’s the kicker: their declared incomes couldn’t be further from their crypto cash stash. Øvrehus reported an income of just $57,000, Norambuena a shocking $0, and Larsen a comparatively modest $1.3 million.
Critics have slammed Norway’s tax transparency laws for creating what some have called a ‘hit list‘ for would-be criminals.
In Norway, everyone’s tax returns are publicly accessible – complete with full names and birthdates – thanks to a system dating back to the 1800s.
While transparency might be a badge of honour for the government, it’s causing sleepless nights for some crypto investors.
And it’s not just the public that’s worried. Online influencers have blasted the report as ‘completely insane,‘ warning that TV2 has essentially ‘put a target on the back of all these people.
‘ Other crypto advocates echoed the sentiment, branding the situation ‘nuts.’
Adding fuel to the fire, Norway’s media outlets can view tax returns anonymously, unlike ordinary citizens who leave a digital footprint every time they snoop on someone’s finances.
Despite being known for its low crime rate, Norway isn’t immune to crypto-related crime.
In a chilling case in 2019, armed thieves targeted a Norwegian Bitcoin millionaire in his Oslo apartment.
The victim narrowly escaped by jumping from his balcony. And it’s not just Norway – earlier this year, a US man was convicted for leading a gang that violently robbed crypto owners in their homes.
Could TV2’s report invite more trouble for the crypto elite? Many believe it’s a ticking time bomb.
Meanwhile, as Norway grapples with crypto controversies, its central bank continues to drag its feet on developing a Central Bank Digital Currency (CBDC).
The bank recently announced another two years of testing, while other nations are speeding ahead in the CBDC race.
With concerns mounting over investor safety, will Norway’s tax system do more harm than good in the age of digital currency?
Marc is a writer, teacher, and language enthusiast with a passion for making complex topics simple and accessible.
With a background in business and legal communication and an interest in educational neuroscience, Marc has spent over a decade teaching and writing.
Now, as part of the team at Euro Weekly News, Marc enjoys diving into entertaining topics and stories that matter to the community.
When he’s not writing, Marc loves practising martial arts, playing football, cooking up a storm in the kitchen, or spending quality time with friends and family, but above all, Marc enjoys spending time with his son, Macson.
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