Is it Legal to Buy Crypto in Norway?

In Norway, it is legal to buy and sell cryptocurrency. However, there are some rules and regulations that apply to the use of cryptocurrency in the country.

The Norwegian Financial Supervisory Authority (FSA) has issued guidelines on the use of cryptocurrency, stating that it is not considered to be a legal tender in Norway. This means that it cannot be used as a means of payment in the same way as Norwegian kroner (NOK).

However, the FSA has also stated that the use of cryptocurrency for investment purposes is allowed, as long as it is done in a responsible manner. This means that you can buy and sell cryptocurrency as an investment, but you should be aware of the risks involved and make sure to do your own research before making any investment decisions.

Top 5 Crypto Trading Platforms in Norway

To discover what the best cryptocurrency exchanges are in Norway, we have compared all of their key features, services and products.  The platforms have been ranked based on their available features, security, supported assets, fees, customer support options and accepted NOK deposit methods.

Refer to the below list for a break down of the five Best Crypto Exchanges in Norway.

1. Uphold - Best Overall Crypto Exchange in Norway

Uphold is a digital money platform that allows users to buy, sell, exchange and store multiple cryptocurrencies. They are one of the most popular exchanges in Noway because they offer instant NOK deposits to trade over 200 cryptocurrencies and hundreds of stocks, ETFs, metals and other assets. Their platform is one of the only exchanges in Europe with an audited proof-of-reserves, highlighting customer funds are always held 1:1.

  • Fees: Free Norwegian Krone (NOK) deposits on all methods except card, which is 2.49%. 0.8% - 1.2% for crypto trades.
  • Supported Cryptocurrencies: 210 cryptocurrencies and 30+ cryptos available for staking.
  • Regulation & Licensing: Globally regulated and available in 150+ countries.
  • Audits: Yes - Uphold has a real-time audited proof of reserves for customer funds.
  • Customer Support Options: 24/7 support via live chat and email.
  • NOK Deposit Methods: Bank Transfer, Credit/Debit Card, SEPA, Google Pay & Apple Pay.
Uphold Exchange Norway
Uphold Exchange.

2. Bybit - Best Derivatives Trading Platform

Bybit is a derivatives trading platform offering perpetual contracts for Bitcoin, Ethereum, Solana, AVAX and 300 other currencies. They aim to provide a secure and reliable trading experience with high-speed performance and advanced tools. Their platform offers competitive fees and a variety of order types that are suitable for both beginner and experienced traders.

  • Fees: 0.075% maker fee and 0.075% taker fee.
  • Supported Cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), EOS, XRP.
  • Regulation & Licensing: Regulated under the British Virgin Islands Financial Services Commission.
  • Audits: Bybit has not undergone an audit or published proof-of-reserves.
  • Customer Support Options: 24/7 multi-lingual customer support via live chat and email.
  • NOK Deposit Methods: Bank Transfer, Credit/Debit Card, SEPA and various crypto wallets.
Bybit Norway.
Bybit Norway.

3. NBX - Best Norway-Based Exchange‍

NBX is the largest crypto exchange in Norway with over 1 million users in the country. It offers a secure, user-friendly platform with low fees and a wide range of cryptocurrency products. NBX is regulated by the Financial Supervisory Authority of Norway, meaning that all funds are held in bank accounts within Europe.

  • Fees: 0.25% maker fee and 0.75% taker fee.
  • Supported Cryptocurrencies: Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and XRP.
  • Regulation & Licensing: Regulated by the Financial Supervisory Authority of Norway.
  • Audits: NBX has not undergone an audit or published proof-of-reserves.
  • Customer Support Options: 24/7 customer support via chat, email and phone.
  • NOK Deposit Methods: Bank Transfer, Credit/Debit Card, SEPA and various crypto wallets.
NBX Trading.
NBX Trading.

4. Crypto.com - Best Alternative Crypto Exchange

Crypto.com is a one-stop shop for buying, selling, staking and trading cryptocurrencies. It provides its users with access to over 100 different digital assets, as well as debit/credit cards and merchant services. Crypto.com is available in Norway, offering secure solutions to buy, sell and store crypto with low fees.

  • Fees: 0.1% - 0.2% maker fee and 0.2% - 0.4% taker fee.
  • Supported Cryptocurrencies: Over 100 digital assets available for trading and 30+ for staking on Crypto.com Earn.
  • Regulation & Licensing: Licensed by the Financial Services Commission of Gibraltar and regulated by FINMA in Switzerland.
  • Audits: Crypto.com has not undergone an audit or published proof-of-reserves.
  • Customer Support Options: 24/7 customer support via live chat and email.
  • NOK Deposit Methods: Bank Transfer, Credit/Debit Card, SEPA and various crypto wallets.
Crypto.com Norway.
Crypto.com Norway.

5. Firi - Best Alternative Norway-Based Exchange

Firi is an independent Norwegian-based cryptocurrency exchange that provides users with access to a wide range of digital assets. Firi’s platform is regulated by the Financial Supervisory Authority of Norway and all funds are held in bank accounts within Europe. It offers competitive fees, high liquidity and secure solutions to buy, sell and store crypto with low fees.

  • Fees: 0.2% maker fee and 0.6% taker fee.
  • Supported Cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), XRP, Litecoin (LTC), Dogecoin (DOGE) and 50 more.
  • Regulation & Licensing: Regulated by the Financial Supervisory Authority of Norway.
  • Audits: Firi has not undergone an audit or published proof-of-reserves.
  • Customer Support Options: 24/7 customer support via chat, email and phone.
  • NOK Deposit Methods: Bank Transfer, Credit/Debit Card, SEPA and various crypto wallets.

What are the Risks of Investing in Crypto?

Cryptocurrency investing carries a number of risks that you should be aware of before making any investment decisions. Some of the main risks to consider include:

  1. Volatility: The value of cryptocurrency can fluctuate significantly over short periods of time. This means that you could potentially lose a significant amount of money if the value of your cryptocurrency investment declines.
  2. Lack of regulation: Digital assets are not regulated in the same way as traditional financial assets, which means that there is less protection for investors.
  3. Cybersecurity risks: Cryptocurrency transactions are stored on a decentralized network of computers, which makes them vulnerable to hacking and other cybersecurity threats.
  4. Limited use: Cryptocurrency is not widely accepted as a means of payment, which means that you may have difficulty using it to make purchases or transactions.
  5. Complexity: Crypto can be complex and confusing for some people, which can make it difficult to understand how it works and how to make investment decisions.

It is important to carefully consider these risks before investing in cryptocurrency and to only invest an amount that you can afford to lose. It is also a good idea to do your own research and seek professional advice before making any investment decisions.

How is Crypto Taxed in Norway?

The taxation of cryptocurrency in Norway depends on the specific circumstances of the transaction. In general, the Norwegian Tax Administration considers cryptocurrency to be a form of property, and the sale or exchange of cryptocurrency is subject to capital gains tax.

If you sell or exchange cryptocurrency for a profit, you may be required to pay capital gains tax on the profit. The tax rate will depend on your tax bracket and the length of time that you held the cryptocurrency. For example, if you held the cryptocurrency for less than one year, the profit will be taxed at your regular income tax rate. If you held the cryptocurrency for more than one year, the profit will be taxed at a lower rate of 22%.

Final Thoughts

Cryptocurrency investing can be a complicated and risky endeavor, so it is important to do your own research and seek professional advice before making any investment decisions. Norway has some of the most progressive regulations in the world when it comes to cryptocurrency, making it an attractive destination for cryptocurrency investors.

When buying or trading crypto in Norway, make sure to use a reputable platform like Uphold that is regulated by the Financial Supervisory Authority of Norway and offers competitive fees, high liquidity, secure solutions and low fees. Additionally, make sure to familiarize yourself with the taxation of cryptocurrency in Norway before investing.