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Norway partners with Ernst & Young to setup metaverse tax office

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2 years ago

October 27, 2022

The organization overseeing several public registers in Norway, and Skatteetaten, the country’s tax authority, announced on Wednesday, 26th Oct. 2022, at the Nokios conference that they are collaborating with Ernst and Young (EY) consulting firm to open an office in Decentraland.

In a LinkedIn post on Tuesday, Magnus Jones, the Nordic blockchain lead at EY, expressed his hope that the collaboration with the Norwegian government would help advance education in the cryptocurrency industry by informing users of the taxes associated with decentralized finance (DeFi) and non-fungible tokens (NFTs).

Jones further claims that more and more authorities are seeing a clear need to be present at the platforms where younger generations are primarily for tax and legal purposes.

He also gives kudos to the Norwegian authorities for their courage in taking action to bring clarity to an obscure situation and extending the world’s first guidance on how to tax DeFi and NFTs, as well as leading the crypto industry in general.

Brønnøysund Register Centre is also seeking to explore additional Web3 services, such as decentralized autonomous organizations (DAO), wallets, and smart contracts.

The metaverse office, however, it’s just the tip of the iceberg regarding recent developments in Norway’s crypto ecosystem. Numerous noteworthy events indicate that Norway is increasingly interested in blockchain and cryptocurrencies.

The Norwegian government announced plans to use Arbitrum to publish capitalization tables in June. In addition, Norway, Israel, and Sweden recently joined forces to investigate the potential of CBDC for cross-border payments.

The collaboration is hoped to promote crypto education among the next generation. In addition, Brnnysund Register Center will inform users about how to report crypto earnings for taxation and other topics via the metaverse office.

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