Norway, a Scandinavian country at the forefront of crypto tax legislation, has officially entered the metaverse. The country will establish an office in Decentraland for two purposes: to offer tax services to technology-native youth and to provide information about taxes related to non-fungible tokens and decentralized finance.
To do so, Norway partnered with Big 4 accounting firm Ernst and Young (EY). The Brønnøysund, the country’s central register, and Skatteetaten, the tax authority in Norway, announced the move at a Nokios conference on Wednesday. The Brønnøysund is also exploring initiatives related to Web3 like smart contracts, decentralized autonomous organizations, and more.
Magnus Jones, EY’s Nordic blockchain innovation lead, complimented Norway’s tax authorities for bringing “clarity to a complex landscape.” He added that Norway has been a front runner in the crypto space and that it has been “a true pleasure and pure fun” working with the team. According to Jones, Norway’s Decentraland office will be an “information lighthouse.”
The move is just the latest venture for the Scandinavian country in Web3. In June, the national government said it would use Arbitrum to release capitalization tables for unlisted companies. It was also part of a three-country cohort that explored the use of central bank digital currencies for international settlements.
There is no word yet what part of the Decentraland universe will house the Norway tax office or when it will be open. Decentraland is a leading metaverse with a plethora of company partnerships, including some in the traditional finance field. Notably, JP Morgan Chase, a top global bank, has opened a branch in DCL to offer services to clients.
Countries Make Moves in Web3
In 2022, we’ve seen countless companies, individuals, and even countries start Web3 initiatives. It seems just about everyone sees the potential in the next iteration of the internet. Here are three stories involving countries and Web3 this year.
First, there is Japan. Three weeks ago, Prime Minister of Japan Fumio Kishida said in a speech that the country will invest in a myriad of Web3 technologies. In particular, Japan will focus on tech related to NFTs and the metaverse.
Second, there is South Korea. Eight months ago, the country declared that it would invest $187 million in the metaverse. The goal is to create infrastructure that will support NFTs and digital content in the country.
Third and finally, there is the United Arab Emirates (UAE). The UAE has not been shy about its Web3 intentions and that has showed in the number of initiatives originating from the country. In one, UAE’s CBI Bank opened a branch in the Decentraland metaverse.
Norway’s tax office in DCL will likely provide much-needed information to Web3 builders and traders in the country. Here at Rarity Sniper, we’ll keep our eyes open for further developments in the story.