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Norway vs Venezuela

Crypto regulation comparison

← Back to map | Norway | Venezuela
Norway

Norway

Venezuela

Venezuela

Legal
Legal

Cryptocurrency is legal in Norway and regulated by Finanstilsynet. Norway taxes crypto capital gains at 22% and includes crypto holdings in the annual wealth tax calculation (net wealth above NOK 1.7M taxed at ~1.1%). VASPs must register with Finanstilsynet. Norway is an EEA member and aligning with MiCA through the EEA agreement.

Venezuela has a unique crypto history. The government launched the Petro (PTR) state cryptocurrency in 2018, backed by oil reserves, though it was widely considered a failure and discontinued. SUNACRIP regulates crypto activities and has licensed mining operations. Venezuelans have high crypto adoption due to hyperinflation, with USDT widely used as a de facto currency. Crypto mining requires a SUNACRIP license.

Tax Type Wealth and capital gains
Tax Type Income
Tax Rate 22% (gains) + 1.1% (wealth)
Tax Rate Up to 34%
Exchanges Yes Yes
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator Finanstilsynet (Financial Supervisory Authority)
Regulator SUNACRIP (Superintendencia Nacional de Criptoactivos)
Stablecoin Rules No specific stablecoin regulation; general financial rules apply
Stablecoin Rules Government launched Petro (PTR) state crypto (discontinued); SUNACRIP regulated stablecoins
Key Points
  • Crypto capital gains taxed at 22% flat rate
  • Crypto included in wealth tax base (~1.1% on net wealth above threshold)
  • VASPs must register with Finanstilsynet and comply with AML/CFT requirements
  • Norway is a major crypto mining hub due to cheap hydroelectric power
  • EEA member; MiCA implementation expected through EEA Agreement adaptation
Key Points
  • SUNACRIP regulates crypto exchanges, mining, and service providers
  • Government-backed Petro cryptocurrency launched in 2018, largely discontinued
  • Crypto mining requires SUNACRIP license and registration
  • Very high crypto adoption driven by hyperinflation; USDT widely used
  • Income from crypto subject to progressive tax rates up to 34%
Sources
Sources