Norway Opens Tax Office In Decentraland, Embraces Web3
- The Brønnøysund, Norway’s central register, and Skatteetaten, the nation’s tax authority are engaged in consultation with Ernst and Young (EY) to open tax office in Decentraland.
- Norway aims to deliver services to younger, tech-native individuals while establishing a strong and lasting footprint in the Web3 industry.
- Brønnøysund is also working on additional Web3 services like decentralized autonomous organization (DAO).
Norway, one of the richest countries in the world, has stepped into the world of the metaverse and embraced Web3 technology after establishing a new tax office in metaverse Decentraland, a virtual reality platform powered by the Ethereum blockchain.
On Wednesday, at the Nokios conference, the Brønnøysund, Norway’s central register, and Skatteetaten, the nation’s tax authority, confirmed that they are engaged in consultation with Ernst and Young (EY), a multinational professional services partnership headquartered in London, to establish an office in Decentraland, one of the leading metaverse platforms in the crypto industry that rose to popularity in 2021 market bull run.
As per Nokios, Norway aims to deliver services to younger, tech-native individuals while establishing a strong and lasting footprint in the Web3 industry. Moreover, this innitiative puts the European nation among some of the few countries that have adoption metaverse such as Japan and Singapore.
According to a LinkedIn post on Tuesday by Magnus Jones, Nordic blockchain lead at EY, the partnership between the two core agencies of Norway and EY will be focused on teaching the crypto investors and decentralized finance (DeFi) proponents about the presence of taxation in the crypto sectors and their responsibility in paying them.
“Kudos once again to Norwegian authorities who dares to make moves to bring clarity in a complex landscape. Building further on issuing worlds first guidance on how to tax DeFi and also NFTs, and being a front runner in the crypto space in general,”
Jones said.
The central register of Norway, Brønnøysund, is also working on additional Web3 services like decentralized autonomous organization (DAO), a system developed to distribute decision-making, management, and entity ownership.. However, the things are still in initial phases and a wide scale implementation is yet to be seen.
Norway has been gradually adoption crypto and blockchain as recently, the government said that it would leverage Ethereum scaling solution Arbitrum to debut a platform containing the capitalization data for all the firms that remain unlisted.
“We’re very intrigued to see what more the world will seek to build atop Ethereum, and we’re committed to doing our part to scale Ethereum globally,”
said Arbitrum in a Twitter thread.
However, along with Norway, the Japanese government under the leadership of Prime Minister, Fumio Kishida, has revealed the country’s interest in promoting Web3 services in Japan, including projects dealing with NFTs ( non-fungible tokens) and the metaverse. The government also plans to issue NFTs to local authorities along with digitizing the national identity card.
However, the metaverse hasn’t been very profitable for everyone. Mark Zuckerberg’s firm Meta, formerly Facebook, invested heavily into the metaverse over the past year and as a result, has suffered a loss of about $2.8 billion.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
