Norway Establishes Metaverse Tax Office in Decentraland

The Norwegian government is partnering with Ernst & Young to establish the metaverse tax office.
Image source: Mikita Karasiou/Unsplash

Quick take:

  • The goal of the metaverse tax office is to deliver services to tech-savvy individuals.
  • Norway’s central register and tax authority are hoping to establish a Web3 presence.
  • It is also exploring other Web3 services like DAOs, smart contracts, wallets and more.

The Brønnøysund, Norway’s central register, and Skatteetaten, the country’s tax authority, announced at the Nokios conference on Wednesday that they are partnering with consulting firm Ernst & Young (EY) to build a metaverse tax office in Decentraland.

According to Nokios, Brønnøysund and Skatteetaten are aiming to deliver tax services to tech-savvy individuals while establishing their Web3 presence. 

Magnus Jones, EY’s Nordic blockchain innovation lead wrote in a LinkedIn post, giving credit to the Norwegian authorities for issuing guidance on how to tax DeFi and NFTs with the metaverse tax office initiative.

On Wednesday, EY announced that its global network, EY wavespace, has expanded to the metaverse to help clients co-innovate and address any business challenge in the virtual world. EY has also launched a metaverse lab where technologists build customised metaverse environments for various use cases. 

Besides launching into the metaverse, the Brønnøysund is also exploring other Web3 services like DAOs, smart contracts, wallets and more.

The Norwegian government has started embracing Web3 in recent months. In June, the Norwegian government announced that it is using Ethereum scaling solution, Arbitrum, to release a cap tables platform for unlisted companies.

In September, the central banks of Norway, Sweden and Israel teamed up with the Bank for International Settlements to explore using a CBDC (central bank digital currency) for cross-border payments.

Other countries implementing Web3 tools at a national level include South Korea, which is planning to blockchain-based identities to its citizens; Japan, which plans to promote Web3 services that utilise metaverse and NFT; and Chinam as its largest cities Beijing and Shanghai recently unveiled their plans for the metaverse. 

Stay up to date:

Previous Post
Source: Dune/@avalabsofficial

Chikn NFT Marketplace Is Seeing An Average Trade Size Of 80.3 AVAX

Next Post

Gucci Expands Web3 Strategy With a Metaverse Hub on The Sandbox

Related Posts