Netherlands Proposes New Tax Bill for Digital Currencies, Norway Central Bank Downplays Need for CBDC

The Dutch government has proposed a new bill that changes the digital asset taxation framework to mandate exchanges and other VASPs to share user data with tax authorities.

The Netherlands has proposed new legislation that will require exchanges and other virtual asset service providers (VASPs) to share their users’ data with tax authorities in a bid to stamp out tax evasion.

The move comes as part of a broader effort by the Dutch government to regulate the digital asset industry and follows a directive by the European Union that requires VASPs in its member states to report digital asset data to tax authorities.

If passed, the new bill will take effect in January 2026 and will apply to all digital asset transactions, including those involving cryptocurrencies, stablecoins, and non-fungible tokens (NFTs).

The Dutch Finance Ministry said in a statement that the new bill will “create more transparency about the ownership of cryptocurrencies, which can prevent tax avoidance and evasion.”

The government has called for public feedback on the bill before November 21. It plans to submit the bill to parliament in the first half of next year.

Meanwhile, Norway, which has one of the world's most advanced financial systems, is in no rush to launch a central bank digital currency (CBDC) despite continued advances by its peers.

If it decides to venture into CBDC development, the European nation will most likely focus on a wholesale solution, the country's central bank says.

Norway is among the most financially advanced countries globally, with almost all citizens having access to banking services and cashless payments being the norm.

Only 2% of the population made cash payments this year, according to a study by Norges Bank, the country's central bank.

Unsurprisingly, Norway has downplayed the need for a CBDC, as is the case with other highly banked nations.

In a recent interview, Norges Bank Deputy Governor Pal Longva stated that despite advances by its European neighbors and peers, there’s “no urgency” in issuing a digital currency.

European CBDC efforts are spearheaded at a regional level by the European Central Bank, which has been exploring a digital euro for years.

In July, the bank issued its first progress report on the preparation phase for the digital euro.

At a national level, central banks and commercial lenders in Germany, France, and Italy have been conducting pilots on the digital euro.

However, despite these advances, Norges Bank appears unfazed.

“I don’t think we’re falling behind on CBDC efforts. We are in line with many central banks — we are studying complex issues and we have a lot to consider and assess, and there is no urgency as of now. On the other hand, we should be prepared to move into this space in close collaboration with other banks,” Longva told Bloomberg in an interview.

Norges Bank has been pushing the Nordic nation towards a cashless future.

However, in the past year, it has revised its no-cash campaign, recently introducing an amendment to the Central Bank Act that prohibits businesses from denying customers the right to pay in cash.

The bank has also cited fears over the infiltration of an all-digital payments system through cyberattacks by enemy powers.

However, these concerns are limited to a retail CBDC. A wholesale digital currency could introduce efficiencies and speed in interbank transactions.

The deputy governor confirmed this shift to wholesale solutions, stating, “…lately there is a tendency in many central banks to put increased weight on the study of the wholesale approach, that also goes for Norway.”

The move by Norway aligns with several other nations that have pivoted from a retail to a wholesale CBDC, ranging from Taiwan and England to Qatar and Italy.

The former comes with more risks for the central banks and requires a more comprehensive shift in systems, infrastructure, and regulations.

On the other hand, a wholesale solution is easier to implement as it's only available to banks and payment service providers.

Norway also follows in the footsteps of neighboring Sweden, which dismissed the need for a CBDC last year despite the country's central bank conducting three phases of CBDC pilots.