Norwegian Treasury will use the metaverse to educate about DeFi taxes

Source: Observatorioblockchain

The Norwegian Tax Administration and the registration center of the municipality of Brønnøysund will offer services in the Metaverse. Both institutions have announced their partnership with Ernst and Young (EY) to establish an office on the Decentraland metaversian platform. The goal is to go into Web3 and serve younger people who are familiar with blockchain technology.

Norway and the Metaverse

In addition to breaking into Decentraland, EY representative Magnus Jones indicated that the Norwegian government wants to prioritize tax education in decentralized finance (DeFi) and NFTs. Jones believes that the moves made by the government agency are helping bring clarity to an industry as complex as cryptocurrency. In this regard, he added that Norway is also building the world’s first guide on taxation in the ecosystem of decentralized finance and NFTs .

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As reported by both organizations and the EY consultancy, one of the main functions that the Brønnøysund registration center in Decentraland will perform will be to facilitate the registration process for new companies. However, since the project is still in full development, for now, they will only offer simpler functions. For example, information about the company registration process and offering help to citizens who must declare their cryptocurrencies. 

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Taxation in DeFi and NFTs

Norway has been integrating new technologies and cryptocurrencies into its territory for some time. Jones and the Norwegian government representatives also stressed that we live in a digitized society, where millions of people spend up to five hours a day connected on social networks and other digital media. This new reality is what has led Norway to explore new services based on Web3. As they are cryptocurrencies, DAOs, NFTs or smart contracts.

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Decentraland, built on the Ethereum blockchain, is one of the most well-known and used metaverse platforms today. Barbados also announced in November last year its intention to open a virtual embassy in Decentraland, but to date there is no news of the aforementioned project.

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The Decentraland platform has also served as a gateway for numerous companies, corporations and artists to the world of blockchain technology and Web3. Department stores, such as Selfridges, have opened a replica in Decentraland. The same happens with car brands, such as Hyundai. Or with the multinational of electronic objects Samsung. These companies have used the metaversian platform to replicate their iconic buildings, introduce new products and even organize exclusive events.

Big fashion brands have also broken into Decentraland’s decentralized metaverse. Tommy Hilfiger, Dolce & Gabbana, Hugo Boss and many more participated in March of this year in the Metaverse Fashion Week.