Why is it so hard to tax crypto? It was a question that Henrik Bø asked himself in 2018, when he was about to deliver his first crypto tax return. In April, seven years later, Henrik and two co-founders launched the computing service MinKrypto.
Why is it so hard to tax crypto? It was a question that Henrik Bø asked himself in 2018, when he was about to deliver his first crypto tax return. In April, seven years later, Henrik and two co-founders launched the computing service MinKrypto.
- Our goal is to make the calculation of the crypto tax both easier and more user-friendly, says Henrik Bø to Kaupr, adding: “I see myself as a solution builder. If I see a problem I want to find a solution to the problem
All the way back to 2018 saw the need for a better crypto tax accounting service. A few years later, via a student assignment at NTNU, that he tested out a solution via a simple application, like a prototype. The idea was confirmed, but it was not until spring and summer 2024, when Bø had found two co-founders, that the idea was put into practice in earnest in the form of a project and a solution. Development has then continued until MinKrypto was launched in early April this year.
MinKrypto in its first version has thus reached this year's tax reporting season, and in the first round was marketed via different student communities towards the same age groups as Bø and his cofounders. Henrik is also still a student, although he is now emerging as an entrepreneur.
Bø acknowledges that from the start, MinKrypto may not be a complete solution. “We may well be missing a crypto exchange or two, but we can always expand on that later. What we put the emphasis on now was building a service that works. Taxes on crypto should not be a concern. It's actually fun to use this product,” Henrik says, smiling and knowing the irony of attaching the adjective fun to a tax message.
The team behind MinKrypto would therefore very much like user feedback, both positive and critical, so that the service can be further improved ahead of next year's tax period.
Henrik Bø also emphasizes that there are still large dark figures when it comes to reporting crypto taxes. According to former Estimates from the Tax Administration There are probably 54,000 Norwegians who have reported that they own cryptocurrency. In comparison, one shows Survey from K33 and Nordic Blockchain Association That probably around 550,000 Norwegians own cryptocurrency.
- We want to help ensure that more people report that they own crypto in their tax return. We have therefore also had contact with the Swedish Tax Administration to hear their thoughts on tax reporting. The advantage of building this solution from scratch is that the solution can also be adapted to the needs of the Tax Administration.
In the Norwegian market for software-based crypto tax calculations, Kryptosekken has been a market leader for many years. The crypto community also participated in tax webinar Your Crypto Tax, which you can still see footage of here. In Kaupr, we have also reported that the crypto exchange NBX has entered a collaboration with Swedish Divly, which has evolved to become an international player in this market. Several of the crypto exchanges also offer tax calculations, used for their own trading solution. Kaupr is also aware that additional startups, beyond MinKrypto, are in the process of positioning themselves for the Norwegian market.
In this market, MinKrypto is thus by no means alone. - We have done minor market research, we have looked at competitors' solutions and we have asked current users questions such as what they see as a problem, what they are interested in, what they are willing to pay. Users we have spoken to still believe that crypto tax is complicated, that it is a big job, that they are happy to dread doing crypto tax and that they want more user-friendly solutions.
- But what is it that makes MinKrypto more user-friendly than comparable solutions? Bø emphasizes that he does not know all the competitor solutions in detail, but nevertheless remains adamant that MinKrypto's competitive advantage is ease of use.
- We want the process to feel automated, but also understandable to the user. So if there are any errors in the data, then the system should let you know. We can't take the responsibility that people use the tool 100% correctly, but we want to help users on their way. For example, we have created a status page where the user receives an updated status, including information about any errors and deficiencies that the user should review and possibly correct. So when the user gets to the last page, and is ready to file the tax return, the user can have greater peace of mind that what he or she is reporting is correct.
Although MinKrypto is a newcomer to the Norwegian crypto tax calculation market, there is nothing wrong with its ambitions. - We like to aim high. We aim to become the preferred service in Norway in 2027 and the rest of the Nordic countries by 2028,” says Bø, who also underlines the importance of user feedback from important societal considerations. “We want to further develop the service in order to meet most of their needs along the way. We also want to help ensure that the share of Norwegians reporting crypto tax will pass 50 percent in 2027.
Why is it so hard to tax crypto? It was a question that Henrik Bø asked himself in 2018, when he was about to deliver his first crypto tax return. In April, seven years later, Henrik and two co-founders launched the computing service MinKrypto.
Why is it so hard to tax crypto? It was a question that Henrik Bø asked himself in 2018, when he was about to deliver his first crypto tax return. In April, seven years later, Henrik and two co-founders launched the computing service MinKrypto.
- Our goal is to make the calculation of the crypto tax both easier and more user-friendly, says Henrik Bø to Kaupr, adding: “I see myself as a solution builder. If I see a problem I want to find a solution to the problem
All the way back to 2018 saw the need for a better crypto tax accounting service. A few years later, via a student assignment at NTNU, that he tested out a solution via a simple application, like a prototype. The idea was confirmed, but it was not until spring and summer 2024, when Bø had found two co-founders, that the idea was put into practice in earnest in the form of a project and a solution. Development has then continued until MinKrypto was launched in early April this year.
MinKrypto in its first version has thus reached this year's tax reporting season, and in the first round was marketed via different student communities towards the same age groups as Bø and his cofounders. Henrik is also still a student, although he is now emerging as an entrepreneur.
Bø acknowledges that from the start, MinKrypto may not be a complete solution. “We may well be missing a crypto exchange or two, but we can always expand on that later. What we put the emphasis on now was building a service that works. Taxes on crypto should not be a concern. It's actually fun to use this product,” Henrik says, smiling and knowing the irony of attaching the adjective fun to a tax message.
The team behind MinKrypto would therefore very much like user feedback, both positive and critical, so that the service can be further improved ahead of next year's tax period.
Henrik Bø also emphasizes that there are still large dark figures when it comes to reporting crypto taxes. According to former Estimates from the Tax Administration There are probably 54,000 Norwegians who have reported that they own cryptocurrency. In comparison, one shows Survey from K33 and Nordic Blockchain Association That probably around 550,000 Norwegians own cryptocurrency.
- We want to help ensure that more people report that they own crypto in their tax return. We have therefore also had contact with the Swedish Tax Administration to hear their thoughts on tax reporting. The advantage of building this solution from scratch is that the solution can also be adapted to the needs of the Tax Administration.
In the Norwegian market for software-based crypto tax calculations, Kryptosekken has been a market leader for many years. The crypto community also participated in tax webinar Your Crypto Tax, which you can still see footage of here. In Kaupr, we have also reported that the crypto exchange NBX has entered a collaboration with Swedish Divly, which has evolved to become an international player in this market. Several of the crypto exchanges also offer tax calculations, used for their own trading solution. Kaupr is also aware that additional startups, beyond MinKrypto, are in the process of positioning themselves for the Norwegian market.
In this market, MinKrypto is thus by no means alone. - We have done minor market research, we have looked at competitors' solutions and we have asked current users questions such as what they see as a problem, what they are interested in, what they are willing to pay. Users we have spoken to still believe that crypto tax is complicated, that it is a big job, that they are happy to dread doing crypto tax and that they want more user-friendly solutions.
- But what is it that makes MinKrypto more user-friendly than comparable solutions? Bø emphasizes that he does not know all the competitor solutions in detail, but nevertheless remains adamant that MinKrypto's competitive advantage is ease of use.
- We want the process to feel automated, but also understandable to the user. So if there are any errors in the data, then the system should let you know. We can't take the responsibility that people use the tool 100% correctly, but we want to help users on their way. For example, we have created a status page where the user receives an updated status, including information about any errors and deficiencies that the user should review and possibly correct. So when the user gets to the last page, and is ready to file the tax return, the user can have greater peace of mind that what he or she is reporting is correct.
Although MinKrypto is a newcomer to the Norwegian crypto tax calculation market, there is nothing wrong with its ambitions. - We like to aim high. We aim to become the preferred service in Norway in 2027 and the rest of the Nordic countries by 2028,” says Bø, who also underlines the importance of user feedback from important societal considerations. “We want to further develop the service in order to meet most of their needs along the way. We also want to help ensure that the share of Norwegians reporting crypto tax will pass 50 percent in 2027.
