Norway's Department of Finance published an overview of legal and regulatory changes across its remit that take effect mainly from 1 July 2025, spanning tax, duties and a wide set of financial market rules. Financial-sector measures include bringing into force the Digital Operational Resilience Act (DORA) framework, a new crypto-assets law implementing the EU crypto-assets regulation (MiCA), amendments to anti-money laundering requirements for crypto-asset transfers under EU Regulation 2023/1113 (TFR II), and an increase in the floor for average mortgage risk weights in internal ratings-based (IRB) banks. From 1 July, IRB banks’ floor for average mortgage risk weighting rises from 20% to 25%, and the Real Estate Brokerage Act is amended to ban secret bids, tighten requirements for brokers and provide Finanstilsynet with new tools to address non-compliance. The scope of the Accountants Act is extended to cover certain “confirmation services” provided by accounting firms and state-authorised accountants, and the Anti-Money Laundering Act is clarified to confirm that law firms are subject to it, giving the Legal Practice Supervision Authority (Advokattilsynet) a clearer basis to impose infringement fees. Outside financial regulation, the update includes a new optional “agricultural account” scheme for sole proprietorships for the 2025 income year with a requirement to recognise at least 85% of any positive year-end balance as income, a reduction in VAT on water supply and sewerage services from 25% to 15% from 1 July 2025, a CO2 tax refund scheme for mineral oil purchased at Norwegian Armed Forces tank facilities at airports, and a narrowing of the CO2 tax exemption for mineral oil used in foreign shipping by limiting its application against fishing vessels. Separate start dates are set for several measures, including a reduction in the waste incineration tax rate for non-ETS entities from NOK 908 to NOK 830 per tonne of CO2 from 1 August 2025, entry into force of the beneficial ownership registration obligation on 31 July 2025 with enforcement by the Brønnøysund Register Centre through orders and coercive fines from 1 August 2025, and new rules on securitisation and cross-border payments within the EEA from 1 August 2025.
Department of Finance (Norway) 2025-06-24
Norway's Department of Finance sets out July 2025 rule changes including DORA and MiCA implementation and a higher IRB mortgage risk weight floor
Norway's Department of Finance announced regulatory changes effective mainly from 1 July 2025, including implementing the Digital Operational Resilience Act (DORA) and a new crypto-assets law aligned with the EU's Markets in Crypto-Assets Regulation (MiCA). Key measures include raising average mortgage risk weights in internal ratings-based banks from 20% to 25% and amending the Real Estate Brokerage Act to ban secret bids. Additional updates involve extending the Accountants Act, clarifying the Anti-Money Laundering Act's applicability to law firms, and introducing various tax adjustments.