Author
Babafemi Adebajo
An experienced writer with practical experience in the fintech industry. When not writing, he spends his time reading, researching or teaching.
A Norwegian government agency Brønnøysund Register Center has established its metaverse office on Decentraland.
The agency, which is responsible for managing several Norway public registers partnered with Ernst & Young (EY) to create a metaverse tax office. According to Magnus Jones, innovation lead at EY, “More and more authorities see a clear need of being present at the platforms where mainly younger generations are both for tax and legal purposes with regards to information.”
Consequently, the agency will be able to establish its digital footprint and connect with the younger, tech-native generation. It is hoped that the partnership will drive crypto education among the younger generation. Through the metaverse office, Brønnøysund Register Center will keep users informed about how to report crypto earnings for taxation and more.
Asides from this office, Brønnøysund is also exploring more Web3 services, including decentralized autonomous organizations (DAO), wallets, and smart contracts. Like Norway, EY also has a metaverse office location in Decentraland. It also recently received multi-million dollars to develop its blockchain suites.
Metaverse Office Is One of Many
Meanwhile, the metaverse office is the least of what has been happening in Norway’s crypto ecosystem. There have been several notable occurrences suggesting a growing interest in blockchain and cryptocurrency in Norway. Earlier in the year, crypto ownership by females in Norway grew by 100% from 3% to 6%.
Asides from this, the country has also been implementing crypto services on a national level. In June, the Norwegian government made plans to use Arbitrum to release capitalization tables. More recently, Norway, Israel, and Sweden joined forces to explore the possibilities of CBDC for cross-border payments.
Nations Embracing Web3
Meanwhile, other countries are also integrating Web3 tools at a national level.
In July, the Shanghai city government released a policy paper that will see it funnel $52 billion into the metaverse industry by 2025. Earlier this month, Japan’s prime minister also shared plans to incorporate cryptocurrency into the country’s digital transformation.
Despite the increasing interest of nations, data suggests metaverse expansion has slowed. Regardless, the metaverse remains something to look out for in the future. The market is expected to be worth around $800 billion by 2024.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
