Norway regulators clamp down on crypto mining via new law

According to a report from local media VG, the new framework will mandate that data centers register officially and provide information about those involved, like owners and leaders, and the type of services they offer. The legislation will be the first of its kind, making Norway the first European nation to regulate the data center industry.

“The purpose is to regulate the industry in such a way that we can close the door on the projects we do not want,” said Digitalization Minister Karianne Tung.

The new legislation is designed to enhance local government officials’ oversight of data centers, enabling them to make more informed decisions about approving or rejecting their operations. Regulators believe that this law will significantly improve the management of local data infrastructure.

Further, the regulators also clarified that they aren’t in favor of crypto-mining operations. Minister for Energy Terje Aasland expressed concerns regarding the greenhouse gas emissions associated with the cryptocurrency mining process.

“It is associated with large greenhouse-gas emissions and is an example of a type of business we do not want in Norway,” Aasland said, adding that they are not interested in businesses that are looking to extract cheap electricity.