Here is a rewritten version of the article in a neutral tone:
The Risks of Financial Transparency: A Threat to Crypto Holders
Financial transparency has long been a cultural emphasis in Norway, with the country’s tax records publicly disclosed online since 1814. However, this policy has raised concerns about individual financial privacy and security, particularly for crypto holders.
Norway’s Skattelister system allows anyone to access tax information, including income, net wealth, and taxes paid by individuals. While intended to foster transparency and protect the less fortunate from wealth disparity, it has also created a game of income comparison that negatively affects the well-being and status of poorer Norwegians.
The Consequences of Income Transparency
A study conducted in 2020 analyzed the consequences of Norway’s income transparency policy and found that:
- The higher transparency increased the gap in happiness between richer and poorer individuals by 29%.
- It also increased the life satisfaction gap by 21%.
The study concluded that while the legitimate goals of uncovering corruption or tax evasion remain, the policy has become a website for snooping on friends, relatives, and social contacts. This phenomenon was dubbed "tax porn" in Norway.
New Risks: Crypto Holders and Financial Transparency
While the risks involved for crypto holders are not a new phenomenon, they have become increasingly apparent with the rise of cryptocurrency adoption. The Skattelister system, which publicly discloses individuals’ tax information, has effectively curbed corruption and ensured tax compliance in Norway.
However, Mellerud argues that the state should not publish anyone’s wealth and income, whether they are crypto holders or not. He believes that most people do not understand the dangers and other privacy implications of the Skattelister system.
Security Tips for Crypto Holders
To protect themselves from these risks, crypto holders can follow some security tips:
- Avoid boasting about their wealth.
- Create a decoy crypto wallet with a small portion of funds in case of a robbery or kidnapping.
