Norway Ethical Investigation Targets Crypto and Gambling
Norway sovereign wealth fund is looking deeper into cryptocurrency companies and gambling operators as part of its responsible investment and consumer protection agenda. This could be a sign of the country opening up its gambling market.
Ethical Oversight for High-Risk Sectors
Norway’s $1.8 trillion sovereign wealth fund, which owns stakes in almost 8,700 companies worldwide, is launching an investigation into ethical breaches in the cryptocurrency and gambling sectors. The fund’s Council on Ethics will review compliance with its strict ethical guidelines that govern its investment decisions. Companies that breach will face penalties including being excluded from the fund’s portfolio or put on a public list.
These sectors have been targeted due to the risks, especially money laundering and societal harm. The fund has investments in: 0.83% of Coinbase worth $453m, 2.13% of Flutter Entertainment worth $691m and 0.87% of MGM Resorts worth $121m. The Council says companies that don’t meet the ethical standards will need to change their ways or talk to the fund directly about the issues.
Reform the gambling industry
This fits with the growing calls for reform in Norway’s gambling industry. The market is currently a state monopoly with Norsk Tipping and Norsk Rikstoto running lotteries, sports betting and online gaming. But the momentum is building for a full licensed gambling market like the ones in the other Scandinavian countries.
The Conservative Party has proposed a competitive gambling framework by 2028. Proponents argue that will strengthen consumer protection, reduce black market and increase tax revenues. Ethical oversight of the gambling sector by the sovereign wealth fund adds to these broader discussions about balancing economic growth with social responsibility.
