Crypto license in Sweden

January 4, 2023
plain concrete structure city with copy space

Today’s country has no special laws that would relate to the crypto regulation in Sweden of the crypto market. However, it is worth noting that a number of Swedish public powers have issued regulations, reports and previous legal assessments concerning their vision of the content of such a concept as “electronic currency”, and how the corresponding category in the regulatory aspect correlates with the provisions of the current Swedish legislation.

In particular, the Swedish FSA has defined cryptocurrencies as a category that belongs to their area of competence. This kind of approach is explained by the fact that e-currency trading (placing an offer to crypto exchange in Sweden is similar to the exchange activity in terms of simple,more accustomed  currencies) is a financial service, and therefore subject to mandatory reporting demands.

In the country, there are no regulations governing the use of blockchain technology. The adoption of such laws is not planned in the short and medium term, which complicates the process of regulating the activities of opening a Cryptocurrency Company in Sweden. The latter are obliged to conform to the demands and conditions that are closest to their type of activity.

The main supervisory authorities in country that affect the work of crypto companies are:

  • SFSA;
  • Swedish Data Protection Agency.

Swedish cryptocurrency taxes 

E-currency is not prohibited by law and its use is allowed by the powers. Nevertheless, local legislation considers bitcoin and altcoins not as a currency / money, but as transfers actions with assets (property). Therefore, a main factor affecting the amount of digital currency taxing is its price at the time of acquisition and the turnover of the e-currency during the reporting period.

For individuals

In the country, individuals are required to annually declare all transfers actions made using digital currencies. The powers recommend keeping a list of payments made with their use, including: loans, contributions to gambling.

Trading crypto in Sweden profits are subject to a 30% fund income tax. Losses are franchise up to 70%.

Income from commercial e-money assets that are securities are subject to income tax. The latter in the country is calculated according to the advanced model – the average rate is 32%.

For legal entity

There are no special laws concerning digital currency commercial platforms in the country. However, they are required to register and pay tax on profits from crypto-transfers.

The amount of costs for a company for crypto license in Sweden

The amount of your oncosts is usually equal to the amount for which you purchased your e-currency. But depending on how you got your digital money, the overhead amount is calculated differently.

You should be able to confirm the amount of overheads, for example, with receipts or original account statements from listed companies. If there were wallet addresses, transactions on the block chain should be consistent with reports of buying, mining, and selling bitcoins.

Is crypto regulated in Sweden?

Sweden quickly legitimized the fast-growing crypto industry by publicly declaring BTC and other advanced currencies as means of payment. Certain companies working with classical currencies (primarily Swedish exchange cryptocurrency platforms and crypto exchange license in Sweden) are required to obtain licenses, as well as comply with standard demands for combating money laundering and terrorist financing, including identifying their clients.
The regulation of e-currencies in the country assumes that transactions with virtual currencies are not subject to VaT, and mining is susceptible to tax on income from job placement or tax on business-company income.

Can you trade crypto in Sweden?

There are no bans on the use or trading of digital currencies in the country. However, certain transactions may require permission from the SFSa. If a digital money company offers services where bitcoin and altcoins act as means of payment, such a legal entity must enroll as a financial institution with the SFSA.

Do you need a license for crypto trading?

There are no licensing, registration or authorization demands specifically applicable to mining of virtual currencies in Sweden. Activities of the companies that obtained Sweden cryptocurrency exchange license are subject to anti-money washing regulations and special registration demands.

How do you get a cryptocurrency license?

In order to get permission for e-monies in the country, you need to set up a local business, create a corporate business-account and submit legal papers to the community controlling body. Corporations must obey the rules decided by local laws, in particular with relation to start-up capital, number of employees, etc.

Related insights

PSP license in Germany

Germany, as the largest and most stable economy in the Euro Zone, presents lucrative opportunities for businesses seeking to establish a presence in the country. This comprehensive guide outlines the process of obtaining a PSP license in Germany and emphasizes the advantages of operating a payment service provider license in Germany within this business-friendly and…

Read more 11.09.2023

VASP license in Guernsey

In the ever-evolving realm of the digital economy, VASPs have emerged as pivotal players in the world of virtual assets. Key to legitimacy of their turnover is the acquisition of a VASP license—a regulatory prerequisite that establishes a structured framework for offering virtual asset options. Guernsey, a prominent international monetary hub, has positioned itself as…

Read more 11.09.2023

How to make a St.Kitts and Nevis Trust in 2023

In the ever-evolving landscape of off-shore economic planning, inducting a St. Kitts and Nevis Trust in 2023 presents you a unique opportunity to safeguard your assets and diversify your holdings. By drawing from a plethora of reputable sources and the latest insights, this guide will navigate you through the intricate process of crafting a trust…

Read more 07.09.2023

Crypto regulation in Namibia 2023

In the heart of southern Africa, Namibia is embarking on a transformative journey through the intricate landscape of cryptocurrency regulation in the year 2023. As digital currencies and blockchain technology continue to redefine the global financial paradigm, nations across the world are grappling with the dual challenge of embracing innovation while safeguarding the integrity of…

Read more 07.09.2023

Cryptolicense in Australia

The use of digital-currency are topic to oversight to assure buyer conservation, monetary stability, and prevention of illicit actions. This article explores the current state of cryptos controller and licensing in country. Structure of Ordinance Country has taken a proactive antidote towards crypto-regulation, aiming to strike a balance between facilitating novation and safeguarding the interests…

Read more 06.09.2023

Crowfunding program in South Africa

In recent years, crowfunding has emerged as a powerful tool for individuals, and district initiatives to access funding and turn their innovative ideas into reality. South Africa, with its dynamic and diverse economy, has witnessed the development of crowfunding programs that furnish a unique avenue for raising capital and promoting socio-economic development. This article delves…

Read more 30.08.2023

Crypto regulation in Cayman Islands

The region’s leadership is improving the legislative framework, which will help attract crypto-assets and other instruments from companies in this field. Today, the Caymans are considered one of the main points on the globe where not only investment funds, but also the fintech industry is actively developing. For companies from this sphere, it is a…

Read more 30.08.2023

Offshore VASP license

In the dynamic landscape of the digital economy, Virtual Asset Service Providers (VASPs) have emerged as crucial intermediaries facilitating the seamless exchange of virtual acquisitions, such as cryptocurrencies. The regulatory framework surrounding VASPs has evolved rapidly to ensure economic security, combat illicit activities, and foster innovation. One avenue that has gained prominence is obtaining a…

Read more 30.08.2023

Create a trust in Luxembourg

In the intricate landscape of global finance, the small European nation of Luxembourg has emerged as a beacon of stability and sophistication. With a well-established reputation for economic services, governance offers an ideal surroundings for individuals and families seeking to rescue, manage, and optimize their wealth through the association of beliefs. This article delves into…

Read more 30.08.2023

Creation of a Trust in the Cayman Islands

Before setting up a trust, the co-founders of such corps conduct a thorough regional analysis and select the most attractive parts to work in. For most, it is more usual to choose regions with which they have previously dealt or know the specifics of local regulators. Others are guided by feedback from partners and choose…

Read more 30.08.2023

Gaming license in Comoros 2023

The gaming-assiduousness is actively developing and every year there are more and more legal entities that would like to work in this niche. Therefore, more and more online-casinos and betting-services appear. When corporation representatives consider the prospect of starting to work in this market, they need to decide on the place of registration of the…

Read more 30.08.2023

Gambling license in Antigua and Barbuda

This picturesque twin-island state located in the Caribbean has emerged as a key player in the multinational online gaming industriousness. This is largely due to its robust adjustment framework and the availability of gaming permissions that attract operators from around the world.  The Evolution of Online Gaming in Isles: State recognized the potential of the…

Read more 23.08.2023