GDP per capital



  • Green


General adoption

Sweden is falling just a bit behind Switzerland in terms of blockchain and cryptocurrency development, according to this article. In 2020 only 9% of the Swedes used cash to complete transactions, therefore it is believed that cryptocurrency maybe on the rise. Although of the above, according to the Swedish Financial Supervisory Authority (the “SFSA”) there are transactions in Sweden involving virtual assets, although virtual currencies are not considered a common or well-functioning method of payment in Sweden.

Government View

Sweden’s central bank is on a course to develop and road test its digital currency offering, e-krona, as it seeks to become a global leader in the fast-changing world of blockchain-technology–led currencies. Although e-krona does not considered as a crypto asset: Riksbank has made it clear that its digital money cannot be categorized as a crypto asset as it “has a state, a trusted actor, as issuer and that the state guarantees the value of the means of payment.” The SFSA has issued warnings for trading in virtual assets due to the risks identified, e.g. the lack of price and trade transparency as well as the absence of adequate consumer protection regulation.

Blockchain Projects

There were many of blockchain projects operating in several fields. As for an example in 2021 the Karolinska University Hospital in Stockholm initiated an investigation on how blockchain technology could be used for safer and simplified handling and sharing of personal health data in highly specialized care. Another example is Volvo, which has implemented blockchain technology in its operations to secure the traceability of conflict minerals used in the batteries of Volvo’s new electric cars.

Taxes and Regulation

There are no cryptocurrency-specific regulations in Sweden. In terms of taxation, if you have received crypto in the form of loan interest or staking rewards, then you will be subject to interest income tax (In Swedish: Ränteinkomst). Similar to capital gains tax, it is taxed at a rate of 30%. The difference is that losses from interest payments you have made are fully deductible.

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Last Updated

Monday, 31 October, 2022

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