Sweden2018-08-28T06:43:13+00:00

Sweden

Europe

Favorability: 3/5

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Sweden has a somewhat welcoming environment for ICOs, though that may shift given the new EU regulations. That being said, given Sweden’s technological base and fintech start-ups, it may be one of the countries better suited to still making ICOs welcome even with new restrictions.

Sweden is located in Europe (EU): The countries of the European Union hold a patchwork of individual attitudes towards cryptocurrency regulation, but all of them also fall under the jurisdiction of the EU Commission.

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Cryptocurrency trading in Sweden

Informal statements from Sweden suggest that virtual currencies are not currencies, but instead will be treated as assets. Sweden is also moving ahead with R&D on it’s own national coin. The country has friendly regulations to cryptocurrencies.

In January the EU came out with new directives on cryptocurrencies, asserting that “gaps still exist in the oversight of the many financial means used by terrorists, from cash and trade in cultural artefacts to virtual currencies and anonymous prepaid cards. This proposal seeks to address those gaps while avoiding unnecessary obstacles to the functioning of payments and financial markets for ordinary, law-abiding citizens and businesses, so balancing the need to increase security with the need to protect fundamental rights, including data protection, and economic freedoms.”

Mostly focused on ending anonymity among the crypto community, and preventing nefarious individuals from buying, funding, or selling orgs or resources. It does include the sharing of company and individual information with public entities at times, and affects exchanges and wallets.

Regulation of ICOs in Sweden

Claire Ingram Bogusz, a researcher at Stockholm School of Economics, has noted Sweden’s bitcoin market is growing at rapid due to friendly regulatory frameworks for ICOs and cryptocurrency mining.

“Sweden is among the leaders in the global bitcoin market. There’s a very high-level of knowledge about it here, and a high-level of digital competence in the Fintech space. We may not be the size of Hong Kong or London, but it’s hard to find that level of digital competence in other financial centres.”

ICOs, as previously mentioned, will have to comply with new EU regulations. Additionally, In a statement issued on November 7, the FSA attempted to educate investors about ICOs, laying out a number of concerns with them.

Cryptocurrency markets in Sweden

Sweden is one of the Fintech hubs of Europe and is seeing an increased interest from start-ups in ICOs and blockchain tech here.

IBC’s planning and strategy team can provide expert advice on ICOs in different jurisdictions. If you’re thinking of holding an ICO in COUNTRY and you’d like more information, contact us here.

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