Sweden is hardly a place where cryptocurrencies like Bitcoin are seen as a dramatic necessity. After all, this is a wealthy nation that uses a strong currency as its main store of value and medium of exchange, so Bitcoin's most valuable qualities, such as limited supply and censorship-resistant transactions, are often not immediately apparent to Swedish residents.
Nonetheless, there is still a lot of interest in Bitcoin and cryptocurrencies from a technological standpoint in this country. In fact, Sweden's central bank was one of the first in the world to speak publicly about the various experiments it is conducting with blockchain technology and digital currencies. So, even if Bitcoin hasn't revolutionized the Swedish economy today, it seems likely that the technology will eventually become quite common in the country in one way or another.
While it is difficult for many people today to see Bitcoin's usefulness in Sweden, that doesn't mean it can't be useful elsewhere. In fact, there are many other places in the world where it is difficult to access simple banking services and a stable means of payment. In addition, bitcoin has many properties similar to gold, making it useful as collateral in any country in the world. For this reason, Bitcoin, Ethereum and other cryptocurrencies can be bought in many different ways in Sweden today.
Are cryptocurrencies legal in Sweden?
Lawmakers and regulators in each country must come to their own conclusions when it comes to how to treat Bitcoin and other cryptocurrencies. Some have taken a hard stance and banned certain aspects of the technology, while others allow innovation before deciding what to do. Sweden appears to have adopted the second of these two main strategies, at least so far.
To date, there have been no regulations on cryptocurrencies in Sweden, but that doesn't mean the sector is completely unregulated. In fact, the laws of the traditional world have so far been used as the main areas for regulating cryptocurrencies and Bitcoin in Sweden. This means that the government will do everything in its power to make sure that there is no huge amount of money circulating in the economy without some sort of identity.
In addition, Sweden complies with various European Union anti-money laundering directives, the most recent of which includes specific regulations for cryptocurrencies. However, most of these regulations focus on making sure that exchanges do not allow users to move large sums of money anonymously.
When it comes to taxes, it should be obvious that you will have to pay capital gains tax on profits made from buying and selling Bitcoin, Etherium and other digital currencies. However, you don't have to worry about value-added tax, as it doesn't apply to cryptocurrencies.
In short, cryptocurrencies are very legal in Sweden, but are also subject to regulations similar to those for other forms of money.
How can I buy cryptocurrency in Sweden?
There are several different ways to buy cryptocurrency in Sweden. The most popular way these cryptocurrencies are traded around the world today is through various centralized cryptocurrency exchanges, which allow liquidity to be pooled in one place.
There are at least eleven different exchanges to choose from in Sweden, so you will have many options to consider such as:
- eToro
- Coinbase
- Crypto.com
- Binance
- Kraken
When you register on one of these exchanges, you need to make sure you do everything possible to secure your account. There have been many hacks of exchanges in recent years, but even more common are hacks of individual users' accounts. If someone gains access to your cryptocurrency trading account, they will be able to send all your cryptocurrencies to their own cryptocurrency addresses.
Since cryptocurrency networks contain transactions that are inherently irreversible, there will be no one you can turn to for help if a hacker steals your cryptocurrencies. Before you start trading on a cryptocurrency exchange in Sweden, make sure to activate some form of two-factor authentication on your account. And more importantly, stock up on a cryptocurrency wallet.
What is the best cryptocurrency exchange in Sweden?
Two of the most popular cryptocurrency trading options in Sweden are Coinbase, Crypto.com.
Coinbase – is perhaps the most well-known brand in the cryptocurrency industry and needs no introduction. It's probably the best place to start for most people in the developed world, as it makes it easy to access your first Bitcoin through an elegant user interface.
Crypto.com - If you're looking for an affordable all-in-one cryptocurrency platform, Crypto.com may be right for you. The more Cronos (CRO) you'll be able to wager, the more benefits you'll get from this exchange. Even without the CRO bonuses, this is a solid, low-fee cryptocurrency exchange with over 150 cryptocurrencies available in Sweden - especially if you want a cryptocurrency debit card.
Read our full Crypto.com review to find out if it's right for you -. Crypto.com review
How can I buy Bitcoin or other cryptocurrencies anonymously in Sweden?
If you want some privacy with your cryptocurrency transactions , you need to stay away from exchanges. This is because all the major exchanges force you to provide a lot of personal information.
Exchanges are forced to subject their users to strict verification procedures to comply with various anti-money laundering laws in different jurisdictions around the world.
For more privacy, you should try exchanging some cash for Bitcoins directly with another Bitcoin enthusiast. There are many P2P exchanges that you can use as a starting point for this type of activity, such as the following. Paxful. Additionally, getting involved in local Bitcoin meetings and conferences will allow you to meet people who will exchange cash with you directly. Bitcoin ATMs are another option, but they currently require almost as much personal information as exchanges.
The views and opinions expressed here are solely those of the author and should not be taken as financial advice either. Every investment and transactional activity involves risk, so you are advised to do your own research when making any trading, investment or financial decisions.
