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Bitcoin Regulation and Bitcoin Tax in Sweden

Sweden has taken up the banner for bitcoin and is arguably one of the most forward thinking countries with regard to bitcoin and cryptocurrencies. Sweden has enthusiastically embraced bitcoin with Claire Ingram Bogusz advising, “Sweden is among the leaders in the global bitcoin market,” Bogusz, a researcher at Stockholm School of Economics specialising in bitcoin and other cryptocurrencies recently announced, “There’s a very high-level of knowledge about it here, and a high-level of digital competence in the Fintech space.”

According to, “Stockholm is thus now one of the EU’s biggest hubs for Fintech investments, and it is the city in Europe that has attracted the second most investments over the last five years, according to the research report “Stockholm FinTech – An overview of the FinTech sector in the greater Stockholm Region” launched today, written by the Stockholm School of Economics in collaboration with Stockholm Business Region Development.” It goes on to say, “Financial technology is a growing sector not just in Stockholm, but also globally. What we’re seeing now is that Stockholm has become known as a hub for innovation with high-level execution skills available – both from a technical and from a business perspective. As a result, Stockholm is now attracting considerable international capital,” says Torbjörn Bengtsson, Business Development Manager, Stockholm Business Region.”

“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.” Says Bogusz.

 Bitcoin (BTC) mining is encouraged in Sweden, especially in Boden in the north where several Business Parks such as Helicopter Airbase Area and Business Park Area, are situated in two separate areas, just outside of Boden city with a third data center site Harads Industrial Park Area about 30 miles north of Boden, hosting Data Centres. In fact Sweden is encouraging more bitcoin mining with opportunities in data centres around Sweden welcoming mining activities with open arms.

Nils Lindh, Data Center Business Developer at Boden Business Agency pointed out that the blockchain infrastructure can be used for much more than bitcoin. “It’s a huge ledger of transactions that cannot be manipulated in any way. It can hold identities, value, and ownership,” he went on, “For instance, it could hold your vote in a general election, taking away any speculation that votes had been tampered with.” He explained, “For example, if an airline needed a spare part for one of their planes, using the blockchain they could follow that exact part and it would cost much less than the current supply chain that’s in place. And they can be certain they’re getting the right part for the right plane at the right time.”

Sweden’s official land registration authority, Lantmäteriet, is in the middle of a ground-breaking project looking at the blockchain promise of “digital trust” could be applied to property transactions. The authority has recently partnered with banks and telecom company Telia to create “smart contracts” on a blockchain that allow buyers and sellers to use digital signatures to sign off on a property sale.

Sweden is fortunate in having low-cost hydroelectric power making it more cost effective and feasible to mine bitcoin there, “We’re seeing a lot of interest from foreign companies interested in setting up cryptocurrency operations in Sweden”, according to  Tomas Sokolnicki, Head of Data Centers by Sweden. “It’s not only the low cost of operations but above all the Swedish government’s eagerness to embrace new technologies which presents an opportunity.” 

There has also been some discussion of an e-korona as a complement or potential replacement to cash by the Riksbank due to cash being used less and less in Sweden, with the bank explaining that ‘an electronic currency could make society less vulnerable in a payment market run exclusively by private actors.’ “The e-krona is a real possibility. It will definitely happen sometime in the next five years,” confirms Ingram Bogusz. She added that, although a decision has not yet been made it is probable that the Riksbank e-krona may use the same blockchain technology as bitcoin.

“Blockchain is like any software program, it needs to run on computers somewhere,” says Anne Graf, CEO of HPC colocation center Hydro66, established in Boden in 2015. “The Hydro66 data center has access to huge amounts of green electrical power at a great price, which makes it attractive for blockchain as it tends to require a lot of power.”

And Patrik Öhlund, CEO of Node Pole, subsidiary of Vattenfall and Skellefteå kraft, has confirmed the Swedish government’s willingness to welcome cryptocurrency with open arms has been a significant issue in luring global bitcoin giants to Sweden.

“I met with the owners of Canaan Creative in Beijing the other week,” he says, referring to a Chinese bitcoin mining firm that recently established operations in Sweden. “They said they felt in Sweden you have an open and stable society where you can discuss cryptocurrency and voice opinions.”

Ingram Bogusz supports this explanation, adding that while Sweden may not have the huge financial sector boasted by some of the world’s other leading bitcoin centres, it does have a financial supervisory authority that’s been very responsive to working with crypto currencies. “That creates a lot of certainty here when you’re operating in an uncertain space.” She said, “Bitcoin is proof of concept,” she explains. “Looking forward, it’s blockchain technology that is going to be most interesting.”

In the face of some countries imposing strict regulations on the use of bitcoin it is heartening to know that countries such as Sweden have a more open minded approach and forward vision thinking.

This article is for information purposes only and is not to be construed as financial information for any purposes such as investment or speculation and it is the responsibility of the reader to perform proper due diligence before acting upon any of the information provided. We recommend that you consult with a licensed, qualified investment advisor before making any investment decisions.