Eternity Law International — News — Crypto license in Sweden

Crypto license in Sweden

Published:
November 25, 2022

Entrepreneurs who wish to obtain such a permit as a crypto license in Sweden may establish a company locally and make use of all benefits and privileges that blockchain technologies industry provides. To make establishment of Swedish cryptocurrency firms carefree and correct, we recommend that you contact specialists who know all the features of the local legislative basis and have professional experience in this field.

Open a cryptocurrency company in Sweden

Operations and deals connected with cryptocoins are legal there, nevertheless, as local law says, crypto-currencies aren’t considered payment means. From taxation points, crypto-currencies are listed as assets, not as currencies or cash. Cryptomining is carried out according to the rules that are put forward by the local regulator issuing licenses for crypto-currency operations.

As stated in Swedish Crypto Exchange Act, firms posessing Sweden cryptocurrency exchange license follow money illegal circulation prevention and counter-terrorism laws and norms. Additionally, cryptofirms are required to follow Know Your Customer rules, which requires intermediaries to receive user data prior to transfers.

New modifications to crypto regulation in Sweden have extended SCEA scopes by adding custodial wallet providers and digital mens exchanges to its scope. Changes to SCEA determine official definitions of firms engaged in such deals. In particular, custodial wallet companies are “firms spreading services of private crypto-keys security on behalf of clients, and for the e-money storage and passing”; exchanges providers are “firms offering exchanges of cryptocoins and monetary means, electronic funds or digital assets.”

Registration of Swedish exchange cryptocurrency firm

Obtaining permission for virtual currencies in Sweden needs to establish an enterprise; in most cases, businesspersons choose LLC. Below are the highlights regarding the legal forms of corporations available in Sweden.

  1. Private enterprise with limited liabilities: organization may be established by 1 or 2 entrepreneurs; starting capital’s at least 25 thousand Swedish kronor. Firm is managed by at least 1 director. Data regarding company’s shares and their holders is not publicly accessible.
  2. Public limited company: has the right to list its own shares for sale on a large market. Here, the starting capital is higher – at least 500 thousand Swedish kronor. Firm is managed by a board of directors, which must include at least three persons.

The company dealing with crypto in Sweden must have a correctly drawn up and certified memorandum of association and articles of association. The LLC needs to have an office in Sweden; online form is allowed.

Cryptocurrency activities in Sweden

Organization holding crypto exchange license in Sweden must be subject to next-mentioned general tax clauses:

  • corporate income tax is 20.6%;
  • dividend tax: 0% on dividends paid to residents; not residents must pay a general tax of 20%;
  • value added tax: the standard rate is 25%, in some cases reduced rates from 6% to 12% apply;
  • incomes are taxed at 30%.

Sweden is one of the most advanced countries in terms of adoption, dissemination and extension of digital developments. If you want to get cryptolicense in Sweden, we will help you avoid unnecessary difficulties and save money, which you can later use to grow your project. We also have an extensive list of ready-made companies for sale in hundreds of states. Contact us right now.

FAQ

Are cryptocurrencies regulated in Sweden?

Crypto-firms in Sweden must conduct their operations under norms of local law. They are also covered by requirements put forward by the regulator issuing licenses for crypto-currencies.

Is it possible to trade cryptos in Sweden?

Crypto-trading is allowed in jurisdiction. Purchasing and selling crypto-currencies is carried out through special exchanges.

Do I need a license for crypto trading?

Firms whose deals are connected with trading and exchanges of crypto-currencies need to obtain a permission. The permit is provided by local regulatory authority.

How to get a cryptolicense?

Getting a crypto permit in Sweden requires establishment of a local enterprise, creating a corporate account and filing documents with local regulative authority. Firms must follow norms established by local laws, particularly, with regard to starting capital, number of employees, etc.

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