GM from Sweden

^{At Thrilld Labs, our team has included people from around the world, coming from countries such as the Netherlands and Italy to South Korea, Kazakhstan, Russia, the United States, Nigeria, and Scotland too!}

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^{Fundamentally, we argue that this global collaboration is a big part of what Web3 intends: an ecosystem or industry that removes traditional barriers to participation thanks to its inherent construction around a decentralized network. However, even with these decentralized beginnings, there remain challenges for everyone to have the same opportunities.}

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^{Whether it be from the lack of an internet connection or computer software, an intimidating knowledge gap, or legal limitations, your location is a determining factor. Where you live and who you are surrounded by, fortunately or unfortunately, do influence your work environment and how easily you can enter the Web3 space (or any, for that matter!).}

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^{Simply put, the global nature of Web3 is apparent, however, less so in some places compared to others. And yet we see the global nature of Web3 in global teams (such as our own :)), an increasing number of international Web3 companies, and, last but not least, all the Web3, blockchain, crypto and other related events taking place around the world each month of the year!}

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^{Therefore, for anyone working or interested in the Web3 space, having a global contextualization and understanding the barriers (and successes) that the average person faces is a critical step for advancing inclusion and activity in Web3.}

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^{While it is true that the Web3 ecosystem is more developed (or perhaps widespread is better) in certain regions when compared to others, there is still a significant number of users and builders from so many locations that are shaping the space. As a global Web3 company, and one that actively works with international events, communities, and partners, we are curious to know more about the Web3 ecosystem and emerging crypto spaces in different countries.}

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^{In this second location, we consulted with Henrik Beyer, a Swedish author and creator of the Proof of Good Framework and Founder of Cryptobeyer, on the Web3 landscape in Sweden.}

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Crypto in Sweden

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Located on the Scandinavian Peninsula, Sweden shows a diverse environment, with mountains along its western Norwegian border, forests, lakes, plateaus, glaciers, and rocky coastlines along the Baltic Sea. Sweden has a 1,000-year-long continuous history as a sovereign state and today is a constitutional monarchy and a parliamentary democracy established in 1917. Sweden has taken the stance of neutrality in the most recent centuries. It was in 1814, that Sweden signed a peace doctrine that declared a position of “nonalignment in peace aiming at neutrality in war” (Britiannica). Today, Sweden continues to maintain its own independent currency. Additionally, many of Sweden’s industrial companies are transnational and employ a large number of people abroad due to production costs.  

Would Sweden also take the stance of neutrality against technology, and crypto and Web3, specifically?

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Things appear to be still evolving. Over the past few years, there has been a global increase in the use of cryptocurrencies. According to a report by Chainalysis, the growth in crypto adoption has been attributed to lower-middle-income countries, with high-income nations experiencing somewhat of a “pullback since the beginning of 2024”. However, the global general trend toward increased crypto adoption has also reached Sweden, not in the last place for trading purposes. With cash usage on the decline, digital infrastructure is presenting alternative payment methods, and in “Current trends in Swedish crypto market,” Wigge & Partners indeed explain that “over the past few years, trading in cryptocurrencies has increased in Sweden”.
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While Sweden has the most crypto owners among the Nordic countries, this is partly due to its larger population. The Chainalysis 2024 report shows that Sweden has a higher crypto adoption index score (0.021) than its neighbors, Norway (0.011) and Finland (0.017). This score reflects overall engagement with cryptocurrency—including not only individual ownership but also transaction volumes, the number of organizations involved, and Sweden's infrastructure related to crypto activities. This suggests that Sweden leads the Nordic region in terms of crypto adoption and ecosystem development, despite having a relatively smaller proportion of crypto owners as we will later see.
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Sweden’s Crypto Regulations
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Even with crypto receiving more attention and the adoption rates rising, the government is still cautious against its application for alternative payment methods. There is concern from the government of the fraudulent possibilities in crypto and the risks to consumers. Thus, the regulations in place primarily focused on these supposed fraudulent activities. One of these regulations is the Currency Exchange and Other Financial Activities Act (the CEFA Act). According to Wigge & Partners, any entity wishing to provide “other financial operations,” including managing and trading cryptocurrencies, must apply for registration with the Swedish Financial Supervisory Authority (SFSA), which oversees crypto-related activities in Sweden. The purpose of this act is to prevent money laundering and terrorist financing.
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Since 30 December 2024, crypto-asset service providers, as defined in the Markets in Crypto-Assets Regulation (MiCAR), are also obligated to comply with the Swedish Money Laundering and Terrorist Financing Prevention Act (the AML Act). Through the qualifications outlined MiCAR – the same as the EU’s Markets in Crypto-Assets (MiCA) regulation – a more comprehensive framework for crypto assets across member states is established. Hereby, it aims to provide greater consumer protection, market integrity and financial stability (Crypto Map).

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Under MiCA, “issuers of crypto-assets must adhere to comprehensive requirements to ensure transparency, stability, and consumer confidence” (MiCA: Harmonised EU Regulation for Crypto-Assets). For Sweden, authorization from the SFSA is required before offering crypto assets to the public. Now most importantly, what does that mean for founders and entrepreneurs? As part of the approval process, issuers must provide a whitepaper that outlines the project’s fundamentals, such as industry pain points and solutions, associated risks, terms and conditions for buyers, and the rights and obligations of token holders. This document is similar to a business plan. In addition to a white paper, the regulation also stimulates that the issuer should maintain “sufficient financial resources to cover liabilities, with additional capital buffers required for certain operations”.

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Indeed, this addresses some of the Swedish government's earlier noted concerns about the risk to consumers. However, for projects and issuers that are naturally in their early stages of development, these requirements pose additional needs in terms of resources and time allocated to compliance, which may on its turn potentially deplete and limit projects with a lower starting budget, ultimately hereby impacting or stifling innovation.

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Consulting the Swedish Natives

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So, the number of crypto users and owners is increasing whilst regulation is deepening. Yet, despite being a somewhat “crypto-friendly nation” and technological advancements, only about 1% of Swedes use cryptocurrencies for transactions (which is different from trading or investing). This potentially signals that while ownership in Sweden is somewhat growing, everyday usage remains limited (Speak your brains: CBDC edition).

What can we expect, looking ahead?

Naturally, numbers and predictions differ depending on the study at hand. For instance, “in terms of user base, the number of cryptocurrency market users in Sweden is expected to reach 3.53 million users by 2025” (Statista). Additionally and importantly, Riksbank, Sweden’s central bank, is exploring the development of a digital currency called the e-krona as a way to modernize the payment system and enhance financial inclusion (Cointelegraph). Worthwhile to carefully follow.

In a similar view, there are initiatives that support the growth and development of the Sweden and Nordic Web3 ecosystem. For example, The Nordic Blockchain Association is one such group which is on a mission to “drive the responsible and sustainable growth of blockchain technology” in the Nordic region. Principally, this is done through a series of events bringing together Web3 communities across the Nordics. Their main annual event is the Nordic Blockchain Conference (NBC) (happening again this June), but they also host monthly networking events.

Another of these organizations is Blockchain Sweden, which brings together the Swedish blockchain industry to create a world-leading industry. To do so they initiate meetings, respond to political proposals, and conduct active dialogue with government authorities, decision-makers and others with the end goal of driving positive development for the industry.

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For our research, we also spoke with Henrik Beyer, who is a Swedish author and creator of the Proof of Good framework, which helps Web3 founders and investors align their projects with ethics, equity, and sustainability. He cares about the impact that crypto and Web3 have on society. Henrik also runs the The Human Web Newsletter, so he is much up to date on all things crypto in his country.

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On the question of what’s ‘the crypto space’ like in Sweden, Henrik offers some input that while many initiatives are commendable, they are still too few and far between. He adds that, “in order for Sweden to experience the positive aspects of the fourth industrial revolution, we need human-centric initiatives [...]”. And this is in part hindered by the trending emphasis on the financial sector alone. Henrik added:  “It seems that trust in traditional banks is as ingrained as our love for the expression “lagom” which means “just right”.

‍A somewhat limited focus is also seen, Henrik adds, from the focus of “a few passionate individuals (and organizations) in Stockholm, Uppsala, and Gothenburg” which hold meetups on Bitcoin. While knowledge sharing and building communities are important, he explains that these conversations may “exclude the possibilities of other cryptocurrencies and technologies in the field”.

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What’s more, comparatively Sweden’s efforts are somewhat subdued if we focus on the percentage of individuals who own cryptocurrency. Indeed, from the 2025 Crypto Adoption Report by K33, Henrik explains that Sweden is falling behind with Norway boasting the highest crypto ownership rate in the region at 12.3% and Finland has seen remarkable growth in crypto ownership rate, jumping from 6.8% to 11%. Despite growing adoption, Henrik feels that Sweden is giving crypto the cold shoulder,
“[...] well, only 7% of the population here owns crypto, and a whopping 80% have sworn they’ll never touch it. I mean, I get it—we have had a rock-solid financial system for decades. Why fix something that did not break, right? But I feel we have to live a little [...]”.

Therefore, while Sweden may have a greater rate of crypto adoption, as seen in the previous Chainalysis 2024 report, fewer Swedes are personally invested in or holding crypto. Henrik, much like we did above, also points to the regulatory framework under MiCAR again to question its impact on innovation, seeing that its policies and requirements may prove to be overly cautious and “[stifle] the very progress it aims to safeguard”.

In summary, there is more interest, more organisations, more ownership, more events ánd more talk around blockchain and cryptocurrencies, but if the conversations remain somewhat restrained to one financial sector then, as Henrik illustrated, Sweden may lose out on additional innovation and business opportunities. Moreover, with regulations aimed at mitigating risk and protecting consumers as well as limited cryptocurrency usage, some argue there is a lack of interest because crypto is felt to be not needed and innovation is stifled. Despite this, it is significant that more people are using crypto – even if slowly – so we have high hopes for crypto in Sweden, not in the last place seeing expanding initiatives like the Nordic Blockchain Association and other Web3 communities in Sweden which gaining rapid traction and attention.

^Resources

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^{Sweden – Britannica}

^{Cryptocurrency in Sweden: Insights from the Latest Study – LinkedIn}

^{Cryptocurrencies – Statista}

^{Current trends in Swedish crypto market – Lexology MiCA: Harmonised EU Regulation for Crypto-Assets – LinkedIn}

^{Adoption – Chainalysis}

^{CMS Expert Guide to Crypto Regulation in Sweden – CMS}

^{Overview of Sweden’s Crypto Regulation – D&A Crypto Map}

^{Speak your brains: CBDC edition – Financial Times}

^{An overview of crypto regulations in Scandinavian countries – Cointelegraph}

^{Best Crypto Exchanges in Sweden – Datawallet}

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