Sweden’s tax on crypto trading: how declare your earnings

Posted on

If pay taxes in Sweden and traded (bought/sold) any cryptocurrency in 2018 (and previous years), now it’s time to declare your transactions.

The deadline for the income tax declaration (2018) is approaching and should be handled to Swedish Tax Agency (Skatteverket) no later than 2nd May.

So what happens if you bought and sold cryptocurrency in Sweden? Here is a quick guide on how to declare it.

If you bought / sold crypto privately in Sweden

The first step is to compile a list of all transactions before filling out the tax declaration form.

These are the types of transaction Skatteverket advises to declare if you:

  • sold crypto currency
  • exchanged a cryptocurrency for one or more other types of cryptocurrencies
  • paid with crypto when buying an item. Even small value transactions eg. paying for a pair of shoes or a service, such as a taxi ride, should be declared too.
  • lent any cryptocurrency
  • used crypto for a gambling bet

Then you should use the form K4, complete section D and submit it together with your year’s income statement. Any profit will be taxed in the income category at 30%. If you have made a loss, it is deductible to 70%.

This applies only for individuals. If you traded crypto using a company (juridisk person), there are different rules – I will be talking about it on my next post.

According to a press release on 12/02/19, Skatteverket will be more strict in checking the purchase and sale of crypto in Sweden. This is a response of the increased number of people investing in crypto in the country.

For more info [in Swedish] click here

Sthlm Fintech week: key takeaways from the Blockchain track

Posted on

Yes, they did it – and it was an amazing week! Organizers Lana Brandorne, Anna Blyablina and Love Dager put together this ground-breaking event in Stockholm: the first edition of Sthlm Fintech week.

Throughout the week Sthlm Fintech Week brought together industry leaders and experts in different areas within fintech: from regtech and insurtech to sustainability and blockchain.

I was particularly interested in the Blockchain track – coming straight from Stockholm’s central station after a 5 hour journey from Malmö, I headed straight away to SUP46 for the Blockchain track.

Here is a few takeaways from the track:

Mika Honkasalo (Robin Capital) : “The next generation of internet protocols is being built right now”

Mika (main photo) started the afternoon with the state of the Nordic crypto market. He pointed out that 2018 (coming to 2019) was the year that major financial institutions made their first public moves to blockchain/crypto.

Also, the Nordics have a great pool of developers the can solve major computer problems .

Agnieszka Sarnecka (Neufund): “Don’t trade your [equity tokens] until you finish your fundraising”.

Talking about “Fundraising on Blockchain: How to do an Equity Token Offering”, Agnieszka make another important point: storytelling.

Surely, storytelling is crucial to make people, and more importantly investors, interested in your product.

Oliver Oram (Chainvine): “Intelligent contracts are not replacing lawyers themselves, but offering new services.”

With “The importance of being agnostic”, Oliver talked about smart contracts, or how he likes to call it, intelligent contracts. They didn’t come to make lawyers obsolete but came to complement the services they already provide.

Carla Maree Vella (XD Consulting): “In Crypto we trust, in code we trust, in law we must.”

This was the second time I’ve seen Carla speak – the first time was last November in the Malta Blockchain Summit.

Her lecture was “Regulatory Boundaries: Are they stifling growth and innovation in crypto?” – she pointed out that regulations, especially in a jurisdiction like Malta, didn’t come to policy and hold back growth, but create a environment where blockchain companies can be liable and therefore, grow their business in a trustworthy way.

A special thanks to Jens Frid for co-organizing the Blockchain track!

The Sthlm Fintech week will be back in 2020.

Sthlm Fintech Week to host ground-breaking fintech conference

Posted on

On February 11-15, the community-driven Sthlm Fintech Week will host a five-day conference in the heart of Stockholm gathering the best of fintech from all across the Nordics. The event will be a platform for start-ups, banks, legislators and corporate representatives to meet and discuss opportunities and challenges within the fintech community.

Over the course of the week, more than 50 start-ups will meet with banks, representatives from the Government Offices and the Central Bank of Sweden.

Investors and representatives from academia will discuss new trends of Fintech, Regtech, Blockchain, Insurtech, Sustainability and Impact tech, Digitalization, Regulation and Nordic Collaboration, as well as offer opportunities of investment and fintech acceleration.

“Stockholm accounted for nearly 50% of total fintech investments in the Nordics in 2018″

Anna Gissler, Acting CEO of Stockholm Business Region, one of the conference’s partners and supporter.

Joining Stockholm Business Region as partner of the conference are Amazon Web Services, Wirecard, Itello, Capgemini, Trustly, SEB and Norrsken Foundation.

One of the highlights for me will be the Blockchain track. Happening tomorrow (Tuesday 12th Feb), the track will bring a diverse group of keynote speakers discussing topics varying from the state of the crypto market in the Nordics, equity tokens, next-generation dapps platform to brokerage as service, intelligent contracts and crypto regulation.

On Wednesday 13th Feb, the much awaited Sustainability and Impact Tech track is happening at Norrsken House – part of Norssken Foundation. A very interesting panel discussion about the impact of startups and their sustainable development goals (SDG) will open the day. The track will also bring sustainable business cases, like AidHedge that promises to identify and help manage financial risks in aid and sustainable development projects.

“Norrsken Foundation strives to make a positive impact on people and planet. Our coworking space, Norrsken House is a hub for the brightest people in tech, entrepreneurship and impact and so it follows that our doors are always open to events like Stockholm Fintech Week who bring world-changing entrepreneurs together to create something very special. We’re delighted to be involved”, Thom Feeney, General Manager, Norrsken House Stockholm said