Sweden ranked 12th place on bitcoin trading volume

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bitcoin trading sweden

According to Coin.dance with LocalBitcoins data, Sweden ranked in 12th place on world’s volume of Bitcoin trading in 2018.

But is this good news for Sweden? US$ 68 million doesn’t seem bad for a country with only 10 million people. Being already a cashless society, bitcoin (or crypto in general) falls a bit short on Swede’s pockets.

I asked Totte Löfström, CEO of the Swedish cryptocurrency exchange Trijo, what was his take on the LocalBitcoins data, here is what he said:

“It is of course really positive that Swedes are investing in crypto, but I think that the numbers might be a bit off. The biggest problem with them is that Local Bitcoins is the only data source. We haven’t had a real crypto exchange here in Sweden (Trijo will be the first), which means that we might be over represented in using Local Bitcoins. The over representation could also be linked to the fact that Local Bitcoins is a Finnish company and that Swedes are more likely to become customers.

Another problem is that Local Bitcoins has a fairly low trading volume compared to the big real-time exchanges that are operating around the world. Since the start 2012, Local Bitcoins have had a total trading volume of about $6.32 billion, which could be compared to Bitfinex which has had a trading volume of $1.45 billion the last 30 days. As much as I would love Sweden to rank high on such lists, I have to admit that we are probably not one of the biggest bitcoin nations today”.

Totte Löfström, CEO of the Swedish cryptocurrency exchange Trijo

Totte also told me that Trijo made a quite advanced analysis of the Swedish market (in order to get to know their potential customers better), and found that Sweden stands out when it comes to what percentage of the population has owned a cryptocurrency at some point in time. For Sweden, it’s around 1% of the population, but for Norway – they are co-operating with a Norwegian company that makes crypto surveys on a regular basis – the number is about 4%.

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

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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

Fintech + Decentralized: community hub FinDec launches in Sweden

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For years, Sweden has dominated the global innovation landscape and it is no different with the ongoing technological revolution where companies like Klarna and iZettle were put on the map. Although, Sweden has attracted two-thirds of the Nordic fintech investments, there hasn’t been a comprehensive national ecosystem.

This January, FinDec came to life as a physical and digital gathering place for Sweden’s fintech community, aiming to build a stronger ecosystem. The name FinDec is a reference to “Fintech” and “Decentralized” and will support fintech in general, including verticals for Regtech, Insurtech and Blockchain. Even before the launch, about 50 affiliated startups and established players have signed up, and strategic partnerships have been established with Helsinki Fintech Farm, Oslo Fintech Hub and Copenhagen Fintech.

Behind FinDec are industry veterans with extensive experience from the financial sector and tech industry. Among these are Mats Holmfeldt (Paynova, Resurs, Intrum, Swedbank, SEB), Anette Nordvall (business angel), Lars Arvidson (Ericsson), Stig Johansson (Finansinspektionen), and blockchain experts Daniel Zachrisson and Jens Frid to name a few.

In addition to coming investments in co-working, offices and physical gatherings, Findec will also launch a digital platform during the first quarter in order to be able to service all companies in the country with the same information and accessibility to networks, events, reports, mentors, advisors and investors.

Blockchain PR is a starting a content collab with FinDec

For more info about FinDec click here

Main photo: FinDec’s launch party at Embassy House

Blockchain 360° conference: Nordic’s most important event happens in Stockholm

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Blockchain PR is proud to be invited to take part of the Blockchain360° conference – one of the most senior conferences in the Nordics  happening in Stockholm 12th – 13th November 2018.

The Swedish Blockchain Association (SBA) is teaming up with Blockchain 360 ° – Sweden’s first news site bringing the latest about the Swedish and international blockchain scene – to bring one of the best blockchain conferences in the Nordics.

“Already in the first day we had thousands of readers – the interest is huge,” says John Uggla, chief editor of Blockchain 360 °.

That’s why the Swedish Blockchain Association (SBA) was so keen to team up with Blockchain 360 ° . Behind SBA are Andreas Johansson and Benjamin Dahl, both early believers in Blockchain and decentralization.

“It feels extremely fun to work with the people who were involved in the first steps of blockchain in Sweden. Andreas Johansson and Benjamin Dahl, and the network that they built, will contribute with comprehensive skills and know-how about technology and industry while we hope to give a fair picture of how hugely exciting this sector is. We feel like an unbeatable team” said Daniele Truini, head of events at Blockchain 360 °.

Indeed, Stockholm and Sweden became a bubble of innovation power, driven by a new generation of entrepreneurs. Cryptocurrencies finally made their way into everyday conversations in Sweden – 2017 was the year the word blockchain reached mainstream, hence the demand of a event of this importance.

World’s top industry experts tell all at Blockchain 360 °

During Blockchain 360 ° (12th – 13h November 2018), several of the world’s top experts in blockchain gather together to give companies and organizations a unique insight into the blockchain technology. Plus, exciting seminars varying from workshops to examining successful cases, will help businesses adapt and develop business models for future entrepreneurship.

A good example is Sven Edgren of Norwegian DNV GL, who will tell how the Chinese platform VeChain has linked goods and logistics to blockchain. By following the product from farm to shelf, consumers will have a fully transparent picture from the product’s origin – that wouldn’t be possible without blockchain.

For more information about the event’s program click here.

For live updates of the conference follow Ana Paula Picasso on LinkedIn and Twitter.

Press contact for the event:
Daniele Truini, Head of Events – Blockchain 360° & ContentLab by Differ
Daniele.truini@contentlab.se