Sweden is missing comprehensive legislation specifically designed to regulate the blockchain and cryptocurrencies. Individual reports, statements and preliminary judgments are formulated by a number of agencies, including the Riksbank, the Financial Supervisory Authority (FSA, Finansinspektionen) and the Swedish Tax Agency (Skatteverket), but these explanations are not exhaustive. At the same time, at the moment, the legal positions of the agencies do not cause serious contradictions.
Definiteness of Legal Regulation
Sweden does not have any specific regulation that deals with cryptocurrencies. A number of agencies have issued statements, reports, and preliminary judgements on how they interpret cryptocurrencies and how such currencies relate to Swedish law. The Riksbank and FSA do not define the cryptocurrency as a currency. The Swedish Financial Supervisory Authority (Finansinspektionen) only stated that Bitcoin is subject to its regulation, since cryptocurrency trading is categorized as "other financial activity" (annan finansiell verksamhet), which is actually equivalent to the status of a means of payment. Currently there are no specific regulations governing ICOs in Sweden, as it goes beyond the existing laws.
Stability of Legal Regulation
The government is not keen to regulate the crypto sphere. Such organizations as the Riksbank, the Ministry of Finance, and the FSA note high risks for investors in the field of cryptocurrency, primarily because of the high volatility, secondly, because of the lack of guarantees from state bodies. However, the prospects of developing special legislation are not yet visible – representatives of state agencies refrain from making any declarations about their intention to regulate. The Government of Sweden is strongly in favor of international regulation of bitcoin and other cryptocurrencies.
Adequacy of Legal Regulation
In general, the government is not keen to impose strict regulation on the cryptocurrency sector, believing that excessive regulation can only do harm. On the one hand, such a position creates some uncertainties in regulation, and on the other hand, it allows regulators to comply with market requirements for regulation. The blockchain technology sector also enjoys a rather favorable environment and will likely be further regulated within the framework of the European Blockchain Partnership. The blockchain is used at the official level (by the government organization Lantmateriet) and is not subject to criticism from the authorities.