SWEDEN Law and Practice Contributed by: Robert Karlsson, Helena Rönqvist, Caroline Landerfors and Vilma Slättegård, Magnusson Law
6.2 Regulation of Different Asset Classes The main legislation for all financial instrument asset classes is the SMA. MiCA classifies crypto-assets into three categories: e-money tokens, asset-referenced tokens and other crypto-assets. 6.3 Impact of the Emergence of Cryptocurrency Exchanges Sweden has historically not had any comprehensive regulation of cryptocurrency exchanges or other cryp - to-asset-related operations. However, this changed when MiCA entered into force in Sweden in December 2024. The aim of MiCA was to establish uniform rules for crypto-assets on the EU market. MiCA covers crypto- assets not previously regulated by, for instance, the SMA. Undertakings that have previously engaged in unregulated activities relating to crypto-assets will now have to apply for authorisation and implement systems to ensure compliance with the new regulatory requirements. MiCA offers an option for member states to implement transitional measures in accordance with a grandfa - thering clause. This clause allows entities already providing crypto-asset services (eg, operation of a trading platform for crypto-assets) in accordance with applicable national law to continue to do so until 1 July 2026 or until they are granted or refused a MiCA authorisation. 6.4 Listing Standards The SMA contains rules for the admission of shares and other financial instruments on regulated markets or other trading platforms. Securities exchanges that operate regulated markets are obligated to have clear and openly reported rules for admission to trading, and financial instruments may, in general, only be admitted to trading if conditions exist for fair, orderly and efficient trading. Each regulated market or MTF publishes its own set of listing rules that apply for admissions to trading on the relevant trading platform. For share listings, such listing rules commonly include, among other things, the following requirements:
The Swedish central bank has been part of Project Icebreaker, a collaboration with the central banks of Israel and Norway, as well as the Bank for Interna - tional Settlements (BIS) Innovation Hub Nordic Centre. The initiative explored the possibility of cross-curren - cy payments utilising virtual currencies between the central banks. The final report of the project, highlight - ing both the advantages and the challenges of the system, was published in March of 2023. AML remain a key focus for Swedish regulators. 6. Marketplaces, Exchanges and Trading Platforms 6.1 Permissible Trading Platforms Permissible Trading Platforms The definition of “trading platform” (trading venue) can be found in the SMA, which is an implementation of MiFID II. As the definition comes from EU law, only trading platforms that are within the EEA are covered. When referring to trading platforms outside of the EEA, terms such as “corresponding trading platforms in a third country” or similar are used. The definition of “trading platform” in the SMA encom - passes the following three types of platforms, which are permissible in Sweden. • Regulated markets: there are currently two regu - lated markets in Sweden: Nasdaq Stockholm and NGM. • Multilateral trading facility (MTF) platforms: There are currently three MTF platforms in Sweden – First North, Nordic MTF and Spotlight Stock Market. MTF platforms are trading systems organised by an exchange or by an investment firm that normally have lower requirements than regulated markets, such as in the area of disclosure of information. • Organised trading facility (OTF) platforms: OTF platforms are similar to MTF platforms. However, OTF platforms may not arrange trading in stocks and similar equity instruments. There are currently no authorised OTF platforms based in Sweden.
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