SWEDEN Law and Practice Contributed by: Robert Karlsson, Helena Rönqvist, Caroline Landerfors and Vilma Slättegård, Magnusson Law
qualifies as a financial instrument must be made on a case-by-case basis. 10.4 Regulation of “Issuers” of Blockchain Assets If a blockchain asset is classified as a financial instrument, the issuer would be subject to the provisions of the SMA. If the blockchain asset is a crypto-asset, the EU regulation MiCA, which covers both issuers and providers of crypto-assets, applies. MiCA con - tains various provisions regulating the issuance of crypto-assets. 10.5 Regulation of Blockchain Asset Trading Platforms There is no specific regulation on blockchain asset trading platforms in Sweden. If the blockchain asset is classified as a financial instrument, the SMA and other financial regula - tions will apply. If the blockchain asset is clas - sified as a crypto-asset, the provisions in MiCA will apply. Trading in virtual currencies is further regulated There is no specific regulation on staking ser - vices relating to cryptocurrencies in Sweden. However, depending on the situation, staking services may fall under the provisions in MiCA. 10.7 Crypto-Related Lending There is no specific regulation on lending ser - vices relating to cryptocurrencies in Sweden. 10.8 Cryptocurrency Derivatives by the CFOA. 10.6 Staking The offering of cryptocurrency derivatives is not explicitly regulated in Sweden. However, ESMA
has stated that derivatives where the underlying asset is cryptocurrencies may be considered a financial instrument, making the SMA applicable. 10.9 Decentralised Finance (DeFi) Decentralised finance (DeFi) aims to decentralise many of the financial activities within the finan - cial system, which are traditionally based on intermediaries or central systems. Activities in this field are growing rapidly, and Sweden stands at the forefront of digitalisation and new innova - tions, earning recognition when it comes to DeFi. While there are ongoing projects on DeFi plat - forms, there is currently no specific regulatory framework in place for DeFi in Sweden. 10.10Regulation of Funds Funds that invest in blockchain assets would be subject to relevant fund rules. Note that the SFSA stated in early 2024 that, at this time, they are not likely to authorise funds investing in cryp - to-assets. The absence of consumer protection regulation for crypto-assets means that crypto - funds are currently considered too risky. 10.11Virtual Currencies Virtual currencies are digital representations of a value that are accepted as a means of payment that can be transferred, stored and traded elec - tronically, although they are not issued or guar - anteed by a central bank. Virtual currencies are not necessarily linked to an established currency and do not have the legal status of a currency. 10.12Non-Fungible Tokens (NFTs) Although non-fungible tokens (NFTs) are based on blockchain technology similar to cryptocur - rencies, NFTs do not fall within the scope of MiCA. There is currently no explicit regulation on NFTs in Sweden.
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