CMS Expert Guide to Crypto Regulation in Sweden

Disclaimer: This chapter was last updated on 20 June 2025 and does not reflect any subsequent developments. The information provided is intended for general informational purposes and should not be construed as legal advice.

MiCAR has direct effect in Sweden. Multiple legislative steps have however been taken by the regulator to implement MiCAR. 

An act relating to the appointment of the national competent authority was passed on 22 May 2024. The SFSA was appointed as the national competent authority to handle all relevant applications for the authorisation of issuers of e-money tokens and asset-referenced tokens. The act entered into force on 30 June 2024. 

On 27 November 2024, the Swedish Parliament passed a new act with supplementary provisions to MiCAR (Sw. Lag med kompletterande bestämmelser till EU:s förordning om marknader för kryptotillgångar (2024:1159)). The new act regulates, inter alia, the SFSA’s (as the national competent authority) supervisory and investigative powers, as well as its rights to take intervening measures. The act entered into force on 30 December 2024. 

As stated above, existing laws have been amended as part of the implementation of MiCAR. For example, crypto-asset service providers are now subject to direct regulation under the AML Act, and the scope of the CFO Act has been reduced to exclude administration and the trading of virtual currencies following MiCAR. These legislative changes entered into force on 30 December 2024.

Generally, it can be stated that Sweden has previously had minimal regulations concerning crypto-asset service-related activities. The introduction of MiCAR has therefore brought a significant change to the legal landscape of crypto regulation.

The listed activities are not specifically regulated in the new act of supplementary provisions and are thus subject to MiCAR, with some exceptions. 

In addition to the general MiCAR framework (covered in the new chapter) it can be said in relation to lending or borrowing of crypto-assets, that under Swedish law, borrowing and lending of crypto-assets may technically be considered a transfer of title of the crypto-asset. It remains uncertain whether the SFSA considers services relating to such activities to fall within the scope of MiCAR.

Please refer to the new chapter on MiCAR provisions

The processing time with the SFSA for authorisation as a crypto-asset service provider is as follows:

• Within five working days, the SFSA must confirm in writing that it has received the application.
• Within a further 25 working days, the SFSA must inform the applicant whether the application is deemed complete. The SFSA may extend this period if additional information is required.
• Within a further 40 working days, the SFSA must assess the application. The SFSA may request additional information within the first 20 working days. If additional information is required, the assessment period will be paused until the applicant provides a response.

The cost of obtaining licences under MiCAR varies depending on the type of licence and the complexity of both the application and the company. The current fee for obtaining authorisation as a crypto-asset service provider ranges between SEK 135,000 – 690,000, while the processing fee for obtaining a licence to issue asset-referenced tokens or seek the admission of trading of asset-referenced tokens ranges between SEK 525,000 – 13,500,000. 

All processing fees at the SFSA relating to MiCAR can be found at the link (in Swedish): 

The processing fees for authorisation to provide services related to virtual currency under the CFO Act were removed following the amendment to the scope of the CFO Act.

This cannot be determined, as decisions made by the SFSA are taken on a case-by-case basis.

As of 18 June 2025, the SFSA has received  three applications for authorisation to provide crypto-asset services and has not yet granted any licences.

When establishing a crypto-asset business in Sweden as either a private or public limited liability company, certain corporate law restrictions need to be considered. These include, for example, residency requirements for board members and managing directors.