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Legal way to buy & hold cryptocurrency in Sweden?

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Legal way to buy & hold cryptocurrency in Sweden?

Hej !

Just wondering, what's the best way to start investing in crypto ? Something like an ISK account kind of provision is there with any of the trading exchanges ? From what I read here, Sweden is not so pro-cryto & banks create issues (like sending questions asking all sort of details).

I don't mind KYC etc. as I do plan on paying taxes & the money invested is my hard earned money from my legal job (on which I anyways pay decent tax) !

Tack !

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Set up an account at Avanza and trade in certificates such as https://www.avanza.se/borshandlade-produkter/certifikat-torg/...

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If you don't care about *actually* holding cryptocurrency, but instead just to invest in the value of cryptocurrency, there are certificates you can buy that you can hold in an ISK. Avanza sells a few of them:

One starting point would be here (in Swedish)
https://www.avanza.se/kundservice.html/669/erbjuder-ni-handel...

This is the only way I'm aware of to invest in cryptocurrency and also keep it in an ISK account that I'm aware of, but there are additional risks to using these types of exchange traded products.

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I should add, that as far as I know it's completely legal to hold and invest directly in cryptocurrency, but you will need to keep a record of all purchases and sales for tax reasons, and pay capital gains tax on any money you make. (I.e. it's not possible to do this in an ISK.) However, I've heard a lot of stories about people getting trouble with their banks for trying to actually transfer funds in and out of their exchanges. If you're going to try this, I suggest you have a plan for dealing with a situation where your bank account might be frozen for some time.

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Safello is a legal and regulated financial institution for buying crypto in Sweden: https://safello.com

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ISK accounts are to prefer because of the low tax, compared to trading "physical" BTC on an exchange.

But if you prefer the real deal, you have to get an account at a "crypto friendly" bank, SEB/Nordea seems to be pretty fair to its customers. Bank transfer into any exchange which accepts SEPA transfers (Coinbase or Kraken for example)

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Skrivet av thepoodles:

ISK accounts are to prefer because of the low tax, compared to trading "physical" BTC on an exchange.

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Depends, ISK is pretty bad if you're lost money in the latest cryptocurrency crash. If you had had the money outside ISK you could instead get tax credits for your capital losses...

But yes, ISK is better if you're actually making some money

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Skrivet av pv2b:

Depends, ISK is pretty bad if you're lost money in the latest cryptocurrency crash. If you had had the money outside ISK you could instead get tax credits for your capital losses...

But yes, ISK is better if you're actually making some money

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Don’t sell at a loss?

I thought OP was investing, not daytrading.

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Skrivet av Ibymafayhas:

Set up an account at Avanza and trade in certificates such as https://www.avanza.se/borshandlade-produkter/certifikat-torg/...

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Skrivet av pv2b:

If you don't care about *actually* holding cryptocurrency, but instead just to invest in the value of cryptocurrency, there are certificates you can buy that you can hold in an ISK. Avanza sells a few of them:

One starting point would be here (in Swedish)
https://www.avanza.se/kundservice.html/669/erbjuder-ni-handel...

This is the only way I'm aware of to invest in cryptocurrency and also keep it in an ISK account that I'm aware of, but there are additional risks to using these types of exchange traded products.

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Thanks for your reply. Is Avanza trustworthy ? Given I'm looking at 10-20 years holding period, I get skeptical of the fact that I actually don't own the keys, but only a certificate with some organization (which exist today, not sure how they do in 10 years). What if they go bankrupt or any other unseen & unfavorable situation happens.

Skrivet av pv2b:

I should add, that as far as I know it's completely legal to hold and invest directly in cryptocurrency, but you will need to keep a record of all purchases and sales for tax reasons, and pay capital gains tax on any money you make. (I.e. it's not possible to do this in an ISK.) However, I've heard a lot of stories about people getting trouble with their banks for trying to actually transfer funds in and out of their exchanges. If you're going to try this, I suggest you have a plan for dealing with a situation where your bank account might be frozen for some time.

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I do not plan on doing transactions, like using crypto to buy stuff off the internet etc. Plan is to HODL it for a decade or so. Not sure how the taxes work under such circumstances(given the volatile nature of crypto, your portfolio can be in green or red). The risk of getting bank account frozen is real, not somewhere I want to be.

Skrivet av CyberNerd:

Safello is a legal and regulated financial institution for buying crypto in Sweden: https://safello.com

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They seem to be legit. Any idea if we buy via their exchange, do we keep the key with us in our wallet OR does the key sit in the exchange ? I do plan to call them as well. Thanks.

Any other exchange like this which is approved by Swedish FSA. Safello deals in limited currencies only.

Skrivet av thepoodles:

ISK accounts are to prefer because of the low tax, compared to trading "physical" BTC on an exchange.

But if you prefer the real deal, you have to get an account at a "crypto friendly" bank, SEB/Nordea seems to be pretty fair to its customers. Bank transfer into any exchange which accepts SEPA transfers (Coinbase or Kraken for example)

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Let me evaluate this options as well. I do have SEB account.

Can you help me understand the low tax on ISK account ? Isn't the tax same irrespective how you buy or trade in it ?

Skrivet av pv2b:

Depends, ISK is pretty bad if you're lost money in the latest cryptocurrency crash. If you had had the money outside ISK you could instead get tax credits for your capital losses...

But yes, ISK is better if you're actually making some money

Gå till inlägget

Very interesting point, but why you make more money via ISK, is the low transaction fee ? I assume the taxes are same for both ISK & exchanges.

Skrivet av thepoodles:

Don’t sell at a loss?

I thought OP was investing, not daytrading.

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Yes, plan is to HODL.

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Skrivet av sayno2mining:

Thanks for your reply. Is Avanza trustworthy ? Given I'm looking at 10-20 years holding period, I get skeptical of the fact that I actually don't own the keys, but only a certificate with some organization (which exist today, not sure how they do in 10 years). What if they go bankrupt or any other unseen & unfavorable situation happens.

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In my opinion, Avanza themselves are a legitimate and trustworth bank. I personally trust them with my savings (which are not crypto-related).

Whether the issuer of the Bitcoin certificate is trustworthy, is a completely different question. In this case, Avanza is merely working as the brokerage. As far as I know, Avanza does not issue any certificates of their own backed by cryptocurrency, so they are all issued by other companies. I have not evaluated them, I merely pointed out that it exists, and it something you could potentially take a look at. I even mentioned that there are risks to these type of financial products, and it is up to you to evaluate them. I am not personally qualified to have an informed opinion about these companies.

You might want to consider spreading your risks by purchasing certificates from different companies. It will of course increase your chance that one of the certificates you buy ends up failing for some reason, but it will also lessen the impact of any such failure. Again, up to you to evaluate and decide.

Anyway, if you want to hold your own crypto keys, then definitely this isn't the solution for you. But also, in situation, it's also impossible to hold in an ISK (unless maybe if you set up your own market-traded cryptocurrency backed certificate... and then definitely you need a lot more help than some random dude on Sweclockers)

Good luck.

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Skrivet av sayno2mining:

Thanks for your reply. Is Avanza trustworthy ? Given I'm looking at 10-20 years holding period, I get skeptical of the fact that I actually don't own the keys, but only a certificate with some organization (which exist today, not sure how they do in 10 years). What if they go bankrupt or any other unseen & unfavorable situation happens.

Gå till inlägget

Yes, Avanza is trustworthy. 1.700.000 customer, and holds 7% of the Swedish savings

https://sv.wikipedia.org/wiki/Avanza

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Skrivet av sayno2mining:

They seem to be legit. Any idea if we buy via their exchange, do we keep the key with us in our wallet OR does the key sit in the exchange ? I do plan to call them as well. Thanks.

Any other exchange like this which is approved by Swedish FSA. Safello deals in limited currencies only.

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You can choose to keep your crypto in the safello-wallet or send them to your own wallet.

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