Trading Virtual Currency In Sweden: All You Might Want To Know
There aren’t many rules about trading crypto in Sweden and it’s considered legal. However, you have to provide the Financial Authorities of the country with info on your transactions, or you might receive huge fines.
This happened to one trader who hid his fees and real prices that he bought crypto for. For that, he received a 300% tax on all the profits made from crypto which got him a fine of 1 million dollars.
Pros and cons of trading crypto in Sweden
The biggest advantage is that trading and investing in crypto is legal in Sweden. Not only that, Sweden even sees potential in crypto, as its citizens slowly, but steadily use the normal currencies less and less.
Nevertheless, there are still several misses. For example, you need to provide the government with a list of all transactions made using crypto every year. In case you’re lying and it’s found out, you can get a huge fine which you might be repaying for the rest of your life.
Safest exchange for crypto trading in Sweden
A national exchange used by the citizens of Sweden is Safello. Safello offers an easy way to buy and sell crypto for people living in Sweden. The platform accepts most Swedish payment methods and their currency. The main headquarters of the exchange are in Stockholm — the capital of Sweden.