The state of crypto in Northern Europe: Hostile Scandinavia and vibrant Baltics
Despite the turbulence that broke out in the crypto market this summer, there is an important long-term marker that should be considered in any complex assessment — the combination of adoption and regulation. The latest report by EUBlockchain Observatory, named “EU Blockchain Ecosystem Developments,” tries to measure this combination within the European Union, combining the data on each and every member country from Portugal to Slovakia.
As the original report counts more than 200 pages, Cointelegraph prepared a summary with the intent to capture the most vital information about the state of crypto and blockchain in Europe. Cointelegraph started from a group of countries that are usually labeled as Western European and continues with a review of Northern European states.
Numbers: $39.9 million (40 million euros) raised in initial coin offerings (ICOs), 15 blockchain startups launched.
Regulation and legislation: According to the report, the country still lacks any definite crypto and blockchain legislation: “One must often use the existing legal framework and force blockchain to fit within that framework.” The principal supervisory authorities in the country are the Swedish Financial Supervisory Authority and the Swedish Data Protection Agency.
Taxes: While the report lacks any information about the tax regime regarding crypto in the country, the local tax advisers specify that capital gains from selling crypto are subject to a 30% tax.
Notable initiatives: The Swedish land-ownership authority Lantmäteriet began testing blockchain technology in 2016, which resulted in a pilot project to develop future real estate transactions by using smart contracts. In June 2018, developers completed the first successful transaction on
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