Sweden is a welcoming nation to digital currencies. In fact, it has experienced a rise in crypto usage in recent years, driven by its tech-savvy population and a strong commitment to FinTech-related innovation.
If you’re interested in learning how to buy & sell crypto in Sweden, you’re in for a treat. This guide will help you purchase or cash out crypto in a few easy steps using a beginner-friendly crypto platform.
An Overview of the Crypto Scene in Sweden
According to a Statista forecast, user penetration in Sweden may cover 25.97% of the population in 2024 and may grow to 28.08% by 2028, which is about 2.96 million users. Swedes use crypto for various reasons, namely to trade, make digital payments, send money abroad, access non-fungible tokens (NFTs), to learn about blockchain technology, and more.
Historically, Sweden has a strong tradition of digital transactions in their financial landscape, which paved the way for a seamless transition into the crypto space. This shift was boosted by the country's openness to new technologies and a regulatory environment that, while cautious about crypto, didn't stand in the way. Over time, this has given users a deep understanding of crypto’s possibilities and potential challenges, shaping how the Swedes incorporated them into their economic landscape.
How to Buy Crypto in Sweden
Crypto on-ramp services are available from various avenues in Sweden. Some of your options include crypto exchanges, crypto wallets, payment platforms, crypto automated teller machines (ATMs), and brokers, among others. However, if you prefer a familiar and hassle-free method, Ka.app makes an excellent choice.
Ka.app offers a seamless way to buy crypto with euros (EUR) through IBAN. Additionally, with Ramp integration, you can buy crypto with your credit/debit card, or make a wire transfer from your bank or e-wallet.
a. Buy Crypto through IBAN
IBAN is the best and cheapest way to buy crypto in Sweden using Ka.app. It only takes a few easy steps:
- Sign up for an account.
- Activate Ka. Cash Beta on the platform to enable EUR and generate your crypto IBAN account on Ka.app.
- Transfer EUR from your external IBAN to your IBAN on Ka.app.
- Once you have EUR on Ka.app, click the Convert icon.
- Select the crypto you prefer to get. For instance, EUR to BTC.
- Enter the amount of crypto you want to buy.
- Confirm the transaction with your passcode.
b. Buy Crypto via Ramp (Credit/Debit Card, Bank, E-Wallet)
Ka.app leverages Ramp to provide diverse crypto purchase options to its users. Here's how you can buy crypto in Sweden via credit/debit card, bank transfer, or e-wallet:
- Create an account.
- Sign in and click the Buy icon.
- Select the crypto you want to buy (e.g., the KASTA token).
- The Ramp screen will load.
- Select your preferred fiat currency (e.g., EUR) and crypto (e.g., KASTA).
- Enter the amount you of crypto you want to buy and continue.
- Select your payment method—credit/debit card, bank transfer, or e-wallet.
- Enter your account details.
- Confirm your purchase.
How to Sell Crypto in Sweden
Meanwhile, if you’re looking to sell crypto for EUR, it’s usually available on various crypto exchanges, crypto wallets, crypto ATMs, brokers, and P2P platforms as well. But again, with Ka.app, it’s a quick and easy process.
- Sign up on Ka.app.
- Activate Ka. Cash Beta on the platform. As mentioned above, this will enable EUR and your personal IBAN on Ka.app.
- Go to the home screen and choose the crypto you want to sell (e.g., USDC).
- Select the Convert icon to convert your crypto to EUR.
- Confirm and you’re done!
In case you want to withdraw your funds to your bank account, you can also do that by withdrawing EUR via IBAN. Here’s how it goes.
- Go back to the home screen.
- Select EUR and click the Withdraw icon.
- Enter your external IBAN details.
- Specify the amount you want to withdraw.
- Confirm the transaction.
The Bottom Line
The crypto scene is evolving in Sweden, with the right amount of caution and curiosity. It’s a place where you can easily buy and sell cryptocurrencies, thanks to its forward-thinking population and crypto wallets like Ka.app, offering convenient payment and payout methods such as IBAN.
FAQ
Is crypto legal in Sweden?
Yes. Although crypto isn’t considered a legal tender in Sweden, their legal system acknowledges cryptocurrencies as a distinctive financial asset, often referring to them as "private money."
The authorities, especially the Financial Supervisory Authority, are closely following the developments in digital currencies. They aren't wholeheartedly endorsing them, but they recognise both the opportunities and challenges that come with these new financial tools. This approach reflects their dedication to smoothly incorporating digital currencies into their financial landscape while keeping stability and consumer protection at the forefront.
Can I use crypto for everyday transactions in Sweden?
Absolutely! There’s a growing number of businesses accepting crypto for regular transactions in Sweden. It's becoming more accessible for daily use.
What's the tax implication of crypto transactions in Sweden?
In Sweden, crypto transactions are subject to capital gains tax. Please discuss your crypto activities with a tax professional to remain compliant.
How much does it cost to buy crypto on Ka.app?
If you plan to deposit euros via IBAN, Ka.app charges a flat fee of €1 for incoming transactions under the Single Euro Payments Area (SEPA) system. As for converting EUR to crypto, the fees may differ based on the transaction amount.
What's the cost for withdrawing crypto via IBAN on Ka.app?
There's an outgoing SEPA fee for cashing out funds via IBAN. It costs 0.19% of your withdrawal amount or €1, whichever is higher.