Bitcoin in the Nordics: A Regulatory Overview
A quiet revolution is underway in the Nordics - Bitcoin exposure is going mainstream, not through wallets, but through the stock market.
By Nordics Bitcoin Staff May 31st 2025
As Bitcoin continues to gain traction globally, Swedish and other Nordic companies have been exploring its potential as a treasury asset with some first movers taking action. Historically, the regulatory landscape in Sweden, Norway, Finland, and Denmark have presented a complex environment for investors to buy Bitcoin with regulators and banks often shying away from encouraging direct investment. Now a new breed of Bitcoin Treasury Company will allow retail and institutional investors to gain Bitcoin exposure more easily via traditional brokerage accounts.
Let’s take a look at the current regulatory landscape in each country.
Sweden: Cautious Regulation Amidst Growing Interest
Sweden's approach to Bitcoin is marked by caution. The Financial Supervisory Authority (FSA) has been designated as the competent authority under the EU's Markets in Crypto-Assets (MiCA) regulation. This aims to harmonize crypto regulations across the EU, providing clearer rules for crypto-asset service providers.
The Swedish Central Bank (Riksbank) remains skeptical of Bitcoin. Governor Erik Thedéen has emphasized that Bitcoin has no place in Sweden's financial system and that authorities should minimize its role. This conservative stance has led to limited institutional adoption within traditional financial channels.
The Swedish Financial Supervisory Authority (FI) has historically advised financial institutions to avoid offering Bitcoin-related services.
On the bright side, Sweden’s Tax Agency has proposed simplifying the rules for Bitcoin taxation to reduce administrative burdens, but the current system remains complex for individuals managing direct Bitcoin holdings. Bitcoin in Sweden is taxes like other assets, with a 30% capital gains tax payable on realised profits.
This is where Bitcoin Treasury Companies come in. By listing on Swedish exchanges such as Nasdaq Stockholm or the Nordic Growth Market (NGM), companies like H100 Group and K33 offer a regulated and accessible way for Swedes to gain quick and easy exposure to Bitcoin without needing to open separate accounts at Bitcoin exchanges. Investors can buy shares in these companies through standard brokerage platforms like Avanza or Nordnet, sidestepping the need for crypto wallets or navigating international exchanges.
Norway: Emphasizing Oversight and Caution
Norwegian regulators have maintained a watchful stance on Bitcoin. The country’s Financial Supervisory Authority (FSA) and Ministry of Finance are preparing to implement MiCA standards. Transparency, Know-Your-Customer (KYC) compliance, and anti-money laundering safeguards are top priorities.
Public interest in Bitcoin is growing, with a 2024 survey revealing that around 11% of Norwegians own crypto assets. Still, the central bank and major financial institutions remain cautious. Norway's sovereign wealth fund, the world’s largest, has announced it will assess crypto companies for ethical concerns starting in 2025. It currently holds over one million shares in Strategy Inc. - the pioneer of the Bitcoin Treasury landscape.
Finland: Structured Framework Encouraging Innovation
Finland stands out with a well-organized regulatory framework. The Financial Supervisory Authority (FIN-FSA) handles oversight, and Finland was among the first countries to begin implementing the MiCA regime.
Under MiCA, Finnish Bitcoin service providers must meet rigorous requirements to ensure consumer protection and market integrity. The transition period ends in June 2025, by which time all operating companies must be fully licensed.
Finland also supports innovation through public initiatives like Sitra, the Finnish Innovation Fund, which explores applications of blockchain and Web3 technologies.
Denmark: Transitioning to Comprehensive Regulation
Historically, Denmark has taken a lighter-touch approach to Bitcoin, but this is changing rapidly. The Danish Financial Supervisory Authority (DFSA) had previously exempted Bitcoin used solely as a payment method from regulation. However, Denmark is now aligning more closely with EU standards under MiCA.
A major proposed tax reform would, starting in 2026, subject unrealized Bitcoin gains to taxation - an extremely worrying development if passed by the Danish parliament.
For Danish investors, this shifting landscape creates uncertainty in directly holding Bitcoin. However, listed Bitcoin Treasury Companies represent a viable path forward. Shares can be held in Danish brokerage accounts, offering simplicity and legal clarity compared to managing personal Bitcoin holdings and an impending burdensome tax regime.
Iceland: Light-Touch Bitcoin Oversight
The Financial Supervisory Authority (FME) does not impose specific crypto regulations unless an activity falls under existing financial services law, creating a light-touch regulatory climate that allows individual investors and institutions to engage with Bitcoin without undue friction.
Importantly, Iceland’s real contribution to the Bitcoin ecosystem lies in its infrastructure. With abundant geothermal power and a cool climate ideal for data centers, the country has become a key base for industrial-scale Bitcoin mining. This positions Iceland as a silent enabler of the network’s security and resilience.
A Simpler Path to Bitcoin Exposure
With a rapidly evolving regulatory environment across the region including more onerous information disclosure as well as potentially harsher tax regimes, Bitcoin Treasury Companies like H100 Group could reshape how investors engage with Bitcoin. These companies, by being publicly listed on regulated exchanges, allow anyone with a standard brokerage account to invest in Bitcoin indirectly.
This model has several advantages:
Accessibility: Investors avoid setting up Bitcoin wallets or learning new platforms which can be daunting. They can simply purchase stock through familiar services like Avanza, Nordnet, or Degiro.
Tax Efficiency: Shares are taxed like traditional equity holdings, potentially avoiding the more complex and evolving rules around Bitcoin transactions.
Security and Custody: The companies themselves manage Bitcoin custody - often via professional custodians or multi-signature wallets - mitigating risks tied to personal security errors.
Regulatory Compliance: By being subject to exchange listing rules, financial audits, and MiCA compliance, these companies operate within frameworks investors and institutions understand.
Less Hassle Exposure: Investors don’t have to setup an exchange account to make future Bitcoin price growth part of their portfolio.
The Road Ahead
While Nordic governments continue to regulate cautiously, the emergence of Bitcoin Treasury Companies provides a new on-ramp for both retail and institutional investors. As more companies adopt this model, the ecosystem will likely grow in size. Expect more companies to follow suit once these trailblazers execute their strategies and the benefits become obvious to all.
For investors, the equation is increasingly clear: while not the same as holding Bitcoin directly, price exposure to the Bitcoin price no longer requires deep technical knowledge or offshore exchanges. It can now be achieved with a few clicks in a regulated brokerage account they already have in Sweden, Norway and other Nordic countries.
NordicsBitcoin.com will continue monitoring developments in this space - highlighting the pioneers, the policy shifts, and the market trends that are making the Nordic region a new frontier for Bitcoin adoption.
