Sweden has distinct advantages that could position itself as a leader in Web3. This is the closing remark of a blog post by Henrik Beyer, where he goes through the history of money in Sweden. For Sweden to become a leader in Web3, it must align its traditions of equality and transparency with blockchain’s decentralization principles — placing trust, education, and accessibility at the heart of the next financial evolution, Beyer writes.
Henrik Beyer is the founder of Cryptobeyer, a platform dedicated to exploring the human aspects of technology in the Web3 space. As an author and the creator of the Human Web newsletter, Henrik advocates for ethical innovation and ensures technology empowers people, focusing on the impact of Web3 on society and well-being.
Below is Henrik Beyer's comment.
Nordic Crypto Adoption Week 2025 revealed both the progress and the roadblocks facing Sweden as it navigates the integration of digital assets into its financial system.
In Sweden, we see a historical story unfolding that shows both the progress and the difficulties of making digital assets a part of the main financial system.
From the days of the Vikings to the modern digital age, people's understanding and use of currency have transformed over centuries. The way we relate to money is closely linked to our needs and wants, reflecting a philosophical journey that continues to shape our financial lives.
In the Viking Age, Scandinavians engaged in trade primarily through bartering goods and utilizing silver as a form of currency. This era was characterized by a strong belief in the physical value of assets, with money reflecting the intrinsic worth of goods.
The 11th century marked a significant shift with the introduction of coins, influenced by foreign trade practices. This transition towards standardized currency signaled a growing acceptance of a common medium for trade, setting the stage for further financial evolution.
As Scandinavia progressed into the 17th and 18th centuries, the establishment of central banks in Denmark, Sweden, and Norway marked another philosophical transition. People began to trust government-issued paper money, shifting away from reliance on precious metals like silver and gold. This change highlighted a growing faith in governmental control and oversight of currency.
The late 19th century saw the creation of the Scandinavian Monetary Union, uniting Denmark, Sweden, and Norway under a common gold-backed currency known as the krona/krone. This move emphasized the belief that money should be tied to real assets to maintain stability and value, aiming to prevent the limitless printing of money and subsequent inflation.
By the mid-20th century, Scandinavia transitioned to fiat currency, reflecting a philosophical journey towards trusting governmental regulation. Today, the Danish krone, Swedish krona, and Norwegian krone stand as national fiat currencies, symbolizing the faith placed in governmental oversight.
Sweden has long had strong banking systems and regulations, which create a sense of security and trust among its citizens. It's important to note that traditional banking provides oversight, clear guarantees, and protections. This trust in traditional finance makes it challenging for new financial technologies such as cryptocurrencies to gain widespread acceptance among Swedes.
How does Sweden stand in terms of cryptocurrency adoption? Recent statistics, from the 2025 Crypto Adoption Report by K33, Nordic Blockchain Association and Kaupr, reveal a modest increase in cryptocurrency adoption among Swedes. In 2024, approximately 6.7% of the population owned Bitcoin and other cryptocurrencies, rising marginally to 7.4% in 2025. While this indicates some growth, the increase is negligible, suggesting that significant barriers to widespread adoption remain.
On the regulatory side, the Swedish tax authority, Skatteverket, has in the last couple of years employed staff knowledgeable about cryptocurrency, indicating a small step towards understanding and regulating the space. However, traditional financial institutions and the central bank appear to hinder cryptocurrency adoption, making it difficult for crypto companies to operate in Sweden.
This resistance underscores the need for collaboration between traditional finance and fintech firms to explore the potential of blockchain technology for the common good.
The entire Web3 space must focus on improving user experience and addressing security concerns, particularly in hindering illicit activities such as scams. Building trust through enhanced user protection and security measures is crucial for broader adoption, not just in Sweden.
However, Sweden’s overall sceptical approach to web3 technology is a surprising contrast to its strong legacy in innovation. Despite the rapid technological developments in the crypto space, there has been a noticeable lack of positive acknowledgment from the Swedish government and its financial institutions regarding the potential of blockchain technology. This negative silence seem to be holding its grip on the industry and contributes to an environment where crypto companies face operational challenges and very limited support.
”Sweden is trailing in the fourth industrial revolution but holds untapped potential.”
Investment trends in Sweden show how the interests and actions of crypto owners are changing:
When we look at the human-centric aspects of Web3 in Sweden it is clear that the industry would evolve with trust-building measures. Sweden needs initiatives focusing on financial education to meet the untapped needs of people who are new to cryptocurrency. The cryptocurrency is a complement to the already well-functioning Scandinavian traditional financial system.
As regulatory frameworks like MiCA are gaining ground, they will likely further bolster consumer confidence and institutional support, even though they are not complete in themselves. Remember cryptocurrency is an emerging field that needs time to reach the needs of the community and people. Like with all technological revolutions, remaining societal issues also need to be in focus to create a fair and inclusive financial system therefore addressing the wealth disparity and ensuring inclusive access to crypto markets remains a critical challenge.
In conclusion, Sweden has distinct advantages that, if properly utilized, could position itself as a leader in Web3. These strengths come from its apparent love for equality, transparency, and social welfare. Yes, these values align perfectly with the principles of decentralization and trust that underpin Web3 technologies. For Sweden to become a leader in Web3, it must align its traditions of equality and transparency with blockchain’s decentralization principles — placing trust, education, and accessibility at the heart of the next financial evolution.
Kaupr's blog column is open for submissions. Send your article or idea to morten@kaupr.io.