How the rules are made
A simplified map of how crypto rules travel from Brussels to the five Nordic countries, and who supervises and enforces them. Every institution links to its legal source and, where we have one, to the entry in our org chart. Choose a country to follow its route.
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EU level
The European Commission proposes a regulation; the European Parliament and the Council adopt it under the ordinary legislative procedure. ESMA and EBA then fill in details and supervise parts of it.
proposesEuropean CommissionadoptsEuropean ParliamentadoptsCouncil of the EURegulation (EU) 2023/1114MiCAMarkets in crypto-assets: licences for crypto-asset service providers, rules for issuers and stablecoins.applies from 30 December 2024 · EUR-LexRegulation (EU) 2023/1113Transfer of Funds Regulation'Travel rule': information about sender and recipient must follow crypto transfers.applies from 30 December 2024 · EUR-LexRegulation (EU) 2024/1624AMLREU anti-money-laundering rulebook, including crypto-asset service providers.applies from 10 July 2027 · EUR-LexRegulation (EU) 2022/2554DORADigital operational resilience (ICT risk) for financial firms, including crypto-asset service providers.applies from 17 January 2025 · EUR-LexInto national law
Sweden, Denmark and Finland are EU members: EU regulations are binding and directly applicable there. A national act adds what the regulation leaves to each country, such as which authority is in charge.
The EEA Joint Committee decided on 20 February 2025 (Decision No 41/2025) to incorporate MiCA into the EEA Agreement; Norway and Iceland then gave it effect in national law.
National actLov om kryptoeiendeler (LOV-2025-05-27-20)نروژ · EEA route · LovdataNational actLag (2024:1159)سوئد · EU member · Sveriges riksdagNational actLov om finansiel virksomhed § 332 cدانمارک · EU member · RetsinformationNational actLaki 402/2024فنلاند · EU member · FinlexNational actLög nr. 101/2025ایسلند · EEA route · AlþingiParliament and ministry
General description As a rule, the ministry responsible for financial markets prepares the bill and the national parliament adopts it.
MinistryFinansdepartementetنروژ · org chartParliamentRiksdagenسوئد · Sveriges riksdagMinistryFinansdepartementetسوئد · org chartParliamentFolketingetدانمارک · RetsinformationMinistryErhvervsministerietدانمارک · org chartParliamentEduskuntaفنلاند · FinlexMinistryValtiovarainministeriöفنلاند · org chartParliamentAlþingiایسلند · AlþingiMinistryFjármála- og efnahagsráðuneytiðایسلند · org chartSupervisor
The national competent authority authorises crypto-asset service providers and supervises them.
Act 402/2024 supplements MiCA; under its section 2, Finanssivalvonta supervises compliance.
SupervisorFinansinspektionenسوئد · Sveriges riksdag · org chartSupervisorFinanstilsynetSupervisorFinanssivalvontaEnforcement
Suspicious transactions are reported to the financial intelligence unit (FIU), which is part of the police or prosecution service. In each country the national tax authority is responsible for taxation, including of crypto-assets.
Suspicious transactions are reported to Hvidvasksekretariatet, the Danish FIU within NSK. There is no separate crypto tax act; Skattestyrelsen applies the general tax rules to crypto-assets.
Suspicious transactions are reported to the Financial Intelligence Unit (Rahanpesun selvittelykeskus) within the National Bureau of Investigation (Acts 444/2017 and 445/2017).
Tax authoritySkatteetatenنروژ · Skatteetaten · org chartFIU / policeFinanspolisen (Polismyndigheten)سوئد · Sveriges riksdag · org chartTax authoritySkatteverketسوئد · Skatteverket · org chartFIU / policeHvidvasksekretariatetدانمارک · Hvidvasksekretariatet · org chartTax authoritySkattestyrelsenTax authorityVerohallintoفنلاند · Verohallinto (vero.fi) · org chartTax authoritySkatturinnایسلند · Skatturinn · org chart