Safello and SweFinTech Lead the Industry Response on Cryptoassets

Stockholm, 19 May 2021 | Sweden’s leading broker for cryptocurrencies, Safello, continues its work to lead the collaboration between industry players in order to improve the legislation on digital assets. The Swedish Fintech Association, or SweFinTech, aims to enhance the cooperation between Fintech companies and provide a one-stop-shop for authorities to reach out and to consult the industry.

In December 2020, Safello took the initiative to form a working group focusing on digital assets and blockchain technology within SweFinTech. The newly formed working group coordinates with regulators, legislators and industry actors to establish common standards in crypto- and digital assets while supporting best practices.

The innovation center at Finansinspektionen, Sweden’s Financial Supervisory Authority, today invites to a first round table discussion on cryptocurrencies. The discussion will be led by Klas Malmén, innovation coordinator at FI and the industry efforts will coordinated by Michal Gromek, Chairman of SweFinTech's working group on crypto and blockchain, and also Safello's Chief Compliance Officer. The purpose of the round table discussion at FI will be, among other things, to discuss the European Commission's proposal for new regulation for cryptocurrencies and to take part in different perspectives from market players.

The agenda includes several interesting issues related to risks and challenges, including the prevention of market abuse, authorization and conditions for providers of crypto services, as well as possible plans to reduce environmental impact when using the blockchain technology proof-of-work.

– The Swedish crypto industry has reached a level of maturity where it is important to create a platform to enable regulators, legislators and law enforcement to coordinate various efforts with the leading players in the market, says Michal Gromek, working group chairman at SweFinTech.

In addition to Safello and SweFinTech, about twenty representatives from companies and organizations such as Arcane Crypto, Avanza, Centiglobe, Goobit, Sprinkle Group, the Swedish Bitcoin Association and the Swedish Blockchain Association are participating.

– Despite the fact that we sometimes compete in certain areas, we often face the same challenges, for example unclear rules that slow down our operations and create unwanted uncertainty for consumers who often are unaware of the fine print of digital assets, Michal Gromek concludes.

For more information, please visit the Swedish FSA website.
 

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Contact information
Michal Gromek, Chief Compliance Officer på Safello, press@safello.com

Certified Adviser
Corpura Fondkommission AB, info@corpura.se, +46 722 52 34 51

Safello is an online cryptocurrency brokerage. Regulated as a financial institution with Finansinspektionen (Swedish FSA), Safello offers a secure way to buy and sell crypto, in seamless transactions at industry-leading speeds. Partners integrate Safello’s brokerage solution to their web and mobile applications. Operational since 2013 in Sweden, Safello is driving crypto adoption for users, with a safe, efficient and user-friendly platform.