Swedish Tax Agency Increases Taxes by 287 Million Reais for Six Cryptocurrency Companies

The Swedish Tax Agency has increased taxes by approximately 540 million Swedish kronor (287 million reais) for six cryptocurrency companies in Boden, claiming they used structures to gain undue tax benefits. Despite legal appeals, the decisions were upheld. Bikupan Datacenter AB, linked to Bitcoin miner HIVE, received a tax bill of 477 million Swedish kronor (253 million reais) and has entered judicial recovery. Bikupan's CEO, Johanna Törnblad, contested the Tax Agency's assessment, stating that mining is conducted by external pools. Patrik Lillqvist, head of intelligence at the Tax Agency, stated that the companies were circumventing the law. A 2024 investigation indicated that companies in the crypto sector evaded 1 billion Swedish kronor (531 million reais) in taxes. The case highlights that managing mining operations can be complicated. Additionally, many miners are migrating to the artificial intelligence sector due to increasing demand and Bitcoin halvings, which halve rewards every four years. The new taxes may lead other companies to reconsider the risks of operating in Sweden.

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