Cryptocurrency has experienced a dramatic rise in recent years, marked by rapid growth in market value, user adoption and institutional interest. As of early 2025, the global cryptocurrency market capitalization has surged past $2.5 trillion, a massive increase from under $200 billion in 2019. Bitcoin continues to dominate the space, accounting for roughly 47–50% of the total market share. The user base has also expanded significantly, with over 500 million people worldwide now using cryptocurrencies i.e. doubling the figure from just a few years ago in 2021, according to data from Crypto.com. Institutional involvement is on the rise as well with more than 60% of institutional investors either actively investing in or considering digital assets, based on a 2024 Fidelity survey. Furthermore, over 100 countries are now exploring or piloting central bank digital currencies (CBDCs), highlighting growing governmental interest in blockchain-based financial systems.
Cryptocurrency adoption in Scandinavia is also increasing driven by growing interest in decentralized finance and blockchain technology. As of early 2025, an estimated 2.18 million people across the Nordic countries own some form of cryptocurrency which equals to 9.6% of the adult population. This reflects a sharp rise from 2024, with over 635,000 new crypto owners added in just one year. Among the Nordic nations, Norway leads with a 9.2% ownership rate, followed by Sweden at approximately 6.5% to 6.8%.
Sweden currently ranks third in Europe for crypto adoption, according to Chainalysis’ 2023 report. Meanwhile, Norway has experienced a 200% growth in crypto users since 2021. A notable milestone came in 2022 when Oslo-based Firi (formerly NBX) became Norway’s first licensed crypto exchange, highlighting the region’s push toward regulated digital finance. Additionally, Sweden’s central bank has been testing its own central bank digital currency (CBDC), the e-krona, since 2020.
The growing embrace of cryptocurrency in the region is fuelled by high internet penetration, digital literacy and an innovation-driven culture. As Scandinavia continues to explore CBDCs and refine its digital asset policies, the intersection of crypto and gambling remain a space to watch closely.
Norway
Norway takes a conservative approach to cryptocurrency adoption, particularly when compared to some of its Nordic neighbours. Norges Bank has openly criticized Bitcoin, calling it “too risky” to serve as a national currency. In 2023, tax regulations were updated to treat crypto earnings as regular income, increasing the burden on individual investors. Compounding the issue, many Norwegian banks actively block transactions to and from crypto exchanges, creating significant friction for users.
Despite these obstacles, crypto-friendly online casinos continue to attract Norwegian players by adapting to the local environment and offering flexible deposit options. Some platforms now accept Bitcoin, Ethereum and other altcoins directly, allowing users to bypass traditional financial institutions. “Norwegians want access to these markets, but the banking firewall creates friction,” says Mia Lund, a crypto consultant based in Oslo. “Many turn to peer-to-peer solutions or prepaid crypto cards as workarounds.”
As of early 2025, approximately 12.3% of Norwegian adults own cryptocurrencies, up from 9% in 2024, marking the highest ownership rate among Nordic countries. This surge reflects a broader trend across the region, with countries like Denmark and Finland also experiencing notable increases in crypto ownership. The demographic profile of Norwegian crypto owners is predominantly young and male, aligning with patterns observed in neighbouring nations. However, there has been a significant uptick in ownership among older age groups, attributed to favourable institutional, political and regulatory developments over the past year.
In terms of wealth, Norway leads the Nordic countries with an estimated $5.8 billion in cryptocurrency assets. Bitcoin and Ethereum remain the most popular cryptocurrencies among Norwegian investors, with 76% and 39% ownership rates, respectively.
Looking ahead, projections indicate that the number of Norwegian crypto owners could surpass one million within the next decade, as awareness and accessibility of digital assets continue to expand. Online casino industry is expected to benefit from this growth, with many planning to expand their crypto payment support to cater to the Norwegian market. This growing interest underscores Norway’s evolving financial landscape and its population’s openness to embracing digital assets.
Sweden
Sweden’s transition toward a cashless society has created fertile ground for cryptocurrency adoption. The country’s central bank, Riksbank, is leading the charge with its e-krona pilot, which could officially launch as early as 2026. Meanwhile, major Swedish banks such as SEB and Nordea have begun offering crypto-related services, signalling growing institutional support. In 2023, Sweden also implemented stricter oversight, requiring all crypto exchanges to register with the Financial Supervisory Authority (FI).
However, the situation becomes more complex when it comes to crypto gambling. The national regulator, Spelinspektionen, does not currently license any crypto-based casinos, but that hasn’t stopped many Swedes from accessing international platforms.
As of March 2024, approximately 550,000 Swedes owned cryptocurrencies, representing about 6.8% of the adult population. This figure is projected to rise significantly, with estimates suggesting that around 1.6 million Swedes, or 20% of the adult population, will own cryptocurrencies within the next decade. The demographic profile of Swedish crypto owners reveals a younger population, with 46% under the age of 30 and 40% between 30 and 50 years old. Gender disparities are also evident; men are three times more likely to own cryptocurrencies than women. Specifically, 11% of Swedish men own crypto assets compared to 3% of women.
Recent trends indicate a diversification in the age of investors. Crypto ownership rates among Swedes aged 50 to 64 surged from 2% to 6.5% between 2024 and 2025, suggesting growing interest among older demographics. Additionally, approximately 16% of Swedish crypto owners purchased their first digital assets in 2023 or 2024, equating to nearly 90,000 new investors during this period.
Denmark
Cryptocurrency adoption in Denmark has accelerated significantly over the past few years, reflecting the country’s progressive stance on digital finance. As of 2025, nearly 1 in 10 Danish adults (about 9.8%) own or trade cryptocurrencies, a noticeable rise from 6.5% just a year earlier. This growth places Denmark among the leading Nordic nations in terms of crypto engagement. The Danish crypto community is primarily made up of younger males, but there is a growing presence of women and older investors entering the market. Analysts predict that the number of Danish crypto users could triple over the next decade, potentially surpassing 900,000 people, as awareness and accessibility of digital assets continue to expand.
Denmark’s financial sector is also adapting, with several fintech startups offering crypto trading, wallets and blockchain-based solutions. While the Danish government maintains a cautious yet open approach, crypto is not banned and taxation rules have been introduced to monitor gains and ensure compliance. Furthermore, Denmark’s high digital literacy and strong regulatory infrastructure make it an ideal environment for blockchain innovation. The COVID-19 pandemic played a key role in boosting awareness and experimentation with decentralized finance, further embedding crypto into the country’s digital ecosystem. As regulatory clarity improves and mainstream financial institutions begin to engage with crypto, Denmark is well-positioned to become a key hub for digital finance in Northern Europe.
As of early 2024, cryptocurrency adoption in Denmark has been steadily increasing. Approximately 300,000 Danish adults, representing 7% of the adult population, own cryptocurrencies. This marks a notable rise from previous years, reflecting a growing interest in digital assets among Danes. The demographic profile of Danish crypto owners indicates that over 60% are under 40 years old, highlighting a strong inclination among younger individuals toward cryptocurrency investments. Additionally, men are three times more likely to own cryptocurrencies than women, mirroring gender disparities observed in other investment sectors.
Geographically, crypto ownership is more prevalent in larger cities; 9% of residents in cities with over 100,000 people own cryptocurrencies, compared to only 2% in towns with fewer than 1,000 inhabitants. This suggests that urban areas are more conducive to crypto adoption, possibly due to better access to information and technology.
Looking ahead, projections indicate that the number of Danish crypto owners could reach 900,000 within the next decade, as awareness and accessibility of digital assets continue to expand. This anticipated growth underscores Denmark’s evolving financial landscape and its population’s openness to embracing digital assets.
Final Thoughts
As Scandinavia continues to advance its digital currency infrastructure, particularly through CBDCs, crypto casinos face a mix of challenges and opportunities. On one hand, developments like Sweden’s e-krona could make anonymous gambling more difficult, especially with the introduction of stricter KYC requirements and enhanced payment tracking for tax enforcement purposes. These measures may limit the appeal of unregulated gambling platforms for users seeking privacy.
On the other hand, the decentralized gambling space is evolving. Blockchain casinos are gaining traction by offering provably fair games, which give players confidence in the transparency of outcomes. The rise of smart contract-based betting platforms introduces new forms of automation and trustless interaction, while tokenized loyalty programs are redefining user engagement and rewards.
Looking ahead to 2025, industry experts anticipate several key developments in the Nordic crypto gambling landscape. Sweden is expected to clarify its regulatory stance on crypto gambling, potentially setting the tone for how digital assets will be treated within its licensed gaming market. Meanwhile, Norway may launch its own CBDC pilot, following in the footsteps of Sweden’s e-krona initiative, further integrating digital currency into the financial system. On the industry side, analysts predict that more crypto casinos tailored to Nordic players will emerge, offering localized support, currency options and regulatory flexibility.
Sweden, Norway and Denmark are experiencing significant growth in cryptocurrency adoption, reflecting broader global trends toward digital assets. While this growth presents opportunities, particularly in sectors like online gambling, it also poses regulatory and ethical challenges that require careful navigation to balance innovation with consumer protection.