Crypto ownership in Denmark has not been able to move beyond 4 percent. [Photo: Shutterstock]
Crypto ownership in Denmark has stayed at 4 percent, remaining at a lower level than major European countries.
A “report for staff at Denmark’s central bank,” cited by blockchain outlet Cointelegraph on Tuesday, pointed to banks’ conservative stance, tax burdens and risk perceptions as factors limiting the spread of cryptocurrencies.
The survey was conducted by polling firm Epinion and covered 3,013 residents aged 15 and older. Data were collected between October and November 2025 through Denmark’s digital mail system, using a mix of online and phone responses. The sample was weighted to reflect the national population.
The key point was stagnant ownership. Denmark’s crypto ownership rate has remained at 4 percent since 2023. While other parts of Europe saw continued market expansion over the same period, Denmark’s pace of adoption was relatively slower. It was also compared with Norway, Finland and Britain, where more than 10 percent of the population owns cryptocurrencies.
Holders’ investment amounts were also not large. Most respondents said their holdings were below 10,000 Danish crowns (about 2.3 million won). The report estimated Denmark’s total crypto holdings at between $317 million (about 467 billion won) and $847 million (about 1.25 trillion won).
Crypto ownership was also concentrated in certain groups. The survey showed participation was more pronounced among younger and higher-income groups, while the participation rate fell sharply among those aged 60 and older.
Crypto use was also concentrated on investment. Respondents mainly viewed cryptocurrencies as investment assets, and only a minority used them to pay for goods or services.
Storage methods showed heavy reliance on centralised services. About 70 to 75 percent of users entrusted their assets to cryptocurrency service providers, while 20 to 30 percent used self-custody wallets. That suggests management through service operators was more common than direct holding.
Denmark’s central bank noted that banks have historically taken a cautious approach to cryptocurrencies. Most banks have not allowed customers to buy cryptocurrencies on their platforms and have urged restraint, viewing such investments as high risk. The report also cited past asymmetric tax treatment as a factor suppressing adoption.
Indirect investment increased but remained limited in scale. Access via crypto-related stocks and exchange-traded products, or ETPs, has risen since 2023 but still stood at $211 million (about 311 billion won), remaining at about 0.4 percent of total stock holdings.
Against that backdrop, some changes have appeared in banks’ stance. Denmark’s biggest bank, Danske Bank, began allowing customers earlier this year to invest in crypto through ETPs linked to Bitcoin and Ethereum. Danske Bank said more customers are seeking crypto products as part of their portfolios, and explained that offering related investment products became possible as the European Union’s crypto regulatory framework, MiCA, was strengthened.
The focus in Denmark’s market is expected to be whether regulatory upgrades translate into a rise in ownership. For now, with low individual ownership and limited use in payments, how much institutional change and an expansion of bank products broaden market participation remains a key variable.