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Iceland
ISschema crypto-v2.0.0trajectory: not yet assessedin transitionoverlaps: FIM, WPM
Last updated update date not yet available · 8 categories · 14 sourced
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Iceland is an EEA/EFTA state; a MiCA authorisation granted by any EU/EEA competent authority already carries passporting rights into Iceland as part of the EEA single market for crypto-asset services. However, MiCA's own domestic transposition into Icelandic law lags the EU timeline: as of the most recent ESMA compliance materials located, a bill to implement MiCA in Icelandic law was only expected to be submitted to Alþingi (Parliament) in fall 2025 with an intended entry into force of 1 January 2026, and the Central Bank of Iceland's designation as the national competent authority (NCA) is still flagged with an asterisk denoting non-finalised formal designation status. Pending confirmation, the applicable domestic regime for VASPs (virtual asset service providers) is the pre-MiCA AML Act framework, which already requires licensing/registration and risk-based AML/CFT supervision of VASPs, consistent with FATF Recommendation 15.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
no periodic updates on record for this sub-brief
Sources and findings (4)
T4 · CoinDeskCoinDesk — A MiCA license issued by any EU/EEA national regulator permits a crypto-asset service provider to operate throughout the European Economic Area, which comprises the 27-nation EU as well as Norway, Iceland, and Liechtenstein.retrieved M4bindingin force
T2 · ESMAESMA — A legislative bill to implement MiCA in the Icelandic legal order was expected to be submitted to the Icelandic Parliament in fall 2025 and enter into force 1 January 2026.retrieved M5bindingproposed
T1 · ESMAESMA — The Central Bank of Iceland is listed by ESMA as Iceland's notified competent authority under MiCA across all sections, though the designation carries an asterisk denoting that formal designation had not yet been finalised as of the referenced list update.retrieved M4bindingproposed
T1 · FATFFATF — Under FATF Recommendation 15 as implemented via Iceland's AML Act, virtual asset service providers (VASPs) are required to be licensed or registered and subject to risk-based AML/CFT supervision by a competent authority.retrieved M4bindingin force
MiCA's classification taxonomy (asset-referenced tokens, e-money tokens, other/utility crypto-assets) is the prospective classification framework for Iceland once domestic transposition is complete, but it is not yet binding under Icelandic law. Prior to any MiCA transposition, Iceland's only operative bespoke classification precedent is the e-money designation granted to Monerium in 2019, which functions as an EMT-type precursor under the existing EU/EEA e-money framework.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
no periodic updates on record for this sub-brief
Sources and findings (2)
T2 · ESMAESMA — MiCA's classification taxonomy distinguishing asset-referenced tokens, e-money tokens, and other crypto-assets is not yet in force in Iceland pending domestic transposition of the Regulation.retrieved M4non-binding
T4 · CoinDeskCoinDesk — Reykjavik-based Monerium was approved by Iceland's Financial Supervisory Authority as the first electronic money institution to provide fiat payment services on a blockchain, usable throughout the European Economic Area.retrieved M3bindingin force
No Iceland-specific bespoke rules were located distinguishing staking, DeFi lending, DEX operation, mining, node/validator operation, or tokenization as separate regulatory categories. Coverage is expected to arrive only via MiCA transposition (which itself does not comprehensively regulate DeFi/staking) and/or future Icelandic secondary legislation; no primary or secondary source evidencing a bespoke on-chain-activity regime for Iceland was found in this pass.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
Iceland has no domestically transposed MiCA asset-referenced-token/e-money-token issuance-authorisation regime as of this research pass. The closest operative analog is the pre-MiCA e-money institution (EMI) framework, under which Monerium (Reykjavik) was authorised by the Financial Supervisory Authority to issue blockchain-based e-money redeemable EEA-wide, subject to safeguarding/segregation of customer funds and unconditional redemption rights.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
no periodic updates on record for this sub-brief
Sources and findings (3)
T4 · CoinDeskCoinDesk — An Icelandic electronic money institution must safeguard client funds separately from other financial activities, investing customer funds in a segregated portfolio of high-quality liquid instruments alongside regulatory minimum reserves.retrieved M3bindingin force
T4 · CoinDeskCoinDesk — Fiat value put into an Icelandic electronic money institution must always be redeemable without conditions.retrieved M3bindingin force
T2 · ESMAESMA — MiCA's asset-referenced-token and e-money-token issuance authorisation regime is not yet operative in Iceland pending the domestic implementing bill expected to enter into force around January 2026.retrieved M4non-binding
No Iceland-specific consumer-protection rulebook for crypto-assets (custody segregation, complaint handling, marketing restrictions, suitability) was located; MiCA's Title V conduct-of-business requirements are pending domestic transposition. In the interim, the pan-EU/EEA joint warning from EBA, ESMA and EIOPA on the risks of crypto-assets applies as non-binding supervisory guidance across the EEA, including Iceland.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
no periodic updates on record for this sub-brief
Sources and findings (2)
T2 · European Banking Authority (EBA)European Banking Authority (EBA) — The European Supervisory Authorities (EBA, ESMA, EIOPA) issued a joint pan-EU/EEA warning that many crypto-assets are highly risky and speculative and unsuited for most retail consumers as an investment or means of payment.retrieved M3non-binding
T2 · ESMAESMA — MiCA's custody-segregation and complaint-handling requirements for crypto-asset service providers are not yet binding in Iceland pending domestic transposition of the Regulation.retrieved M4non-binding
No Tier-1 or Tier-2 primary source specific to Iceland's tax treatment of crypto-asset gains, income, VAT/GST, withholding, or reporting obligations was located in this research pass. This is flagged as a genuine evidence gap rather than an assertion of no tax liability; escalation to a primary source (Ríkisskattstjóri / Iceland Revenue and Customs guidance) is recommended before publication of any tax_treatment claim.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
no periodic updates on record for this sub-brief
Sources and findings (1)
primary source not yet reachedM3non-bindingour coverage gap, expected to resolve on a re-run
As an EEA/EFTA member, Iceland participates in the MiCA single-market passporting regime: a crypto-asset service provider authorised under MiCA in any EU member state (or, prospectively, in Iceland itself once its transposition is finalised) may serve customers across the full EEA, including Iceland, without separate local authorisation. The EU crypto travel-rule instrument, Regulation (EU) 2023/1113, is an EEA-relevant text whose domestic incorporation status for Iceland was not independently confirmed in this pass.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
no periodic updates on record for this sub-brief
Sources and findings (2)
T4 · CoinDeskCoinDesk — MiCA creates a single rulebook for crypto across the European Economic Area, encompassing the 27-nation European Union as well as Iceland, Liechtenstein and Norway, such that a license issued in any member state gives EEA-wide market access.retrieved M4bindingin force
T1 · EUR-LexEUR-Lex — Regulation (EU) 2023/1113 lays down rules on information accompanying transfers of crypto-assets for AML/CFT purposes where at least one crypto-asset service provider involved is established in the Union, and constitutes EEA-relevant text.retrieved M4non-binding
Crypto AML/CFT obligations for Iceland are handled under the fleet's shared Financial Integrity Module (FIM) aml_ctf subscription; this baseline does not independently emit aml_cft_regime claims to avoid duplicate authorship. Disambiguation context only: Iceland's AML Act extends FATF R.15/INR.15 VASP obligations (licensing/registration, CDD, STR reporting, sanctions screening) under Central Bank of Iceland supervision.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
no periodic updates on record for this sub-brief
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Editorial metadata for Iceland
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