Andorra vs Iceland
Crypto regulation comparison
Andorra
Iceland
Legal
Legal
Andorra enacted the Digital Assets Act (Law 24/2022) providing a comprehensive framework for crypto. The AFA licenses exchanges, custodians, and stablecoin issuers. Aligning with EU MiCA.
Cryptocurrency is legal in Iceland and subject to a 22% capital gains tax. Iceland is a major crypto mining destination due to abundant geothermal and hydroelectric energy. As an EEA member, Iceland follows EU financial regulations including MiCA through EEA incorporation.
Tax Type
Unclear
Tax Type
Capital gains
Tax Rate
N/A
Tax Rate
22%
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
Andorran Financial Authority (AFA)
Regulator
FME (Fjármálaeftirlitið / Financial Supervisory Authority), Central Bank of Iceland
Stablecoin Rules
Regulated under Digital Assets Act with specific stablecoin licenses
Stablecoin Rules
No specific stablecoin regulation; follows EEA guidelines
Key Points
- Digital Assets Act (Law 24/2022) effective Oct 2022
- AFA licenses and regulates all digital asset service providers
- Three categories of stablecoins with specific licensing requirements
- Low electricity costs make mining attractive
- Aligning regulations with EU MiCA framework
Key Points
- 22% capital gains tax on crypto profits
- Iceland is one of the world's largest crypto mining locations due to cheap renewable energy
- FME supervises crypto businesses under AML/KYC regulations
- As an EEA member, Iceland incorporates EU financial regulations including MiCA
- Capital controls (imposed 2008-2017) originally complicated crypto usage but have been lifted