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United Arab Emirates vs Iceland

Crypto regulation comparison

← Back to map | United Arab Emirates | Iceland
United Arab Emirates

United Arab Emirates

Iceland

Iceland

Legal
Legal

The UAE has become a global crypto hub with multiple regulatory frameworks. Dubai's VARA (Virtual Assets Regulatory Authority), established in 2022, is the world's first dedicated crypto regulator and licenses exchanges, brokers, and other VASPs. Abu Dhabi's ADGM regulates crypto through the FSRA. The federal SCA also oversees crypto at the national level. The UAE has no personal income or capital gains tax. Major global exchanges (Binance, Bybit, OKX, Crypto.com) have obtained UAE licenses.

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 None
Tax Type Capital gains
Tax Rate 0%
Tax Rate 22%
Exchanges Yes Yes
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator VARA (Dubai), ADGM/FSRA (Abu Dhabi), SCA (Federal), CBUAE
Regulator FME (Fjármálaeftirlitið / Financial Supervisory Authority), Central Bank of Iceland
Stablecoin Rules VARA regulates stablecoins in Dubai; ADGM has separate framework
Stablecoin Rules No specific stablecoin regulation; follows EEA guidelines
Key Points
  • VARA (Dubai) — world's first standalone virtual asset regulator; comprehensive licensing framework
  • ADGM/FSRA (Abu Dhabi) — separate regulatory framework for digital assets in the financial free zone
  • No personal income tax or capital gains tax in the UAE
  • 9% corporate tax (from 2023) may apply to crypto businesses but not individual investors
  • Major exchanges licensed: Binance, Bybit, OKX, Crypto.com, BitOasis
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
Sources
Sources