Bangladesh vs Iceland
Crypto regulation comparison
Bangladesh
Iceland
Banned
Legal
Bangladesh effectively bans cryptocurrency. Bangladesh Bank issued warnings in 2017 citing anti-money laundering laws, and the Foreign Exchange Regulation Act 1947 prohibits unapproved digital currency transactions. Violations can result in imprisonment up to 12 years.
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
No
Exchanges
Yes
Mining
No
Mining
Yes
Regulator
Bangladesh Bank
Regulator
FME (Fjármálaeftirlitið / Financial Supervisory Authority), Central Bank of Iceland
Stablecoin Rules
Not applicable; all crypto transactions are prohibited
Stablecoin Rules
No specific stablecoin regulation; follows EEA guidelines
Key Points
- Bangladesh Bank issued a 2017 notice warning against crypto transactions
- Foreign Exchange Regulation Act 1947 used to prohibit crypto dealings
- Money Laundering Prevention Act 2012 applies to crypto-related activities
- Penalties can include up to 10 years imprisonment and fines up to 3 million BDT
- Despite the ban, some peer-to-peer trading occurs underground
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