Belarus vs Iceland
Crypto regulation comparison
Belarus
Iceland
Legal
Legal
Belarus legalized cryptocurrency through Decree No. 8 (2017), creating a favorable environment in the Hi-Tech Park special economic zone. As of 2025, crypto transactions via HTP residents remain tax-exempt, while transactions on foreign platforms are taxed at 13%. A crypto bank framework was introduced in 2026.
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
Varies
Tax Type
Capital gains
Tax Rate
0% (HTP) / 13% (foreign platforms)
Tax Rate
22%
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
Hi-Tech Park (HTP), National Bank of the Republic of Belarus
Regulator
FME (Fjármálaeftirlitið / Financial Supervisory Authority), Central Bank of Iceland
Stablecoin Rules
No specific stablecoin regulation
Stablecoin Rules
No specific stablecoin regulation; follows EEA guidelines
Key Points
- Decree No. 8 'On the Development of the Digital Economy' legalized crypto in 2017
- Income from crypto via HTP residents and mining remains tax-exempt; 13% tax on foreign platform transactions since 2025
- Crypto exchanges and businesses must operate through Hi-Tech Park residency
- Mining is legal and considered a business activity
- HTP preferential regime extended until 2049; crypto bank framework introduced in 2026
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