Colombia vs Iceland
Crypto regulation comparison
Colombia
Iceland
Legal
Legal
Cryptocurrency is legal in Colombia but not recognized as legal tender or currency. The SFC has run regulatory sandbox programs for crypto-financial services, and exchanges operate under general business registration. Colombia has high crypto adoption, particularly for remittances and as an inflation hedge.
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
Capital gains
Tax Type
Capital gains
Tax Rate
0-39%
Tax Rate
22%
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
SFC (Superintendencia Financiera de Colombia), DIAN
Regulator
FME (Fjármálaeftirlitið / Financial Supervisory Authority), Central Bank of Iceland
Stablecoin Rules
No specific stablecoin regulations yet
Stablecoin Rules
No specific stablecoin regulation; follows EEA guidelines
Key Points
- Crypto is legal but not recognized as currency or legal tender
- SFC operates regulatory sandboxes allowing banks to partner with crypto exchanges
- DIAN (tax authority) requires reporting and taxation of crypto gains as part of general income
- Colombia ranks among the top 20 countries globally in crypto adoption
- No comprehensive crypto-specific legislation yet; regulation evolving
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