Dominican Republic vs Iceland
Crypto regulation comparison
Dominican Republic
Iceland
Restricted
Legal
The Dominican Republic has no specific cryptocurrency legislation. The central bank (BCRD) issued statements in 2017 and 2021 warning that crypto is not legal tender and prohibiting regulated financial institutions from dealing in digital assets under Monetary Law No. 183-02. Individual use is not criminalized but operates in a restricted gray area.
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
Yes
Mining
Yes
Regulator
Banco Central de la República Dominicana (BCRD), SIMV
Regulator
FME (Fjármálaeftirlitið / Financial Supervisory Authority), Central Bank of Iceland
Stablecoin Rules
No stablecoin regulation
Stablecoin Rules
No specific stablecoin regulation; follows EEA guidelines
Key Points
- No specific cryptocurrency legislation exists
- BCRD prohibits regulated financial institutions from dealing in crypto
- Crypto is not recognized as legal tender
- No licensing framework for crypto exchanges
- Crypto gains treated as taxable income when converted to Dominican pesos
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