Georgia vs Iceland
Crypto regulation comparison
Georgia
Iceland
Legal
Legal
Georgia is one of the most crypto-friendly countries globally. There is no capital gains tax for individuals on cryptocurrency, and the country has a significant crypto mining industry due to low electricity costs. The National Bank has taken a cautious but permissive approach, issuing guidance rather than strict regulation.
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
No tax
Tax Type
Capital gains
Tax Rate
0% (individuals)
Tax Rate
22%
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
National Bank of Georgia (NBG)
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
- No capital gains tax on crypto for individuals
- Businesses dealing in crypto are taxed under standard corporate tax rules (15% CIT)
- Georgia is a major crypto mining hub due to cheap hydroelectric power
- NBG does not recognize crypto as legal tender but has not prohibited it
- The Free Industrial Zone offers additional tax advantages for crypto businesses
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