Iceland vs North Korea
Crypto regulation comparison
Iceland
North Korea
Legal
Banned
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.
North Korea does not allow civilian cryptocurrency use. The regime has been accused by the UN and US of using state-sponsored hacking to steal cryptocurrency to fund weapons programs.
Tax Type
Capital gains
Tax Type
None
Tax Rate
22%
Tax Rate
N/A
Exchanges
Yes
Exchanges
No
Mining
Yes
Mining
No
Regulator
FME (Fjármálaeftirlitið / Financial Supervisory Authority), Central Bank of Iceland
Regulator
Central Bank of North Korea
Stablecoin Rules
No specific stablecoin regulation; follows EEA guidelines
Stablecoin Rules
Not applicable — crypto banned
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
Key Points
- No civilian cryptocurrency use permitted
- State-sponsored crypto theft alleged by UN and US
- Lazarus Group linked to major crypto exchange hacks
- International sanctions restrict all financial activities
- Cryptocurrency used by state actors, not civilians
