Now days, there isn’t much discussions about electronic coins in Iceland. The majority of Icelanders have little or no knowledge or awareness of electronic coins. On the other hand, mining has became very popular among the Icelanders in the late years because of the country’s hydroelectricity and geothermal energy plants create an abundance of affordable energy.
There is no conclusion about the Icelandic government point of view. The government has officially cautioned Icelanders against trading in cryptocurrencies, but this is expected of a nation that suffered a dramatic financial crisis in 2008. Cryptocurrencies may not be recognized as legal tender in Iceland, but it’s not illegal to trade in them.
Genesis Mining is one of the first companies to set up offices in Iceland, along with Bitclub Network which has been operating from 2014 until 2019 after declared as a scheme in New Jersey.
Taxes and Regulation
Cryptocurrency and cryptoassets are not heavily regulated in Iceland. However, the Money Laundering Act conforms to the European Union’s 4th Anti-Money Laundering Directive no. 2015/849.
In order to trade, mine and use cryptocurrency in Iceland you must provide your information to the DPA, either way, as an individual the obligation is not resting on your shoulders and your shoulders only, because the platform you trade through will be the one reporting your information to the DPA.