Regulator: Central Bank of Iceland; Financial Supervisory Authority
Iceland operates under a transitional regulatory framework for stablecoins combining existing e-money regulations with pending MiCA implementation. Act no. 17/2013, implementing EU Directive 2009/110/EC, has governed electronic money issuance since 2013. Iceland expects to formally implement MiCA through legislative action, bringing comprehensive crypto-asset regulation into force. Concurrent with this, Act no. 56/2024 on distributed ledger technology infrastructure establishes a regulatory sandbox for DLT-based financial instruments.
Applicable Laws:
Act no. 17/2013 on the Issuance and Handling of Electronic Money - https://cb.is/financial-supervision/other-undertakings/electronic-money-and-payment-services/
Act no. 56/2024 on Infrastructure for Financial Instruments Based on Distributed Ledger Technology - https://gagnagrunnur.ees.is/32022r0858
