How to Buy Cryptocurrency in Iceland

Buying cryptocurrency in Iceland

Buying cryptocurrency in Iceland The legal status of cryptocurrencies in Iceland is unclear. In anticipation of launching Iceland�s peer-to-peer cryptocurrency (Auroracoin) in 2014, the Central Bank of Iceland stated that Bitcoin was not considered legal currency, and even if that was the case, Bitcoin purchases would still be considered illegal as these purchases would be in violation of the restrictions on foreign transaction then in place. Basically, the bank doesn�t have any real oversight of the cryptocurrency production in Iceland, and lacks control over their trading. This is in contrast to the fact that about 8% of the world�s supply of Bitcoin, the leading cryptocurrency, now originates in Iceland. Another concern regarding cryptocurrencies in Iceland is the impact such amounts of computing equipment used to mine these cryptocurrencies might have on the environment. 5% of the island�s electrical power is consumed by Icelandic data centers, and of that around 90% is used for mining.
As of 20/03/2021

Exchanges Info

These exchanges all accept customers from Iceland. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below

Open a Bybit Account

Bybit

Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.

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