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🇮🇸 Iceland

Central Bank, MiCA in force

Crypto (CASP / VASP) E-money (EMI)
Last verified 2026-08-15 Next review 2026-08-29

Data verified: oldest cell 46 days ago (verified 2026-07-02). Individual cells show their own verification date below.

Capital requirement Capital requirement is included with access. Included with access Timeline to authorisation Timeline to authorisation is included with access. Included with access Application cost Application cost is included with access. Included with access Passporting Passporting is included with access. Included with access

Licence type

Operating licence for electronic money institutions under Iceland's Act No. 114/2021 on Payment Services (EMD2/PSD2 transposition, as an EEA EFTA state)

Verified 7 weeks agoSource: Act No. 114/2021 on Payment Services: https://www.cb.is/library/Skraarsafn---EN/Laws/Act%20No.%20114%202021%20on%20Payment%20Services.pdf

Regulator

Central Bank of Iceland (Seðlabanki Íslands), Financial Supervisory Authority functions merged into the Central Bank of Iceland from 1 January 2020 (formerly Fjármálaeftirlitið / FME, a standalone authority 1999-2019)

Verified 6 weeks agoSource: Central Bank of Iceland: https://cb.is/financial-supervision/other-undertakings/electronic-money-and-payment-services/ ; Wikipedia (FME history): https://en.wikipedia.org/wiki/Financial_Supervisory_Authority_(Iceland)

Recent changes

Iceland's EEA implementation timing also depends on incorporation through the EEA Agreement. PSD3 and the PSR merge payment-institution and EMI authorisation into one payment-institution category able to issue e-money. The final compromise texts remain awaiting formal adoption and Official Journal publication as of 15 August 2026, with an indicative European Parliament plenary on 14 December 2026. After entry into force, Member States have 21 months to transpose and apply PSD3, and the PSR generally applies after 21 months. Existing EMIs may continue for 27 months, with an exceptional further three-month extension.

Verified 2 days agoSource: https://data.consilium.europa.eu/doc/document/ST-8222-2026-INIT/en/pdf ; https://data.consilium.europa.eu/doc/document/ST-8221-2026-INIT/en/pdf ; https://oeil.europarl.europa.eu/oeil/en/procedure-file?reference=2023%2F0209%28COD%29

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Not legal advice. Entries marked placeholder or awaiting verification shouldn't be relied on. Verify with Iceland's regulator and qualified local counsel before acting.