How to buy crypto in Iceland

1. Choose a licensed provider

The EU's MiCAMiCAThe EU regulation on markets in crypto-assets, in force in Iceland since 1 January 2026, which sets the same rules for crypto services across the EEA. regulation has applied in Iceland since 1 January 2026, through Act No. 101/2025 on markets in crypto-assets. A company that lets the public buy, sell or hold CryptocurrencyCryptocurrencyA digital currency secured by cryptography and recorded on a shared ledger, with no bank or government issuing or controlling it. needs a licence as a crypto-asset service providerCASP (crypto-asset service provider)A company licensed under MiCA to provide crypto-asset services, such as buying, selling, custody or transfers.. The licence can come from the Central Bank of Iceland or from a regulator in another EEA country.

The licence matters. Under MiCA, the company must, among other things, keep client assets separate from its own, publish its fees, warn about the risks and handle complaints through a clear process. The protection is still not the same as for bank deposits. Crypto is not covered by compensation schemes such as deposit insurance.

How to check the licence

• The Central Bank's register. The Central Bank of Iceland keeps a register of supervised entities↗, including crypto-asset service providers. As of October 2026, Myntkaup was the only company on that register.
• The ESMA register. Companies licensed in another EEA country should appear in the register of the European Securities and Markets Authority (ESMA)↗. It shows who granted the licence, which services it covers and which countries the company intends to operate in.
• The right name and the right services. Compare the legal name in the register with the name on the website or in the app. Some companies are licensed for only part of what they do.

Scammers often claim to be licensed. So always go straight to the official registers rather than trusting an ad or a message. Read more about checking a licence.

2. Sign up and verify your identity

In Iceland, sign-up is usually done with electronic ID (rafræn skilríki) on your phone or with the Auðkenni app. The provider needs to know who you are. This is called know your customer (KYC)Know your customer (KYC)A legally required check in which a company confirms who its customer is and what the business relationship is for, including with ID. and is part of the anti-money launderingAnti-money laundering (AML)Rules and measures meant to stop the financial system, including crypto, from being used for money laundering or terrorist financing. rules in Act No. 140/2018 on measures against money laundering and terrorist financing.

The provider will also ask you a few questions, for example about where your money comes from and what you plan to use the service for. Every licensed provider has to do this.

Once your account is set up, sort out your security straight away. Use a password you don't use anywhere else, and turn on two-factor authenticationTwo-factor authentication (2FA)A login that needs two different proofs of who you are, such as a password and a code from an app, so a stolen password isn't enough. if it is available.

3. Deposit krónur

The most common way is a transfer from an Icelandic bank account. Some providers also accept card payments, but that usually costs more.

Before you deposit, it helps to know three things:

• whether the deposit costs anything
• what exchange rate your krónur are converted at, if prices are in US dollars or euros
• whether a margin is added on top of that rate

We go into this in more detail in What does it cost to buy crypto?

4. Buy crypto

You choose a cryptocurrency, enter an amount and confirm the purchase. You don't need to buy a whole coin. One bitcoin is divided into 100 million smaller units, so you can buy a fraction of a bitcoin, for example ISK 10,000 worth.

Look at the price carefully before you confirm. Most providers charge a SpreadSpreadThe difference between the buying and selling price of the same asset at the same time, often used to charge for crypto trades., the difference between the buying and selling price, and some charge a separate commission as well.

Keep in mind that crypto prices can change quickly. The price of bitcoin has repeatedly fallen by more than half within a few months. Read about VolatilityVolatilityHow much and how quickly the price of an asset moves up and down. and the risks of crypto before you buy. Many people find it useful to start with a small amount and learn the process first.

5. Decide where to keep it

After buying, you have two options:

• With the provider. The provider is then the CustodianCustodianA company that holds crypto and the keys to it on behalf of customers, such as a licensed crypto exchange. and holds the private keysPrivate keyA secret number that proves you own the crypto in your wallet. Whoever holds the private key controls the crypto. for you. This is simple and makes selling easy, but you rely on the company's security.
• In your own wallet. You send the crypto to a crypto walletCrypto walletAn app or device that holds the keys to your crypto and lets you receive, store and send it. that you control. Nobody else then has control over it, but the responsibility for the keys and the recovery phraseSeed phraseA list of 12 or 24 words that backs up every key in your wallet, so whoever has the words can restore the wallet and take the crypto. is entirely yours.

The pros and cons of each are explained in Custodial or self-custody: who holds your crypto?

How it works at Myntkaup

Myntkaup ehf. was granted a licence as a crypto-asset service provider by the Central Bank of Iceland on 25 June 2026. The process has five steps:

1. Sign up. Get the Myntkaup app from the App Store or Google Play, or sign up at myntkaup.is. You register with Icelandic electronic ID or the Auðkenni app, and you need an Icelandic kennitala.
2. Deposit. Transfer krónur from an account at any Icelandic bank. The deposit is free. Your krónur are converted automatically to USDCUSDCA stablecoin issued by the US company Circle that tracks the US dollar, so one USDC should always be worth about one dollar., the account's base currency, at Arion Bank's general selling rate for US dollars, with no added spread. At weekends and on holidays, the last banking day's rate is used. Deposits are usually credited within minutes, including at night and at weekends.
3. Buy. You buy crypto with USDC. Trades include a 1.99% spread, which is built into the price you see before you confirm.
4. Hold or withdraw. You can keep your crypto with Myntkaup, send it to your own wallet, or sell it back to USDC. Every supported coin except USDC can be sent to your own wallet.
5. Back to krónur. When you withdraw to an Icelandic bank account, USDC is converted to krónur at Arion Bank's general buying rate, with no added spread. A bank withdrawal costs a fixed fee of 7 USDC. Withdrawals are processed every day and usually arrive the same day.

Every withdrawal is confirmed with your app PIN and by email.

One thing worth knowing: USDC is a StablecoinStablecoinA cryptocurrency designed to keep a steady price, usually by tracking the US dollar or another currency. that tracks the US dollar. While your balance is in USDC, its value in krónur changes when the dollar exchange rate changes.

All fees are listed on the Fees and costs page, and the licence and how customer assets are held are explained on the Security and licence page.

What to check with foreign platforms

Many people in Iceland buy crypto on foreign crypto exchanges. That can be fine, but a few things work differently from a domestic transfer in krónur.

• Card fees. Depositing with a credit card, Apple Pay or Google Pay commonly costs around 3-10% on foreign platforms, depending on the platform.
• Currency conversion. Prices are usually in euros or US dollars. Your bank or card issuer then converts your krónur at its own rate, often with a margin. When you sell and withdraw, the money is converted again, the other way.
• Transfers abroad. Your bank may charge a fee for international transfers. Check its price list before you send.
• Licensing. A provider licensed in another EEA country should be on the ESMA register. If a company is based outside the EEA and has no MiCA licence, your consumer protection may be limited or non-existent if something goes wrong. The European supervisory authorities point this out in their joint warning.

The best approach is to add up every fee, from krónur in to krónur out, and compare the total.

Closing thoughts

Buying crypto in Iceland has become simple: electronic ID, a transfer in krónur and a few taps. The most important step is the first one, choosing a licensed provider and checking the licence in an official register.

Understand the costs from start to finish, and decide in advance where your crypto will be kept.