Key takeaways
- You can check whether a crypto provider is licensed in Iceland in the Central Bank of Iceland's register of supervised entities.
- Firms licensed in another EEA country may offer services in Iceland after notifying their supervisor. You find them in the register of the European Securities and Markets Authority (ESMA).
- Since 1 July 2026, only firms licensed under MiCA may provide crypto-asset services in Iceland.
- A licence means the firm is supervised, but it doesn't protect you from falling prices and comes with no deposit guarantee.
Contents
You can check whether a crypto provider is licensed in Iceland by looking it up in the Central Bank of Iceland's register of supervised entities. Foreign firms licensed in another EEA country are listed in the register kept by the European Securities and Markets Authority (ESMA).
It takes a few minutes, and it's the first thing to do before you deposit money with any crypto provider. This article walks through the steps, the warning signs and what a licence really means.
Why does a licence matter?
Under 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., the European rules on crypto, companies that buy, sell, hold or transfer crypto for others need a licence as crypto-asset service providers (CASPs)CASP (crypto-asset service provider)A company licensed under MiCA to provide crypto-asset services, such as buying, selling, custody or transfers.. The rules took effect in Iceland on 1 January 2026. Since 1 July 2026, only firms licensed under MiCA may provide crypto-asset services in Iceland.
Before that, registering with the Central Bank under 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. act was enough. That registration no longer counts. The Central Bank urges customers to check whether their provider is licensed, and urges anyone using an unlicensed provider to move their crypto without delay to a licensed provider or to their own wallet. Read more about MiCA.
A licensed firm has to follow rules on how it handles your assets, and a supervisor checks that it does. An unlicensed firm may offer no such protection at all.
Step 1: Look it up in the Central Bank's register
- Open the Central Bank's register of supervised entities. The page is in Icelandic. The link already shows crypto-asset service providers. Otherwise, choose "Þjónustuveitandi sýndareigna (CASP)" under Starfsemi (activity).
- Compare the name and kennitala (company ID number) with the details on the provider's website and in its terms. Scammers may claim to be licensed when they are not.
- Check which services the licence covers. The same page has a document, "Útgefendur og þjónustuveitendur sýndareigna", listing each firm's permitted services, such as custody, exchange or transfers. A licence may cover only part of what a firm does.
As of October 2026, Myntkaup was the only provider on the Central Bank's register of crypto-asset service providers. That may change, so check the register each time. Read more about Myntkaup's licence on the Security and licence page.
Step 2: Look it up in ESMA's register
ESMA keeps a central register of crypto-asset service providers across the EEA, based on information from the supervisor in each country. Icelandic firms are included too.
- Open ESMA's MiCA page and find the Interim MiCA Register section.
- Download the "Crypto-asset service providers" file. It's a CSV file that opens in Excel, Numbers or Google Sheets.
- Search for the company's name and look at the main columns:
- ae_homeMemberState: the country that granted the licence.
- ae_website: the company's website. Compare it with the site you are using.
- ac_authorisationEndDate: if there's a date here, the licence has been withdrawn.
- ac_serviceCode: the services the licence covers.
- ac_serviceCode_cou: the countries where the firm has notified that it intends to provide services. Iceland is marked "IS".
ESMA updates the register weekly, so the latest changes may not show up straight away. The same page also has a list of firms that supervisors have found operating without a licence ("Non-compliant entities").
Licences from other EEA countries
A firm licensed in one EEA country may offer its services in the other EEA countries. It tells its home supervisor where it plans to operate, and the supervisor informs those countries and ESMA. The firm doesn't need an office in Iceland. This is often called passporting, and it works a bit like a driving licence from another EEA country that is also valid here.
These firms aren't on the Icelandic register but appear in ESMA's register. They are supervised mainly by the authority in their home country. Banks and other licensed financial firms can also offer crypto services after notifying their supervisor, and they also appear in ESMA's register.
Firms outside the EEA may not seek out clients in Iceland without a licence in an EEA country. If you use such a service, you get little or no protection under MiCA.
Warning signs
These signs suggest a provider isn't licensed, or that you may be dealing with a scam:
- The firm isn't in the Central Bank's register or ESMA's.
- The name or website doesn't match what the registers show.
- Promises of high or guaranteed returns. Nobody can promise returns on crypto.
- Pressure to decide right now, such as "this offer is only valid today".
- Unsolicited contact through social media, phone calls or messages, often name-dropping influencers or celebrities.
- Requests for your seed 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., passwords or remote access to your computer. No legitimate service asks for these.
- No information about the company, such as its company ID, address, fees or how to complain.
- The firm is on a warning list, such as ESMA's list of unlicensed firms or I-SCAN, the warning list of the International Organization of Securities Commissions (IOSCO).
Read more about common crypto scams and investment scamsInvestment scamA scam that promises big, safe returns on an investment, often in crypto, while the scammers simply take the money paid in..
What a licence guarantees, and what it doesn't
A MiCA licence means the firm has been assessed and is supervised. Among other things, it must:
- meet requirements for governance and financial prudence
- keep client crypto legally separate from its own assets, so creditors cannot claim it if the firm goes bankrupt
- give clear information about fees and risks
- have a clear complaints process and accept complaints free of charge
- be liable if crypto it holds for clients is lost through an incident attributable to it, up to the market value of the crypto at the time of the loss
A licence does not guarantee:
- that prices hold up. Crypto can fall sharply wherever you buy it.
- that your losses will be covered. No deposit guarantee or investor compensation scheme covers crypto.
- that everything the firm offers is covered. The licence covers only the services listed in it.
- that your mistakes can be undone. If you send crypto to the wrong wallet addressWallet addressA string of letters and numbers you give out to receive crypto, much like a bank account number. or to a scammer, it is usually gone.
- that the firm will last forever. A licensed firm can still run into trouble, and a licence can be withdrawn.
Frequently asked questions
Is it enough that a firm is registered with the Central Bank?
Not any more. Since 1 July 2026, it is prohibited to provide crypto-asset services on the basis of a registration under the anti-money laundering act. A MiCA licence is required.
What should I do if the service I use isn't licensed?
The Central Bank urges people in that situation to act without delay, for example by moving their crypto to a licensed provider or to their own walletSelf-custodyHolding the private keys to your crypto in your own wallet, so nobody else controls it but all the responsibility for the keys is yours.. Read about the difference between custodial services and self-custody before you choose.
Can I use a foreign crypto exchange?
Yes, if the exchangeCrypto exchangeA company or platform where you buy, sell and swap crypto, for example with krónur. is licensed in an EEA country and has notified that it provides services in Iceland. ESMA's register shows this. An unlicensed service outside the EEA gives you little or no protection.
Does a licence mean the coins the firm sells are safe?
No. The licence is about the firm and how it operates, not about the quality or price of any particular coin.
Closing thoughts
Looking up a licence in the Central Bank's and ESMA's registers takes only a few minutes, and it's the first thing to do before you deposit money. Compare the name, company ID and website, and check which services the licence covers.
A licence means the firm is supervised. It covers how the firm operates, not the price of the coins it sells.
