Author: FinTax
1. Introduction
Iceland, thanks to its unique climate conditions and natural resource reserves, has gradually become one of the important cryptocurrency mining bases. The cold climate of Iceland provides excellent cooling conditions for mining machines, while its abundant and inexpensive electricity resources, along with stable and friendly political policies, give it strong competitiveness in the cryptocurrency mining industry. As a haven for the cryptocurrency industry and a base for global miners, Iceland's tax system and regulatory dynamics for cryptocurrencies are also receiving much attention, and this article revolves around this theme.
2. The basic tax system of Iceland
2.1 Overview
Iceland has a relatively friendly tax environment and a relatively complete tax system. In recent years, the Icelandic government has focused on simplifying the tax system, reducing tax rates, and expanding the tax base in its tax reform efforts. It has signed agreements to avoid double taxation with more than thirty countries, including China, the United States, and the United Kingdom. Iceland also offers