Greenland and Cryptocurrency

Greenland Cryptocurrency Laws
Regulation of Digital Currencies: Cryptocurrency, Bitcoins, Blockchain Technology

Greenland is an autonomous Danish dependent territory under the Kingdom of Denmark. Thus, its cryptocurrency laws and regulations are going to fall under the Danish regime. [1]

Denmark joined the European Blockchain Partnership (EBP), which was established by 22 founding countries on April 10, 2018. The goals of the EBP are to establish a European Blockchain Services Infrastructure (EBSI) to support the delivery of cross-border digital public services while adhering to established standards for security and privacy. [2]

Cryptocurrency Laws – Virtual

The Danish Financial Supervisory Authority has issued warnings about the risks of virtual currencies. Currently, virtual currencies are regulated, even under money laundering or financial institution regulations. [3] [1] Greenland Profile, (Apr. 29, 2021), https://www.bbc.com/news/world-europe-18249474

[2] . 8, 2021), https://digital-strategy.ec.europa.eu/en/news/european-countries-join-blockchain-partnership

[3] Id.

P.S. Insights on Cryptocurrency Legal Issues

Most jurisdictions and authorities have yet to enact laws governing cryptocurrencies, meaning that, for most countries, the legality of crypto mining remains unclear.

Under the Financial Crimes Enforcement Network (FinCEN), crypto miners are considered money transmitters, so they may be subject to the laws that govern that activity. In Israel, for instance, crypto mining is treated as a business and is subject to corporate income tax. In India and elsewhere, regulatory uncertainty persists, although Canada and the United States are relatively friendly to crypto mining.

However, apart from jurisdictions that have specifically banned cryptocurrency-related activities, very few countries prohibit crypto mining.

Our Freeman Law Cryptocurrency Law Resource page provides a summary of the legal status of cryptocurrency for each country across the globe with statutory or regulatory provisions governing cryptocurrency.  The globe below provides links to country-by-country summaries:

Podcast:

The Freeman Law Project – Cryptocurrency Regulation and Taxation: A Brief Primer

Is cryptocurrency legal in Greenland?

Do you have questions about cryptocurrency, digital currencies, or blockchain technology?


Freeman Law can help with digital currencies, tax planning, and tax compliance.  Contact us now to schedule a consultation or call (214) 984-3410 to discuss your cryptocurrency and blockchain technology concerns.

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