meta_id 3291239

On July 2, 2026, the Icelandic Government opened a consultation on proposed amendments to Iceland's virtual asset market regulation. The consultation period runs from July 2 to July 9, 2026. The proposed regulation implements European Union Regulation 2024/1504, which amends EU Regulation 2023/1114 on markets in crypto-assets. The amendment modifies Iceland's existing Virtual Asset Market Regulation (No. 420/2026) and establishes detailed procedural rules for the European Banking Authority (EBA) to exercise enforcement powers against issuers of significant asset-referenced tokens and significant e-money tokens. Specifically, the regulation clarifies the procedures the EBA must follow when imposing penalties or fines on these token issuers. The consultation is being managed by Iceland's Ministry of Finance and Economic Affairs through its Financial Market Office. The proposed regulation falls under the market supervision and consumer affairs portfolio. The consultation document and supporting materials, including the full text of EU Regulation 2024/1504, are available on Iceland's consultation portal (Samráðsgátt). Stakeholders and interested parties are invited to submit written comments during the consultation period ending July 9, 2026. Submissions will be published as they are received. The Financial Market Office (fjr@fjr.is) oversees the consultation process. Following the consultation period, responses will be reviewed and considered before the regulation is finalised and implemented.