Iceland - New Foreign Exchange Act


The Icelandic Parliament has recently passed a new Foreign Exchange Act, no. 70/2021, whose bill of legislation was introduced this past February.

With this new law, entered into force on 29 June 2021, the Offshore Króna Act is repealed, and the new Foreign Exchange Act with it.

Concretely, and amongst other things, this will result into the abolishment of the remaining special restrictions, as well as the segregation of assets into accounts subject to restrictions.

The execution of these measures will take place as per the Central Bank processes, and notifications. Entitled holders will be informed upon receipt of such notifications.

Further information is available on the Central Bank of Iceland webpage (links below).

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