Is Crypto Legal in Greenland?

Cryptocurrency is legal in Grenada and operates within a comprehensive regulatory framework established by the Virtual Asset Business Act of 2021. The Act provides registration and supervision of virtual asset businesses operating in or from Grenada, defining a virtual asset as "a digital representation of value that can be digitally traded, or transferred, and can be used for payment or investment purposes" but does not include digital representations of fiat currency or securities (1).

The Grenada Authority for the Regulation of Financial Institutions oversees all virtual asset service providers in the country. Businesses engaged in cryptocurrency exchanges, virtual asset transfers, safekeeping of virtual assets, or financial services related to virtual asset offerings must register with GARFIN and comply with anti-money laundering and counter-terrorism financing regulations. Application fees are set at EC$2,500, while registration fees are EC$10,000, with annual renewal required by January 31 each year (1).

"A person shall not offer or operate in or from Grenada virtual asset business without being registered under this Act. A person who immediately before the commencement of this Act was operating virtual asset business may continue to operate that virtual asset business for 60 days from the date of commencement."

The Eastern Caribbean Central Bank, which serves Grenada and seven other member countries, maintains a cautious stance on cryptocurrencies. While the ECCB does not directly regulate cryptocurrency, it has introduced the Virtual Asset Business Bill across seven of eight ECCU countries to create a harmonized legal framework mitigating risks within the digital asset landscape. The Bank emphasizes that regional investors must exercise extreme caution before venturing into crypto assets due to inherent volatility, evolving regulatory environments, and potential fraud risks (2).

Source:
https://nowgrenada.com/wp-content/uploads/2024/05/Act-No.-7-of-2021-Virtual-Asset-Business-Act-2021.pdf
https://www.eccb-centralbank.org/blogs/understanding-cryptocurrency-in-the-eccu

Last updated: 18-10-2025 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.