Executive Summary


Icelandic Blockchain Foundation was created on the 29th of March 2015 (originally Auraráð). The foundation was established by a collective of individuals with a shared vision of the positive impact that cryptocurrencies and blockchain technology can have on the Icelandic economy.


The foundation’s primary objective is to make Iceland the global leader of cryptocurrency and blockchain adoption and innovation. This outcome will be achieved by the foundation’s work aims and strictly self-governed responsibilities: 

  1. Serve as a self-governed council for cryptocurrencies and blockchain entities in Iceland.
  2. Advocate for parliament and government agencies to pass fair and clear laws on cryptocurrencies and blockchain technology, as a means of attracting consumers, businesses, and industry to Iceland.
  3. Educate the public, industry, and government on the benefits of cryptocurrencies and blockchain technology. 
  4. Foster cryptocurrency adoption in Iceland, by:
  • Encourage and assisting Icelandic merchants in the adoption of this new technology.
  • Organizing outreach efforts and marketing for cryptocurrency and blockchain within Iceland.
  • Supporting and promoting Icelandic companies that are currently using or exploring cryptocurrencies and blockchain technology.
  • Attracting foreign talent and fostering startups that want to come to Iceland. 


The foundation consists of a board, managing director, advisors, individual members and corporate members.


The foundation receives donations in the form of cryptocurrencies and collects annual fees from its members to cover operational cost. The donated funds, hereafter called the M1 fund, will be used to support the foundation’s main goals and objectives.