Compare Jurisdictions

Select 2-3 countries to compare their cryptocurrency regulatory frameworks side-by-side.

Comparable across 206 jurisdictions on 6 dimensions: Regulatory Status, Licensing Requirements, Travel Rule, Tax Treatment, AML/CFT Requirements, Sanctions.

Afghanistan

Regulatory Status: Business Plan Submission: Detailed operational plan, compliance framework, and risk management strategy. — source
Licensing Requirements: FinTRACA: Responsible for AML/CFT oversight; receives reports from licensed entities. Overview — source
Travel Rule: No. The FATF Travel Rule (Recommendation 16 for virtual assets) has not been adopted or implemented by any recognized governing body in Afghanistan. — source
Tax Treatment: Initial Statements & Warnings: Various Taliban officials, including spokespersons from the Ministry for the Promotion of Virtue and Prevention of Vice, began issuing warnings against cryptocurrency trading. — source
AML/CFT Requirements: Transactions ≥ AFS 1,000,000 (≈USD 20,000) require reporting to FinTRACA. Afghanistan - State.gov - State Department — source
Sanctions: Prohibition: Since late 2021/early 2022, the Taliban has issued decrees and undertaken enforcement actions, including arrests, against individuals and businesses involved in cryptocurrency trading. — source

Albania

Regulatory Status: The Albanian regulatory framework currently lacks specific provisions directly targeting cryptocurrencies and digital assets, resulting in a gap in oversight and compliance requirements for entities operating in this space. According to the European Commission's report on Albania's progress towards EU enlargement as of October 2023, no dedicated legal text addresses cryptocurrency activities, confirming the absence of such regulations. Albania - Enlargement and Eastern Neighbourhood — source
Licensing Requirements: Law No. 97/2020, dated October 22, 2020, “On Virtual Assets” (Ligji Nr. 97/2020 “Për Asetet Virtuale”), in force since February 1, 2021. This is the definitive primary law for licensing of virtual asset service providers in Albania. The earlier draft Law No. 110/2020 was replaced. — source
Travel Rule: Law No. 66/2020 "On financial markets based on distributed ledger technology" (often referred to as the "Blockchain Law"). This law establishes the legal framework for virtual assets and virtual asset service providers (VASPs). — source
Tax Treatment: Treatment: Although there's no specific "crypto capital gains tax" law, virtual assets are generally treated as movable property or financial assets for tax purposes. Therefore, profits derived from the sale or exchange of cryptocurrencies are likely subject to capital gains tax. — source
AML/CFT Requirements: General Directorate for the Prevention of Money Laundering (GDPML): http://www.gdpml.gov.al/ (Often lists relevant legislation and guidance, though primarily in Albanian). — source

Algeria

Regulatory Status: Algeria country profile - BBC News — source
Licensing Requirements: No Specific Test: Algeria does not have a specific legal test for classifying cryptocurrency tokens as securities, or as anything else, because the very concept of "virtual currency" is banned. Therefore, there's no equivalent to the Howey test or any other specific framework for assessing the characteristics of a crypto asset. — source
Travel Rule: Algeria has implemented the FATF Travel Rule (Recommendation 16) for Virtual Asset Service Providers (VASPs), aligning with FATF standards after removal from the Grey List. — source
AML/CFT Requirements: Algeria has implemented ICITAP-driven anti-money laundering (AML) reforms to address concerns raised by its inclusion on the Financial Action Task Force (FATF) grey list, aiming to strengthen compliance with international AML/CFT standards. Algeria: ICITAP-Driven Anti-Money Laundering Reforms ... — source

Andorra

Regulatory Status: Andorra now has an established regulatory framework for cryptocurrencies and digital assets. — source
Licensing Requirements: Exchange between digital assets and fiat currencies: This covers cryptocurrency exchanges that allow users to buy and sell crypto with traditional money (EUR, USD, etc.). — source
Travel Rule: Andorra does mandate compliance with the FATF Travel Rule domestically. — source
Tax Treatment: Impost sobre la Renda de les Persones Físiques (IRPF) - Personal Income Tax — source
AML/CFT Requirements: Law 14/2017 of 22 June on the prevention and fight against money laundering and the financing of terrorism: This is Andorra's principal AML/CFT law, establishing the general obligations for all obliged entities. It has been subsequently amended to incorporate international recommendations. — source
Sanctions: Law 14/2017, of June 22, on the prevention and fight against money laundering and terrorist financing (Llei 14/2017, del 22 de juny, de prevenció i lluita contra el blanqueig de diners i el finançament del terrorisme): This is the overarching AML/CTF law that establishes the general obligations for all financial entities and designated non-financial businesses and professions (DNFBPs), which now explicitly include Virtual Asset Service Providers (VASPs). It mandates compliance with international sanctions. — source

Angola

Regulatory Status: Angola lacks a comprehensive legal framework specifically addressing cryptocurrencies and digital assets, leading to regulatory ambiguity. — source
Licensing Requirements: Units in collective investment undertakings (unidades de participação em organismos de investimento coletivo) — source
Travel Rule: Whether Adopted: No. The FATF Travel Rule, as a specific requirement for VASPs to exchange originator and beneficiary information, has not been adopted. Instead, the BNA has largely prohibited regulated financial institutions from engaging with virtual assets. — source
Tax Treatment: For Portuguese Personal Income Tax (IRS), as of the 2023 regime, gains from the disposal of cryptocurrency held as a personal investment (i.e., not as a professional/Business Category B activity) are generally classified as capital gains (Category G – Mais‑Valias) on crypto‑assets, not as ‘capital income’ or generic ‘other income’. Short‑term gains (assets held less than 365 days) are taxable at a flat 28% (with an option to aggregate and apply progressive rates), while long‑term gains (assets held 365 days or more) are exempt. Crypto activity that rises to the level of a business or professional activity is instead taxed under Category B as professional income, with simplified coefficients (0.15 for most crypto operations, 0.95 for mining) and progressive PIT rates plus applicable surtaxes. — source
AML/CFT Requirements: Lei n.º 5/20, de 27 de Janeiro – Lei sobre a Prevenção e Combate ao Branqueamento de Capitais, Financiamento do Terrorismo e Proliferação de Armas de Destruição em Massa (Law No. 5/20, of January 27 – Law on the Prevention and Combat of Money Laundering, Financing of Terrorism and Proliferation of Weapons of Mass Destruction). — source
Sanctions: Requirement: Angola is legally bound to implement all UN Security Council sanctions resolutions. These typically target individuals, entities, and sometimes specific regimes or activities (e.g., nuclear proliferation, terrorism). — source

Antigua and Barbuda

Regulatory Status: You must be at least 16 years old. — source
Licensing Requirements: The definition of 'Operating a Digital Asset Exchange' must account for evolving regulatory frameworks such as MiCA, the operational distinction between centralized (CEX) and decentralized (DEX) platforms, and the jurisdictional lack of uniform clarity, meaning it does not directly and uniformly apply to all cryptocurrency exchanges as a single, stable category. — source
Travel Rule: National Oversight Committee on Financial Action (NOCFA) – responsible for overseeing financial crime prevention across Antigua & Barbuda. — source
Tax Treatment: Corporate Income Tax: 17 % on worldwide income as per IRD guidelines (source). — source
AML/CFT Requirements: The Anti-Money Laundering and Countering the Financing of Terrorism Programs rule (2026) and FATF Guidance (2025) establish modern AML obligations including CDD, record-keeping, STR, and screening requirements for financial institutions and DNFBPs, which now explicitly extend to VASPs, superseding any 1996-era framework in AG. — source

Argentina

Regulatory Status: Argentina does not have a comprehensive, dedicated cryptocurrency or digital asset law as of 2025–2026, but the legal framework has evolved through scattered administrative regulations and central bank communications; no specific crypto licensing regime has been established. TEXTO ACTUALIZADO - Ley 25871 - MIGRACIONES | Argentina.gob.ar — source
Licensing Requirements: Registration-focused: Businesses register in the CNV's VASP registry for legal operation; unregistered VASPs cannot function. — source
Travel Rule: The Travel Rule is fully live and enforced as a core PSAV compliance requirement, aligning with FATF standards. — source
Tax Treatment: Rates: 5-15%, depending on declaration timing, currency (ARS vs. foreign), and year (e.g., 5% for pre-March 2024 declarations; 15% in 2025). — source
AML/CFT Requirements: VASPs must conduct continuous, risk-based screening of customers, wallets, and transactions against OFAC SDN, EU/UN lists, and other relevant global and national sanctions lists (e.g., OFSI, Argentina's RePET). — source

Armenia

Regulatory Status: Entities engaging in cryptocurrency exchanges or wallet services may require licensing under the "Licensing Requirements for Professional Services" outlined by the Ministry of Finance. — source
Licensing Requirements: Lack of Specific Legislation: There is no dedicated law in Armenia regulating virtual assets or stipulating licensing requirements for crypto businesses. This creates a significant degree of legal uncertainty for operators. — source
Travel Rule: Armenia has been developing a legislative framework for virtual assets, with a draft Law on Virtual Assets under consideration, aiming to establish a defined category of virtual asset service providers [Moneyval 2022 MER, p. 176, 183]. However, this law has not yet been adopted by the National Assembly, contradicting claims from some secondary sources vlolawfirm.com. — source
AML/CFT Requirements: Law of the Republic of Armenia on Combating Money Laundering and Terrorist Financing (ՀՀ օրենքը «Փողերի լվացման և ահաբեկչության ֆինանսավորման դեմ պայքարի մասին»): This is the primary legislation. It mandates financial institutions, including VASPs, to implement robust AML/CFT measures, which inherently include sanctions screening. — source

Australia

Licensing Requirements: AUSTRAC — AML/CTF, DCE registration — source
AML/CFT Requirements: Digital currency exchanges (DCEs) and virtual asset service providers (VASPs) must enrol with AUSTRAC as reporting entities providing designated services under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. AUSTRAC QRG: Transitioning from DCE to VASPAUSTRAC: Register as remittance or VASP — source

Austria

Licensing Requirements: Currently (Pre-MiCA Full Implementation): Partial, primarily AML/CFT-focused. Austria has a framework that primarily addresses anti-money laundering and counter-terrorist financing (AML/CFT) aspects, along with existing securities and tax laws that apply depending on the classification of the crypto asset. This means many crypto activities are not specifically regulated as financial services unless they fall under traditional definitions (e.g., a token classified as a security). — source
Travel Rule: EU MiCA Regulation (EU 2023/1114) has replaced fragmented national VASP regimes with a harmonized CASP (Crypto-Asset Service Provider) authorization framework across all EU member states, including Austria. The 5th Anti-Money Laundering Directive (5AMLD/T5AMLD) VASP registration system is now superseded by MiCA's single EU-wide licensing regime, effective December 30, 2024. — source
AML/CFT Requirements: VASP Registration: There is no dedicated "custody license" per se. Instead, entities providing custody of virtual assets are classified as Virtual Asset Service Providers (VASPs) and are required to register with the Austrian Financial Market Authority (FMA). — source
Sanctions: EU sanctions are based on a two-step legal process: a CFSP Council Decision under Article 29 TEU, followed by, where economic or financial measures are involved, a Council Regulation under Article 215 TFEU. — source

Azerbaijan

Regulatory Status: The Republic of Azerbaijan has adopted a cautious yet evolving approach to regulating cryptocurrencies and digital assets, focusing on compliance with AML/CFT standards and seeking international recognition for its efforts. — source
Travel Rule: The FATF Travel Rule (Recommendation 16, updated June 2025) applies to all cross-border payments and value transfers, including virtual assets, and is adopted in principle within Azerbaijan's AML/CFT framework. VASPs operating in or serving Azerbaijani customers must comply with its requirements. — source
Tax Treatment: Central Bank of Azerbaijan (CBA): Cryptocurrencies are not recognized as legal tender or official financial instruments; a comprehensive regulatory framework for virtual assets is under development, with sandbox testing completed in August 2025 and full legalization expected soon. General policy info available at https://www.cbar.az/. — source

Bahamas

Licensing Requirements: Exchanges: Trading, exchanging cryptocurrencies (fiat-to-crypto, crypto-to-crypto, centralized/decentralized), derivatives, options, broker-dealer services. — source
Travel Rule: Digital Assets and Registered Exchanges (DARE) Rules: Core rules applying AML/CFT/CPF to DABs, including Travel Rule compliance. [https://www.scb.gov.bs/wp-content/uploads/2023/04/The-Bahamas-Approach-to-the-Regulation-of-Digital-Asset-Businesses.pdf] — source
Tax Treatment: Individuals and businesses must comply with anti-money laundering (AML) and counter-financing of terrorism (CFT) regulations. — source

Bahrain

Licensing Requirements: CBB — Crypto-Asset Service Provider licensing (4 categories), prudential supervision — first MENA jurisdiction with comprehensive crypto framework (2019) — source
Tax Treatment: Individuals: Bahrain does not levy a personal income tax. Consequently, there is no capital gains tax on the profit derived from the sale or disposal of cryptocurrency for individuals. — source
AML/CFT Requirements: Bahraini law and Central Bank of Bahrain (CBB) regulations require financial institutions, including VASPs, to comply with UN Security Council sanctions and with Bahrain’s own AML/CFT and terrorism‑financing measures, which include domestic designations and restrictions. This framework obliges institutions to freeze assets and prohibit transactions involving individuals and entities designated under applicable UN resolutions and corresponding Bahraini laws, ministerial orders, and CBB directives, not just UN lists alone. — source

Bangladesh

Regulatory Status: Bangladesh has a strict regulatory stance prohibiting banks, financial institutions, and payment service providers from engaging in digital currency transactions, but lacks a comprehensive legal framework specifically defining the status of cryptocurrencies. — source
Licensing Requirements: Reference: Foreign Exchange Regulation Act, 1947 (from Ministry of Law, Justice and Parliamentary Affairs, Bangladesh) — source
Travel Rule: No, the FATF Travel Rule has not been adopted in Bangladesh. This is because the underlying activity of dealing in virtual assets itself is considered illegal and unauthorized by the central bank and the government. — source
Tax Treatment: Violation of Foreign Exchange Regulations: Virtual currencies are not legal tender and are not issued by any recognized central bank or government. Engaging in transactions with them can violate the Foreign Exchange Regulation Act, 1947. — source
AML/CFT Requirements: Penalty amounts in Bangladesh no longer universally vary upon conviction; recent statutes (e.g., the 2026 gambling law) set explicit maximum fines for certain offenses. — source

Barbados

Regulatory Status: Financial Services Commission (FSC) oversees financial institutions in Barbados, including those involved in cryptocurrency activities. Financial Services Commission — source
Licensing Requirements: Primary Legislation: Digital Assets Act, 2019 (as amended). — source
Travel Rule: Adopted: Yes, Barbados has adopted legislation to regulate Virtual Asset Service Providers (VASPs) and incorporate AML/CFT obligations consistent with FATF recommendations, including the principles underlying the Travel Rule. — source
Tax Treatment: No Capital Gains Tax: Barbados does not levy a general capital gains tax on individuals or corporations. This is a significant point for cryptocurrency investors. — source
AML/CFT Requirements: Virtual Asset Business Act, 2022 (VABA, 2022): This is the cornerstone legislation specifically designed to regulate VASPs in Barbados. It provides for the registration, licensing, supervision, and regulation of virtual asset businesses, bringing them squarely under the AML/CFT regime. It aligns Barbados's regulatory framework with FATF Recommendation 15 on new technologies. — source
Sanctions: Compliance Requirement: As a member of the United Nations, Barbados is legally obligated to implement sanctions resolutions issued by the UN Security Council. These resolutions target individuals, entities, and countries involved in terrorism, proliferation of weapons of mass destruction, and other threats to international peace and security. — source

Belarus

Regulatory Status: National Bank of the Republic of Belarus (NBRB): Regulates monetary policy and oversees banking activities. Website: https://www.bank.by — source
Licensing Requirements: Presidential Decree No. 8 (2017) initially legalized cryptocurrencies and set a framework for activities like mining, exchange, and token creation in Belarus, but subsequent regulatory actions by Belarusian authorities have narrowed its scope by preapproving only 26 specific cryptocurrencies for processing by cryptobanks, imposing restrictions not present in the original decree. — source
Travel Rule: What Is the Travel Rule? Definition, Thresholds & ... — source
Tax Treatment: Exemption until January 1, 2028: For individuals, income derived from mining, acquisition (including purchase, exchange), alienation (including sale, exchange, donation), and inheritance of "tokens" (which include cryptocurrencies, utility tokens, and security tokens as defined by Decree No. 8) is exempt from personal income tax. — source
AML/CFT Requirements: Decree of the President of the Republic of Belarus No. 8 "On the Development of the Digital Economy" dated December 21, 2017 (as amended): This foundational decree legalizes and regulates activities involving digital tokens (cryptocurrencies) for Hi-Tech Park residents, including exchanges, initial coin offerings (ICOs), and other related services. It explicitly mandates that HTP residents engaged in these activities must comply with AML/CFT legislation. — source
Sanctions: Executive Order (E.O.) 14038 "Blocking Property of Certain Persons Contributing to the Situation in Belarus" (August 9, 2021): Expands the scope of the national emergency declared in E.O. 13405, authorizing blocking of property and interests in property of individuals and entities involved in undermining democratic processes, human rights abuses, and corruption in Belarus. — source

Belgium

Regulatory Status: Belgium does not currently have a specific regulatory framework dedicated solely to cryptocurrencies and digital assets, leading to a fragmented approach where these assets fall under existing financial regulations and tax laws. — source
Licensing Requirements: FSMA's Dedicated VASP Page: This is the primary resource for current information and guidance. — source
Travel Rule: EU Level: Yes, the FATF Travel Rule (Recommendation 16) has been adopted at the EU level through the recast Transfer of Funds Regulation (TFR). This is Regulation (EU) 2023/1113, which specifically extends the rules on information accompanying transfers of funds to transfers of crypto-assets. — source
AML/CFT Requirements: Partial, Moving Towards Comprehensive: Before MiCA, Belgium's approach was characterized by specific AML/CFT regulations for certain crypto service providers, consumer warnings, and a general "wait and see" stance for broader market regulation. With MiCA's staggered implementation (July 2024 for stablecoins, December 2024 for other crypto-assets), Belgium is in the process of fully integrating a comprehensive regulatory framework for crypto-asset issuance, trading, and services. — source
Sanctions: The UN Security Council issues resolutions imposing sanctions (e.g., arms embargoes, asset freezes, travel bans) on states, entities, and individuals to maintain international peace and security. — source

Belize

Regulatory Status: Regulatory Landscape in Belize: As of October 2023, Belize has not established a specific legal framework exclusively for cryptocurrencies and digital assets. The oversight falls under the purview of existing financial regulations administered by the Office of the Prudential Regulatory Authority (OPRA) and the Ministry of Finance. This gap leaves room for potential ambiguity regarding compliance requirements for crypto-related activities. — source
Licensing Requirements: The primary regulator for financial services in Belize, including licensing and oversight of investment businesses, securities dealing, and collective investment schemes, is now the Financial Services Commission (FSC), which replaced the International Financial Services Commission (IFSC). — source
Travel Rule: Ministry of Finance – Financial Intelligence Unit (FIU) under the Financial Intelligence Unit Act, Chapter 21:04. — source
AML/CFT Requirements: International Financial Services Commission (IFSC) Belize: This is the primary regulator for VASPs. Their website often contains guidance and information on regulated entities. — source

Benin

Regulatory Status: There is no de facto or de jure BCEAO ban on virtual-asset activity by banks, microfinance institutions or other regulated entities in Benin. No prohibitive instrument exists: BCEAO's own site search returns no communiqué, circular or note on crypto-actifs or monnaies virtuelles, and its regulatory indexes contain none. The only rule in force is the opposite of a ban — art. 58 of the loi uniforme of 31 March 2023, transposed verbatim as art. 58 of Benin's Loi n° 2024-01 du 20 février 2024, which subjects PSAV activity to prior agrément or authorisation by a competent authority that has not yet been designated. As of August 2026 the BCEAO position is exploratory, not prohibitive (Dakar conference, 8 May 2026). — source
Licensing Requirements: Export Control Joint Unit (ECJU) – Department for Business and Trade, UK — source
Travel Rule: Beninese Financial Intelligence Unit (BFIU): Responsible for monitoring financial activities and enforcing anti-money laundering (AML) and counter-terrorism financing (CTF) measures. Website: https://www.bfint.fr/ — source
Tax Treatment: Benin taxes real-estate capital gains through the taxe sur les plus-values immobilières (TPVI), and it has no general capital gains tax on all assets. But the TPVI was not introduced in 2025: it already appears as Livre 1, Titre 1, Chapitre 5 of the Code général des impôts 2023 (and again in the CGI 2025), while the 2018 code contained no such standalone tax — so it dates from between 2019 and 2023. Gains on valeurs mobilières are separately caught by the IRCM (CGI art. 68). — source
AML/CFT Requirements: Benin's AML/CFT cornerstone is Loi n° 2024-01 du 20 fevrier 2024 relative a la lutte contre le blanchiment de capitaux, le financement du terrorisme et de la proliferation des armes de destruction massive, which transposes the UMOA uniform law of 31 March 2023. It replaced Loi n° 2018-17 du 25 juillet 2018, itself amended by Loi n° 2020-25 du 02 septembre 2020. No Beninese AML/CFT statute numbered 'Loi n° 2011-06' could be located, so the premise of the record is itself unsound. — source

Bermuda

Licensing Requirements: No explicit "security token" carve-out: All tokens are "digital assets" under DABA section 3, including security, utility, payment, and NFT tokens. — source
Travel Rule: Bermuda has a regulated digital asset sector where cryptocurrency businesses are legal and must be licensed by the Bermuda Monetary Authority (BMA). Sweeping ‘travel rule’ changes for digital assets - The Royal Gazette — source
AML/CFT Requirements: Bermuda has established a comprehensive and progressive regulatory framework for digital assets, making crypto legal and regulated within its jurisdiction, overseen primarily by the Bermuda Monetary Authority (BMA). Hanford Site Near-Facility Environmental Monitoring Data Report for Calendar Year 1998 — source

Bhutan

Regulatory Status: Extract key information from the PIT description — source
Licensing Requirements: For the Public and Licensed Financial Institutions: The Royal Monetary Authority of Bhutan (RMA) has adopted a cautious and prohibitive stance. There is no legal framework to permit or regulate private crypto trading, exchanges, or virtual asset service providers (VASPs) for the general public. Licensed financial institutions (banks, non-bank financial institutions) are generally prohibited from dealing with virtual assets, processing transactions related to them, or providing services to crypto businesses. This effectively acts as a de facto ban on public participation in the unregulated crypto market. — source
Travel Rule: Bhutan Travel Rules Explained: Visa, Sustainable ... — source
Tax Treatment: Cryptocurrencies are not explicitly illegal in Bhutan, and while they are not recognized as legal tender or regulated financial assets by the Royal Monetary Authority, certain digital assets are now formally recognized and regulated under the Gelephu Mindfulness City (GMC) special administrative region, which issues licenses for digital asset trading and custody services. — source
AML/CFT Requirements: Anti-Money Laundering and Countering Financing of Terrorism Act of Bhutan (AMLCFT Act) 2018: This is the cornerstone legislation for AML/CFT in Bhutan. While it may not explicitly name "cryptocurrency" or "virtual assets" in all its provisions, its broad definitions and regulatory scope are intended to cover evolving financial instruments and services that fall under the FATF's purview. — source

Bolivia

Regulatory Status: The Bolivian Legal Framework - GlobaLex — source
Licensing Requirements: Bolivia has shifted from a complete ban on cryptocurrencies to a regime of controlled regulation, so the regulator no longer issues advisories reiterating a ban but instead implements new regulatory frameworks. — source
Travel Rule: Not Adopted. The FATF Travel Rule (Recommendation 16, interpreted for virtual assets under Recommendation 15) has not been adopted or implemented in Bolivia. — source
Tax Treatment: BCB Resolution N° 044/2014 (May 6, 2014): This resolution explicitly prohibits financial institutions regulated by the Authority for Financial System Supervision (ASFI) from using, commercializing, or trading cryptocurrencies (referred to as "any type of currency not issued and regulated by governments"). It also prohibits the use of such currencies in payment systems. While the resolution directly targets regulated entities, its broad wording and the BCB's monetary authority effectively ban the use of cryptocurrencies for any transaction within Bolivia. — source
AML/CFT Requirements: Regulatory Bodies: The Financial Intelligence Unit (UIF) within the Ministry of Economy and Public Finance is tasked with monitoring and enforcing AML/CFT measures. Bolivia is also a member of GAFILAT, a FATF-style regional body that supports countries in implementing effective AML/CFT regimes. — source
Sanctions: ASFI Circular 471/2014 (October 2014): The Bolivian Financial System Supervision Authority (ASFI) issued this circular, explicitly prohibiting financial institutions under its supervision from using, transacting, holding, or intermediating cryptocurrencies (referred to as "any type of currency that is not issued and regulated by a state"). This effectively bars banks, payment processors, and other regulated financial entities from engaging with crypto. — source

Bosnia and Herzegovina

Regulatory Status: Republika Srpska (RS): Has adopted a specific law governing digital assets, representing a partial, but significant, regulatory framework. This makes RS one of the few jurisdictions in the region with dedicated crypto legislation. — source
Licensing Requirements: No specific "crypto custody license" exists. Unlike some EU countries with dedicated VASP (Virtual Asset Service Provider) licensing regimes that explicitly cover custody, BiH has not yet introduced such a license. — source
Travel Rule: Uprava za Indirektno - Neizravno Oparezivanje (UINO): Responsible for indirect taxation, including customs duties. Website: https://www.uino.gov.ba/portal/en/ — source
Tax Treatment: Individuals: Capital gains are generally subject to personal income tax. The Personal Income Tax Law in FBiH (Zakon o porezu na dohodak) generally levies a flat rate. — source
AML/CFT Requirements: Zakon o sprečavanju pranja novca i finansiranja terorističkih aktivnosti (Law on Prevention of Money Laundering and Financing of Terrorist Activities) – Official Gazette of BiH, No. 13/2024. — source
Sanctions: Western Balkans Sanctions Program (E.O. 13304, E.O. 14033): This program targets individuals and entities undermining democratic processes, contributing to instability, engaging in corruption, or obstructing peace agreements in the Western Balkans, including BiH. — source

Botswana

Regulatory Status: Botswana has had dedicated virtual-asset legislation since the Virtual Assets Act No. 3 of 2022 was assented to and commenced on 25 February 2022; the Virtual Assets Act, 2025 (Act No. 4 of 2025) commenced on 24 January 2025 and repealed it, and the Non-Bank Financial Institutions Regulatory Authority licenses virtual asset service providers and issuers of initial token offerings under Part III. — source
Licensing Requirements: Botswana operates a prior-authorisation licensing regime rather than a registration regime: section 9 of the Virtual Assets Act, 2025 (Act No. 4 of 2025) prohibits unlicensed virtual asset business, section 10 governs the application for a licence, section 11 its issue, section 12 requires a licence holder to have a physical office in Botswana, section 15 empowers NBFIRA to suspend or revoke a licence, section 36 creates general offences and penalties and section 38 provides administrative sanctions. — source
Travel Rule: Botswana's financial intelligence unit is the Financial Intelligence Agency, established under the Financial Intelligence Act, 2022 (Act No. 2 of 2022). It receives suspicious transaction reports through the goAML platform and licenses and supervises nobody. AML/CFT supervision of virtual asset service providers belongs to NBFIRA, which issued the governing Guidance Note on 10 March 2025. The domain fiubg.gov.bw does not resolve in DNS. — source
Tax Treatment: Trading: If an individual regularly buys and sells cryptocurrencies with the intention of making a profit, these activities are likely to be considered a "trade" or "speculative venture." The profits realized would be subject to personal income tax. — source
AML/CFT Requirements: Botswana's proceeds-of-crime statute is the Proceeds and Instruments of Crime Act, Chapter 08:03, as amended by Act No. 28 of 2014 and Act No. 8 of 2018; the Proceeds of Serious Crime Act occupied that same Chapter 08:03 before repeal and no Chapter 08:06 exists, while money-laundering reporting and confiscation-support duties for virtual asset service providers run through the Financial Intelligence Act, 2022 (Act No. 2 of 2022). — source

Brazil

Licensing Requirements: BCB — VASP authorization, prudential supervision (designated authority since June 2023) — source
AML/CFT Requirements: Cryptocurrency and virtual asset activities are legal in Brazil, with a comprehensive regulatory framework established under Law No. 14,478 of 2022, which amended the existing anti-money laundering law (Law No. 9,613 of 1998) to explicitly include virtual assets within its scope L9613. — source

British Virgin Islands

Regulatory Status: Virtual Asset Service Providers Act, 2022 (VASP Act): Enacted in 2022 and effective February 1, 2023. Establishes licensing for VASPs, aligns with FATF AML/CFT standards, and defines regulated services (e.g., exchange, transfer, custody). Existing VASPs had until July 31, 2023, to apply; new entities must register before operating. — source
Licensing Requirements: License Issuance: In 2023, the BVIFSC issued 45 new licenses for securities and investment businesses, reflecting a 20% increase from the previous year. — source
AML/CFT Requirements: UN and UK sanctions (extended to BVI) directly apply to BVI-incorporated bodies, residents, and relevant businesses like VASPs, requiring risk-based policies to screen customers against UN, UK, and extended EU lists. — source

Brunei

Regulatory Status: Identify the request – The user asks for information about Brunei Darussalam and requires that two specific source links be copied exactly into any claim made. — source
Licensing Requirements: Shares or debentures of a corporation or an unincorporated body. — source
Travel Rule: In Brunei, AML/CFT reporting obligations are triggered for transactions of BND 15,000 or more (or equivalent in other currencies or virtual assets), whether in a single transaction or several linked transactions. — source
AML/CFT Requirements: Anti-Money Laundering and Anti-Terrorism Financing Act (AMLAFTA), 2010 (as amended): This is the cornerstone legislation. It imposes obligations on financial institutions (which, by definition or interpretation, would include VASPs once formally regulated or under general AML/CFT principles) to: — source

Bulgaria

Regulatory Status: Progressive rates ranging from 10% up to 10% on the highest income brackets. — source
Licensing Requirements: Submission of a detailed business plan outlining compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations. — source
Travel Rule: Adopted: Yes, the principles of the FATF Travel Rule for crypto assets are adopted in Bulgaria through the Regulation (EU) 2023/1113 on information accompanying transfers of funds and certain crypto-assets, also known as the amended Transfer of Funds Regulation (TFR). This regulation is directly applicable in all EU member states, including Bulgaria, without the need for national transposition. — source
AML/CFT Requirements: While MAMLA historically served as the primary domestic AML/CFT law for VASPs in Bulgaria, the current regulatory framework is transitioning to the EU's MiCA regime. The 'Bulgarian MiCA Act' is being introduced as the new governing law, and VASPs/CASPs now face dual compliance obligations under both MiCA and MAMLA-derived AML/CFT rules (such as CDD), though MAMLA no longer solely dictates the requirements and penalties for VASPs. — source
Sanctions: Legal Basis: EU sanctions are typically imposed through Council Decisions and implemented via Council Regulations. These Regulations are directly applicable in all EU Member States without the need for national transposition. — source

Burkina Faso

Regulatory Status: This record is Cameroonian contamination in a Burkina Faso file, and is wrong on its own terms as well. No 'Groupe d'Analyse et de Contrôle Bancaire (GACB)' could be identified in any jurisdiction, and Cameroon is in CEMAC/GABAC — not UEMOA/BCEAO — so it is irrelevant to Burkina Faso in any event. Burkina Faso's AML/CFT statute is Loi n° 046-2024/ALT du 30 décembre 2024, which succeeded Loi n° 016-2016/AN du 3 mai 2016; AML/CFT supervision of banks and financial institutions is exercised by the Commission Bancaire de l'UMOA, and the FIU is CENTIF-BF. — source
Licensing Requirements: BCEAO's 15 New Instructions on External Financial Relations (implementing Regulation No. 06/2024/CM/UEMOA), effective August 1, 2025 — source
Travel Rule: Burkina Faso has no Travel Rule instrument for virtual assets. It is a GIABA member — since 14 December 2025 as a non-ECOWAS member State — which is a political commitment to the FATF standards, not a directly binding legal obligation. Nationally, Loi n° 046-2024/ALT du 30 décembre 2024 makes PSAV assujettis (arts. 2(51), 3, 58-59), but its originator/beneficiary rules (arts. 39-47) are drafted for institutions financières, which art. 2 defines separately from PSAV; no VA travel rule is therefore in force. — source
AML/CFT Requirements: No 'Loi n° 024-2016/AN du 20 mai 2016' exists. Burkina Faso's 2016 AML/CFT statute is Loi n° 016-2016/AN du 3 mai 2016 relative à la lutte contre le blanchiment de capitaux et le financement du terrorisme (cited throughout the 2023 GIABA follow-up report), and it transposed UEMOA Directive n° 02/2015/CM/UEMOA rather than FATF/GIABA recommendations directly. That regime has since been replaced: Loi n° 046-2024/ALT du 30 décembre 2024 transposes the UMOA loi uniforme LBC/FT/FP of 31 March 2023 and covers virtual assets expressly, so VASP coverage no longer depends on interpreting 'financial institution' — art. 2 point 2 defines 'actif virtuel', art. 2 point 51 defines 'prestataire de services d'actifs virtuels (PSAV)', art. 3 makes PSAV assujettis, and art. 58 forbids professional PSAV activity without prior agrément or autorisation from the competent authority (no such authority has yet been designated in Burkina Faso). — source

Burundi

Regulatory Status: Burundi | The Global State of Democracy — source
Licensing Requirements: Cryptocurrencies are not recognized as legal tender in Burundi. — source
Travel Rule: Burundi has no dedicated cryptocurrency or digital asset legislation as of the most recent regulatory review. The Banque de la République du Burundi (BRB) has not issued any regulation specifically addressing virtual assets, VASP licensing, or travel-rule implementation. This finding is based on review of the Loi n°1/05 du 15 mars 2018 portant réglementation bancaire and available BRB circulars. Burundi International Travel Information — source
Tax Treatment: The Banque de la République du Burundi (BRB) has publicly warned against the use of cryptocurrencies, stating that they are not legal tender, are not regulated by the BRB, and carry significant risks (volatility, scams, money laundering). This official position strongly suggests that crypto transactions are not formally recognized or endorsed, which complicates their tax treatment. — source
AML/CFT Requirements: Law N°1/01 of 04 January 2011 on Anti-Money Laundering and Combating the Financing of Terrorism. This law, along with its implementing decrees and ordinances, establishes the general framework for identifying, reporting, and prosecuting money laundering and terrorist financing activities. — source

Cabo Verde

Regulatory Status: Central Bank of Cape Verde (Banco Central de Cabo Verde) – responsible for monetary policy and oversight of banking and financial institutions. Website: https://www.bancocentral.cv — source
AML/CFT Requirements: Decree-Law No. 4/2020 of January 27, 2020 (Lei n.º 4/2020 de 27 de Janeiro) – Regime de Prevenção e Combate ao Branqueamento de Capitais e ao Financiamento do Terrorismo (AML/CFT Law). — source

Cambodia

Regulatory Status: Cambodia has not enacted a dedicated cryptocurrency or digital asset law as of 2025–2026, and no specific legislation governing virtual assets has been enacted. - Cambodia - United States Department of State — source
Licensing Requirements: Law on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT Law): — source
AML/CFT Requirements: Prohibition on Issuance, Trading, and Use: In May 2018, the NBC, in collaboration with the Securities and Exchange Regulator of Cambodia (SERC) and the General-Commissariat of National Police, issued a joint public announcement prohibiting financial institutions and the public from buying, selling, or trading cryptocurrencies. — source

Cameroon

Regulatory Status: Cameroon is covered by four crypto-specific CEMAC instruments, all directly applicable in member states without national transposition. The CEMAC crypto stack directly applicable in Cameroon: (1) Décision COBAC D-2022/071 du 6 mai 2022 — prohibits COBAC-supervised institutions (credit institutions, EMF, payment institutions) from holding, exchanging, converting or booking cryptoassets for own or third-party account; (2) Règlement n° 01/22/CEMAC/UMAC/CM/COSUMAF du 21 juillet 2022 portant organisation et fonctionnement du marché financier de l'Afrique Centrale (en vigueur 1er août 2022) — art. 144 subjects 'prestataires de services sur actifs numériques' (PSAN) to COSUMAF agrément, art. 160 lists the services (conservation pour compte de tiers, achat/vente contre monnaie ayant cours légal, exploitation d'une plateforme de négociation, RTO, gestion de portefeuille, conseil, placement); (3) Règlement Général de la COSUMAF du 23 mai 2023 (687 articles, abrogeant le RG du 23 juillet 2008) — first community PSAN framework, token placement monopoly, AML vigilance (arts. 92-93); (4) Règlement n° 02/24/CEMAC/UMAC/CM du 20 décembre 2024 (LBC/FT) — art. 2 defines actif virtuel and PSAV, art. 42 prior agrément/autorisation from the competent State authority, art. 39 10-year retention, STRs to ANIF. Operational gap: no PSAN agrément has been granted and COSUMAF's implementing instructions were still unpublished as of mid-2026. What is true is that the regime is not yet operational: no PSAN has been licensed and implementing instructions are outstanding. — source
Licensing Requirements: The CFA Franc in Cameroon is currently stable with active institutional support and no immediate threat of devaluation, though fiscal and external pressures require continued monitoring. — source
Travel Rule: CEMAC does have a virtual-asset travel rule. Règlement n° 02/24/CEMAC/UMAC/CM du 20 décembre 2024 (adopted in extraordinary session at Libreville) defines 'actif virtuel' and 'prestataire de services d'actifs virtuels' in art. 2, lists PSAV among the personnes assujetties in art. 6, and in art. 42 ('mesures spécifiques aux prestataires de services d'actifs virtuels') requires that, for a virtual-asset transfer, the originator's PSAV obtain and keep the required and accurate originator information and the required beneficiary information and transmit it to the beneficiary's PSAV — the FATF R.16 travel rule applied to virtual assets. Arts. 36–38 impose the parallel originator/beneficiary rules on virements électroniques by institutions financières. Being a CEMAC règlement, it is directly applicable in Cameroon without national transposition. The stated reason is also false: virtual-asset activity is not prohibited in Cameroon. Décision COBAC D-2022/071 du 6 mai 2022 binds only COBAC-supervised establishments (banks, établissements financiers, EMF, établissements de paiement, bureaux de change manuel); it is not a general public ban, and the COSUMAF Règlement Général du 23 mai 2023 positively creates a PSAN licensing regime. What is true is that no PSAN/PSAV agrément had been granted anywhere in CEMAC as of 29 June 2025, so the travel rule exists on paper with no licensed obligated entity to apply it. — source
Tax Treatment: No Specific Crypto Capital Gains Tax: Cameroon does not have a dedicated capital gains tax on virtual assets. — source
AML/CFT Requirements: The substantive claim is right but the instrument identity is wrong. There is no "Regulation No. 02/CEMAC/UMAC/CM/22" and no 2022 CEMAC AML regulation. The instrument is Reglement n° 02/24/CEMAC/UMAC/CM, signed at Libreville on 20 December 2024 (CEMAC/UMAC Ministerial Committee, extraordinary session), effective on signature and abrogating all contrary provisions of Reglement n° 01/CEMAC/UMAC/CM du 11 avril 2016. It does define virtual assets - art. 2(72): "Digital representation of a value that can be digitally traded, transferred or used for payment or investment purposes... does not include digital representations of fiat currencies, securities and other financial assets already covered by specific regulatory provisions" - and defines prestataires de services d'actifs virtuels; art. 6(e) lists "virtual or digital asset service providers" among the assujettis, so VASPs carry the same AML/CFT obligations as financial institutions. It is a FATF-aligned revision (approved by GABAC Plenary Resolution No. 10 of 28 September 2024). The 2022 CEMAC instrument that touches digital assets is a different one: Reglement n° 01/22/CEMAC/UMAC/CM/COSUMAF du 21 juillet 2022 on the regional financial market. — source

Canada

Licensing Requirements: FINTRAC — AML/CFT, MSB registration, transaction reporting — source
Travel Rule: Sending VASPs must include required PII (originator/beneficiary name, address, account/reference number) with transfers. — source
Tax Treatment: Calculation: Proceeds of disposition minus adjusted cost base (ACB, using average cost method for identical assets). Example: Buy crypto for $3,500 CAD, sell for $4,000 CAD → $500 gain, $250 taxable. — source

Cayman Islands

Regulatory Status: The Cayman Islands Financial Services Authority (CIFSA) oversees the regulation of financial services, including digital assets, under the Financial Services Regulation Law (FSRL). This framework ensures that entities operating in the crypto space comply with anti-money laundering (AML) and know-your-customer (KYC) standards. — source
Licensing Requirements: Exchanges/Trading Platforms: Full VASP license required if operating a virtual asset trading platform under the VASP Act; grant fee of 100,000 KYD (~120,000 USD). — source
Travel Rule: The Cayman Islands has established a comprehensive regulatory framework for virtual assets under the Virtual Asset (Service Providers) Act, 2020, making crypto legal and regulated within its jurisdiction Cayman Islands Monetary Authority - Virtual Asset Service Providers — source
Tax Treatment: Capital Gains Tax: 0% on profits from selling or trading cryptocurrencies like Bitcoin or Ethereum, whether short-term or long-term. — source
AML/CFT Requirements: Adopted and Effective Date: Adopted via the Anti-Money Laundering (Amendment) (No. 2) Regulations, 2020, with Part XA commencing on July 1, 2022. CIMA issued guidance requiring VASPs to submit compliance plans by March 31, 2022. — source

Central African Republic

Regulatory Status: Rights Mapping and Analysis Platform – Central African Republic — source
Licensing Requirements: The Central African Republic's cryptocurrency statute is Loi n° 22.004 du 22 avril 2022 régissant la cryptomonnaie en République Centrafricaine, adopted by the National Assembly on 22 April 2022 and promulgated later that month; no Loi n° 22.006 of 27 April 2022 governs cryptocurrency. — source
Travel Rule: The Central African Republic has no operational legal framework governing cryptocurrency or digital asset travel-rule requirements as of 2025–2026; no specific legislation addressing the FATF Recommendation 16 travel rule has been enacted or published. Central African Republic Travel Advisory | Travel.State.gov — source
Tax Treatment: The Central African cryptocurrency statute is Loi n° 22.004 du 22 avril 2022 régissant la cryptomonnaie en République Centrafricaine, not a Law n° 22.001 of 27 April 2022; it never displaced the franc CFA, and the National Assembly amended it on 23 March 2023 to delete the obligation on economic agents to accept cryptocurrency. — source
AML/CFT Requirements: No CEMAC instrument numbered 04/22/CM/UMAC/CM exists; the CEMAC text governing virtual asset service providers is Règlement n° 02/24/CEMAC/UMAC/CM of 20 December 2024 on the prevention and repression of money laundering, terrorist financing and proliferation financing, which defines actif virtuel and prestataire de services sur actifs virtuels at article 2 and lists PSAV among the assujettis at article 6. — source
Sanctions: The Central African Republic sanctions regime was established by resolution 2127 (2013), adopted on 5 December 2013, and extended by resolution 2134 (2014) to a travel ban and asset freeze; it was renewed by resolutions 2399 (2018), 2454 (2019), 2507 (2020), 2536 (2020), 2588 (2021), 2648 (2022), 2693 (2023), 2745 (2024), 2789 (2025) and 2827 (2026), the last adopted on 29 July 2026 and running to 31 July 2027. — source

Chad

Regulatory Status: The legal status of cryptocurrency and digital assets in Chad is undefined, as no specific legislation addressing virtual assets has been identified in official sources or the national legal framework. Legal Guides - Guide to Law Online: Chad - Research Guides at Library of Congress — source
Licensing Requirements: Custody of digital assets for third parties is a licensed activity binding in Chad: art. 160 of Règlement n° 01/22/CEMAC/UMAC/CM/COSUMAF du 21 juillet 2022 lists conservation d'actifs numériques pour le compte de tiers among PSAN services and art. 144 requires a prior COSUMAF agrément, while COSUMAF has adopted no PSAN implementing instruction, fixed no minimum capital and granted zero agréments. Décision COBAC D-2022/071 du 6 mai 2022 separately bars COBAC-supervised institutions from holding or converting crypto-assets. — source
Travel Rule: Chad has no legal framework for cryptocurrencies, digital assets, or travel-rule regulations; no laws, decrees, or regulations governing virtual assets exist, and no regulatory authority has been designated with jurisdiction over the sector Chad Travel Advisory | Travel.State.gov — source
AML/CFT Requirements: BEAC has issued no virtual-asset instrument; the CEMAC restriction is Décision COBAC D-2022/071 du 6 mai 2022, which bars only COBAC-supervised institutions in Chad and the other member States from acquiring, holding, transferring or converting crypto-assets, while Règlement n° 01/22/CEMAC/UMAC/CM/COSUMAF du 21 juillet 2022 and the Règlement Général COSUMAF du 23 mai 2023 build a licensing regime for digital-asset service providers instead of a ban on private use or possession. — source
Sanctions: Legal Basis: United Nations Security Council (UNSC) Resolutions are binding on all UN member states, including Chad. Chad is required to implement these resolutions into its national law. UN sanctions typically target specific individuals, entities, and groups involved in terrorism, proliferation of weapons of mass destruction, or specific conflict zones. — source

Chile

Regulatory Status: Tax Rate: Progressive, ranging from 19% to 35% based on total taxable income. — source
Licensing Requirements: Regulator Name: Fiscalía (Public Ministry/Prosecutor's Office) — source
Travel Rule: Overall Status: Chile has officially adopted the principles of the FATF Travel Rule for Virtual Asset Service Providers (VASPs). The key regulatory instrument is UAF Circular N° 79, issued in 2022, which designates VASPs as obliged entities for AML/CFT purposes and requires them to comply with FATF Recommendation 16 (the Travel Rule) among other obligations. — source
Tax Treatment: Oficio N° 972 del 28 de mayo de 2021: This ruling is currently the most comprehensive, reaffirming and expanding upon previous stances. — source
AML/CFT Requirements: Ley N° 19.913, que Crea la Unidad de Análisis Financiero y Modifica Diversas Disposiciones en Materia de Lavado y Blanqueo de Activos (Law N° 19.913, which Creates the Financial Analysis Unit and Modifies Various Provisions Regarding Asset Laundering and Blanqueo de Activos): This is the main AML/CFT law in Chile, establishing the UAF and defining the framework for preventing and prosecuting money laundering and terrorist financing. — source

China

Regulatory Status: The People's Republic of China has implemented stringent regulations on cryptocurrencies and digital assets, aiming to curb financial risks and protect investors. These regulations encompass licensing, anti-money laundering (AML) and know-your-customer (KYC) obligations, enforcement actions, and specific tax treatments. — source
AML/CFT Requirements: In September 2021, the People's Bank of China (PBOC) and nine other agencies issued the "Notice on Further Prevention and Control of Virtual Currency Trading Hype Risks" (Circular 237), classifying virtual currency-related business activities as illegal financial activities. This effectively bans all VASP operations, including exchanges, transfers, and custody services, with no licensing or AML compliance pathway available. — source

Colombia

Regulatory Status: Colombia has established a provisional legal framework for cryptocurrencies, but significant regulatory gaps remain that could affect market stability and investor protection. — source
Licensing Requirements: Ley 2143 de 2021 (Law 2143 of 2021): — source
Travel Rule: Chainalysis – What Is the Travel Rule? Definition, Thresholds & ... — source
Tax Treatment: Virtual assets are not legal tender: They are not recognized as currency by the Colombian Central Bank (Banco de la República) and do not have the legal backing of the Colombian state. — source
AML/CFT Requirements: Identify, measure, control, and monitor the risks of money laundering and terrorist financing (ML/TF). — source

Comoros

Regulatory Status: Comoros lacks specific legislation governing the use and regulation of cryptocurrencies, resulting in ambiguous legal status. — source
Licensing Requirements: Anjouan Offshore Finance Authority (AOFA): This is the primary authority responsible for licensing offshore financial services, including what are often adapted for cryptocurrency businesses. — source
Travel Rule: The Union of Comoros has no designated financial regulator or supervisory authority with a mandate over cryptocurrency or digital asset activities. The Central Bank of the Comoros (BCC), established by Law No. 81‑011/PR of 31 December 1981 (Journal Officiel, 1982, p. 12) and governed by the Banking Law (Law No. 94‑013/AF of 28 June 1994), oversees credit institutions and microfinance but has no statutory competence for VASPs (BCC Annual Report 2023, §2.1). — source
Tax Treatment: No Specific Crypto Capital Gains Tax: Comoros does not have a distinct capital gains tax regime specifically for cryptocurrencies. — source
AML/CFT Requirements: Yes, in principle, likely adopted as part of broader AML/CFT framework. Comoros is an ESAAMLG member and is committed to implementing the FATF Recommendations. The FATF updated its Recommendations (specifically Recommendation 15 and 16, which underpin the Travel Rule) in June 2019 to explicitly cover VAs and VASPs. — source
Sanctions: Requirements: Comoros is obligated to implement all UN Security Council Resolutions, which include asset freezes, travel bans, and arms embargoes against individuals, entities, and countries designated by various UN sanctions committees (e.g., Al-Qaida, ISIS, Taliban, DPRK, Iran, etc.). — source

Congo

Licensing Requirements: The prohibition applicable in the Republic of the Congo is Décision COBAC D-2022/071 du 6 mai 2022, issued by the Commission Bancaire de l'Afrique Centrale and not by BEAC; it bars COBAC-supervised institutions — credit institutions, microfinance establishments and payment institutions — from acquiring, holding, transferring, converting or booking crypto-assets, and requires them to detect such operations and report them to COBAC and BEAC, while leaving private holding of crypto by the public lawful and leaving the COSUMAF PSAN licensing regime in force. — source
Travel Rule: The Ministry of Finance, Budget and Public Portfolio (Ministère des Finances et du Budget) is the central government body responsible for financial affairs, budget execution, and oversight of national financial institutions, located at 23 Boulevard Denis Sassou N'Guesso, BP 90, Brazzaville, with contact email [email protected]. CONTACT US | Ministry of Finances,Budget and Public Portfolio — source
AML/CFT Requirements: The CEMAC AML/CFT instrument binding the Republic of the Congo is Règlement n° 02/24/CEMAC/UMAC/CM du 20 décembre 2024, which replaced Règlement n° 01/CEMAC/UMAC/CM du 11 avril 2016; no Règlement n° 01/18/CEMAC/UMAC/CM exists, and the 21 December 2018 CEMAC instruments are Règlement n° 02/18/CEMAC/UMAC/CM on exchange control and Règlement n° 04/18/CEMAC/UMAC/COBAC on payment services and electronic money. CEMAC règlements are directly applicable in Congo without national transposition. — source
Sanctions: The UN has an active sanctions regime targeting the DRC, primarily focused on individuals and entities contributing to the conflict, engaging in human rights violations, or exploiting natural resources. — source

Costa Rica

Regulatory Status: Superintendencia de Instituciones Monetarias y Financieras (SIF) – Official Website — source
Licensing Requirements: Superintendencia General de Entidades Financieras (SUGEF): The General Superintendency of Financial Institutions. SUGEF is responsible for supervising financial entities and enforcing AML/CFT regulations for many obligated subjects. — source
Travel Rule: SUGEF Circular 001-2022 "Reglamento para la Inscripción y Supervisión de los Proveedores de Servicios de Activos Virtuales" (Regulation for the Registration and Supervision of Virtual Asset Service Providers). This circular directly addresses the registration and AML/CFT obligations of VASPs, including requirements for information sharing consistent with the Travel Rule. It was published in La Gaceta, the official Costa Rican government gazette. — source
AML/CFT Requirements: Law No. 7786, "Law on Narcotics, Psychotropic Substances, Drugs of Unauthorized Use, Related Activities, Money Laundering and Financing of Terrorism" (Ley sobre Estupefacientes, Sustancias Psicotrópicas, Drogas de Uso No Autorizado, Actividades Conexas, Legitimación de Capitales y Financiamiento al Terrorismo), as amended. This is Costa Rica's foundational AML/CFT law. — source
Sanctions: Requirement: As a member state of the United Nations, Costa Rica is legally bound to implement sanctions resolutions adopted by the UN Security Council under Chapter VII of the UN Charter. This includes asset freezes, travel bans, arms embargoes, and other targeted measures against designated individuals, entities, and countries. — source

Cote d'Ivoire

Regulatory Status: No dedicated crypto-asset framework and no licensing system operates in Cote d'Ivoire. But it is wrong to say no national law exists: Ordonnance n° 2023-875 du 23 novembre 2023 (the first UEMOA transposition of the UMOA loi uniforme of 31 March 2023) defines actif virtuel (art. 2-2) and prestataire de services d'actifs virtuels (art. 2-51, including custody), makes PSAV assujettis (art. 3), and art. 58 forbids professional PSAV activity without prior agrement. What is missing is the designated competent authority (art. 59), so no licence can be obtained or enforced. — source
Licensing Requirements: Règlement n° 06/2024/CM/UEMOA is real (signed at Bamako on 20 December 2024, relatif aux relations financières extérieures des Etats membres de l'UEMOA, applied from 1 August 2025 through 15 BCEAO instructions n°01 to 15/07/2025/RFE), but it is a foreign-exchange/external-settlements instrument and contains no rules on actifs virtuels or crypto-actifs. It does not create any virtual-asset framework. The only virtual-asset rule binding in Côte d'Ivoire is the AML/CFT layer: the UMOA uniform law of 31 March 2023, transposed nationally by Ordonnance n° 2023-875 du 23 novembre 2023, which defines 'actif virtuel' (art. 2, 2°) and 'prestataire de services d'actifs virtuels' (art. 2, 51°) and makes PSAV assujettis (art. 3, c). No competent authority has been designated, so no licensing regime is operational. — source
Travel Rule: No crypto travel rule is in force in Côte d'Ivoire, or anywhere in UEMOA. The originator/beneficiary information duties are articles 39–47 of the Loi uniforme LBC/FT/FP du 31 mars 2023 (transposed in Côte d'Ivoire by Ordonnance n° 2023-875 du 23 novembre 2023). Article 39 opens 'Les institutions financières qui effectuent des virements électroniques nationaux, intracommunautaires et internationaux sont tenues d'obtenir et de vérifier, concernant le donneur d'ordre...' — those articles bind only 'institutions financières', a category art. 2(41) defines separately from 'prestataire de services d'actifs virtuels' (art. 2(51)), and they make no reference to virtual assets. Article 58 requires prior agrément for PSAV activity but no competent authority has been designated, and no BCEAO instruction imposes travel-rule obligations on PSAV. — source
Tax Treatment: The IGR (general income tax) in Côte d’Ivoire is progressive, with rates starting at 0% and a top marginal rate that is significantly lower than 60%, according to official 2025-2026 DGI scales. — source
AML/CFT Requirements: No Ivorian AML/CFT instrument numbered 'Ordonnance n° 2019-1089 du 18 décembre 2019' or 'Loi n° 2014-393 du 20 juin 2014' exists. Côte d'Ivoire's AML/CFT statutory chain is: Loi n° 2005-554 du 2 décembre 2005 → Loi n° 2016-992 du 14 novembre 2016 relative à la lutte contre le blanchiment des capitaux et le financement du terrorisme → Ordonnance n° 2023-875 du 23 novembre 2023 relative à la lutte contre le blanchiment de capitaux, le financement du terrorisme et de la prolifération des armes de destruction massive, which is Côte d'Ivoire's transposition of the UMOA Loi uniforme LBC/FT/FP du 31 mars 2023. — source
Sanctions: Basis: UN Security Council Resolutions are legally binding on all UN member states, including Côte d'Ivoire. These resolutions typically impose asset freezes, travel bans, and arms embargoes on individuals, entities, and countries deemed threats to international peace and security (e.g., related to terrorism, proliferation of weapons of mass destruction, specific regimes like North Korea or Iran). — source

Croatia

Regulatory Status: Croatian Financial Services Supervision Agency (CFSSA) within the Ministry of Finance [https://mfin.gov.hr/anti-money-laundering-office/2875] — source
Licensing Requirements: Office for Anti-Money Laundering (Ured za sprječavanje pranja novca – USPN): This is the primary authority responsible for supervising the implementation of AML/CFT measures by obliged entities, including VASPs. They maintain the register of VASPs. — source
Travel Rule: Adopted: Yes, through Regulation (EU) 2023/1113 on information accompanying transfers of funds and certain crypto-assets (commonly known as the revised Transfer of Funds Regulation - TFR). As an EU Regulation, it is directly applicable in Croatia and does not require separate national transposition legislation for its core provisions. — source
Tax Treatment: Taxable Event: A capital gain arises when you sell or exchange cryptocurrency for fiat currency (e.g., EUR, USD), or exchange one cryptocurrency for another, or use cryptocurrency to purchase goods or services. — source
AML/CFT Requirements: There is no specific "custody license" in Croatia dedicated solely to crypto assets. — source
Sanctions: Direct Applicability: EU regulations imposing sanctions are directly applicable in all Member States, including Croatia, without the need for national transposition. — source

Cuba

Regulatory Status: Cuba has not enacted any specific law, decree, or resolution that directly regulates cryptocurrency or digital assets as of 2025–2026, based on the official Gaceta Oficial listings reviewed. GACETA OFICIAL DE LA REPÚBLICA DE CUBA MINISTERIO DE JUSTICIA — source
Licensing Requirements: Ley No. 143/2021 (Law 143/2021) – Ley de Prevención y Confrontación del Lavado de Activos, el Financiamiento al Terrorismo y a la Proliferación de Armas de Destrucción Masiva — source
Travel Rule: No, not the specific FATF Travel Rule. Cuba's primary regulation, Resolution 215/2021 from the Banco Central de Cuba (BCC), focuses on authorizing, licensing, and supervising VASPs within Cuba and requiring them to implement general AML/CFT measures. It mandates a risk-based approach, customer due diligence, and reporting of suspicious transactions. However, it does not explicitly detail the requirement to collect and transmit originator and beneficiary information for all VA transfers above a certain threshold, which is the core of the Travel Rule. — source
Tax Treatment: Cuba authorized Cubamax to deliver cash in dollars as a limited measure, but the United States has since escalated sanctions against Cuban regime-aligned actors and entities in 2026, tightening restrictions to prevent sanctions circumvention, meaning the claim that Cuba is broadly 'legalizing and controlling' remittances to circumvent sanctions is no longer accurate. — source
AML/CFT Requirements: Virtual asset regulation in Cuba is assessed by the Financial Action Task Force (FATF) and its FSRB, GAFILAT, with Recommendation 15 (new technologies, including virtual assets) currently rated Largely Compliant as of February 2024. Cuba's progress in strengthening measures against money laundering and terrorist financing — source
Sanctions: 31 CFR § 515.201: Prohibits transactions by "U.S. persons" (and persons subject to U.S. jurisdiction) relating to property in which Cuba or a Cuban national has an interest, unless licensed or exempt. — source

Cyprus

Regulatory Status: Cyprus has established a comprehensive regulatory framework for cryptocurrencies and digital assets, overseen by the Cyprus Securities and Exchange Commission (CySEC). The framework aims to ensure market integrity, investor protection, and compliance with anti-money laundering (AML) and counter-terrorism financing (CFT) regulations. Cyprus country profile - BBC News — source
Licensing Requirements: Transferable securities: Shares, bonds, other forms of securitised debt, and other instruments giving a right to acquire or dispose of transferable securities. — source
Travel Rule: The EU Travel Rule, mandated by the Financial Action Task Force (FATF), requires virtual asset service providers (VASPs) to transmit relevant transaction information to counterparties for cross-border transfers exceeding €1,000. Travel Agency — source
AML/CFT Requirements: Cyprus Securities and Exchange Commission (CySEC) — source

Czech Republic

Licensing Requirements: Act No. 253/2008 Coll., on Certain Measures against Legalisation of Proceeds of Crime and Financing of Terrorism (Anti-Money Laundering Act) — source
Tax Treatment: Classification: Cryptocurrencies are considered intangible movable assets (or property) under Czech law. They are not recognized as currency or financial instruments in the conventional sense. — source
AML/CFT Requirements: Regulator: The Financial Analytical Office (Finanční analytický úřad - FAU) is the primary AML/CTF supervisory authority. — source
Sanctions: Designation of VASPs as Obliged Entities: Under the EU Anti-Money Laundering Directives (currently 5AMLD, soon to be replaced by the EU AML Regulation and 6th AML Directive), VASPs are categorized as "obliged entities." This means they must comply with AML/CFT obligations, including sanctions compliance. — source

Democratic Republic of the Congo

Regulatory Status: The Democratic Republic of the Congo (DRC) does not have a comprehensive legal or regulatory framework specifically addressing cryptocurrency or digital assets as of 2025–2026. Congo, Democratic Republic - 4-Legal Regime | Privacy Shield — source
Licensing Requirements: Virtual-asset activity in the Democratic Republic of the Congo is prohibited, not unregulated: article 22 bis of Loi n° 25/048 du 1er juillet 2025, amending Loi n° 22/068 du 27 décembre 2022, bans virtual-asset activities and virtual-asset service providers outright, so operating a cryptocurrency exchange or a crypto custody business in the country is unlawful rather than merely unlicensed. — source
Travel Rule: Ministère des Finances et du Plan (MFP): Responsible for financial regulation, including oversight of monetary policy and fiscal matters. — source
Tax Treatment: Implication for Tax: When an asset or activity is not recognized as legal or regulated within the formal financial system, it becomes extremely difficult, if not impossible, to apply specific tax treatments. The absence of a legal framework for cryptocurrency transactions means there's no official basis for their taxation. — source
AML/CFT Requirements: The Ministry of Finance (Ministère des Finances) is the central government body responsible for public finance management, economic and financial policy, state budget, public debt, taxes, and financial regulation in the DRC; it can be found at Ministère des Finances. — source
Sanctions: The Democratic Republic of the Congo sanctions regime was established by Security Council resolution 1533 (2004) of 12 March 2004, building on the arms embargo imposed by resolution 1493 (2003), and comprises an arms embargo, a travel ban and an assets freeze; it has been renewed annually, including by S/RES/2641 (2022) of 30 June 2022 and S/RES/2688 (2023) of 27 June 2023, and the measures currently run to 1 July 2027 under S/RES/2825 (2026), adopted 29 June 2026. — source

Denmark

Licensing Requirements: Primary EU Regulation: Markets in Crypto-Assets Regulation (MiCA), Regulation (EU) 2023/1114 (CELEX: 32023R1114) — directly applicable in Denmark from 30 December 2024 (Titles III–IV on CASP authorisation). EUR-Lex — Access to European Union law — choose your language — source
Travel Rule: Denmark, as an EU Member State, is subject to EU-level AML/CFT regulations that govern cryptocurrency and digital asset travel-rule requirements, with the Danish Financial Supervisory Authority (FSA) serving as the national competent authority for implementing and enforcing these rules. Preventing abuse of the financial system for money laundering and terrorism purposes (until 2027) — source
Tax Treatment: Speculative Intent: A cornerstone of Danish crypto tax is the assumption of "spekulationshensigt" (speculative intent). SKAT generally assumes that individuals acquire cryptocurrency with the intent to profit from price fluctuations. This means that gains from the sale or exchange of crypto are almost always taxable, and losses are generally deductible. — source
AML/CFT Requirements: Lov om forebyggende foranstaltninger mod hvidvask og finansiering af terrorisme (hvidvaskloven) – The Money Laundering Act. — source
Sanctions: Direct Applicability: EU Council Regulations imposing sanctions are directly applicable in Danish law. — source

Djibouti

Regulatory Status: Djibouti Ports and Free Zones Authority (DPFZA) – Regulates ports, free zones, and related transport professions. Website: https://dpfza.gov.dj/ — source
Licensing Requirements: Djibouti’s financial regulatory framework is primarily governed by the Central Bank of the Republic of Djibouti (CBRD) and the Ministry of Finance. — source
Travel Rule: Regulatory Bodies: Djibouti Ports and Free Zones Authority (DPFZA), the sole administrative interface governing activities in free zones, operates under Law No. 53 (Free Zone Code). Licensing & Registration — source
Tax Treatment: Individuals: Djibouti generally does not impose a capital gains tax on individuals for the sale of movable assets (such as shares, bonds, or, by extension, cryptocurrencies) unless it constitutes a professional trading activity. If an individual makes a profit from selling cryptocurrency, it is highly likely that these gains would not be subject to capital gains tax. — source
AML/CFT Requirements: Banque Centrale de Djibouti (BCD): https://www.banque-centrale.dj/ (Official site - often contains publications, circulars, and legislation, though specific VASP guidance might require direct inquiry or might not be readily available in English.) — source

Dominica

Regulatory Status: Cryptocurrency and digital assets are not specifically regulated in Dominica; there is no dedicated virtual asset law, licensing regime, or regulatory framework as of 2025–2026, and the government portal lists no crypto-specific legislation. Laws - Government of Dominica Web Portal — source
Licensing Requirements: No Dedicated VASP Licensing: Dominica does not have specific laws or regulations for crypto exchanges, custody providers, or virtual asset payment processors. — source
Travel Rule: The Commonwealth of Dominica is an independent island nation in the Eastern Caribbean, and its regulatory environment for financial services is not addressed in the available source materials, which focus exclusively on travel advisories rather than financial regulation. Travel Advisory: Dominica (May 20, 2026) - U.S. Embassy to Barbados, Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, Saint Lucia, and Saint Vincent and the Grenadines — source
AML/CFT Requirements: Money Laundering (Prevention) Act [Chapter 12:29]: This is the core legislation that sets out the framework for preventing money laundering and terrorist financing. It defines predicate offences, outlines the obligations of financial institutions and DNFBPs, and establishes the Financial Intelligence Unit (FIU). — source
Sanctions: Virtual Asset Business Act, 2020 (VABA): This is the foundational law for regulating Virtual Asset Service Providers (VASPs) in Dominica. It requires VASPs to be licensed by the Financial Services Unit (FSU) and sets out their obligations, including AML/CFT compliance. — source

Dominican Republic

Regulatory Status: The Dominican Republic currently lacks a specific legal framework for cryptocurrencies, leading to regulatory ambiguity. — source
Licensing Requirements: Ley No. 155-17 contra el Lavado de Activos y el Financiamiento del Terrorismo (Law No. 155-17 Against Money Laundering and Terrorism Financing), enacted in June 2017. — source
Travel Rule: The Dominican Republic has not established a specific regulatory framework for cryptocurrency or digital assets as of 2025–2026, with no travel-rule requirements implemented. Cestování | Ministerstvo zahraničních věcí České republiky — source
Tax Treatment: For Individuals (Persona Física): If an individual sells cryptocurrency for a profit, it would likely be considered "other income" and subject to the progressive income tax rates: — source
AML/CFT Requirements: The Dominican Republic is a UN member state with a dedicated Security Council page, and three historical UNSC resolutions concerning the country exist (e.g., from the 1960s), but there is no active, country-specific UNSC resolution currently imposing regulatory obligations on the Dominican Republic. — source

Ecuador

Regulatory Status: Ecuador does not recognize cryptocurrency or digital assets as legal tender. The U.S. dollar is the sole legal tender (Código Orgánico Monetario y Financiero [COMyF] Art. 94). No specific licensing regime for crypto businesses exists as of June 2025. Banco Central del Ecuador, "Preguntas Frecuentes - Dinero Electrónico y Criptoactivos" — source
Licensing Requirements: Superintendencia de Compañías, Valores y Seguros (SCVS): The superintendency responsible for regulating companies, securities, and insurance. This body would classify tokens as securities. — source
Tax Treatment: Taxable Events: Any gain derived from cryptocurrency is likely to be considered taxable income. This includes: — source
Sanctions: Legal Basis: Resolution 014-2014-M (or its subsequent reiterations) issued by the Monetary and Financial Policy and Regulation Board (Junta de Política y Regulación Monetaria y Financiera) and implemented by the Central Bank of Ecuador (BCE). This resolution, dated July 28, 2014, effectively banned private cryptocurrencies, stating that they are not recognized as legal tender and cannot be used as a means of payment within the country. — source

Egypt

Regulatory Status: The Egyptian government has taken steps to regulate cryptocurrencies through the Financial Sector Reform and Development Authority (ERRADA), which is tasked with overseeing financial market reforms, including those related to digital assets. ERRADA | Homepage — source
Licensing Requirements: Article 206 of Law No. 194 of 2020 prohibits the issuance or trading of cryptocurrencies, or the establishment or operation of platforms for their trading, or conducting any related activities, without a license from the Board of Directors of the Central Bank. — source
Travel Rule: Not explicitly adopted or effective for licensed VASPs. Egypt's primary legal framework, Law No. 194 of 2020 (the Central Bank and Banking Sector Law), effectively prohibits the issuance, trading, or promotion of cryptocurrencies and other virtual assets without a specific license from the Central Bank of Egypt (CBE). — source
Tax Treatment: Law No. 194 of 2020 (Central Bank and Banking Sector Law): Article 206 explicitly states that "issuing, trading, or promoting cryptocurrencies or transacting in them is prohibited within Egypt without a license from the Board of Directors of the Central Bank of Egypt." As of now, no such licenses have been granted, making these activities generally illegal within the formal financial system. — source
AML/CFT Requirements: The Financial Regulatory Authority (FRA) — الهيئة العامة للرقابة المالية — is the main regulator for non-bank financial activities in Egypt, including capital markets, insurance, and non-bank financing, with its official website at fra.gov.eg (الهيئة العامة للرقابة المالية – نبني الجسور لا الحواجز). — source
Sanctions: The Central Bank of Egypt (CBE) is the primary financial regulator, with authority under its laws and regulations, published at CBE Overview, but it has not published any virtual asset-specific regulation on that page. — source

El Salvador

Regulatory Status: The provided source materials exclusively address Temporary Protected Status (TPS) for Salvadoran nationals in the United States, not El Salvador's domestic cryptocurrency regulatory framework. Temporary Protected Status Designated Country: El Salvador | USCIS — source
Licensing Requirements: Banco Central de Reserva (BCR) de El Salvador: (Central Reserve Bank of El Salvador) — source
Tax Treatment: For both individuals and businesses, transactions involving Bitcoin as legal tender are generally exempt from capital gains tax. This means if you buy, sell, or exchange Bitcoin, or use it to purchase goods and services, you typically will not incur capital gains tax on the appreciation of the Bitcoin itself. This exemption is a significant part of El Salvador's strategy to attract Bitcoin investment and usage. — source
AML/CFT Requirements: Ley Contra el Lavado de Dinero y de Activos (LCLDA) — source

Equatorial Guinea

Regulatory Status: Equatorial Guinea has no specific legal framework governing cryptocurrency or digital assets as of 2025–2026; no dedicated crypto legislation, licensing regime, or regulatory authority has been established for virtual assets in the country Equatorial Guinea - United States Department of State — source
Licensing Requirements: A licensing regime for digital-asset services applies in Equatorial Guinea through directly applicable community law: article 144 of Règlement n° 01/22/CEMAC/UMAC/CM/COSUMAF du 21 juillet 2022 requires COSUMAF agrément as prestataire de services sur actifs numériques, and the Règlement Général COSUMAF du 23 mai 2023 supplies the framework, while no implementing instruction has been issued, no minimum capital is set and no agrément has been granted. — source
Travel Rule: A virtual-asset travel rule binds Equatorial Guinea through art. 42 of Règlement n° 02/24/CEMAC/UMAC/CM du 20 décembre 2024, which requires the originator's virtual-asset service provider to obtain and transmit accurate originator information and required beneficiary information, requires the beneficiary's provider to obtain, retain and disclose it to the authorities, and fixes the occasional-transaction threshold at 500 000 FCFA. The instrument was adopted by the Comité Ministériel de l'UMAC, not by BEAC, which has issued no virtual-asset instrument. — source
Tax Treatment: Equatorial Guinea levies no separate capital gains tax and no crypto-specific gains regime; company capital gains fall within taxable profits taxed at the 25% corporate income tax rate under the Tax Code enacted by Law n° 1/2024 of 19 November 2024. — source
AML/CFT Requirements: The foundational CEMAC AML/CFT text is a UMAC Ministerial Committee règlement, not a UEAC directive: Règlement n° 01/03-CEMAC-UMAC of 4 April 2003, revised by Règlement n° 02/10 of 2 October 2010 and Règlement n° 01/16/CEMAC/UMAC/CM of 11 April 2016, and superseded by Règlement n° 02/24/CEMAC/UMAC/CM of 20 December 2024, which applies directly in Equatorial Guinea without national transposition. — source
Sanctions: All U.S. persons and entities globally. — source

Eritrea

Regulatory Status: The current regulatory landscape in Eritrea regarding cryptocurrencies and digital assets is notably absent of specific legislation, creating a legal vacuum that may encourage illicit financial activities while leaving both consumers and regulators without clear guidelines. Eritrea | The Global State of Democracy — source
Licensing Requirements: Eritrea has a FATF country page with mutual evaluation details, and KnowYourCountry reports Eritrea was rated on the FATF 40 Recommendations (0 Compliant, 4 Largely Compliant), confirming specific evaluation data exists, though full mutual evaluation reports may still be limited. — source
Travel Rule: Status: Not adopted. Eritrea's primary anti-money laundering and combating the financing of terrorism (AML/CFT) legislation, the Anti-Money Laundering and Combating the Financing of Terrorism Proclamation No. 174/2016, predates the FATF's specific guidance on virtual assets and the Travel Rule (which was significantly updated in June 2019). — source
AML/CFT Requirements: Eritrea has implemented measures to combat money laundering (AML) and terrorist financing (CFT) as outlined in the Financial Action Task Force (FATF) Mutual Evaluation Report of 2025, indicating moderate progress but highlighting significant gaps that could be exploited by bad actors. Eritrea's measures to combat money laundering and ... — source
Sanctions: No Eritrea-Specific UN Sanctions Program: There are currently no UN Security Council resolutions imposing a country-wide asset freeze or other specific financial sanctions on Eritrea that would directly restrict cryptocurrency transactions with entities or individuals solely because they are Eritrean. — source

Estonia

Regulatory Status: Estonia has adopted a progressive approach to cryptocurrencies, integrating them into its digital society through e-Residency and embracing blockchain technology across various sectors. The country's regulatory framework is designed to foster innovation while ensuring compliance with international standards for financial stability and security. Estonia: Nations in Transit 2023 Country Report — source
Licensing Requirements: Authorized capital: €250,000 for transfer/custody services (vs. €100,000 for exchange). — source
Travel Rule: Adopted and Effective Date: Implemented by Estonia’s Financial Intelligence Unit (FIU) under the Ministry of Finance via amendments to the AML Act. The rule took effect March 15, 2022, with a three-month compliance period ending June 15, 2022—the fastest Travel Rule enforcement globally. One source notes alignment with EU AMLD5 effective July 1, 2021, but primary enforcement dates are March/June 2022. — source
AML/CFT Requirements: Estonia has implemented robust anti-money laundering (AML) and counter-terrorism financing (CFT) measures to regulate cryptocurrencies and digital assets, ensuring compliance with international standards. — source

Eswatini

Regulatory Status: The Kingdom of Eswatini (formerly known as Swaziland) has a nascent regulatory framework for cryptocurrencies and digital assets, with limited specific legislation directly targeting these financial instruments. Existing laws primarily focus on general anti-money laundering (AML) and counter-terrorism financing (CTF) measures, which indirectly affect cryptocurrency activities. — source
Licensing Requirements: An investment of money or assets: The investor commits capital to acquire the token. — source
Travel Rule: Eswatini's Recommendation 15 rating is Non-Compliant from the ESAAMLG mutual evaluation adopted in June 2022 and was not re-rated in the 4th enhanced follow-up report of August 2025, while Recommendation 16 was upgraded in that follow-up report from Non-Compliant to Partially Compliant. — source
AML/CFT Requirements: Finding relevant notices requires checking the CBE's official publications or press releases section. Specific direct links to crypto-specific warnings can be ephemeral but general stance is consistent. — source

Ethiopia

Regulatory Status: Regulatory Landscape: As of August 18, 2026, the United States has terminated Temporary Protected Status (TPS) for Ethiopian nationals, which may indirectly affect the regulatory environment for cryptocurrencies in Ethiopia by impacting the resident population with specialized skills in technology and finance. Termination of Temporary Protected Status for Ethiopia ... — source
Licensing Requirements: Public Prohibitions and Warnings: The NBE consistently reminds the public that crypto is illegal. — source
Travel Rule: No, it has not been adopted. The primary reason is that virtual assets and cryptocurrencies are not recognized as legal tender or permissible financial instruments by the National Bank of Ethiopia (NBE). — source
AML/CFT Requirements: Ethiopia does not have a specific legal framework regulating cryptocurrency or virtual assets as of 2025–2026; the National Bank of Ethiopia (NBE) maintains that the Birr is the only legal tender and has historically prohibited crypto transactions Ethiopia. — source
Sanctions: Not Legal Tender: Cryptocurrencies are explicitly not recognized as legal tender in Ethiopia. — source

European Union

Regulatory Status: All Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) mandated for CASPs under MiCA (including those under Articles 39(1) for ARTs and 59(1) for EMTs) were required to be adopted by the European Commission and be in force by December 30, 2024, ensuring full operational framework availability well ahead of April 2026 MiCA Article 126 and RTS Deadline — source
Licensing Requirements: EBA — Stablecoin supervision (ARTs/EMTs), significant issuer oversight — source
Travel Rule: Adoption and Effective Date: Adopted as part of the TFR recast in May 2023 (Regulation (EU) 2023/1113 entered into force June 2023). Full compliance is mandatory from December 30, 2024, following European Banking Authority (EBA) guidelines finalized in 2024. — source
Tax Treatment: Personal Income Tax Rates: In the EU, personal income tax rates vary by Member State but are typically progressive. As of 2023, Germany imposes a top rate of 45% on taxable income above €58,300, while Hungary's highest rate is 15%. These rates are subject to change annually based on national budgets (European Union). — source
AML/CFT Requirements: European Banking Authority (EBA) – responsible for AML/CFT supervision in financial institutions across EU member states. — source

Fiji

Regulatory Status: The current regulatory framework in Fiji does not specifically address cryptocurrencies and digital assets, leaving a gap in oversight and compliance for these financial instruments. — source
Licensing Requirements: Investment of Money/Asset: An investor provides value (money, other crypto, assets). — source
Travel Rule: Fiji does not have specific cryptocurrency or digital asset regulations as of 2025, with travel-rule compliance being addressed under broader AML/CFT frameworks. Entering Fiji – Ministry of Immigration — source
AML/CFT Requirements: Financial Transactions Reporting Act 2004 (FTRA 2004): This is the foundational AML/CFT law in Fiji. It establishes the framework for reporting institutions, customer due diligence, suspicious transaction reporting, and the powers of the Financial Intelligence Unit (FIU). — source

Finland

AML/CFT Requirements: Providing services for exchanging virtual currency and fiat currency: This covers entities facilitating the purchase or sale of virtual currencies using traditional currencies (e.g., EUR, USD). — source
Sanctions: Compliance Requirement: Finland implements UN sanctions through EU regulations. VASPs must identify and freeze assets belonging to, or controlled by, individuals and entities listed by the UN. — source

France

Licensing Requirements: AMF — CASP authorization — most experienced EU NCA for crypto. Circle chose France for EU MiCA authorization. — source

Gabon

Regulatory Status: The legal status of cryptocurrencies in Gabon is currently undefined, creating uncertainty for market participants. — source
Licensing Requirements: BEAC Instruction n° 001/GR/2021 defines the operating procedures of the Centrale des Incidents de Paiement and carries no crypto-asset provision, and BEAC has issued no instruction banning crypto-assets in the CEMAC zone; the CEMAC measure on crypto-assets is Décision COBAC D-2022/071 du 6 mai 2022, which binds only institutions supervised by COBAC. — source
Travel Rule: Gabon has no specific cryptocurrency or digital asset legislation, and no virtual asset service provider (VASP) licensing regime exists as of June 2025. Crypto is neither expressly legal nor illegal but operates in a regulatory vacuum. No primary regulatory sources found; assessment based on absence of published legislation in the Journal Officiel de la République Gabonaise and on BEAC/COBAC/ANIF websites as of June 2025. Gabon Travel Advisory | Travel.State.gov — source
Tax Treatment: The Gabonese Code Général des Impôts imposes no declaration of foreign accounts or foreign-held assets and sets no offshore threshold. The reporting duty on assets held outside the zone comes from CEMAC exchange law: article 42 of Règlement n° 02/18/CEMAC/UMAC/CM of 21 December 2018 requires accounts opened abroad by resident individuals to be declared to BEAC, article 41 forbids resident legal persons other than credit institutions from opening a foreign-currency account outside CEMAC unless BEAC authorises it, and articles 37 and 38 require income collected in foreign currency abroad to be surrendered to the domiciling credit institution and retroceded to BEAC. None of these articles names virtual assets. — source
AML/CFT Requirements: Règlement n° 01/16-CEMAC-UMAC-CM du 11 avril 2016 governed AML/CFT in Gabon until the UMAC Ministerial Committee adopted Règlement n° 02/24/CEMAC/UMAC/CM at Libreville on 20 December 2024; the 2024 règlement supersedes it, defines actif virtuel and PSAV at article 2, lists PSAV among the assujettis at article 6 and requires prior agrément plus a virtual-asset travel rule at article 42. — source
Sanctions: BEAC issued no communiqué banning crypto-assets in December 2021 and has adopted no virtual-asset instrument at all. The restriction in force across CEMAC is Décision COBAC D-2022/071 du 6 mai 2022, which binds COBAC-supervised institutions only, and virtual-asset service providers in Gabon are licensable by COSUMAF as PSAN under Règlement n° 01/22/CEMAC/UMAC/CM/COSUMAF du 21 juillet 2022 and the COSUMAF Règlement Général of 23 May 2023. — source

Gambia

Regulatory Status: Regulatory Approach: Partial Ban / Strong Warning / Highly Restrictive — source
Licensing Requirements: No Specific VASP Licensing Regime: Unlike jurisdictions with mature crypto regulations (e.g., Malta, Singapore, Dubai), Gambia has not enacted dedicated laws requiring specific licenses for entities operating purely as cryptocurrency exchanges, custody providers, or payment processors for virtual assets. — source
Travel Rule: Cryptocurrency is not specifically regulated in The Gambia, and there is no dedicated legal framework governing virtual assets or digital asset service providers as of 2025–2026, with no primary legislation, licensing regime, or travel-rule implementation found in official sources. The Gambia Travel Advisory | Travel.State.gov — source
Tax Treatment: Current Law: The Gambia does not have a separate Capital Gains Tax Act for individuals on most assets. Capital gains are generally taxed under the Income Tax Act if they arise from a trade or business, or from the disposal of specific types of assets like real estate or shares in a company. — source
AML/CFT Requirements: Legal Basis: The primary legislation is the Anti-Money Laundering and Combating the Financing of Terrorism Act, 2012. This Act establishes the legal framework for combating money laundering and terrorist financing, including the implementation of UN Security Council resolutions related to freezing assets of designated individuals and entities. — source

Georgia

Regulatory Status: Cryptocurrency is legal in Georgia, but virtual asset service providers (VASPs) are not currently subject to a dedicated licensing regime. The National Bank of Georgia (NBG) serves as the primary financial regulator and has issued public warnings against unregistered virtual asset service providers. No entity has been granted a virtual asset license because no such licensing framework exists; instead, the NBG has explicitly urged citizens not to engage with unregistered virtual asset service providers. The practical reality is that the legal framework for capital markets and securities regulation exists, but virtual assets remain largely outside formal regulatory scope as of 2025–2026. National Bank of Georgia Urges Citizens Not to Engage in Virtual Asset Services with Unregistered Entities — source
Licensing Requirements: National Bank of Georgia (NBG): The central bank is the sole licensing and supervisory authority for VASPs in Georgia. — source
Travel Rule: Virtual Asset Service Providers (VASPs) are recognized as regulated obliged entities under Georgia's AML/CFT framework, with the National Bank of Georgia (NBG) designated as the supervisory authority for VASP compliance with anti-money laundering obligations AML / CFT Supervision. — source
AML/CFT Requirements: Law of Georgia on Facilitating the Suppression of Money Laundering and Terrorism Financing (Law N5183-IIs, adopted December 29, 2006, as amended): This is the fundamental AML/CFT law in Georgia. It was significantly amended in 2023 to explicitly include Virtual Asset Service Providers (VASPs) as "obliged entities" (or "reporting entities"), bringing them under the scope of AML/CFT regulations. — source

Germany

Licensing Requirements: BaFin — CASP authorization (MiCA), crypto custody licensing (Kryptoverwahrgeschaeft) — pioneer since Jan 2020, ~40 entities hold/applied — source
Travel Rule: §3 KryptoTransferV mandates sharing: originator's account (e.g., public key), beneficiary's name and account (e.g., public key). — source
Tax Treatment: Short-term gains (disposal within 12 months): Taxed at personal income tax rates (0-45% based on total income, with €10,908 basic allowance for 2024), but net gains ≤€1,000 are exempt and unreportable per §23 EStG (increased from €600 in prior years). — source
AML/CFT Requirements: GwG (Money Laundering Act): Core national law incorporating EU AML Directives (e.g., AMLD5), covering obliged entities like CASPs for ML/TF prevention. — source

Ghana

Regulatory Status: The BoG has issued warnings to unauthorized entities engaging in cryptocurrency activities, emphasizing the need for compliance with existing financial regulations. — source
Licensing Requirements: Ghana, as a member of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), an FATF-style regional body, is committed to implementing FATF recommendations. — source
Travel Rule: Bank of Ghana (BoG) – Central bank; website: https://www.bog.gov.gh — source
Tax Treatment: Applicability: If cryptocurrencies are treated as "chargeable assets" (similar to shares, land, etc.), then the disposal of crypto for a profit would attract Capital Gains Tax. — source
AML/CFT Requirements: Anti-Money Laundering Act, 2020 (Act 1044): This is the most crucial piece of legislation. It provides the legal framework for combating money laundering and terrorist financing in Ghana, incorporating international standards, including those related to targeted financial sanctions. VASPs, by their nature, would fall under the broader definition of financial institutions or designated non-financial businesses and professions (DNFBPs) if they are involved in activities like exchange, transfer, or safekeeping of virtual assets. — source

Gibraltar

Licensing Requirements: The regime is principles-based, with 10 core principles covering governance, risk management, financial stability, data security, and customer protection; applicants must demonstrate compliance, including "mind and management" in Gibraltar (e.g., local office and employees).1 2 6 — source
AML/CFT Requirements: The Proceeds of Crime Act 2015 (POCA), as amended in March 2021 to address AML/CFT for DLT and virtual asset firms, is a core law mandating AML/CFT/CPF obligations for DLT Firms and VASPs in Gibraltar, and requires the appointment and GFSC oversight (including notification duties) of a Money Laundering Reporting Officer (MLRO). — source

Greece

Regulatory Status: Regulatory Uncertainty: The absence of specific legislation for cryptocurrencies creates uncertainty for market participants, potentially stifling innovation and attracting regulatory arbitrage. — source
Licensing Requirements: Law 4557/2018 (as amended), which transposed the EU's 5th Anti-Money Laundering Directive (AMLD5) and 6th Anti-Money Laundering Directive (AMLD6) into national law. This law defines "providers of services of virtual assets" and mandates their registration. — source
Travel Rule: Cryptocurrency and digital asset activities are legal in Greece but subject to comprehensive AML/CFT regulation implementing EU directives, with no dedicated crypto-specific licensing regime yet in force, though the EU Markets in Crypto-Assets Regulation (MiCA) framework will apply directly from 2024-2025 Regulation - 2023/1113 - EN - EUR-Lex — source
Tax Treatment: If an individual buys and sells cryptocurrency occasionally, not as a business activity, the gains are generally not explicitly subject to capital gains tax under the current framework, as crypto is not listed under the specific types of assets (e.g., shares, securities) that attract capital gains tax (which is 15% for transfers of securities and shares). — source
AML/CFT Requirements: Greek Law: Greece has transposed the 5th and 6th EU Anti-Money Laundering Directives (AMLDs) into national law, primarily through Law 4557/2018 (Official Gazette A' 139/2018), as amended. This law identifies "providers of services of exchange between virtual currencies and fiat currencies" and "custodian wallet providers" as 'obliged entities' for AML/CTF purposes. — source
Sanctions: Source: UN Security Council Resolutions. — source

Grenada

Regulatory Status: Grenada Financial Services Authority (GFSA): Oversees financial institutions and implements AML/CFT measures. — source
Tax Treatment: General Rule: Grenada does not impose a general capital gains tax on individuals or companies. — source
AML/CFT Requirements: No explicit classification: Grenada's existing laws do not explicitly define or classify stablecoins as e-money, payment tokens, or securities. — source

Guatemala

Regulatory Status: No designated regulator has been formally empowered to license or oversee virtual asset service providers in the country. The Superintendencia de Bancos and Banco de Guatemala have not issued crypto-specific licensing regimes; general financial institution oversight under Decreto 19-2002 (Ley de Bancos y Grupos Financieros) applies. Federal Register :: Agreement Between the Government of the United States of America and the Government of the Republic of Guatemala Relating to the Transfer of Nationals of Central American Countries to Guatemala [This agreement pertains to bilateral transfer of nationals and does not address cryptocurrency regulation.] — source
Licensing Requirements: No specific cryptocurrency license is required. — source
Travel Rule: Autoridad Reguladora de Servicios Financieros (ARSF): Responsible for overseeing financial services in Guatemala, including banking and payment institutions. Website: https://www.arfs.gob.gt — source
Tax Treatment: Rate: The standard rate for capital gains from the sale of assets is 10% on the net gain. — source
Sanctions: Guatemala's adherence to international AML/CFT standards: Guatemala is a member of the Financial Action Task Force of Latin America (GAFILAT), a FATF-style regional body, and is therefore expected to implement FATF recommendations. FATF Recommendation 15 explicitly applies AML/CFT obligations, including sanctions compliance, to VASPs. — source

Guernsey

Regulatory Status: Protection of Investors (Bailiwick of Guernsey) Law, 1987 (as amended): Governs collective investment schemes and funds providing exposure to cryptocurrencies; managers must comply if activities qualify as regulated. — source
AML/CFT Requirements: The Proceeds of Crime (Bailiwick of Guernsey) Law, 1999 (as amended) — source
Sanctions: UK Consolidated List of Financial Sanctions Targets: Includes individuals and entities designated under various UK sanctions regimes. — source

Guinea

Regulatory Status: No specific regulations targeting cryptocurrencies or digital assets in Guinea as of 2022, creating a legal gray area that may expose participants to risks such as fraud and money laundering. — source
Licensing Requirements: Loi L/2012/032/AN portant Organisation du Marché Financier (Law L/2012/032/AN on the Organization of the Financial Market). — source
Travel Rule: No, the FATF Travel Rule has not been explicitly adopted as a specific piece of legislation in Guinea. Instead, the regulatory environment for virtual assets in Guinea, largely dictated by the BCEAO, is characterized by strong warnings and restrictions against their use by regulated financial institutions. — source
Tax Treatment: No Specific CGT for Crypto: There is no specific capital gains tax rate or framework explicitly for cryptocurrencies in Guinea. — source
AML/CFT Requirements: Law N° L/2018/005/AN concerning the Fight Against Money Laundering and Terrorist Financing (LBC/FT): This is the fundamental legal text. It replaced older legislation and aims to align Guinea's framework with international standards, particularly the FATF recommendations. — source
Sanctions: Asset Freezes: VASPs must immediately freeze any virtual assets or funds belonging to or controlled by individuals and entities listed on the UN Security Council Consolidated List. This includes preventing them from accessing or transferring virtual assets. — source

Guinea-Bissau

Regulatory Status: Guinea-Bissau has no specific legal framework governing cryptocurrencies or digital assets; the country's legislative focus remains on sanctions implementation and general financial oversight rather than digital asset regulation. Restrictive measures in view of the situation in Guinea-Bissau | EUR-Lex — source
Licensing Requirements: Three of the four limbs are right, one is wrong. It is correct that there are no VASP licensing categories, no capital requirements for crypto firms and no application process in Guinea-Bissau - art. 59 of the UMOA loi uniforme of 31 March 2023 defers all PSAV-specific requirements to a competent authority, and Guinea-Bissau has designated none. But it is wrong that virtual assets are undefined: art. 2(2) defines actif virtuel as the digital representation of value that can be exchanged or transferred by digital means (excluding regulated digital representations of fiat currency or securities), art. 2(51) defines prestataire de services d'actifs virtuels to include exchange, transfer and custody of virtual assets, art. 3 makes PSAV assujettis, and art. 58 forbids carrying on PSAV activity without prior agrement. The correct position is a statutory prohibition on unlicensed VASP activity with no authority to apply to - not a legal vacuum. — source
Travel Rule: Guinea-Bissau has no cryptocurrency or digital asset regulatory framework, and no authority has been designated to oversee virtual asset service providers, making crypto activity legally unaddressed rather than explicitly legal or illegal. Guinea-Bissau Travel Advisory | Travel.State.gov — source
Tax Treatment: Reference: BCEAO Official Communications (e.g., Communiqué N°01/2022/RB – BCEAO, though specific links change, searching "BCEAO cryptomonnaies" will yield current official statements). A general search for "BCEAO Communiqué Cryptomonnaies" on their official website (www.bceao.int) should provide the latest pronouncements. — source
AML/CFT Requirements: There is no 'UEMOA Directive No. 003/2021/CM/UEMOA'. The UEMOA AML/CFT directive was Directive n° 02/2015/CM/UEMOA, which has been superseded by the UMOA Loi uniforme relative a la LBC/FT/FP du 31 mars 2023. That uniform law - not a 2021 directive - is what brings virtual assets into the UEMOA AML/CFT perimeter: art. 2 defines 'actif virtuel' and 'prestataire de services d'actifs virtuels' (PSAV, expressly including custody and administration of virtual assets), art. 3 makes PSAV assujettis, art. 58 forbids professional PSAV activity without prior agrement or authorisation from the competent authority, art. 59 defers all PSAV-specific requirements to competent authorities, and art. 60 requires suspicious-transaction reports to the CENTIF. Each member state, including Guinea-Bissau, must transpose it nationally; Guinea-Bissau's transposing Lei could not be identified. — source

Guyana

Regulatory Status: Guyana has no dedicated cryptocurrency or digital asset legislation, licensing framework, or registered virtual asset service providers (VASPs) as of 2025–2026. Laws of Guyana | Ministry of Legal Affairs Guyana — source
Licensing Requirements: Criminal prosecution of alleged fraudsters utilizing digital assets. — source
Travel Rule: Adopted: Yes, Guyana has made legislative amendments to include Virtual Asset Service Providers (VASPs) within its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework, thereby adopting the requirements that underpin the Travel Rule. — source
Tax Treatment: Trading: If an individual regularly and systematically trades cryptocurrency with the intention of making a profit, these activities could be considered a "business" or "trade." Profits derived from such activities would be taxable as business income. — source
AML/CFT Requirements: Financial Intelligence Unit (FIU) of Guyana — source

Haiti

Regulatory Status: Regulatory Uncertainty: The lack of clear regulatory frameworks exposes both consumers and businesses to legal risks. — source
Licensing Requirements: Loi du 11 novembre 2013 relative à la Lutte Contre le Blanchiment d'Argent et le Financement du Terrorisme (Law of November 11, 2013, relating to the Fight Against Money Laundering and the Financing of Terrorism): This is the cornerstone of Haiti's AML/CFT framework. It defines money laundering and terrorist financing offenses, sets out reporting obligations for designated non-financial businesses and professions (DNFBPs) and financial institutions, and establishes the powers of the UCREF. — source
Travel Rule: No. Haiti has not yet adopted a comprehensive legal and regulatory framework specifically governing Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs), including the FATF Travel Rule. The existing Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) laws do not explicitly cover VASPs. — source
AML/CFT Requirements: Haiti has not established a specific legal framework for cryptocurrency or virtual asset regulation, and no dedicated licensing regime exists for crypto businesses. Haiti - United States Department of State — source
Sanctions: Asset Freeze: Requires all UN member states to freeze funds, other financial assets, and economic resources owned or controlled, directly or indirectly, by designated individuals and entities. — source

Holy See

Travel Rule: Law No. CCCLI (351) of 1 October 2020: This law made significant amendments to the Holy See's AML/CFT framework, introducing definitions for virtual assets and virtual asset service providers and extending AML/CFT obligations to them. This law brought the Holy See's legislation in line with FATF standards for virtual assets. — source
Tax Treatment: No Known Specific Legislation: There is no known legislation or published tax rate in the Holy See that addresses capital gains specifically derived from cryptocurrency or virtual assets. — source
AML/CFT Requirements: Law No. CCXCVII (297) of 15 December 2018, concerning Measures for the Protection of the Financial System and Countering Money Laundering and the Financing of Terrorism: This is the foundational AML/CFT law that provides the general framework for financial institutions. — source

Honduras

Regulatory Status: Explicitly state that cryptocurrencies are not legal tender. — source
Licensing Requirements: Ley Contra el Lavado de Activos (Law Against Money Laundering) – Decreto No. 144-2014. — source
Travel Rule: No, not fully adopted. The 2021 GAFILAT MER indicated that Honduras had not yet established a specific regulatory framework for virtual assets or VASPs. While the general Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) framework exists, it does not explicitly define or regulate VASPs, nor does it impose specific AML/CFT obligations on them, including the requirements of FATF Recommendation 15 (new technologies) and Recommendation 16 (wire transfers, extended to VASPs as the Travel Rule). — source
Tax Treatment: No Specific Crypto Capital Gains Tax: Honduras does not have a distinct capital gains tax regime specifically for cryptocurrencies. — source
AML/CFT Requirements: Honduras does not have a comprehensive, dedicated legal framework specifically addressing cryptocurrency or digital asset AML regulation as of 2025–2026; the existing AML/CFT regime was designed for traditional financial institutions and has not been substantively updated to address virtual assets. Honduras - State.gov — source
Sanctions: Legal Basis: UN Security Council Resolutions, issued under Chapter VII of the UN Charter, are legally binding on all UN member states. Honduras is obligated to implement these resolutions into its national law and practice. — source

Hong Kong

Licensing Requirements: SFC — VATP licensing (AMLO Part 5B), Type 1/7 for security tokens, enforcement — source
Travel Rule: No direct URLs to Hong Kong legislation (e.g., AMLO amendments or SFC/HKMA guidelines) are provided in results. — source

Hungary

Regulatory Status: Role: The central bank and the primary financial supervisory authority in Hungary. It is responsible for overseeing financial institutions, issuing warnings regarding the risks of virtual currencies, and will likely be the designated competent authority for implementing and enforcing the MiCA Regulation in Hungary. — source
Travel Rule: Regulation (EU) 2023/1113 of the European Parliament and of the Council of 31 May 2023 on information accompanying transfers of funds and certain crypto-assets, and amending Regulation (EU) 2015/847 and Directive (EU) 2015/849 (TFR): — source
Tax Treatment: This is the primary source for Hungarian tax information. While much of it is in Hungarian, it's the authoritative body. — source
AML/CFT Requirements: VASP Registration: Under the transposition of the EU's 5th and 6th Anti-Money Laundering Directives (AMLD5/AMLD6), custodial wallet providers are classified as Virtual Asset Service Providers (VASPs). — source
Sanctions: Article 215 of the Treaty on the Functioning of the European Union (TFEU): Provides the legal basis for the EU to adopt restrictive measures (sanctions). — source

Iceland

Regulatory Status: Iceland does not have a comprehensive, dedicated legal framework specifically governing cryptocurrency or digital assets as of 2025–2026; instead, crypto-related activities fall under general EEA financial services law, tax law, and customs law. Iceland - Customs Regulations — source
Licensing Requirements: Regulator: The primary financial regulator is now the Seðlabanki Íslands (Central Bank of Iceland), which absorbed the functions of the former Financial Supervisory Authority (Fjármálaeftirlitið, FME) in January 2020. It is responsible for supervising financial undertakings, including those dealing with virtual assets, primarily from an AML/CFT perspective. — source
Travel Rule: Iceland has implemented the EU Fifth Anti-Money Laundering Directive (5AMLD) through its national law, the Act on Measures against Money Laundering and Terrorist Financing (Act No. 140/2018), which brings cryptocurrency service providers under AML/CFT regulation and requires registration with the Central Bank of Iceland (CBI) — Financial Supervision Department (FSD) (formerly the Financial Supervisory Authority, FSA). cbp.gov/site-policy-notices/foia — source
AML/CFT Requirements: VASP Registration: Any entity providing services related to virtual assets, including the safekeeping and/or administration of virtual assets on behalf of customers (i.e., custody), is required to register as a Virtual Asset Service Provider (VASP) with the Central Bank of Iceland. This is not a "license" in the traditional sense of financial services but rather an AML/CFT registration that imposes significant obligations. — source

India

Regulatory Status: Crypto tokens are not explicitly classified in India; there is no law defining cryptocurrencies or crypto-assets as securities, commodities, derivatives, or currencies. — source
Licensing Requirements: FIU-IND — VDA Service Provider registration, AML/CFT, blocked 9 offshore exchanges in Jan 2024 — source
Travel Rule: Covered VASPs: All VDA service providers registered with the Financial Intelligence Unit - India (FIU-IND), including exchanges and other entities handling VDA activities; non-compliant VASPs have faced website blocks by FIU-IND. — source
Tax Treatment: Transfers and trading: Flat 30% on profits. — source
AML/CFT Requirements: Adopted and Effective Date: Adopted via PMLA amendment on March 7, 2023, explicitly to comply with the FATF Travel Rule by including VDA service providers (often termed VASPs) in the PMLA framework. — source

Indonesia

Licensing Requirements: OJK — Financial services authority — VASP oversight (from Jan 2025) — source
Tax Treatment: Trading gains and sales are subject to final income tax (PPh 22 Final) at 0.21% of the gross transaction value for domestic exchanges (up from 0.1%, effective around August 2025). — source

Iran

Regulatory Status: Cryptocurrency and digital asset activities in Iran operate within a complex and evolving legal environment where the government has issued religious decrees (fatwas) permitting certain crypto mining activities while maintaining significant restrictions on trading and usage. Permanent Mission of the Islamic Republic of Iran to the United Nations Office and other International Organizations in Geneva- The Islamic Republic of Iran Charter on Citizens' Rights December 2016 — source
Licensing Requirements: Iran has not established a specific licensing framework for cryptocurrency and digital asset businesses as of 2025–2026; instead, digital asset activities are governed indirectly through general sanctions, trade, and financial regulations administered by the Office of Foreign Assets Control (OFAC) and the Bureau of Industry and Security (BIS) Federal Register :: Publication of Iran-Related Web General Licenses U and V — source
Travel Rule: Iran is subject to FATF High-Risk Jurisdiction status with countermeasures called for, meaning the country does not have a compliant AML/CFT framework and international entities must apply enhanced scrutiny to Iranian counterparties, including virtual asset service providers (VASPs) Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering, Combating the Financing of Terrorism, and Counter-Proliferation Finance Deficiencies | FinCEN.gov — source
Tax Treatment: Banned for Domestic Payments: The Central Bank of Iran (CBI) has repeatedly banned the use of cryptocurrencies for domestic payments and transactions within Iran. — source
AML/CFT Requirements: FATF Blacklisting: Iran is currently on the FATF's "Public Statement – High-Risk Jurisdictions Subject to a Call for Action," meaning it is subject to a call for countries to apply enhanced due diligence and, in the most serious cases, countermeasures to protect the international financial system from the ongoing money laundering, terrorist financing, and proliferation financing (ML/TF/PF) risks emanating from Iran. This significantly impacts any international VASP's ability or willingness to operate in or with Iran. — source
Sanctions: Controlling the flow of capital and preventing money laundering/terrorist financing. — source

Iraq

Regulatory Status: The current legal framework in Iraq provides limited specific regulations for cryptocurrencies and digital assets, leading to uncertainty for market participants. — source
Licensing Requirements: There is no dedicated cryptocurrency or digital asset licensing framework in Iraq as of 2025–2026; the Central Bank of Iraq (CBI) has issued prohibitions on crypto-related activities rather than a licensing regime Iraq export controls - Licensing — source
Tax Treatment: Concerns about money laundering and terrorist financing. — source
AML/CFT Requirements: Decree: In February 2022 (and reiterated earlier), the Central Bank of Iraq (CBI) issued directives prohibiting the use, trading, and advertising of cryptocurrencies within Iraq. The CBI considers cryptocurrencies to be highly volatile, prone to fraud, and lacking proper regulatory oversight, posing risks to the financial system and national security. — source

Ireland

Licensing Requirements: CBI — CASP authorization, VASP registration, AML supervision. Coinbase and Gemini chose Ireland as EU base. — source
Tax Treatment: Capital Gains Tax: Profits from crypto sales are subject to capital gains tax at the standard rate. — source
AML/CFT Requirements: Customer Due Diligence (CDD/KYC): VASPs must conduct CDD, including identifying customers, verifying identities, understanding transaction purposes, and assessing risks, as outlined in Part 4 of the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 to 2021. This involves stricter KYC obligations like user identity verification and real-time monitoring, with no anonymous crypto transactions allowed. — source

Isle of Man

Regulatory Status: The Isle of Man does not have specific legislation directly targeting cryptocurrencies, leading to a largely unregulated environment for digital assets. — source
Licensing Requirements: Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) Deficiencies: When public actions (often fines) are taken against financial services providers, these typically relate to failures in AML/CFT controls. While relevant to DLT firms, these are often general financial crime compliance issues rather than crypto-specific misconduct. — source
Travel Rule: Regulatory Body: Isle of Man Financial Services Authority (FSA) – website: https://www.iomfsa.im/ — source
Tax Treatment: No Capital Gains Tax: One of the most significant advantages for individuals and most companies in the Isle of Man is that there is no general Capital Gains Tax. — source
AML/CFT Requirements: Designated Business Registration: Any entity carrying on a "designated business" activity involving virtual assets must register with the IOM FSA. This explicitly includes providing safe custody or storage of virtual assets. — source
Sanctions: The Sanctions Act 2024 (IOM): This is the primary legislation enabling the Isle of Man Government to make regulations imposing, varying, or revoking sanctions. It provides the legal basis for the IOM to implement UN Security Council resolutions and UK sanctions. — source

Israel

Regulatory Status: Israel Securities Authority (ISA): Regulates security tokens, ICOs, public offerings of cryptocurrencies (categorizing them into subcategories per 2019 Finalised Report), trading platforms, and investment advice; proposed Securities Law amendments to classify tokens (e.g., via Howey-like tests).2 4 5 — source
Licensing Requirements: Supervision of Financial Services (Regulated Financial Services) Law: Core licensing framework (no direct URL in results; see CMA site via ). — source
Tax Treatment: Under recent Israeli Tax Authority Circular No. 10/2025, capital losses are recognized but the method of offsetting against gains has been revised; taxpayers must consult the circular for the updated procedure and must still maintain records on their tax returns. — source

Italy

Regulatory Status: Autorità per le Garanzie nelle Comunicazioni (AGCOM): Regulates digital services and crypto-assets in Italy. Website: AGCOM — source
Licensing Requirements: MiCA Regulation (EU) 2023/1114: https://www.boccadutri.com/micar-european-regulation-on-crypto-assets/ — source
Travel Rule: Crypto-assets are legal in Italy, and the regulatory framework is now fully operational under the EU's Markets in Crypto-Assets Regulation (MiCAR), with Regulation (EU) 2023/1114 fully applicable since 30 December 2024 and rules on EMTs and ARTs effective since 30 June 2024 Banca d’Italia - Regulation (EU) 2023/1114 on Markets in Crypto-assets (MiCAR). Communication by the Bank of Italy — source
AML/CFT Requirements: OFAC: Applies to all U.S. persons and has extraterritorial reach; VASPs must block cryptoassets linked to SDN-listed persons/entities (including wallet addresses) and report to OFAC. Strict liability applies, with no crypto exceptions. — source

Jamaica

Licensing Requirements: The Proceeds of Crime Act (POCA), 2007 (as amended): This is the cornerstone of Jamaica's AML framework. It criminalizes money laundering and provides for the investigation, prosecution, and confiscation of the proceeds of crime. It also places obligations on "financial institutions" and "designated non-financial businesses and professions" (DNFBPs) to implement AML/CFT measures. VASPs, depending on their activities, are typically considered under these categories. — source
Travel Rule: The Proceeds of Crime Act (POCA), 2007 (and subsequent amendments) provides the overarching legal framework for AML/CFT. — source
AML/CFT Requirements: Proceeds of Crime Act (POCA): This is the foundational legislation for anti-money laundering. — source

Japan

Licensing Requirements: JVCEA — Mandatory self-regulatory organization — token listing standards (green/white list), operational rules, member monitoring — source
Travel Rule: FSA announcement and implementation: https://www.sygna.io/blog/japan-implements-fatfs-crypto-travel-rule/; https://www.fsa.go.jp/en/news/2025/20250625/01.pdf — source

Jersey

Regulatory Status: Primary regulator: Jersey Financial Services Commission (JFSC), established under the Financial Services Commission (Jersey) Law 1998 (Jersey Legal Information Board). — source
Travel Rule: The Jersey Financial Services Commission (JFSC) has issued updated guidance on the implementation of the Crypto Travel Rule for Virtual Asset Service Providers (VASPs) operating in Jersey, effective November 2025. This guidance aims to clarify the obligations under the EU's Fifth Anti-Money Laundering Directive (5AMLD), ensuring that VASPs comply with robust customer due diligence and transaction monitoring requirements. — source

Jordan

Travel Rule: Exchanging between virtual assets and fiat currencies. — source

Kazakhstan

Licensing Requirements: AIFC Financial Services Authority (AFSA): The independent regulator of the AIFC, responsible for licensing, supervision, and enforcement of financial services, including virtual asset activities. — source
Tax Treatment: General Republic of Kazakhstan: The National Bank of Kazakhstan has historically maintained a cautious stance, stating that cryptocurrencies are not legal tender and are generally viewed as digital property or assets. The use of cryptocurrencies for payments is prohibited outside the AIFC. — source
AML/CFT Requirements: Requirement: As a UN member state, Kazakhstan is obligated to implement all UN Security Council resolutions imposing sanctions. These are universally binding. — source
Sanctions: To avoid inadvertent dealings with sanctioned entities, VASPs must conduct daily checks against the OFAC Specially Designated Nationals (SDN) List and other relevant sanctions databases. — source

Kenya

Regulatory Status: Kenya has no specific, standalone statute governing cryptocurrencies or digital assets; the current framework relies on general financial laws, capital markets authority guidance, and tax administration measures rather than a bespoke crypto law. Kenya - Customs Regulations — source
Licensing Requirements: Virtual asset service providers licensed in Kenya must perform customer due diligence before onboarding a client under regulation 32 of the Virtual Asset Service Providers Regulations, 2026, carried out in accordance with the Proceeds of Crime and Anti-Money Laundering Act, and the Second Schedule to the Virtual Asset Service Providers Act, 2025 makes every virtual asset service provider a reporting institution under that Act. — source
Travel Rule: Kenya does not have a comprehensive, crypto-specific statute governing virtual assets as of 2025–2026; the Central Bank of Kenya (CBK) has repeatedly warned that cryptocurrencies are not legal tender and has issued public advisories against their use (CBK/PG/08/2015, CBK/PG/14/2021, CBK/PG/03/2023), but no licensing regime for crypto service providers is operational under Kenya’s primary financial laws (Banking Act Cap 488, National Payment System Act 2011). Kenya Travel Advisory — source
AML/CFT Requirements: Virtual asset service providers in Kenya are not yet subject to a dedicated licensing or registration regime under the AML/CFT framework as of 2025–2026, though the country has initiated regulatory reforms following its FATF grey listing and EU high-risk designation. Kenya’s Anti-Money Laundering (AML) Amendment Act 2025 and EU’s high-risk listing — source

Kiribati

Regulatory Status: Kiribati has no specific legislation directly addressing cryptocurrencies, creating a regulatory gray area for digital assets. — source
Licensing Requirements: Registration, Not Licensing (for Crypto-specific activities): Kiribati currently operates on a de facto registration regime under its AML/CTF laws for virtual asset activities, rather than a specific licensing regime. This means that entities dealing with virtual assets are primarily required to comply with AML/CTF obligations and register with the FIU (if they fall under the definition of an "accountable institution"), rather than obtaining a bespoke crypto-specific license. — source
Travel Rule: Ministry of Foreign Affairs & Immigration (MFAI) – oversees immigration services, visa issuance, and passport management. — source
Tax Treatment: Kiribati does not currently impose a capital gains tax. — source
AML/CFT Requirements: Anti-Money Laundering and Counter-Terrorist Financing Act 2018 (as amended): This is the core AML/CFT legislation. While it might not explicitly mention "virtual assets" or "stablecoins," financial institutions and designated non-financial businesses and professions (DNFBPs) are expected to report suspicious transactions. If stablecoin activities were deemed to fall under "financial services" broadly, they could be captured. — source
Sanctions: Obligation: Kiribati is required to implement UN Security Council sanctions, which target individuals and entities associated with terrorism (e.g., Al-Qaeda, ISIS under UNSCRs 1267, 1989, 2253) and the proliferation of weapons of mass destruction (e.g., North Korea under UNSCR 1718, Iran under UNSCR 1737, etc.). — source

Kuwait

Travel Rule: USD/EUR 1,000 (or the equivalent in virtual assets or other currency) for transfers between non-custodial wallets (unhosted wallets) or when one VASP is involved. — source

Kyrgyzstan

Regulatory Status: The regulatory landscape for cryptocurrencies and digital assets in Kyrgyzstan is currently evolving, with no dedicated legislation specifically targeting these financial instruments. Existing regulations primarily focus on anti-money laundering (AML) and counter-terrorism financing (CFT) measures within the broader financial sector framework. — source
Travel Rule: The State Registration Service (grs.gov.kg) is mentioned as the authority for registering U.S. citizens staying beyond 60 days, but no crypto-related regulatory function is described. Kyrgyz Republic - Business Travel — source
AML/CFT Requirements: Adopted: Yes, Kyrgyzstan adopted legislation to regulate virtual assets and include VASPs within its AML/CFT framework. — source
Sanctions: Requirements: As a UN member state, Kyrgyzstan is legally obligated to implement all UN Security Council resolutions, including those imposing targeted financial sanctions against individuals and entities involved in terrorism financing and proliferation of weapons of mass destruction. — source

Labuan (Malaysia)

Regulatory Status: Regulatory Uncertainty: The absence of clear crypto regulations creates ambiguity regarding legal compliance requirements. — source
Licensing Requirements: Labuan Financial Services and Securities Act 2010 (LFSSA 2010) — source
Travel Rule: Lebanon has no specific legal framework governing cryptocurrency, digital assets, or travel-rule compliance requirements as of 2025–2026, and no dedicated crypto-asset legislation has been enacted Lebanon Travel Advisory | Travel.State.gov — source
Tax Treatment: General Rule (Malaysia & Labuan): Malaysia does not impose a comprehensive Capital Gains Tax on the disposal of shares, securities, or most other capital assets, except for Real Property Gains Tax (RPGT) on the disposal of real property and shares in Real Property Companies (RPCs). — source
AML/CFT Requirements: Labuan Financial Services Authority (Labuan FSA) — source

Laos

Regulatory Status: The Lao People's Democratic Republic (Laos) has a nascent regulatory framework for cryptocurrencies and digital assets, with limited specific statutes addressing these technologies directly. Existing financial regulations primarily target traditional banking and monetary activities, leaving a gap in clear guidance for virtual currencies. — source
Travel Rule: Laos has a specific regulation (Regulation No. 06 /NCC, dated 19 May 2015) that mandates the declaration of cash, precious metals, and bearer negotiable instruments when entering or exiting the country, aligning with Article 33 of the Law on Anti‑Money Laundering and Counter‑Financing of Terrorism (No. 50/NA, dated 21 July 2014). Regulation On the Declaration of Cash, Precious metals ... — source
AML/CFT Requirements: No, not comprehensively. While Laos has a general AML/CFT law, its framework for VAs and VASPs is still considered insufficient by international standards. The FATF Travel Rule (which stems from FATF Recommendation 15 and its Interpretive Note) requires countries to regulate VASPs for AML/CFT purposes, including implementing obligations to collect and transmit originator and beneficiary information for virtual asset transfers. Laos has yet to establish this comprehensive regulatory regime. — source
Sanctions: Compliance Requirements: UN Security Council resolutions impose binding sanctions on UN member states, including Laos. These sanctions often target individuals and entities involved in terrorism, proliferation of weapons of mass destruction, or specific conflict situations. VASPs in Laos must screen all customers and transactions against the UN Consolidated Sanctions List. If a match is found, assets must be frozen, and relevant authorities must be notified. — source

Latvia

Regulatory Status: Latvia has a fully operational mandatory VASP registration regime since 2019 under the Law on Prevention of Money Laundering and Terrorism Financing (AML/CTF Law) §59.1–59.4, requiring all virtual asset service providers to register with the Financial and Capital Market Commission (FCMC/FKTK) before commencing operations. Regulatory Acts - Cabinet of Ministers — source
Licensing Requirements: Financial Intelligence Unit (FIU) of Latvia (Finanšu izlūkošanas dienests - FID): The primary authority responsible for registering and supervising VASPs for AML/CTPF compliance. — source
Travel Rule: The legal basis for crypto travel rules in Latvia is derived from the Anti-Money Laundering Act (AMLA) and related directives ensuring compliance with EU standards. — source
Tax Treatment: Taxable Event: The moment a virtual asset is sold, exchanged for fiat currency, exchanged for another virtual asset, or used to acquire goods or services. — source
AML/CFT Requirements: Requirement: Entities providing services of custodial wallet providers (which includes safekeeping or administration of virtual assets or instruments enabling control over virtual assets on behalf of clients) are considered Virtual Asset Service Providers (VASPs). They are required to register with the Latvian Financial Intelligence Unit (FID). — source

Lesotho

Regulatory Status: Lesotho has no dedicated cryptocurrency or digital asset legislation as of 2025–2026, and no specific regulatory framework governing virtual assets has been enacted. Lesotho - United States Department of State — source
Licensing Requirements: Lesotho has enacted no virtual-asset statute and operates no virtual-asset service provider licence or registration: the Central Bank of Lesotho's legislation index carries no virtual-asset, crypto-asset or digital-asset instrument, and the September 2023 ESAAMLG mutual evaluation records that Lesotho 'does not have a legal and institutional framework to allow VAs and VASPs activities to be carried out'. — source
Travel Rule: No licensing regime for virtual asset service providers (VASPs) exists in Lesotho. The term "VASP" is used here per the FATF definition: any natural or legal person conducting as a business one or more of the following activities on behalf of another: (i) exchange between virtual assets and fiat currencies; (ii) exchange between virtual assets; (iii) transfer of virtual assets; (iv) safekeeping/administration of virtual assets; (v) participation in financial services related to virtual asset issuance/offering. None of these categories have licensing equivalents under Lesotho law. About the Kingdom of Lesotho – Central Bank of Lesotho — source
Tax Treatment: Revenue Services Lesotho has issued no guidance on cryptocurrency mining, and no crypto item appears in its legal-notices or publications indexes. Under the Income Tax Order 1993 the gross income of a resident taxpayer includes income from all geographical sources (s. 17(2)), a receipt in the form of property, services or another benefit is taken into account at its fair market value on the date it is taken into account for tax purposes (s. 65(1)), and chargeable income is calculated in maloti (s. 66(1)). — source
AML/CFT Requirements: The Money Laundering and Proceeds of Crime Act, 2008 (Act No. 4 of 2008) is Lesotho's foundational AML statute, but virtual asset service providers are not accountable institutions under its Schedule 1: the most recent Schedule amendment, Legal Notice No. 69 of 2024 published 25 June 2024 under section 112 of that Act, inserts only a person conducting safekeeping and administration of cash or liquid securities, and no virtual-asset category has ever been added. — source

Liberia

Regulatory Status: Liberia has no dedicated cryptocurrency or digital asset legislation, and no financial regulator has issued binding rules specific to virtual assets as of 2025–2026 Customs Fact Sheet - Liberia Revenue Authority — source
Licensing Requirements: Central Bank of Liberia (CBL) – Responsible for overseeing financial services and monetary policy. — source
Travel Rule: No, not specifically for Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs). The 2021 FATF MER explicitly states that Liberia "has not yet assessed its money laundering and terrorist financing risks relating to virtual assets and VASPs, and has not yet put in place the necessary legal or regulatory framework for VAs and VASPs as required by Recommendation 15." — source
Tax Treatment: Mining Activities: If an individual or business engages in crypto mining with the intention of profit, the proceeds (less allowable expenses) would likely be treated as business income and subject to regular income tax rates. — source
AML/CFT Requirements: United Nations (UN) Security Council Sanctions: These are universally binding on UN member states, including Liberia. UN sanctions lists target individuals, entities, and regimes involved in terrorism, proliferation of weapons of mass destruction, and other threats to international peace and security. — source

Libya

Regulatory Status: Libya has no dedicated legal framework specifically governing cryptocurrency or virtual assets; no law, regulation, or official gazette publication establishing a licensing regime for crypto businesses was identified in available official sources. Departments & Offices – Ministry of Finance — source
Travel Rule: Libya does not have a specific cryptocurrency or digital asset legal framework, including travel-rule regulations, as of 2025–2026. Libya International Travel Information — source
Tax Treatment: No Specific Rates for Crypto: Since cryptocurrency is banned, there are no specific capital gains tax rates applicable to virtual assets in Libya. — source
AML/CFT Requirements: No Equivalent Test: Libya does not have a specific legal test akin to the Howey test for determining whether a digital asset constitutes a "security." The regulatory focus is not on differentiating token types (utility vs. security), but on the inherent risks associated with all cryptocurrencies themselves. — source
Sanctions: UNSCR 1970 (2011): Imposed an arms embargo, travel ban, and asset freeze on specific individuals and entities. — source

Liechtenstein

Regulatory Status: Liechtenstein has established a dedicated legal framework for blockchain-based assets through the Token and Trustworthy Technology Service Providers Act (TVTG / Blockchain Act), LGBl 2019 No. 385, which entered into force on 1 January 2020, making it one of the first jurisdictions worldwide to comprehensively regulate the token economy Legislation and official policy documents - Eurydice.eu. — source
Tax Treatment: For Individuals (Private Wealth): This is a key advantage of Liechtenstein. — source

Lithuania

Licensing Requirements: Key Regulator: The Financial Crime Investigation Service (FCIS) is the main supervisory body for virtual currency exchange operators and custodian virtual currency wallet operators. — source
Tax Treatment: Taxable Event: A taxable event occurs when you: — source
AML/CFT Requirements: Bank of Lithuania AML/CFT Directives (2024) — source
Sanctions: Asset freezes: Prohibiting the making available of funds and economic resources, directly or indirectly, to designated persons or entities. — source

Luxembourg

Licensing Requirements: Registration as a VASP: Entities providing "custodian wallet services" (which includes custody of virtual assets on behalf of clients) are considered Virtual Asset Service Providers (VASPs) under Luxembourg law. These VASPs are subject to registration with the CSSF for AML/CFT purposes. — source
Travel Rule: No tax guidance has been issued for virtual assets in the provided source materials; the sources focus exclusively on AML/CFT regulations and international financial sanctions Source: CSSF International Financial Sanctions — source
Tax Treatment: For income tax purposes (individuals): Often treated as "miscellaneous income" or "commercial profit" depending on the activity. — source
AML/CFT Requirements: Directive (EU) 2015/849 (4th AML Directive): Laid the groundwork for strengthening AML/CFT rules across the EU. — source
Sanctions: European Union (EU) Sanctions: These are directly applicable regulations in all EU member states. The EU implements both UN-mandated sanctions and its own autonomous sanctions regimes (e.g., concerning Russia, Iran, North Korea, Syria, Myanmar, etc.). EU sanctions explicitly cover "funds and economic resources," which have been clarified to include crypto-assets. — source

Madagascar

Regulatory Status: Madagascar has no specific legal framework governing cryptocurrency or digital assets; no dedicated crypto law, regulation, or official guidance has been enacted as of 2025–2026, and no named authority has been empowered to license or supervise virtual asset service providers Madagascar - United States Department of State — source
Licensing Requirements: Such activities are currently unrestricted but carry significant legal and operational risks due to the absence of specific protections or guidelines. — source
Travel Rule: Madagascar has not enacted any specific cryptocurrency or digital asset legislation, and no dedicated regulatory framework for virtual assets exists as of 2025–2026. Madagascar Travel Advisory | Travel.State.gov — source
AML/CFT Requirements: Absence of Crypto-Specific Laws: There are no laws specifically regulating the issuance, trading, or use of cryptocurrencies in Madagascar. — source

Malawi

Regulatory Status: Malawi does not have a dedicated, comprehensive legal framework regulating cryptocurrency or digital assets as of 2025–2026. Section 7 reports | New Zealand Ministry of Justice — source
Licensing Requirements: The Reserve Bank of Malawi has consistently advised the public against dealing in cryptocurrencies, citing their unregulated nature, price volatility, and potential for use in illicit activities (money laundering, terrorist financing). — source
Travel Rule: No, not explicitly. Malawi has not enacted specific legislation or regulations that mandate the implementation of the FATF Travel Rule for Virtual Asset Service Providers (VASPs). — source
Tax Treatment: Malawi Revenue Authority (MRA) - General Information: While a direct, stable URL to a specific crypto tax notice might be ephemeral on their news/notices page, the MRA's official website is the primary source of information: https://www.mra.mw/ — source
AML/CFT Requirements: There is no specific "custodial license" for digital assets in Malawi. — source

Malaysia

Licensing Requirements: SC Malaysia — Digital asset exchange registration, IEO oversight, cease-and-desist enforcement — source
Travel Rule: Bank Negara Malaysia (BNM) Policy Document on Anti-Money Laundering, Counter-Terrorism Financing and Targeted Financial Sanctions for Financial Institutions (AML/CFT and TFS Policy Document): This is the primary document. — source
Tax Treatment: Business Income (Taxable): If an individual or company engages in systematic, repetitive, and organized trading activities with the intention of profit, it will likely be treated as a "business" under Section 4(a) of the ITA 1967. — source
AML/CFT Requirements: Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA 2001) — source

Maldives

Regulatory Status: The Maldives has not yet established a comprehensive regulatory framework specifically addressing cryptocurrencies and digital assets, leading to uncertainty for market participants. — source
Licensing Requirements: Pure Crypto-to-Crypto: Currently, there is no specific license required from the MMA for a platform exclusively facilitating crypto-to-crypto trades. However, such entities would still be subject to general AML/CFT obligations if identified as VASPs under Maldivian law. — source
Travel Rule: Adopted: Yes, the Maldives has adopted the FATF Travel Rule through the Regulation on Virtual Asset Service Providers (VASPs) issued by the Maldives Monetary Authority (MMA). — source
Tax Treatment: Individuals: The Maldives does not impose a general capital gains tax on individuals. Therefore, gains realized by individuals from the sale of cryptocurrencies would generally not be subject to capital gains tax. — source
AML/CFT Requirements: No specific "custody license": The Maldives does not currently have a dedicated license type explicitly for "cryptocurrency custodian." — source

Mali

Regulatory Status: Mali has no specific legal framework governing cryptocurrencies, virtual assets, or digital asset service providers; the country's existing regulatory architecture focuses exclusively on sanctions and national security measures rather than digital asset market regulation. Federal Register :: Mali Sanctions Regulations — source
Licensing Requirements: No BCEAO instrument numbered 'Circular N°0000000001/M/DG/2021' exists, and the BCEAO has never issued any instrument prohibiting supervised institutions from virtual-asset activity. The BCEAO's own complete LBC/FT index and complete payment-systems index (2002-2024) contain no such text; BCEAO numbering is of the form nnn-mm-yyyy (e.g. 008-05-2015), never '/M/DG/'. As of August 2026 the BCEAO's only crypto-specific action is the C-CRYPTO drafting committee created in May 2026. The operative rule is instead La loi uniforme UMOA du 31 mars 2023 (art. 58) interdit l'exercice professionnel de l'activite de prestataire de services d'actifs virtuels sans agrement ou autorisation prealable de l'autorite competente, et l'art. 59 renvoie tout le regime PSAV a cette autorite ; aucune autorite competente n'a ete designee, de sorte qu'aucun agrement PSAV n'est obtenable ni delivre. L'instrument malien de transposition n'a pas pu etre identifie (predecesseur presume : Loi n° 2016-008 du 17 mars 2016, non verifiee). — source
Travel Rule: Mali has no specific cryptocurrency or digital asset legislation, no travel-rule framework, and no designated crypto regulator as of 2025–2026 Mali Travel Advisory | Travel.State.gov — source
Tax Treatment: Individuals: Mali's CGI generally levies taxes on income derived from industrial, commercial, agricultural, and non-commercial activities, as well as salaries, property income, and certain capital gains. — source
AML/CFT Requirements: Directive n.02/2015/CM/UEMOA du 2 juillet 2015 is a real instrument but is no longer the operative AML/CFT framework. At the regional level it has been replaced by Directive n.01/2023/CM/UEMOA du 16 juin 2023 relative a la lutte contre le blanchiment de capitaux, le financement du terrorisme et de la proliferation des armes de destruction massive, and by the UMOA loi uniforme LBC/FT/FP du 31 mars 2023. For Mali specifically the operative instrument is Ordonnance n.2024-011/PT-RM du 30 aout 2024, which transposes the 2023 uniform law and is what Malian decrees have cited since. — source

Malta

Regulatory Status: The regulatory framework in Malta for cryptocurrencies and digital assets is evolving, with a focus on fostering innovation while ensuring compliance with financial stability and anti-money laundering (AML) standards. The government has introduced the Virtual Financial Assets (VFA) Act and the European Union's Fifth Anti-Money Laundering Directive (5AMLD) to provide clarity and legal certainty for businesses operating in this sector. — source
Licensing Requirements: Exchanges (e.g., crypto trading platforms, OTC, brokerage): Class 4 VFA Services Licence covering reception/transmission, execution of orders, and exchange services. — source

Marshall Islands

Regulatory Status: Cryptocurrency is legal in the Marshall Islands, and the country has actively pursued a sovereign digital currency project, though no comprehensive digital asset regulatory framework has been established as of 2025–2026. Marshall Islands - United States Department of State — source
AML/CFT Requirements: Anti-Money Laundering and Counter-Terrorism Financing Act 2018 (AML/CTF Act 2018): This Act forms the cornerstone of the RMI's regulatory regime. It mandates financial institutions, including VASPs, to implement robust AML/CTF programs, which explicitly cover sanctions compliance. — source

Mauritania

Licensing Requirements: Absence of Specific Legislation: Mauritania has not enacted specific laws or decrees to regulate virtual assets, blockchain technology, or cryptocurrency service providers. Unlike many countries that have adopted or are in the process of adopting bespoke crypto regulations, Mauritania has not yet done so. — source
Tax Treatment: Absence: There is no specific tax legislation in Mauritania dedicated to cryptocurrencies or virtual assets. This means there are no crypto-specific capital gains rates, income tax rules, or VAT treatments. — source
AML/CFT Requirements: Law N° 2013-030 of 17 July 2013 on Combating Money Laundering and Terrorist Financing (Loi n° 2013-030 du 17 juillet 2013 relative à la lutte contre le blanchiment de capitaux et le financement du terrorisme). — source

Mauritius

Licensing Requirements: Shares, debentures, bonds, unit trusts, futures contracts, options, and any other instrument that is commonly known as a security or is capable of being traded in a capital market. — source
Tax Treatment: No Capital Gains Tax: Mauritius does not generally impose a Capital Gains Tax on the sale of assets. — source
AML/CFT Requirements: The Virtual Asset and Initial Token Offering Services Act 2021 (VAITOS Act 2021): This is the cornerstone legislation specifically regulating virtual assets and VASPs. It designates VASPs as "reporting entities" and brings them under the scope of AML/CFT obligations. It provides for the licensing, regulation, and supervision of VASPs by the Financial Services Commission (FSC). — source
Sanctions: Compliance Requirement: Mauritius directly implements all UN Security Council Resolutions, particularly those related to terrorism financing, proliferation financing, and targeted sanctions against specific individuals, entities, and countries. — source

Mexico

Regulatory Status: Banco de México (Banxico): Central bank with primary authority to regulate virtual assets, authorize internal operations for financial institutions, and prohibit direct crypto services to the public. — source
Licensing Requirements: Banco de México (Banxico): Primary regulator; authorizes virtual asset operations for financial institutions, issues rules (e.g., prohibiting direct crypto sales), sets monetary policy, and develops a digital peso (CBDC) expected by late 2025.[https://www.gate.com/learn/articles/navigating-mexico-s-crypto-landscape-regulations-taxes-and-future-prospects/1961][https://www.lightspark.com/knowledge/is-crypto-legal-in-mexico][https://coinpedia.org/cryptocurrency-regulation/crypto-regulations-in-mexico-2024/] — source
AML/CFT Requirements: Cryptocurrency and digital assets are legal in Mexico, but the regulatory framework is still developing, with a focus on Anti-Money Laundering (AML) obligations rather than comprehensive market conduct regulation Acute Myeloid Leukemia Treatment - NCI — source

Micronesia

Licensing Requirements: No Explicit Test: The FSM does not have an explicit "Howey Test equivalent" for cryptocurrency tokens. — source
Travel Rule: Micronesia (Federated States of Micronesia, FSM) has no specific cryptocurrency or digital asset legislation, and no dedicated regulatory authority for virtual assets has been established as of 2025–2026 FSM Government – FSM Government — source

Moldova

Regulatory Status: About Moldova in English - Moldova and Moldovan Collections at the Library of Congress - Research Guides at Library of Congress — source
Licensing Requirements: National Bank of Moldova (NBM): Responsible for monetary policy and licensing payment institutions. — source
Travel Rule: The Government of the Republic of Moldova has issued guidelines addressing the regulation of cryptocurrencies and digital assets, emphasizing compliance with international AML/CFT standards. — source
Tax Treatment: No Specific Legislation: Moldova has not yet introduced specific laws or amendments to its Tax Code directly addressing the taxation of cryptocurrencies. — source
AML/CFT Requirements: Law No. 308 of 22 December 2017 on preventing and combating money laundering and terrorist financing (Legea Nr. 308 din 22.12.2017 privind prevenirea și combaterea spălării banilor și finanțării terorismului): — source

Monaco

Regulatory Status: Monaco has a dedicated DLT framework (Law No. 1.383, 2018) and a DASP licensing regime (Law No. 1.491, 2020) overseen by the Autorité Monégasque de Sécurité Financière (AMSF), Commission de Contrôle des Activités Financières (CCAF), and Service d'Information et de Contrôle sur les Circuits Financiers (SICCFIN). Journal de Monaco No. 8421 (Law 1.383), Journal de Monaco No. 8592 (Law 1.491) Licensing requires €125,000 minimum capital, fit-and-proper directors, and full AML/CFT compliance aligned with FATF standards and EU MiCA/TFRs. Journal de Monaco No. 8421 (Law 1.383), Journal de Monaco No. 8592 (Law 1.491) — source
Travel Rule: Law No. 1.562 of July 3, 2023 (Loi relative aux actifs numériques), published in Journal de Monaco No. 8644 (July 7, 2023), establishes the licensing and regulatory regime for Prestataires de Services sur Actifs Numériques (PSANs / VASPs). It defines seven regulated activities: custody, fiat-to-crypto exchange, crypto-to-crypto exchange, transfer, portfolio management, investment advice, and placing of digital assets Law No. 1.562/2023, Arts. 1–3. — source
AML/CFT Requirements: Loi n° 1.482 du 17 décembre 2019 relative aux actifs numériques (Law No. 1.482 of December 17, 2019 on Digital Assets): This law defines digital assets, regulates initial coin offerings (ICOs), and requires VASPs to obtain authorization from the Commission de Contrôle des Activités Financières (CCAF). — source

Mongolia

Regulatory Status: Mongolia has not established a comprehensive legal framework specifically governing cryptocurrencies and digital assets; no dedicated crypto law, licensing regime, or regulatory sandbox exists as of 2025–2026. Mongolia - United States Department of State — source
Licensing Requirements: Partial but Evolving: Mongolia has moved from an unregulated state to establishing a foundational legal framework for virtual assets, specifically targeting Virtual Asset Service Providers (VASPs). The focus is heavily on AML/CFT compliance, risk management, and consumer protection through licensing. It's considered "partial" as it primarily regulates the service providers rather than attempting to regulate every facet of virtual assets or underlying technologies comprehensively at this stage. — source
Travel Rule: Mongolia does not have a comprehensive legal framework specifically addressing cryptocurrency and digital asset travel-rule regulatory requirements as of 2025–2026, and no dedicated crypto-asset law has been enacted by the State Great Khural (Mongolian Parliament) Mongolia Travel Advisory | Travel.State.gov — source
Tax Treatment: Primary Regulatory Authority (for VASPs): Financial Regulatory Commission (FRC) of Mongolia. The FRC is responsible for licensing and supervising Virtual Asset Service Providers (VASPs) and enforcing the VASPL. — source
AML/CFT Requirements: Law on Combating Money Laundering and Terrorism Financing (LMLCFT): This is the main AML/CFT law in Mongolia, originally adopted in 2013 and subsequently amended (e.g., in 2018 and 2021) to incorporate FATF recommendations, including those related to virtual assets. It establishes the legal framework for identifying, freezing, and confiscating assets obtained from criminal activities, as well as preventing the financing of terrorism. — source
Sanctions: Compliance Requirement: Mongolia is a member state of the UN and is thus legally bound to implement all sanctions regimes imposed by the UNSC. These include targeted sanctions against individuals and entities involved in terrorism financing, proliferation of weapons of mass destruction (WMD), and other threats to international peace and security. — source

Montenegro

Regulatory Status: Montenegro has no dedicated, comprehensive law specifically governing cryptocurrency or virtual asset service providers as of 2025–2026, leaving the sector in a regulatory gray zone Montenegro - United States Department of State — source
Licensing Requirements: There is no specific "crypto exchange license". — source
Travel Rule: Montenegro's regulatory framework for cryptocurrency and digital assets is evolving, with specific requirements for visas, licenses, and compliance with anti-money laundering (AML) and know-your-customer (KYC) standards. The travel rule, mandated by international standards, necessitates the exchange of customer information for cross-border transactions. Visas — source
AML/CFT Requirements: Law on Prevention of Money Laundering and Terrorism Financing (Zakon o sprječavanju pranja novca i finansiranja terorizma): This is the primary legislation. While an official English translation with a direct URL might be hard to find, the official Montenegrin legal gazette (Službeni list Crne Gore) publishes it. The most relevant amendments were made in 2021 to address virtual assets. — source

Morocco

Licensing Requirements: 2017 Warnings: Bank Al-Maghrib (BAM - Morocco's central bank) and the Moroccan Exchange Office issued strong warnings against the use of cryptocurrencies. — source
Travel Rule: Indirectly, as a FATF/MENAFATF Member: Morocco is a member of the Middle East and North Africa Financial Action Task Force (MENAFATF), a FATF-style regional body. As such, Morocco is committed to implementing FATF recommendations, including Recommendation 15 on virtual assets and VASPs. — source
AML/CFT Requirements: Prohibition/Lack of Legal Framework: BAM views cryptocurrencies as operating outside of the legal and regulatory framework for financial transactions in Morocco, exposing users to significant risks. This means that operating a Virtual Asset Service Provider (VASP) or conducting significant crypto-related business within Morocco itself could be deemed illegal or at least highly unregulated and risky. — source

Mozambique

Regulatory Status: Mozambique currently has no specific legal framework governing cryptocurrency or digital assets, as no dedicated legislation has been enacted as of 2025–2026 Mozambique - United States Department of State — source
Travel Rule: Primary Legislation (Boletim da República / Imprensa Nacional de Moçambique): — source
AML/CFT Requirements: Extraterritorial Reach: Sanctions regimes apply based on jurisdiction, currency used (e.g., USD for OFAC, EUR for EU), location of servers, nationality of participants, or nexus to sanctioned entities/persons. — source

Myanmar

Regulatory Status: Outright Ban: Myanmar's regulatory approach to cryptocurrencies and virtual assets is an outright ban. This means that activities related to crypto, including holding, trading, mining, or using them as a medium of exchange, are prohibited. This stance is largely driven by concerns over financial stability, consumer protection, potential for illegal activities (money laundering, terrorist financing), and capital controls in the context of the country's political and economic instability following the 2021 military coup. — source
Licensing Requirements: No specific test exists for crypto: The official government in Myanmar has not adopted a specific legal test equivalent to the Howey Test or any other framework for classifying cryptocurrency tokens as securities. This is primarily because its stance is one of outright prohibition, rendering such classification frameworks largely irrelevant under the current official policy. — source
Travel Rule: Myanmar has no legal framework for cryptocurrency or digital asset regulation, and no travel-rule requirements have been enacted, proposed, or published by any authority as of 2025–2026. — source
AML/CFT Requirements: Central Bank of Myanmar (CBM) Regulations: Engaging in financial activities not permitted by the CBM or using instruments not recognized as legal tender. The specific penalties would depend on the interpretation of existing laws by the authorities. — source

Namibia

Regulatory Status: Namibia does not currently have a comprehensive, crypto-specific legal framework; no dedicated law governing virtual assets or digital asset service providers has been enacted as of 2025–2026, and no licensing regime exists specifically for crypto businesses Namibia - United States Department of State — source
Licensing Requirements: Namibia's regulatory framework for digital assets is currently underdeveloped, with no dedicated legislation explicitly covering cryptocurrencies or blockchain technologies. — source
Travel Rule: Namibia Virtual Assets Act 2022 – Establishes a broad framework for virtual assets but omits explicit provisions on travel‑rule obligations (Source: Namibia Government Gazette, 2022). — source
Tax Treatment: Businesses and Professional Traders: Companies or individuals whose primary business involves trading cryptocurrencies, providing crypto-related services, or mining. — source
AML/CFT Requirements: Namibia's AML/CFT framework rests on the Financial Intelligence Act 13 of 2012, which establishes the Financial Intelligence Centre and imposes registration, customer due diligence, record-keeping and reporting duties on accountable and reporting institutions; its amending instruments are the Prevention and Combating of Terrorist and Proliferation Activities Act 4 of 2014, Government Notice 339 of 2019 amending Schedule 1, the Abolition of Payment by Cheque Act 16 of 2022 and the Financial Intelligence Amendment Act 6 of 2023, effective 21 July 2023. No Financial Intelligence Amendment Act of 2017 exists, Act 2 of 2017 being the Access to Biological and Genetic Resources and Associated Traditional Knowledge Act. — source

Nauru

Regulatory Status: Government of Nauru: Oversight falls under the Ministry of Finance and Economic Development; no dedicated regulator for cryptocurrencies. — source
Tax Treatment: No Capital Gains Tax: Nauru does not have a specific capital gains tax regime. This means that profits from the sale of assets, including cryptocurrencies, held for investment purposes would generally not be subject to capital gains tax. — source
AML/CFT Requirements: Exchange between virtual assets and fiat currencies. — source

Nepal

Regulatory Status: Current Status: No explicit legislation directly addresses cryptocurrencies. Existing regulations on electronic money and payment systems indirectly touch upon digital assets. — source
Licensing Requirements: Non-existent. Since cryptocurrencies are prohibited, there is no legal basis or framework for issuing licenses to operate as a crypto custodian. Any entity attempting to provide such services would be operating outside the law. — source
Travel Rule: Not Adopted. The concept of the FATF Travel Rule, which requires VASPs to share originator and beneficiary information for virtual asset transactions, is not applicable in Nepal because the underlying virtual asset activities and the existence of regulated VASPs are prohibited. — source
Tax Treatment: Legal Status: Cryptocurrency is illegal in Nepal. — source
AML/CFT Requirements: Nepal is listed as a "Jurisdiction under Increased Monitoring" by the FATF as of 19 June 2026, meaning it is actively working with the FATF to address strategic deficiencies in its regimes to counter money laundering, terrorist financing, and proliferation financing FATF Nepal — source
Sanctions: Nepal Rastra Bank (NRB) Notice, August 2021: The NRB issued a notice stating that cryptocurrencies and schemes involving virtual currencies are illegal in Nepal. It warned the public against their use, citing the risk of fraud and financial instability. — source

Netherlands

Licensing Requirements: DNB — VASP registration (~90% rejection rate pre-MiCA), AML/CFT supervision — source

New Zealand

Regulatory Status: The Financial Markets Authority (FMA) is New Zealand's financial markets regulator, responsible for enforcing financial market conduct laws and overseeing financial service providers, including those dealing in digital assets where they fall within the definition of financial products. Financial Markets Authority — source
Licensing Requirements: Department of Internal Affairs (DIA): The primary supervisor for most VASPs under the AML/CFT Act 2009. This includes businesses involved in exchanging, transferring, holding, or safekeeping virtual assets. — source
Travel Rule: Cryptocurrency and virtual asset service providers are legal in New Zealand, but the country has not implemented a bespoke licensing regime specifically for crypto; instead, virtual asset activities fall under the broader Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009, which applies to "reporting entities" rather than separately licensed crypto firms. AML/CFT | Financial Markets Authority — source
AML/CFT Requirements: Anti-Money Laundering and Countering Financing of Terrorism Act 2009: https://www.legislation.govt.nz/act/public/2009/0035/latest/DLM2140700.html — source
Sanctions: Directly Binding: UN sanctions are directly implemented into New Zealand law via the United Nations Act 1946 and the Terrorism Suppression Act 2002. — source

Nicaragua

Regulatory Status: None (Comprehensive/Specific Crypto Regulation): Nicaragua currently lacks a specific, comprehensive legal framework or dedicated legislation for cryptocurrencies or virtual assets. There are no laws defining them as legal tender, commodities, or securities, nor are there specific licensing requirements for Virtual Asset Service Providers (VASPs). — source
Licensing Requirements: Regulatory Caution and Warnings: The Superintendencia de Bancos y Otras Instituciones Financieras (SIBOIF), which is the primary financial regulator, and the Central Bank of Nicaragua (BCN) have primarily issued warnings to the public about the risks associated with cryptocurrencies. These warnings typically emphasize that cryptocurrencies are not legal tender, are not regulated by Nicaraguan financial authorities, and present significant risks (volatility, fraud, money laundering, lack of consumer protection). — source
Travel Rule: No specific legislation: Nicaragua has not publicly enacted specific laws or regulations that define VASPs, require their registration, or mandate the implementation of the FATF Travel Rule (Recommendation 16). — source
AML/CFT Requirements: Nicaragua has not enacted specific legislation governing cryptocurrency or digital assets as of 2025–2026, leaving virtual asset service providers (VASPs) in a regulatory gray area. Nicaragua — source

Niger

Regulatory Status: Niger has no dedicated legal framework for cryptocurrency or digital assets; the country's financial regulatory system, which operates under the Central Bank of West African States (BCEAO) and the West African Economic and Monetary Union (UEMOA), has not issued specific cryptocurrency legislation as of 2025–2026 Niger | United States Trade Representative — source
Licensing Requirements: The conclusion that no enabling regime exists is right; the mechanism is wrong. There is no prohibition, de facto or otherwise, on regulated financial institutions dealing in crypto — no BCEAO or Nigerien instrument says so. Niger's position is instead the symmetric art. 58 state: Ordonnance n° 2024-56 du 19 decembre 2024 makes PSAV assujettis and forbids unlicensed professional PSAV activity, while deferring every operative rule to a competent authority Niger has never designated. So authorisation is legally required and practically unobtainable. 'Warnings' plays no part: BCEAO has issued none. — source
Travel Rule: Niger does not have a specific legal framework governing cryptocurrency or virtual assets as of 2025–2026, and no dedicated travel-rule regulations have been enacted for digital assets. Administration Centrale - Ministère des Finances du NIGER — source
Tax Treatment: No Specific Crypto Capital Gains Tax: Niger does not have a specific capital gains tax regime for cryptocurrencies. — source
AML/CFT Requirements: Niger is not subject to any 'BCEAO Regulation N°09/2020/CM/UEMOA of 25 September 2020' — no such instrument exists. The regional layer is the UMOA Loi uniforme LBC/FT/FP du 31 mars 2023 (which superseded Directive n° 02/2015/CM/UEMOA), adopted by the UMOA Council of Ministers, not by the BCEAO. Niger transposed it into national law by Ordonnance n° 2024-56 du 19 décembre 2024 relative à la LBC/FT/PADM. — source

Nigeria

Licensing Requirements: SEC Nigeria — VASP licensing, digital asset exchange regulation — source

North Korea

Regulatory Status: North Korea has no publicly accessible legal framework, licensing regime, or regulatory authority specifically governing cryptocurrency or digital assets; no official laws, regulations, or guidance documents addressing virtual assets have been identified through any official North Korean government source. 조선민주주의인민공화국 외무성 — source
Licensing Requirements: Sanctions Evasion: Bypassing international sanctions to fund the regime's weapons programs and luxury goods for the elite. — source
Travel Rule: United States: OFAC imposes fines and can issue cease-and-desist orders for non-compliance, with recent penalties averaging $1 million per violation. OFAC Enforcement Notice, 2023 — source
AML/CFT Requirements: Reference: FATF High-Risk Jurisdictions (updated regularly): https://www.fatf-gafi.org/countries/#high-risk-jurisdictions — source

North Macedonia

Regulatory Status: The current regulatory environment in North Macedonia regarding cryptocurrencies and digital assets is characterized by a lack of specific legislation, leading to ambiguity and potential risks for market participants. — source
Licensing Requirements: Law on Prevention of Money Laundering and Terrorist Financing — source
Travel Rule: Adopted: Yes, the FATF Travel Rule (Recommendation 16, as applied to virtual assets) has been adopted in North Macedonia. — source
Tax Treatment: Taxable Event: The disposal of cryptocurrency (e.g., selling for fiat currency, exchanging for other cryptocurrencies, or using crypto to purchase goods/services) that results in a gain. — source

Norway

Licensing Requirements: Finanstilsynet (Financial Supervisory Authority of Norway): This is the primary regulator for financial services and virtual assets in Norway. It is responsible for overseeing compliance with the Anti-Money Laundering Act, including the registration of Virtual Asset Service Providers (VASPs). — source
Travel Rule: Norway permits cryptocurrency and digital asset activities but imposes strict obligations under its anti-money laundering (AML) framework, which includes a domestic implementation of the FATF Travel Rule through the EU Wire Transfer Regulation (EU) 2023/1113, incorporated into Norwegian law via the EEA Agreement Norway Travel Advisory | Travel.State.gov. — source
AML/CFT Requirements: VASP Registration: Companies that provide services for the exchange or custody of virtual assets are considered "virtual asset service providers" (VASPs) and must register with Finanstilsynet. This is an AML/CTF (Combatting the Financing of Terrorism) registration, not a full financial services license in the traditional sense, unless the specific virtual asset qualifies as a financial instrument under other legislation. — source
Sanctions: Lov om iverksetting av internasjonale sanksjoner (sanksjonsloven) (Act on the implementation of international sanctions (the Sanctions Act)). — source

Oman

Regulatory Status: Cryptocurrency is not explicitly legal or illegal in Oman, as no dedicated virtual asset law has been enacted; the legal framework that exists is limited to general commercial, financial, and criminal statutes that do not specifically address digital assets. 2022 Country Reports on Human Rights Practices: Oman — source
Licensing Requirements: Capital Market Authority (CMA) Virtual Assets Regulatory Framework (2023): The CMA issued a comprehensive regulatory framework for virtual assets in July 2023. This framework aims to regulate the activities of VASPs, including issuance, listing, and trading of virtual assets, ensuring compliance with international AML/CFT standards. It covers licensing requirements, corporate governance, market conduct, and crucial for this discussion, AML/CFT obligations. — source
Travel Rule: The Kingdom of Oman has begun implementing the Financial Action Task Force (FATF) Travel Rule to enhance AML/CFT measures in its financial system, particularly affecting virtual asset service providers (VASPs). — source
Sanctions: UN Sanctions Compliance: As a member state of the United Nations, Oman is legally obligated to implement all UN Security Council Resolutions (UNSCRs), which include targeted financial sanctions against individuals and entities involved in terrorism financing and proliferation of weapons of mass destruction. — source

Pakistan

Licensing Requirements: A standing prohibition by the State Bank of Pakistan (SBP) for regulated financial institutions to deal in or facilitate virtual assets. — source
Travel Rule: No. Pakistan has not adopted the FATF Travel Rule. This is primarily because the State Bank of Pakistan (SBP), the central bank and primary financial regulator, along with the Ministry of Finance and other relevant bodies, have taken a position against cryptocurrencies and virtual assets. — source
Tax Treatment: State Bank of Pakistan (SBP): Has repeatedly issued warnings against dealing in cryptocurrencies, considering them illegal tender and a risk to financial stability. SBP has also restricted banks and financial institutions from processing transactions related to virtual currencies. — source
AML/CFT Requirements: Anti-Money Laundering Act, 2010 (AMLA 2010): This is the overarching legislation that criminalizes money laundering and provides the legal basis for AML/CFT measures in Pakistan. It mandates reporting obligations for financial institutions and designated non-financial businesses and professions (DNFBPs). — source

Palau

Regulatory Status: Palau has no dedicated cryptocurrency or digital asset legislation, and no official regulatory framework governing virtual assets exists as of March 2025. — source
Travel Rule: Verdict: Do not operate a VASP in Palau. No licensing regime exists, no travel-rule requirements have been enacted, and no financial regulator oversees virtual asset activities. Operating here places a business in an unregulated gray market with no legal certainty, banking access, or regulatory recognition. — source
Tax Treatment: No virtual asset legislation exists. Palau has not enacted any law defining, regulating, or licensing virtual assets, virtual asset service providers (VASPs), or digital currencies. Palau - United States Department of State — source
AML/CFT Requirements: FATF Recommendation 15 specifically addresses new technologies, including virtual assets and VASPs, requiring them to be regulated for AML/CFT purposes, licensed or registered, and subject to effective monitoring. This includes compliance with targeted financial sanctions. — source

Palestine

Licensing Requirements: No specific licensing framework: There are no dedicated laws, regulations, or licensing procedures specifically for cryptocurrency exchanges, custody providers, or payment processors in Palestine. — source
Tax Treatment: PMA Position: The PMA has explicitly stated that it does not license or supervise any entities dealing with cryptocurrencies and has warned financial institutions against engaging in any transactions related to them. They emphasize the risks associated with price volatility, lack of regulatory oversight, potential for illicit activities, and the absence of an issuing authority. — source
AML/CFT Requirements: Measures to combat money laundering and terrorist financing in Palestine — source
Sanctions: Risk-Based Approach: VASPs must assess the sanctions risk associated with their operations, customers, and transactions. Given the geopolitical complexities and the presence of designated terrorist organizations in the Palestinian territories, transactions involving individuals or entities in Palestine are generally considered higher risk. — source

Panama

Regulatory Status: Panama has no dedicated crypto-asset regulator; the Ministry of Commerce and Industry (MICI) oversees general business and investment promotion, including the Directorate of Investment Attraction and the Export and Investment Promotion Authority (PROPANAMA), established by Law 207 of April 2021, but neither is empowered to regulate virtual assets. Panama - United States Department of State — source
Travel Rule: No specific, comprehensive law for virtual assets and VASPs fully implementing the Travel Rule has been adopted and made effective. — source
Tax Treatment: Foreign-Sourced Capital Gains: For individuals and businesses resident in Panama, capital gains derived from the trading or sale of cryptocurrencies on foreign exchanges or with non-Panamanian counterparties are generally considered foreign-sourced income. Under the territorial tax system, these gains are not subject to capital gains tax in Panama. This is the most common scenario for crypto investors in Panama. — source
AML/CFT Requirements: Law 23 of April 27, 2015 (Ley 23 de 27 de abril de 2015): This is the foundational AML/CFT law in Panama. It adopted measures to prevent money laundering, financing of terrorism, and financing of the proliferation of weapons of mass destruction. It established the Financial Analysis Unit (UAF) and defined "obligated subjects" (sujetos obligados), which, through subsequent interpretations and amendments, have come to include VASPs. This law sets general obligations for customer due diligence, suspicious transaction reporting, and record-keeping. — source

Papua New Guinea

Regulatory Status: Papua New Guinea has no specific cryptocurrency or digital asset legislation as of 2025–2026, with no dedicated regulatory framework addressing virtual assets as a distinct asset class Office of Legislative Counsel :: Papua New Guinea — source
Licensing Requirements: Bank of Papua New Guinea (BPNG): BPNG has previously issued warnings to the public regarding the risks associated with cryptocurrencies, including volatility, lack of consumer protection, and potential use for illicit activities. These warnings do not constitute a regulatory framework but indicate a cautious approach. — source
Tax Treatment: PNG does not impose a general Capital Gains Tax. — source
AML/CFT Requirements: Anti-Money Laundering and Counter Terrorist Financing Act 2015 (AML/CTF Act 2015): This Act provides the legal basis for identifying, freezing, and confiscating assets related to money laundering and terrorist financing. It obligates financial institutions and designated non-financial businesses and professions (DNFBPs) to implement AML/CTF measures. While it pre-dates specific crypto regulation, its broad definitions and principles are applied to virtual asset activities where deemed appropriate by regulators. — source

Paraguay

Regulatory Status: National Directorate of Tax Revenue (DNIT): Oversees all cryptocurrency transactions, including decentralized assets used as a medium of exchange; mandates reporting for residents, VASPs, and platforms. — source
Tax Treatment: Gains derived from the sale of goods and rights, including intangible assets like cryptocurrencies, are subject to IRP. — source
AML/CFT Requirements: Law No. 6903/2022 ("Ley que regula la industria y comercialización de criptoactivos") was the initial, comprehensive attempt to regulate crypto mining and commercialization. — source
Sanctions: The Central Bank of Paraguay (Banco Central del Paraguay) is the institution that publishes economic data including GDP contraction figures, but no crypto-asset regulatory authority or virtual asset framework is attributed to it Paraguay - Overview — source

Peru

Regulatory Status: Lack of Specific Regulation: No specific law for licensing or regulating crypto exchanges, initial coin offerings (ICOs), or other crypto-related activities. — source
Tax Treatment: Peru's tax authority is the National Superintendency of Tax Administration (SUNAT), a Public Decentralized Institution created by Law 24829 and Legislative Decree 501, with autonomy in administration, economy, finance, budget, and technical operations QUIENES SOMOS. — source
AML/CFT Requirements: This is the foundational law establishing the Financial Intelligence Unit of Peru (UIF-Perú) and giving it powers to combat money laundering and terrorist financing. — source

Philippines

Travel Rule: Adopted: Yes, via BSP and SEC regulations governing VASPs, as part of efforts to exit the FATF Grey List; described as translating FATF recommendations into national law with a "clear and decisive stance." — source
AML/CFT Requirements: The Philippines has established a robust anti-money laundering (AML) and counter‑terrorist financing (CFT) framework overseen by the Anti‑Money Laundering Council (AMLC). - Key regulations include Republic Act No. 9160, which mandates customer due diligence (CDD) for financial institutions and other specified entities. — source

Poland

Regulatory Status: An Overview of Polish Law - GlobaLex — source
Licensing Requirements: GIIF (Ministry of Finance page regarding Virtual Currencies - in Polish): https://www.gov.pl/web/finanse/dzialalnosc-w-zakresie-walut-wirtualnych (This page provides information on the register and requirements). — source
Travel Rule: Poland, as an EU member state, is subject to the EU's Anti-Money Laundering Regulation (EU) 2024/1624 (AMLR), which establishes directly applicable AML/CFT obligations for crypto-asset service providers (CASPs) across all member states, including travel-rule requirements for crypto transfers Regulation - EU - 2024/1624 - EN - AMLR - EUR-Lex — source
Tax Treatment: Personal Income Tax Act (Ustawa o podatku dochodowym od osób fizycznych): — source
AML/CFT Requirements: Requirement: Entities providing services related to virtual currencies, including "holding virtual currencies, including offering services to their users that consist of maintaining virtual currency instruments or access keys on their behalf," are considered Virtual Asset Service Providers (VASPs). These entities are obliged to register in the Register of Activities in the Field of Virtual Currencies (Rejestr Działalności w Zakresie Walut Wirtualnych). — source
Sanctions: Legal Basis: Article 29 of the Treaty on European Union (TEU) and Article 215 of the Treaty on the Functioning of the European Union (TFEU). — source

Portugal

Tax Treatment: Short-term (<365 days): Taxed at a flat 28%; if total annual income exceeds €83,696, taxpayers may need to aggregate into progressive IRS rates (up to 53%). — source
AML/CFT Requirements: The framework was adopted via Law No. 70/2025 (and companion Law No. 69/2025 for MiCA implementation) in December 2025, ensuring national execution of the TFR. — source

Puerto Rico

Licensing Requirements: An investment of money (or other value): The investor contributes capital or other valuable consideration. For crypto, this is typically the purchase of tokens with fiat or other cryptocurrencies. — source
Travel Rule: FinCEN Guidance (May 2019): Application of FinCEN's Regulations to Certain Business Models Involving Convertible Virtual Currencies (FIN-2019-A003) — source
Tax Treatment: U.S. Federal Tax Applicability: As a U.S. territory, individuals and businesses in Puerto Rico are generally subject to U.S. federal tax laws, including IRS guidance on virtual currency, although there are specific exemptions (e.g., U.S. citizens who are bona fide residents of PR are generally exempt from U.S. federal income tax on PR-sourced income, but still file U.S. federal returns for non-PR income and certain disclosures). — source
AML/CFT Requirements: Bank Secrecy Act (BSA) (31 U.S.C. § 5311 et seq.): This is the foundational AML legislation in the U.S. It requires financial institutions (including MSBs/VASPs) to keep records and file reports on certain financial transactions. — source

Qatar

Regulatory Status: Qatar applies the Penal Code of Qatar, Law No. (11) of 2004, which establishes criminal offenses and penalties applicable to financial crimes including money laundering, and this framework would apply to any virtual asset transactions. Law No. (11) of 2004 (Penal Code of Qatar). ...%20of%202004%20(Penal%20Code%20of%20Qatar).pdf) — source
Licensing Requirements: No primary legislation governing crypto or Web3 activities in Qatar is referenced in any provided source. Final Hanford Site Transuranic (TRU) Waste Characterization QA Project Plan — source
Travel Rule: Mainland Qatar (Qatar Central Bank - QCB): The QCB issued a prohibition on virtual asset activities for all financial institutions under its supervision in April 2020. This means there are no licensed Virtual Asset Service Providers (VASPs) on the mainland to which the Travel Rule would apply. Any unlicensed VA activity is illegal. — source

Romania

Regulatory Status: National Financial Intelligence Unit (ANAF) – responsible for combating money laundering and terrorist financing; website: <https://legislatie.just.ro/> — source
Licensing Requirements: DIICOT (Direcția de Investigare a Infracțiunilor de Criminalitate Organizată și Terorism - Directorate for Investigating Organized Crime and Terrorism) — source
Travel Rule: Crypto assets are legal in Romania, and as an EU Member State, Romania is directly bound by Regulation (EU) 2023/1113, which extends the "travel rule" to crypto-asset transfers and applies from 30 December 2024 Regulation (EU) 2023/1113 - EUR-Lex — source
Tax Treatment: Cryptocurrency is legal in Romania, but there is no dedicated crypto-specific regulatory framework or licensing regime; general tax and AML laws apply. Fiscal Code — source
AML/CFT Requirements: Regulatory Body: The National Office for Prevention and Control of Money Laundering (Oficiul Național de Prevenire și Combatere a Spălării Banilor - ONPCSB) is the authority responsible for registering and supervising VASPs. — source
Sanctions: The European Union has established Regulation (EU) 2024/1620, which creates the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA), a new EU-level regulator with direct supervisory powers over certain obliged entities including crypto-asset service providers. Regulation - EU - 2024/1620 - EN - AMLAR - EUR-Lex — source

Russia

Regulatory Status: Russia has a formal legal framework for digital assets: Federal Law No. 259-FZ "On Digital Financial Assets" (dated July 31, 2020) which legalizes digital financial assets but prohibits their use as payment for goods and services Конституция на английском языке — source
Licensing Requirements: Digital depositories are required to maintain records of rights to cryptoassets, register wallets, and face restrictions like prohibiting lending of client coins to others. (https://forklog.com/en/the-end-of-shadow-trading-russias-forthcoming-crypto-market-rules/) — source
Sanctions: The United States and its allies have imposed comprehensive sanctions on Russia in response to its military actions in Ukraine, targeting key sectors such as energy, finance, and technology. These measures aim to pressure the Russian government and limit its ability to fund the conflict while protecting domestic and international economic interests. U.S. Sanctions on Russia: Legal Authorities and Related ... — source

Rwanda

Regulatory Status: Rwanda has no specific cryptocurrency or digital asset law as of 2025–2026; the National Bank of Rwanda (BNR) has issued public warnings and signaled intent to regulate, but no dedicated licensing regime is operational. General Information — source
Licensing Requirements: Rwanda's anti-money-laundering statute is Law nº 001/2025 of 22/01/2025 on the prevention and punishment of money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction, Official Gazette nº Special Bis of 22/01/2025, which superseded Law nº 028/2023 of 19/05/2023, itself the successor to Law nº 75/2019. No Rwandan anti-money-laundering statute carries the number 060/2021. Reporting persons on the Financial Intelligence Centre's published list are 435 financial institutions and 3,128 designated non-financial businesses and professions, a class that excludes virtual asset service providers, whose anti-money-laundering duty arises instead as a licensing condition under Article 10(2)(g) of Law nº 023/2026 of 25/05/2026, supervised by the Capital Market Authority of Rwanda under Article 6. — source
Travel Rule: Rwanda has not enacted any cryptocurrency or digital asset legislation, and no dedicated travel-rule framework implementing FATF Recommendation 16 exists as of the research date. Rwanda Travel Advisory | Travel.State.gov Operating a VASP in Rwanda today means doing so without legal authorisation, defined compliance obligations, or regulatory certainty. Rwanda Travel Advisory | Travel.State.gov Travel Advisory: Rwanda May 2026 - U.S. Embassy in Rwanda — source
Tax Treatment: Rwanda's capital gains tax rate is ten per cent under Article 36 of Law n° 027/2022 of 20/10/2022 establishing taxes on income as amended by Law n° 014/2025 of 27/05/2025, and no Rwandan tax law carries a virtual asset or cryptocurrency provision. — source
AML/CFT Requirements: Rwanda's operative anti-money-laundering statute is Law nº 001/2025 of 22/01/2025 on the prevention and punishment of money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction, which replaced Law nº 028/2023 of 19/05/2023, itself the repeal of Law nº 75/2019 of 29/01/2020; no Rwandan anti-money-laundering law is numbered 008/2020, and the Financial Intelligence Centre is governed by Law nº 045/2021 of 18/08/2021 as amended by Law nº 002/2025 of 22/01/2025. — source

Saint Kitts and Nevis

Regulatory Status: St. Kitts & Nevis has no dedicated cryptocurrency or digital asset statute currently in force; no comprehensive virtual asset law has been identified as of 2025–2026. Annual Laws of St. Kitts and Nevis – St. Kitts and Nevis Law Commission — source
Licensing Requirements: For dedicated VA/VASP activities, there is no specific licensing regime under a dedicated crypto law. — source
Travel Rule: The FATF recommends a de minimis threshold of EUR/USD 1,000 for transmittals where simplified information measures might apply. However, for transfers exceeding this amount, or where transfers are between a VASP and an unhosted wallet, or between two VASPs, full originator and beneficiary information (name, account number/VA wallet address, physical address or national ID, and date/place of birth for individuals; legal name, legal entity identifier, and address for legal entities) must be collected and transmitted. — source
AML/CFT Requirements: The Eastern Caribbean Central Bank (ECCB) has direct responsibility for regulating and supervising the entire domestic financial sector of St. Kitts and Nevis and the offshore banks in Nevis, and for making recommendations regarding approval of offshore banking licenses. St. Kitts and Nevis - State.gov — source

Saint Lucia

Regulatory Status: There is no dedicated cryptocurrency or virtual asset regulatory framework in Saint Lucia as of 2025–2026, and no specific law governing digital assets has been identified in official sources. Web Portal of the Government of Saint Lucia — source
Licensing Requirements: shares, stock, bonds, debentures, notes; — source
Travel Rule: Cryptocurrency legality in St. Lucia: no specific legislation governing digital assets or virtual asset service providers (VASPs) was identified in the provided source materials; the sources focus exclusively on physical travel regulations, airport security measures, customs rules, and COVID-19 protocols, not on cryptocurrency or digital asset regulation Saint Lucia Customs & Excise Department. — source
Sanctions: Anti-Terrorism Act, Cap. 2.01 (as amended): This Act provides for the suppression of terrorism and gives powers to freeze assets of terrorists and terrorist organizations. — source

Saint Vincent and the Grenadines

Regulatory Status: No dedicated cryptocurrency regulator, licensing regime, or registration obligation for virtual asset service providers has been identified in the country's legal framework. Legal Guides - Guide to Law Online: Saint Vincent and the Grenadines - Research Guides at Library of Congress — source
Licensing Requirements: The Proceeds of Crime Act, 2013 (as amended): This act criminalizes money laundering and terrorist financing offenses and provides for the forfeiture of assets derived from criminal conduct. — source
Tax Treatment: No Capital Gains Tax: SVG does not levy a general capital gains tax, which is a significant factor for crypto investors. — source
AML/CFT Requirements: Cryptocurrency and digital asset businesses are not explicitly legalized or prohibited under St. Vincent and the Grenadines (SVG) law, but the existing AML/CFT framework applies to all financial activities, including those involving virtual assets. Proceeds of Crime and Money Laundering (Prevention) Act — source

Samoa

AML/CFT Requirements: Money Laundering Prevention Act 2007 (MLPA 2007): This is the principal AML/CFT legislation. It mandates reporting entities (which typically include VASPs, even if not explicitly named, under broader definitions of financial institutions or through specific guidance/regulations) to implement measures to prevent money laundering and terrorist financing. This includes identifying and freezing assets of designated persons and entities. — source

San Marino

Regulatory Status: San Marino has established a formal legal framework for blockchain and digital asset activities through dedicated legislation, including the creation of a specific regime for digital asset services and "digital asset laboratories" (DALs). San Marino - United States Department of State — source
Travel Rule: Blockchain certification (San Marino Innovation Institute) — required for all BSP classes under Law 43/2019 Art. 11. Technical/legal compliance review of the proposed service. Apply via www.sm-innovation.com. — source
Tax Treatment: Delegated Decree No. 36 of 10 April 2019 (Decreto Delegato n. 36 del 10 aprile 2019) – "Regulation on Blockchain Technology for Enterprises" (Regolamento sulle Tecnologie a Registro Distribuito per le Imprese): — source
AML/CFT Requirements: Banca Centrale della Repubblica di San Marino (BCRSM) - The Central Bank of the Republic of San Marino. It is the primary financial regulator responsible for licensing, supervision, and ongoing oversight of virtual asset service providers. — source

Sao Tome and Principe

Regulatory Status: São Tomé & Príncipe has no dedicated cryptocurrency or digital asset law, licensing framework, or registration regime as of 2025–2026; no official regulator has been designated for virtual assets. São Tomé & Príncipe Citizenship by Investment Program — source
Licensing Requirements: No specific "Howey Test equivalent" for crypto: There is no publicly available legal framework in Sao Tome and Principe that outlines a specific test (like the Howey test in the US, or the SAFIT/DAFIT in some other jurisdictions) to determine if a crypto token constitutes a security. — source
Travel Rule: No specific legislation or regulatory guidance explicitly implementing the FATF Travel Rule for VASPs has been publicly identified. — source
AML/CFT Requirements: Lei n.º 10/2012, de 23 de Agosto (Law No. 10/2012, of August 23): This is the foundational law for the Prevention and Combat of Money Laundering and Terrorism Financing. It establishes the general framework for AML/CFT obligations for financial and non-financial institutions. — source

Saudi Arabia

Regulatory Status: Cryptocurrency is not explicitly legalized or banned in Saudi Arabia, but the Saudi Central Bank (SAMA) has issued warnings against trading digital assets and no licensed cryptocurrency exchanges exist in the Kingdom as of 2025–2026. — source
Licensing Requirements: No standardized licenses: There is no broadly public VASP (Virtual Asset Service Provider) or crypto-specific license for retail exchanges, custody, or payment processing; activities like crypto trading, wallet services, or brokerage fall outside approved perimeters without explicit regulatory approval. — source
AML/CFT Requirements: Saudi Central Bank - Implementing Regulation to the AML Law (PDF) - Note: PDF currently returns access error — source

Senegal

Regulatory Status: Senegal does not have a dedicated comprehensive legal framework specifically governing cryptocurrency or digital assets as of 2025–2026, and no named regulator has been formally designated to oversee virtual asset service providers. Senegal Travel Advisory | Travel.State.gov — source
Licensing Requirements: The BCEAO publicly cautions against crypto-assets — at its 8 May 2026 international conference the Governor cited volatility, cross-border reach, cybersecurity, consumer protection and AML/CFT risks, and in July 2026 stated crypto 'n'est pas une monnaie, ce n'est pas réglementé' — and only the franc CFA has legal tender status in the UMOA. However, 'not regulated' is imprecise: since the UMOA loi uniforme of 31 March 2023 (transposed in Senegal by Loi n° 2024-08), virtual asset service providers are assujettis (art. 3) and may not operate without agrément or prior authorisation (art. 58). A dedicated prudential framework is still being drafted by the BCEAO's crypto-assets committee (C-CRYPTO, created May 2026). — source
Travel Rule: A Travel Rule exists in Senegal for electronic funds transfers, but not via a BCEAO instruction and not (yet) for virtual assets. It comes from the UMOA Loi uniforme LBC/FT/FP adopted by the UMOA Council of Ministers on 31 March 2023, transposed nationally as Loi n° 2024-08 du 14 février 2024, arts. 39-47 — cross-border transfers must carry originator and beneficiary information regardless of amount (GIABA rates R.16 Largely Compliant). For virtual assets there is no operative Travel Rule: art. 59 of the uniform law leaves PSAV-specific requirements to be 'précisées par les autorités compétentes', and as of July 2026 BCEAO had still not issued a crypto-asset framework, having only created a drafting committee (C-CRYPTO) in May 2026. — source
AML/CFT Requirements: Senegal's AML/CFT framework is assessed by the Inter Governmental Action Group against Money Laundering in West Africa (GIABA), which is a FATF-style regional body, and the findings are endorsed by the FATF Senegal's measures to combat money laundering and the financing of terrorism and proliferation. — source
Sanctions: Senegal is obligated to implement targeted financial sanctions imposed by the United Nations Security Council (UNSC) against individuals and entities associated with terrorism and proliferation of weapons of mass destruction. — source

Serbia

Regulatory Status: Serbia has not enacted a comprehensive, dedicated cryptocurrency or digital asset law as of 2025–2026, and no specific crypto-asset legislation or licensing regime exists. Serbia - United States Department of State — source
Licensing Requirements: Official Name: Закон о дигиталној имовини — source
Travel Rule: Whether Adopted: Yes, adopted. Serbia incorporated the FATF Travel Rule principles into its national legislation, primarily through the Law on Digital Assets (Zakon o digitalnoj imovini). This law specifically designates the National Bank of Serbia (NBS) as the supervisory authority for virtual asset service providers (VASPs) concerning AML/CFT compliance. — source
AML/CFT Requirements: The AML/CFT Law identifies obliged entities that must comply with customer due diligence requirements, but the available source material does not specify a dedicated crypto-asset or virtual asset service provider licensing regime with capital requirements. Laws and regulations - Аdministration for the Prevention of Money Laundering — source

Seychelles

Regulatory Status: The source does not mention any financial regulator, central bank, or securities authority. It only references the Immigration and Civil Status Seychelles department, which handles border control, passports, and permits. Immigration and Civil Status Seychelles — source
Licensing Requirements: Financial Intelligence Unit (FIU), part of the Ministry of Finance and Public Service Delivery, is responsible for overseeing financial crimes, including those related to virtual assets. Website: Seychelles FIU — source
Travel Rule: Seychelles does not have a specific cryptocurrency or digital asset travel-rule regulatory framework as of 2025–2026; the only travel-related digital requirements are the Travel Authorisation (TA) and Maritime Travel Authorisation (MTA) systems operated by the Department of Immigration and Civil Status, which are immigration border-control measures, not financial travel-rule requirements under FATF Recommendation 16 Seychelles Extends Travel Authorisation Requirements to Travellers entering by Sea - Tourism Seychelles — source
Tax Treatment: Individuals and Corporations (excluding real estate): Seychelles generally does not impose a capital gains tax on the sale of assets, including virtual assets, for individuals or most corporate entities (such as International Business Companies or IBCs) unless the gain arises from the sale of immovable property situated in Seychelles. — source
Sanctions: Seychelles is a UN member state and is legally obliged to implement all UN Security Council Resolutions (UNSCRs) imposing sanctions. These resolutions target individuals, entities, and states involved in terrorism, proliferation of weapons of mass destruction (WMD), and other threats to international peace and security (e.g., DPRK, Iran, Libya, Somalia, Sudan, Afghanistan, Yemen, Mali, DRC, Central African Republic, etc.). — source

Sierra Leone

Regulatory Status: The Sierra Leone Standards Bureau (SLSB), operating under the Ministry of Trade and Industry, is the primary body overseeing the country's standards regime, including standardization, metrology, certification, and conformity assessments Sierra Leone - Standards for Trade — source
Travel Rule: Not explicitly adopted or fully implemented through specific legislation targeting VASPs and the Travel Rule. — source
Tax Treatment: Sierra Leone has no specific legal or regulatory framework for crypto/Web3 assets; no law defines, authorizes, or prohibits virtual assets, and no regulator has issued binding rules for them. Business Related Policies and Legislations in Sierra Leone — source
AML/CFT Requirements: The Anti-Money Laundering and Combating of Financing of Terrorism Act, 2018: While an online copy with a direct, stable URL is not readily available through general government searches, this Act is the primary domestic legislation for AML/CFT in Sierra Leone. It would be accessible via legal databases or directly from the Bank of Sierra Leone (BSL) or the Financial Intelligence Unit – Sierra Leone (FIU-SL). — source

Singapore

Licensing Requirements: MAS — All DPT service regulation, PSA licensing, AML/CFT, stablecoin framework, TRM guidelines — source
Travel Rule: Travel Rule adopted — threshold: SGD 1,500 — source
Tax Treatment: No capital gains tax applies to gains from selling or disposing of crypto held as a capital asset (e.g., long-term investments by individuals). — source

Slovakia

Regulatory Status: Cryptocurrency is legal in Slovakia, though no dedicated standalone crypto law exists; the field is governed primarily through anti-money laundering (AML) legislation transposing EU directives, with the Financial Intelligence Unit (FIU) under the Ministry of Interior acting as the primary supervisory authority for obliged entities Legislation — source
Licensing Requirements: Registration, not a dedicated license: Currently, there isn't a specific "crypto custody license" in the traditional financial sense. However, entities providing services related to virtual assets, including custodian wallet providers, are considered "obliged entities" under Slovak AML law. — source
Travel Rule: The primary EU legal instrument governing travel rule requirements for crypto-assets is Regulation (EU) 2023/1113 on information accompanying transfers of funds and certain crypto-assets, which entered into force on 9 June 2023 and applies from 30 December 2024, obliging crypto-asset service providers (CASPs) to collect and transmit originator and beneficiary information for crypto-asset transfers. Regulation (EU) 2023/1113 - EUR-Lex — source
Tax Treatment: 19% for taxable income up to €47,504.04 (for 2024). — source
AML/CFT Requirements: Act No. 297/2008 Coll. on Protection Against Legalisation of Proceeds of Crime and Against Financing of Terrorism (AML Act): This is the primary legislation in Slovakia governing AML/CFT. It has been amended multiple times, most notably by Act No. 397/2019 Coll., which transposed the 5AMLD and extended its scope to virtual assets and VASPs. — source

Slovenia

Licensing Requirements: Slovenian Legislation Portal (PIS): https://www.pisrs.si/Pis.web/pregledPredpisa?id=ZAKO5720 (Note: The official text is in Slovenian. Look for consolidated versions for the latest amendments.) — source
Travel Rule: Slovenia is an EU member state subject to EU anti-money laundering directives, but the provided source materials contain no Slovenia-specific legislation, licensing regime, or regulatory authority for cryptocurrency or digital assets Money laundering - EUR-Lex — source
Tax Treatment: Rationale: FURS considers that profits from the sale of virtual currencies by individuals (who are not engaged in a registered business activity) are generally not subject to personal income tax (dohodnina) as they do not fall under any defined category of taxable income (e.g., capital gains, business income, income from other activities). — source
AML/CFT Requirements: VASP Registration: Entities providing services of safeguarding private cryptographic keys on behalf of clients, or holding, storing, and transferring virtual currencies, are classified as "virtual asset service providers" (VASPs) under ZPPDFT-2. — source
Sanctions: Asset freezes: Prohibiting the making available of funds or economic resources, directly or indirectly, to designated persons, entities, or bodies. This explicitly includes virtual assets. — source

Solomon Islands

Regulatory Status: There is no dedicated cryptocurrency or digital asset law in Solomon Islands; virtual assets are not explicitly legalized, prohibited, or regulated under any specific statute Parliament — source
Licensing Requirements: Debentures (including debenture stock, bonds, notes, and other similar instruments) — source
Tax Treatment: Solomon Islands does NOT have a general Capital Gains Tax. — source
AML/CFT Requirements: Solomon Islands Financial Intelligence Unit (SIFIU) — source

Somalia

Regulatory Status: Current Regulatory Stance: As of August 2026, Somalia has terminated Temporary Protected Status (TPS) for its nationals, which may impact the legal status of digital assets originating from or targeting Somali citizens. However, specific regulations governing cryptocurrencies and digital assets remain ambiguous. — source
Licensing Requirements: Absence of Specific Test: There is no publicly available or established legal test in Somalia equivalent to the Howey Test for determining whether a crypto token constitutes a security. The regulatory environment for advanced financial instruments like crypto securities is not yet developed. — source
Tax Treatment: The Somalia Revenue Directorate, under the Ministry of Finance, is the principal tax administration body, headed by a Director General who oversees the Customs Department and Inland Revenue Department Home | Somalia Revenue Directorate — source
AML/CFT Requirements: Somalia has no specific cryptocurrency or digital asset legislation as of 2025–2026; the primary AML/CFT statute is the Anti-Money Laundering and Countering the Financing of Terrorism Act 2016, which criminalizes money laundering and terrorism financing but does not explicitly address virtual assets Regulatory Framework – The National Anti-Money Laundering Committee — source
Sanctions: Resolution 751 (1992): Established the UN Security Council Committee pursuant to Resolution 751 (1992) and 1907 (2009) concerning Somalia and Eritrea, which oversees the arms embargo. — source

South Africa

Licensing Requirements: The Financial Sector Conduct Authority declared crypto assets a financial product under the Financial Advisory and Intermediary Services Act 37 of 2002 by General Notice 1350 of 2022, published in Government Gazette No. 47334 of 19 October 2022 and signed by Commissioner Unathi Kamlana, and it licenses crypto asset service providers as financial services providers under that Act. — source
Travel Rule: South Africa's crypto asset travel rule threshold is R5 000, not R25 000: clause 4.5 of FIC Directive 9 of 15 November 2024 governs a transfer that is a single transaction of less than R5 000, for which four originator and beneficiary data elements must still be transmitted without verification, so the R5 000 figure is a reduced-information threshold and not an exemption. — source
Tax Treatment: SARS characterises crypto assets as assets of an intangible nature, not as currency and not as a financial instrument, and taxes gains either as revenue in gross income at marginal rates of up to 45 per cent or as capital gains under the Eighth Schedule to the Income Tax Act 58 of 1962, while the SARB Financial Surveillance Department separately applies exchange control to cross-border crypto asset activity. — source
AML/CFT Requirements: The Financial Intelligence Centre Act 38 of 2001 governs South African AML/CFT, and crypto asset service providers became accountable institutions at item 22 of Schedule 1 through the Schedule amendment published in Government Gazette 47596 of 29 November 2022 with effect from 19 December 2022, rather than through the General Laws Amendment Act 22 of 2022. — source

South Sudan

Regulatory Status: The termination of Temporary Protected Status (TPS) for South Sudan, effective January 5, 2026, marks a significant shift in the legal landscape affecting immigrants from South Sudan residing in the United States. — source
Licensing Requirements: The National Communications Authority (NCA) is the primary regulator for communications and related services in South Sudan, operating under the National Communications Authority Act, with a licensing function, but its public licensing page does not list any cryptoasset or virtual asset service provider category. Licensing | NCA SSD — source

Spain

Regulatory Status: Pre-MiCA: National laws primarily covered AML/CTF registration for Virtual Asset Service Providers (VASPs) and specific rules for crypto advertising. — source
Licensing Requirements: Banco de Espana — VASP registration, AML/CFT — source
Tax Treatment: Form 721 for overseas crypto assets; Form 172 for domestic crypto holders; capital gains 19-28% — source
AML/CFT Requirements: Directive (EU) 2015/849 (4th AMLD): The foundational directive, which brought more entities into scope and strengthened CDD. — source
Sanctions: Direct Effect: EU Council Regulations imposing sanctions are directly applicable in Spain. — source

Sri Lanka

Regulatory Status: Cryptocurrency is not recognized as legal tender in Sri Lanka, and there is no specific licensing framework for crypto asset service providers as of 2025–2026. Department of Immigration and Emigration — source
Licensing Requirements: The Prevention of Money Laundering Act, No. 5 of 2006 (PMLA): This Act criminalizes money laundering and establishes the legal framework for its prevention. — source
Travel Rule: For domestic transfers between VASPs: Information must be collected and transmitted for transactions equal to or exceeding LKR 150,000 (approximately USD 470-500, depending on the current exchange rate). — source
Tax Treatment: Not Legal Tender: Virtual currencies (VCs) are not recognized as legal tender in Sri Lanka. — source
Sanctions: UN Consolidated Sanctions List: This is the de facto list implemented by Sri Lanka. It includes individuals and entities designated under various UN sanctions regimes (e.g., ISIL (Da'esh) & Al-Qaida, Taliban, DPRK, Iran, Libya, Somalia, Sudan, Yemen, DRC, Central African Republic, South Sudan). — source

Sudan

Regulatory Status: The provided source documents contain no information whatsoever regarding cryptocurrency, digital assets, virtual assets, or blockchain regulatory frameworks in Sudan. Federal Register :: Extension of the Designation of Sudan for Temporary Protected Status — source
Travel Rule: Overall Status: No Adoption, General Prohibition/Strong Discouragement — source
AML/CFT Requirements: De Facto Ban: The Central Bank of Sudan (CBOS) has repeatedly warned against the use of cryptocurrencies, citing risks such as money laundering, terrorism financing, price volatility, and consumer protection issues. These warnings have effectively created a ban on their use within the formal financial system. — source

Suriname

Regulatory Status: The Central Bank of Suriname (CBvS) is the main financial sector regulator, responsible for monetary policy, banking supervision, and payment systems, but no public mandate or published rule extends its authority to virtual assets or crypto service providers Suriname: Background and U.S. Relations | Congress.gov | Library of Congress. — source
Licensing Requirements: Centrale Bank van Suriname (CBS): The central bank is the primary financial regulator in Suriname and has issued official statements regarding cryptocurrencies. — source
AML/CFT Requirements: None specifically for crypto custody. There is no specific licensing regime in Suriname for companies providing cryptocurrency or digital asset custody services. — source

Sweden

Licensing Requirements: Swedish Financial Supervisory Authority (Finansinspektionen / SFSA): Primary regulator for supervising CASPs, licensing issuers of e-money/asset-referenced tokens, enforcing MiCA, AML/KYC, and consumer protection; appointed national competent authority via act effective June 30, 2024. — source
AML/CFT Requirements: Primary laws: Swedish Anti-Money Laundering and Terrorist Financing Law (AML Act, SFS 2017:630); Money Laundering Crimes Criminal Code; former Currency Exchange Act (SCEA, 1996:1006, now amended/reduced post-MiCA); Lag med kompletterande bestämmelser till EU:s förordning om marknader för kryptotillgångar (2024:1159, effective 30 Dec 2024). — source

Switzerland

Licensing Requirements: FINMA — All financial market supervision — licensing, AML enforcement, ICO/STO guidance, stablecoin regulation — source

Syria

Regulatory Status: There is no specific legal framework for cryptocurrency or digital assets in Syria; the provided sources contain zero references to cryptocurrency, digital assets, virtual currency, blockchain, or related terms. Federal Register :: Termination of the Designation of Syria for Temporary Protected Status — source
Licensing Requirements: None are available or required. Engaging in these activities with cryptocurrencies is generally prohibited under current Syrian financial regulations. — source
Travel Rule: No specific cryptocurrency or digital asset legislation exists in Syria, and no travel-rule framework has been implemented as of 2025–2026. Syria Travel Advisory | Travel.State.gov — source
Sanctions: Prohibitions: Broadly prohibits U.S. persons from engaging in most financial transactions, trade, and investment with Syria, its government, and certain designated entities or individuals. This includes providing any services (financial or otherwise) that would benefit the Syrian government or its affiliates. — source

Taiwan

Licensing Requirements: Regulator/Enforcement Body: Taipei District Prosecutors Office, New Taipei District Prosecutors Office, Criminal Investigation Bureau (CIB). — source
Tax Treatment: Gains from the sale of cryptocurrencies are considered "Other Income" (其他所得) under Article 14 of the Income Tax Act. — source
AML/CFT Requirements: Financial Supervisory Commission (FSC): The primary financial regulator in Taiwan responsible for overseeing financial institutions and has extended its oversight to VASPs regarding AML/CTF. — source

Tajikistan

Regulatory Status: Tajikistan has no specific cryptocurrency or digital asset law, and no entity has been licensed to conduct crypto-related activities as of 2025–2026. Legislation of Republic of Tajikistan | CIS Legislation — source
Licensing Requirements: National Bank of Tajikistan (NBT) Stance: The NBT has repeatedly issued warnings and statements clarifying that cryptocurrencies are not legal tender in Tajikistan. They have cautioned citizens against the use, trading, or investment in virtual assets, citing risks such as financial fraud, money laundering, and the financing of terrorism. — source
Travel Rule: Regulatory status undetermined — primary legal research required. As of the 2025–2026 research cutoff, no dedicated cryptocurrency or virtual asset service provider (VASP) licensing law, travel-rule implementation decree, or digital asset taxonomy has been enacted in Tajikistan Tajikistan Travel Advisory | Travel.State.gov. The National Bank of Tajikistan (NBT) has not issued a regulation authorizing or prohibiting VASP activity under the Law on the National Bank of Tajikistan (2020) or the Law on Payment Systems (2016, amended 2021) State. — source

Tanzania

Regulatory Status: Cryptocurrency is not explicitly legalized or prohibited in Tanzania, but the Bank of Tanzania (BoT) has issued public warnings against the use of virtual assets and maintains that the Tanzanian shilling is the only legal tender, with no license or registration regime currently operational for crypto businesses. Tanzania - Customs Regulations — source
Licensing Requirements: Tanzania has no virtual-asset licensing regime: as at 21 August 2026 there is no VASP licence class, no minimum-capital floor, no application process, no fee schedule, no register and no licensed firm. Tanzanian law does nevertheless define the terms — the Anti-Money Laundering (Amendment) Act, 2022 (Act No. 2 of 2022, assented 23 February 2022, in force 8 March 2022) inserted definitions of "virtual asset" and "virtual asset service provider" into section 3 of the Anti-Money Laundering Act, Cap. 423, without attaching any obligation to them. The Bank of Tanzania's public notices of 12 and 29 November 2019, issued under sections 26 and 27 of the Bank of Tanzania Act, 2006 (Act No. 4 of 2006, Cap. 197) and the Foreign Exchange Act, 1992, remain the operative central-bank position, and ESAAMLG rated Tanzania Partially Compliant with Recommendation 15 in its 1st Enhanced Follow-Up Report of September 2022. — source
AML/CFT Requirements: Tanzania's principal AML statute is the Anti-Money Laundering Act, Cap. 423 (Act No. 12 of 2006, R.E. 2023, commenced 1 July 2007), which imposes obligations on the class of 'reporting person' defined in section 3 paragraphs (a) to (j); the Anti-Money Laundering (Amendment) Act, 2022 (Act No. 2 of 2022, in force 8 March 2022) inserted definitions of 'virtual asset' and 'virtual asset service provider' into section 3 but left virtual asset service providers outside that class, which only a notice published in the Gazette by the Minister under paragraph (j) can extend. — source
Sanctions: Tanzania implements United Nations Security Council targeted financial sanctions domestically through sections 12A, 14(5) and 54 of the Prevention of Terrorism Act, Cap. 19 R.E. 2023 (Act No. 21 of 2002) and the Prevention of Terrorism (General) Regulations 2022, GN No. 379 of 2022, regulations 4, 19, 20, 25 and 26; the Financial Intelligence Unit's Guidelines on Targeted Financial Sanctions revised November 2023 require screening against the Domestic List and the UNSCR List and freezing or blocking within twenty-four hours of designation, covering UNSCRs 1267, 1373, 1988, 1989, 2253, 1718 and 2231. Those duties bind only the 'reporting persons' enumerated in section 3 of the Anti-Money Laundering Act, Cap. 423, a class that excludes virtual asset service providers, and no United Nations sanctions regime targets Tanzania itself. — source

Thailand

Licensing Requirements: Capital: Minimum paid-up capital deposited in a Thai bank, varying by license type and custody model (e.g., THB 100M for custodial exchanges). — source
Travel Rule: Regulatory Risk: Potential delays or changes in regulatory guidelines could impact operational timelines. — source

Timor-Leste

Regulatory Status: Timor-Leste has no specific legal framework governing cryptocurrencies, digital assets, or virtual asset service providers as of 2025–2026, based on all available official government sources. Government of Timor-Leste — source
Licensing Requirements: Lack of Specific Regulation is Not the Same as Legality or Full Freedom: While there are no crypto-specific licenses, any entity operating within Timor-Leste would still be subject to general business laws, tax laws, and potentially, if their activities could be interpreted as traditional financial services, existing financial sector legislation overseen by the Banco Central de Timor-Leste (BCTL). — source
Travel Rule: There is no dedicated cryptocurrency or digital asset law in Timor-Leste as of 2025–2026, and no authority has been designated to implement FATF-style travel-rule requirements for virtual asset service providers (VASPs). The primary AML/CFT framework is established under Law No. 17/2011 (Anti-Money Laundering and Combating the Financing of Terrorism), which creates the Financial Intelligence Unit (FIU) and sets obligations for financial institutions—but this law predates specific virtual asset provisions and contains no travel-rule requirements for VASPs. REPUBLIC OF TIMOR-LESTE NATIONAL PARLIAMENT Law No. 09 / 2003 [Note: Immigration and Asylum Act cited only for context; it does not govern AML/CFT.] — source
AML/CFT Requirements: Law No. 7/2011 on the Prevention and Combating of Money Laundering and Financing of Terrorism (and subsequent regulations/amendments): This law establishes the legal framework for AML/CTF in Timor-Leste and requires financial institutions (which VASPs are increasingly treated as under international standards) to implement measures to prevent and detect money laundering and terrorist financing, including compliance with international sanctions. — source

Togo

Regulatory Status: The Direction Générale de la Documentation Nationale (DGDN) manages identity and residence documentation in Togo, operating under the URL https://dgdn.gouv.tg. Its mandate derives from its establishing decree, which covers immigration, passports, and residence permits; it has no role in cryptocurrency or digital asset supervision. Residence permit - Lomé — source
Licensing Requirements: Financial Stability & Consumer Protection: The primary concerns driving this cautious approach are financial stability, investor protection (due to volatility and lack of recourse), and risks associated with money laundering and terrorist financing (AML/CFT). — source
Travel Rule: The BCEAO has issued no instruction on virtual assets or VASPs. 'Instruction N° 003/2022/RB/BCEAO' does not exist. The real regional AML/CFT instrument is the Loi uniforme LBC/FT/FP du 31 mars 2023 (UMOA), transposed in Togo by Loi n° 2026-001 du 2 mars 2026. That law does bring PSAV within scope (art. 2(2), art. 2(51), art. 3(c)) and imposes a prior-authorisation requirement (art. 58), but it transposes nothing resembling FATF R.16 for VASPs: art. 59 defers all PSAV-specific requirements to 'les autorités compétentes', which Togo has not designated. — source
Tax Treatment: No Specific Crypto Capital Gains Tax: Togo does not have a specific capital gains tax regime for cryptocurrencies. — source
AML/CFT Requirements: Compliance Requirement: Togo is a signatory to various international conventions against terrorism and money laundering and is a UN member state. As such, VASPs operating in Togo must comply with all UN Security Council Resolutions, particularly those related to terrorism financing (e.g., Resolution 1373) and proliferation financing, which mandate asset freezes against designated individuals and entities (e.g., Al-Qaeda, ISIS/Da'esh, and DPRK designations under resolutions 1267, 1989, and others). — source

Tonga

Licensing Requirements: Virtual Asset (VA): Defined broadly to mean a digital representation of value that can be digitally traded or transferred and used for payment or investment purposes. It does not include digital representations of fiat currencies, securities, or other financial assets that are already covered by other laws. — source
Travel Rule: As of 15 January 2025, Tonga has no VASP licensing regime under the Financial Institutions Act 2004 (Act No. 12 of 2004, as amended by Act No. 5 of 2014) or the National Reserve Bank of Tonga Act 1989 (Cap 123); zero entities are licensed, registered, or authorised to provide any virtual asset services (NRBT Press Release, 12 March 2024; NRBT Licensed Entities Register, accessed 10 January 2025). Tonga Travel Advisory — source
AML/CFT Requirements: Binding Nature: As a UN member state, Tonga is legally obligated to implement sanctions imposed by the UN Security Council (UNSC). These resolutions target specific individuals, entities, and sometimes entire regimes (e.g., related to terrorism, proliferation of weapons of mass destruction, or human rights abuses). — source

Trinidad and Tobago

Licensing Requirements: No Comprehensive Dedicated Legislation (Yet): Trinidad and Tobago does not currently have a dedicated, standalone legislative framework specifically governing virtual assets or cryptocurrencies. — source
Travel Rule: The Virtual Asset Service Providers Act, 2022 was assented to on December 14, 2022, and gazetted soon after. — source
AML/CFT Requirements: Virtual Asset Business Act, 2022 (VABA, 2022): This is the foundational law for virtual assets and VASPs, defining what constitutes a "virtual asset" and "virtual asset business" and establishing the regulatory framework. It mandates licensing and compliance with AML/CFT obligations for VASPs. — source

Tunisia

Licensing Requirements: Investment Tokens/Security Tokens (STOs): Tokens that are offered to raise capital for a project or company, where investors expect a financial return (e.g., profit sharing, dividends, interest, or appreciation in value) based on the issuer's performance or assets. — source
AML/CFT Requirements: Compliance Requirement: Tunisia is legally bound to implement UN Security Council (UNSC) resolutions that impose targeted financial sanctions. These primarily relate to counter-terrorism (e.g., against Al-Qaida, ISIL/Da'esh affiliates) and counter-proliferation of weapons of mass destruction. All financial institutions, including VASPs (once explicitly regulated or by analogy), must freeze assets and prevent funds/services from being made available to designated individuals and entities on the UN Consolidated Sanctions List. — source

Turkey

Licensing Requirements: SPK/CMB — Crypto Asset Service Provider licensing, prudential oversight — source
AML/CFT Requirements: Türkiye has established a comprehensive AML regulatory framework for cryptocurrency and digital asset service providers, with the legal foundation set by the Law on the Regulation of Crypto-Assets, published in the Official Gazette on July 2, 2024, which requires all crypto-asset service providers to obtain a license from the Capital Markets Board (CMB) and comply with AML obligations under the Financial Crimes Investigation Board (MASAK) supervision. Turkey (Türkiye) - United States Department of State — source

Turkmenistan

Regulatory Status: Turkmenistan has no specific legal framework governing cryptocurrency, digital assets, or virtual asset service providers (VASPs) as of 2024 (latest research date). — source
Licensing Requirements: Lack of Legal Framework: Turkmenistan currently lacks any specific laws or regulations governing the use, exchange, or mining of cryptocurrencies. This absence of a legal framework often translates to a de facto ban or makes it extremely difficult and risky to engage in crypto activities. — source

Turks and Caicos

Regulatory Status: The Turks and Caicos Islands (TCI) does not have a specific, standalone regulatory framework governing cryptocurrency or digital assets as of 2025–2026, and no dedicated digital asset legislation has been identified in official government sources. GOV.UK — source
Licensing Requirements: Exchange between virtual assets and fiat currencies. — source
AML/CFT Requirements: Virtual Asset Service Providers Act 2023 (VASP Act 2023): This is the cornerstone legislation specifically regulating VASPs. It defines what constitutes a VASP, sets out licensing and registration requirements, and crucially, brings VASPs under the existing AML/CFT framework, making them "financial institutions" for AML/CFT purposes. — source

Tuvalu

Licensing Requirements: Applying existing general financial services, investment, and companies legislation to determine if a cryptocurrency token fits the traditional definition of a "security" or "investment product" under those laws. — source
Travel Rule: Tuvalu does not have any primary legislation governing cryptocurrency, digital assets, virtual asset service providers, or the travel rule. A search of the Tuvalu Parliament legislative database (tuvalu-legislation.tv) and official government gazette confirms no bill has been enacted or publicly reported as pending as of March 2025. Tuvalu Legislation Database – Parliament of Tuvalu — source
Tax Treatment: Tuvalu currently does not levy a separate capital gains tax. — source
AML/CFT Requirements: The IMF's 2023 country report for Tuvalu identifies that the jurisdiction's anti-money laundering (AML) regime is assessed against the Financial Action Task Force (FATF) standards, and Tuvalu's National Risk Assessment noted that virtual assets and virtual asset service providers are not yet covered by the AML framework © 2023 International Monetary Fund IMF Country Report No. 23/267 TUVALU. — source
Sanctions: Implementation of UN Sanctions: Tuvalu is a member of the United Nations and is therefore obligated to implement UNSC Resolutions. These resolutions often include targeted financial sanctions against individuals, entities, and groups involved in terrorism, proliferation of weapons of mass destruction, and other threats to international peace and security. — source

Uganda

Regulatory Status: Bank of Uganda (BOU): The central bank responsible for monetary policy, financial stability, and regulation of banking and financial institutions. Website: https://www.boug.go.ug/ — source
Licensing Requirements: Uganda operates no licensing regime and no supervisory framework for virtual asset service providers and has designated no VASP supervisor, but VASPs are accountable persons under paragraph 16 of Schedule 2 to the Anti-Money Laundering Act, Cap. 118, inserted by SI 136 of 2020, and must register with the Financial Intelligence Authority. — source
Travel Rule: Uganda has not enacted any specific cryptocurrency or digital asset legislation, and no dedicated travel-rule framework exists as of 2025–2026. Uganda travel advice - GOV.UK — source
Tax Treatment: Uganda has no crypto-asset tax provision, and a resident individual's gain on disposing of crypto held outside a business is not added to other income: the Income Tax Act, Chapter 338, exempts any capital gain that is not included in business income, other than a gain derived from the sale of shares in a private limited company, and Uganda levies no separate capital gains tax. — source
AML/CFT Requirements: Uganda's Anti-Money Laundering Act, 2013 (Act 12 of 2013), consolidated as Chapter 118, imposes its obligations on accountable persons, defined as any person listed in its Second Schedule, and section 18 establishes the Financial Intelligence Authority; the Act reaches virtual asset service providers by express designation rather than by interpretation, because the Anti-Money Laundering (Amendment of Second Schedule) Instrument, 2020 (Statutory Instrument 136 of 2020) added virtual asset service providers to that Schedule with effect from 27 November 2020, and they stand as paragraph 16 of Schedule 2 in the Financial Intelligence Authority's signed registration guidelines of January 2024, which require every accountable person to register with the Authority. — source

Ukraine

Regulatory Status: Crypto is legal in Ukraine, with a foundational law passed in 2022 establishing a basic legal framework for virtual assets, but the market remains largely unregulated in practice as of 2025–2026 Ukraine - United States Department of State — source
Licensing Requirements: Role: Regulates virtual assets backed by fiat currency (e.g., stablecoins) and other financial virtual assets falling under its purview. It is responsible for issues related to payments and financial stability in the virtual asset sphere. — source
Tax Treatment: Law of Ukraine "On Virtual Assets" (adopted September 8, 2022, effective December 15, 2022): This law provides a legal framework for virtual assets, defining them, their types, and the regulatory bodies. It legalizes the virtual assets market but did not introduce specific tax rules for virtual assets. It explicitly stated that the taxation of virtual assets should be regulated by amendments to the Tax Code of Ukraine. — source
AML/CFT Requirements: Law of Ukraine No. 361-IX "On Preventing and Counteracting Legalization (Laundering) of Criminal Proceeds, Terrorist Financing and Financing the Proliferation of Weapons of Mass Destruction" (dated December 6, 2019, with subsequent amendments). — source
Sanctions: Key Impact on Crypto: OFAC has explicitly targeted cryptocurrency transactions and entities facilitating sanctions evasion, particularly those linked to Russia. It has sanctioned crypto mixers (e.g., Tornado Cash), crypto exchanges (e.g., Garantex, SUEX), and specific individuals involved in facilitating illicit finance. — source

United Arab Emirates

Regulatory Status: Regulated licenses in the UAE mainland are generally valid for one year and must be renewed annually, but free zone licenses often have variable validity periods and may offer multi-year options, governed independently by each free zone authority rather than solely by CBUAE.HLB HAMT. — source
Licensing Requirements: SCA — Federal authority — virtual asset supervision across UAE including Free Zones (Cabinet Resolution 111/2022) — source
AML/CFT Requirements: Federal Decree-Law No. 26 of 2021 is the current and operative AML/CFT law in the UAE, superseding Federal Decree No. 20/2018. — source

United Kingdom

Licensing Requirements: FCA — Crypto registration (MLR 2017), financial promotions, AML supervision — ~85% rejection rate — source
AML/CFT Requirements: OFSI Enforcement: UK VASPs must immediately freeze and restrict assets of designated persons (DPs), report holdings or suspected sanctions evasion to OFSI (e.g., via crypto transfers by DPs), and avoid processing transactions involving sanctioned parties; OFSI's 2022 Cryptoassets Threat Assessment highlights risks like pseudonymity enabling evasion. — source

United States

Regulatory Status: Obtain money transmitter license from DBF if transmitting virtual currency. — source
Licensing Requirements: SEC — Securities, token classification (Howey Test), broker-dealer/ATS registration — source
Travel Rule: Adopted and Effective Date: Adopted via FinCEN's 2019 clarification that BSA AML/CFT requirements, including the Travel Rule, extend to CVC transactions. The underlying Funds Travel Rule originated in 1996 (effective May 28, 1996) for fiat but was applied to virtual assets in 2019. — source
Tax Treatment: The 2024 Treasury regulation extending the digital-asset broker definition to DeFi front-end service providers was revoked by Congress under the Congressional Review Act in early 2025. Non-custodial DeFi participants are therefore outside the Form 1099-DA reporting regime. — source
AML/CFT Requirements: Securities and Exchange Commission (SEC): Oversees digital assets deemed securities, including issuance and resale; issued a March 17, 2026, interpretation clarifying federal securities laws' application to crypto assets and transactions, stating most crypto assets are not securities. — source
Sanctions: Primary U.S. List: OFAC SDN List (https://sanctionssearch.ofac.treasury.gov) – includes crypto addresses; 50% Rule for ownership. — source

Uruguay

Regulatory Status: Uruguay permits cryptocurrency and digital asset activity, though it lacks a comprehensive, dedicated statutory framework specifically governing these assets; the existing legal system treats foreign and national investments equally, and most investments are allowed without prior authorization, which extends to digital asset businesses Uruguay - United States Department of State — source
Licensing Requirements: BCU Stance: The BCU has issued communications clarifying its position. While it acknowledges virtual assets, it has explicitly stated that they are not considered legal tender in Uruguay and virtual asset activities generally do not fall under the traditional financial intermediation framework (e.g., banking law) unless they involve activities that would traditionally require BCU authorization (e.g., taking public deposits, issuing e-money as a payment institution). The BCU monitors the sector and indicates the possibility of future, more specific regulation. — source
AML/CFT Requirements: Exchange between virtual assets and fiat currencies. — source
Sanctions: Anti-Money Laundering Secretariat (AMLS) – responsible for AML/CFT oversight. — source

Uzbekistan

Regulatory Status: Uzbekistan has established a legal framework for cryptocurrency and digital asset activities, with the National Agency for Prospective Projects (NAPP) serving as the primary regulator for the industry Uzbekistan - United States Department of State — source
Licensing Requirements: Presidential Decree No. UP-106 "On measures for further development of the digital economy in the Republic of Uzbekistan" dated March 16, 2022. This decree established NAPP as the regulator and laid out the general principles. — source
Tax Treatment: Gains obtained by individuals and legal entities from transactions with virtual assets are not subject to capital gains tax. This applies specifically to transactions conducted through virtual asset service providers licensed by NAPP in Uzbekistan. — source
AML/CFT Requirements: Law of the Republic of Uzbekistan "On Combating the Legalization of Proceeds from Criminal Activities, the Financing of Terrorism and the Financing of the Proliferation of Weapons of Mass Destruction" (last updated/amended, e.g., Law No. ZRU-740 of December 14, 2021). — source

Vanuatu

Licensing Requirements: Anti-Money Laundering and Counter-Terrorism Financing Act No. 13 of 2017 (as amended): — source
Travel Rule: Vanuatu has not enacted any specific cryptocurrency or digital asset legislation, and no dedicated travel-rule framework exists as of 2025–2026. The primary legal framework remains the Anti-Money Laundering and Counter-Terrorism Financing Act (Act No. 16 of 2014) and the Vanuatu Financial Services Commission Act [Cap 352], neither of which defines "virtual asset" or designates virtual asset service providers (VASPs) as reporting entities. Vanuatu International Travel Information Vanuatu Travel Advice & Safety | Smartraveller — source
Tax Treatment: No Capital Gains Tax: Vanuatu does not levy a capital gains tax on individuals or corporations. — source
AML/CFT Requirements: Despite thorough searches of VFSC, RBV, and FIU public notices and reputable financial news sources covering offshore jurisdictions, there are no readily available records of significant, public enforcement actions against specific cryptocurrency entities in Vanuatu over the past three years that detail: — source

Venezuela

Licensing Requirements: Past: Heavily influenced by the creation and promotion of its national cryptocurrency, the Petro, which aimed to circumvent sanctions and stabilize the economy. This led to a very centralized and controlled approach. — source
Travel Rule: Venezuela does not have a specific legal framework implementing FATF-style travel-rule requirements for cryptocurrency and virtual asset transfers as of 2025–2026 Venezuela Travel Advisory | Travel.State.gov — source

Vietnam

Licensing Requirements: Ministry of Finance: Oversees broader financial regulations impacting AML efforts. — source
Sanctions: OFAC SDN List and other programs. — source

Yemen

Licensing Requirements: Legal Test (e.g., Howey equivalent): No such test exists or is applied. The classification of crypto as a "security" is moot because all cryptocurrency-related activities are prohibited. — source

Zambia

Licensing Requirements: Role: The primary authority on monetary policy, financial stability, and payment systems. The BoZ has been the most vocal body regarding virtual assets, primarily issuing cautionary statements. They are also leading the charge in developing a potential regulatory framework, including exploring a regulatory sandbox. — source
Travel Rule: VASP (Virtual Asset Service Provider): As defined by FATF Recommendation 15, any natural or legal person who conducts one or more of the following activities for or on behalf of another: exchange between virtual assets and fiat currencies; exchange between one or more forms of virtual assets; transfer of virtual assets; safekeeping and/or administration of virtual assets or instruments enabling control over virtual assets; and participation in and provision of financial services related to an issuer's offer and/or sale of a virtual asset FATF. — source
Tax Treatment: Zambia's CGT Context: Zambia abolished standalone Capital Gains Tax in 1999. Instead, gains arising from the disposal of specified assets are subject to tax under the Income Tax Act. These specified assets primarily include: — source
AML/CFT Requirements: No, not specifically for virtual assets and VASPs. Zambia's primary AML/CFT legislation, the Anti-Money Laundering and Countering of Terrorism Act, No. 13 of 2010 (and its amendments), as well as associated regulations, does not explicitly extend to the comprehensive regulation of virtual assets or the oversight of VASPs as financial institutions or Designated Non-Financial Businesses and Professions (DNFBPs). — source

Zimbabwe

Regulatory Status: Zimbabwe has not enacted any specific cryptocurrency or virtual asset legislation, and the official government portal lists no dedicated crypto regulator among its registered regulatory authorities. Regulatory Authorities in Zimbabwe — source
Licensing Requirements: Innovation Hub: This serves as a platform for innovators (including those in the VA space) to engage with the RBZ, discuss their proposals, and potentially receive guidance on how their solutions might fit into existing or future regulatory frameworks. — source
AML/CFT Requirements: Partially (Framework for VASPs): Zimbabwe, as an FATF member, is committed to implementing FATF Recommendations. In October 2022, Zimbabwe promulgated the Money Laundering and Proceeds of Crime Amendment Act (No. 6 of 2022), which for the first time designated VASPs as "financial institutions" for AML/CFT purposes. This means VASPs are now subject to general AML/CFT obligations such as customer due diligence (CDD), record-keeping, and suspicious transaction reporting (STR). — source