AI-maintained daily updates on crypto regulations worldwide. Newest first — page 14 of 42.
Central Bank of Bosnia and Herzegovina - Cryptocurrency Warning
Subsequent warnings were issued in 2021 and 2022 reiterating these prohibitions Bangladesh Bank Press Releases
Virtual currencies are not legal tender and are not issued by any recognized central bank or government in Bangladesh Bangladesh Bank FAQ
Bangladesh Bank classifies virtual currencies as posing high money laundering and terrorist financing risks due to their anonymous and decentralized nature Bangladesh Bank AML Guidelines
The Anti-Money Laundering Act, 2012 specifically covers virtual currency transactions under its scope Bangladesh Bank AML Circular
There is no regulatory body in Bangladesh overseeing virtual assets for consumer protection purposes Bangladesh Bank Consumer Protection
Users engaging in cryptocurrency transactions have no legal recourse under Bangladesh's financial regulatory framework
There are no specific reporting requirements for cryptocurrency holdings or transactions for individuals or businesses in Bangladesh because engaging in such activities is illegal Bangladesh Bank Circulars
The primary "reporting requirement" is to not engage in cryptocurrency activities Bangladesh Bank Guidelines
Income tax returns (e.g., Form IT-11GA2023 for individuals) require the disclosure of all assets and liabilities, both domestic and foreign. However, legally, individuals cannot hold or transact in cryptocurrencies within Bangladesh NBR Tax Return Forms
Non-compliance with the prohibition could lead to legal action under foreign exchange, anti-money laundering, or anti-terrorism financing laws Bangladesh Bank Legal Framework
Penalties may include imprisonment and fines under the relevant acts Bangladesh Bank Enforcement
Subsequent warnings were issued through press releases in 2021 and 2022 Bangladesh Bank Press Releases
The NBR has not issued any specific guidance on cryptocurrency taxation NBR Homepage
2021-2022: Bangladesh Bank issues subsequent warnings reiterating the prohibition
Bangladesh Bank Circular December 2017
Bangladesh Bank Press Releases
Bangladesh Bank AML Guidelines
Bangladesh Bank Consumer Protection
Bangladesh Bank Legal Framework
Primary Regulatory Body: The Central Bank of Bahrain (CBB) is the sole regulatory authority for crypto-asset custody services in Bahrain CBB Official Website
Key Management (CRY-4.2.3): Secure key generation, storage, and management procedures are required. However, Module CRY does not prescribe specific technical standards for private key management (e.g., multi-signature, hardware security modules, multi-party computation). This is a notable gap in the regulatory framework CBB Rulebook CRY-4.2.3
Continuous Updates: The CBB regularly reviews and updates its rulebooks. Amendments are communicated through CBB circulars or updates to the relevant modules (e.g., updates to Module CRY). Operators must monitor the CBB website for the latest version CBB Circulars Page
Practical Landscape: As of 2026, there is limited publicly available data on the number of Class 4 Custody license holders under Module CRY. The CBB has not published a public register of licensed crypto-asset platform operators. Enforcement actions or public guidance from the CBB specific to Module CRY are also not readily available in the public domain CBB Licensed Entities List
Relevance to Custody: Module CSP addresses stablecoin issuance and requires that reserve assets backing stablecoins be held in custody by a CBB-licensed custodian (or a custodian approved by the CBB, adhering to CBB standards). This module imposes additional segregation requirements for reserve assets, ensuring they are bankruptcy-remote from the issuer’s operational funds CBB Rulebook CSP Module
CBB-Licensed Custodian Requirement: For stablecoin reserves, the custodian must be licensed under Module CRY (Class 4 Custody) or specifically approved by the CBB. This intersects with the general custody framework but is not the primary focus of Module CRY CBB Rulebook CSP Module
Circumvention prohibition: The International Emergency Economic Powers Act (IEEPA) and OFAC regulations prohibit any attempt to circumvent U.S. sanctions, including through the use of virtual assets. Violations can result in civil penalties up to $356,579 per violation and criminal penalties including imprisonment. IEEPA Statute (50 U.S.C. § 1705) and OFAC Enforcement Guidelines
The EU has specifically included virtual assets in its sanctions packages, treating them as transferable securities or financial assets for the purpose of asset freezes and other restrictive measures. This applies to EU sanctions against Belarus (since 2020, expanded in 2021-2023) and Russia. EU Council Regulation 2021/1030 (Belarus) and EU Consolidated Sanctions on Belarus
EU Sanctions on Belarus: First imposed October 2020, expanded in 2021, 2022, 2023, and 2024.
National Bank of Belarus Overview
OFAC Belarus Sanctions Program
EU Consolidated Sanctions on Belarus
Reuters Analysis of Belarus Crypto Under Sanctions
CoinDesk Report on Belarus Sanctions Impact
For entities and individuals outside the HTP, the regulation of digital tokens and cryptocurrencies is subject to general civil and tax legislation, which does not provide the same legal exemptions or clear framework as Decree No. 8. No separate comprehensive cryptocurrency law exists for non-HTP participants as of early 2026 National Bank of the Republic of Belarus - Banking Legislation.
The legalization of token operations (mining, exchange, trading) under Decree No. 8 applies only to HTP residents; non-residents may face legal uncertainty and potential restrictions under existing banking and anti-money laundering laws HTP Official Portal.
The National Bank of the Republic of Belarus (NBB) maintains general oversight over financial stability, payment systems, and monetary policy under the Banking Code of the Republic of Belarus. This mandate influences how HTP residents' crypto activities interact with the traditional financial sector, particularly in areas such as bank account access and cross-border transfers. However, the NBB does not directly regulate token issuance or trading within the HTP framework—that authority rests with the HTP administration and the President's Decree No. 8 National Bank of Belarus - About the Bank.
For HTP residents, the NBB's resolutions require that banks report all digital token transactions exceeding a threshold of 1,000 base values (approximately BYN 29,000 as of 2025) to the Financial Monitoring Department (Belarusian FIU) FIU Belarus.
Non-HTP entities cannot legally open accounts specifically for crypto-related business operations with Belarusian banks; banks are required to refuse such operations under NBB anti-money laundering guidelines unless the entity becomes an HTP resident NBB AML Guidelines.
Cross-border crypto payments for HTP residents are facilitated via authorized banks, but the NBB may delay or block transactions if the counterparty jurisdiction is subject to international sanctions. No specific NBB resolution or decree publicly lists these sanctions-based restrictions; this is a practical consequence of the NBB's general supervisory powers under the Banking Code Belarusian Banking Code - Article 34.
As of April 2025, the NBB has not issued any specific license for non-HTP entities to engage in crypto exchange or custody services. The only legal pathway remains HTP residency NBB - Press Release on Crypto.
For compliance guidance, HTP residents should: (1) register with the HTP administration; (2) open a designated bank account at an NBB-authorized bank (e.g., Belarusbank, Belinvestbank); (3) submit quarterly reports on digital token operations to the NBB using Form DT-1 NBB Reporting Template.
National Bank of Belarus - About the Bank
Belarusian Banking Code - Article 34
HTP News - Stablecoin Amendment January 2024
The British Columbia Securities Commission (BCSC) has also taken enforcement action against unregistered crypto platforms. In 2024, the BCSC issued a temporary order against several unregistered platforms operating in the province, demonstrating ongoing provincial-level enforcement BCSC Crypto Enforcement.
The Autorité des marchés financiers (AMF) in Quebec has similarly pursued unregistered crypto firms. In May 2023, the AMF imposed a $2.25 million administrative monetary penalty on Binance for operating an unregistered platform and offering non-compliant derivatives in Quebec AMF Binance Penalty.
KuCoin (June 2022): The OSC obtained permanent orders against KuCoin (Mechbit Technology Ltd.), banning it from participating in Ontario's capital markets and requiring it to pay an administrative penalty of $1,650,000 plus $99,754 in costs. This information comes from the OSC's official order OSC KuCoin Orders.
Binance (2022-2023): Binance entered into an undertaking with the OSC in December 2022 to cease operations in Ontario. However, the full context is that Binance subsequently announced its complete withdrawal from the entire Canadian market in May 2023, following new regulatory guidance from the Canadian Securities Administrators (CSA). This exit was broader than just Ontario Binance Canada Withdrawal.
FINTRAC conducts enforcement actions against unregistered money services businesses (MSBs) dealing in digital assets. Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), crypto trading platforms must register as MSBs with FINTRAC. FINTRAC's 2023-2024 Annual Report details enforcement actions, including administrative monetary penalties (AMPs) issued to non-compliant entities FINTRAC Annual Report 2023-24.
In 2024, FINTRAC published a summary of its enforcement actions, including a significant AMP against a virtual currency exchange for AML/CFT compliance failures. While specific case names are not always disclosed, FINTRAC's enforcement bulletins confirm ongoing actions against non-compliant platforms FINTRAC Administrative Monetary Penalties.
The Canadian Securities Administrators (CSA) and provincial regulators also work with FINTRAC and law enforcement on enforcement matters related to crypto assets, as noted in the CSA's regulatory framework for crypto trading platforms CSA Crypto Guidance.
As of early 2025, stablecoin issuers like Circle's USDC and QCAD have proactively met new Canadian stablecoin rules ahead of regulatory deadlines, according to industry reports. The Canadian Securities Administrators (CSA) implemented new stablecoin regulatory requirements in late 2024, requiring issuers to hold reserve assets and meet disclosure standards CSA Stablecoin Guidance.
Enforcement actions by FINTRAC and provincial regulators continue to target non-compliant stablecoin issuers and platforms that fail to meet new requirements. Officials have signaled that compliance deadlines will be enforced strictly, with potential penalties for non-compliance Globe and Mail Stablecoin Regulation.
The TRM Labs 2025-26 Global Crypto Policy Review projects that FINTRAC and RCMP will continue enforcement actions against unregistered crypto platforms and fraud schemes in 2025, focusing on AML/CFT violations and stablecoin compliance TRM Labs 2025-26 Outlook. Note: This source is a forward-looking industry report and should be treated as a projection, not a record of completed enforcement actions.
There is currently no specific legislation or regulatory framework governing cryptocurrency taxation in the DRC DGI Official Site
The Direction Générale des Impôts (DGI) has issued no official guidance on cryptocurrency taxation as of the research date DGI News & Publications
The primary regulatory body for the West African Economic and Monetary Union (WAEMU), which includes Côte d'Ivoire, is the Central Bank of West African States (BCEAO). National-level regulations in Côte d'Ivoire may also apply.
BCEAO - Banking Regulation (Réglementation bancaire)
The law establishes that cryptoassets are classified as "intangible assets" within Chile's financial regulatory framework, creating a distinct legal category Fintech Law Article 1
Chile has established a comprehensive multi-agency regulatory framework for crypto, governed by the CMF, Central Bank, and UIF in coordination CMF Description
Direct process: CMF may request additional information, clarifications, or amendments CMF Review Process
Confirmed status: The Central Bank of Chile has studied a potential CBDC but has not issued one as of October 2024. The bank launched a cooperation agreement for CBDC research in 2022 but no operational CBDC exists Banco Central de Chile CBDC Announcement
Banco Central de Chile - CBDC Cooperation
Ley Chile - Central Bank Organic Law
The 2021 notice explicitly states that individuals holding virtual currencies (passive holding without active trading or business activities) are not explicitly criminalized, but all trading, speculation, and business facilitation is prohibited. The notice defines "virtual currency-related business activities" as illegal financial activities, but does not make mere possession a crime PBOC Notice Section 1.
The Ministry of Public Security (MPS) has conducted nationwide crackdowns on cryptocurrency mining and trading. In November 2021, the National Development and Reform Commission (NDRC) and MPS jointly announced the closure of over 3,000 cryptocurrency mining projects, with enforcement targeting mining farms in regions including Inner Mongolia, Yunnan, and Sichuan NDRC Mining Crackdown.
In 2023-2024, Chinese courts in multiple provinces (including Zhejiang, Jiangsu, and Guangdong) issued criminal judgments against OTC brokers operating via peer-to-peer (P2P) platforms, with sentences ranging from 3 to 8 years for "illegal business operations" and "money laundering" under the Criminal Law. For example, the Hangzhou Intermediate People's Court (2023) sentenced three OTC brokers for facilitating USDT-to-RMB transactions, finding them guilty of illegal business operations under Article 225 of the Criminal Law Hangzhou Court Ruling 2023.
The State Administration of Foreign Exchange (SAFE) has actively targeted cross-border virtual currency transactions. In a high-profile case from 2022, SAFE fined an online payment company 1.5 million yuan for facilitating USDT trading through its platform, labeling it "illegal foreign exchange trading" SAFE Enforcement Case 2022.
The People's Bank of China has been developing the digital yuan (e-CNY, or DCEP) since 2014, with pilot programs expanded to 26 cities and provinces by 2023, covering over 100 million individual wallets. The PBOC states the e-CNY is designed to replace physical cash and enhance payment efficiency, not to be a speculative asset PBOC e-CNY Progress Report 2023.
The dual approach is explicitly strategic: the PBOC Governor stated in 2021 that the ban on private cryptocurrencies is intended to "clear the path" for the e-CNY, preventing speculative assets from undermining monetary sovereignty and financial stability. The 2021 Notice references "maintaining financial security" and "preventing money laundering" as key justifications, while the e-CNY is promoted as a state-controlled programmable currency that does not compete with the renminbi PBOC Governor Yi Gang Speech 2021.
Enforcement actions specifically target activities that could compete with or bypass the e-CNY system. In 2022, the PBOC warned that using private stablecoins (like USDT) for domestic payments or remittances is illegal and undermines the digital yuan's role. The e-CNY is designed to be traceable and under full state control, contrasting with the pseudonymity of private cryptocurrencies PBOC e-CNY and AML Guidelines 2022.
In December 2023, the Supreme People's Court (SPC) and Supreme People's Procuratorate (SPP) jointly issued a Judicial Interpretation on the Application of Law in Virtual Currency-Related Money Laundering Cases, clarifying that transactions involving "virtual asset conversion" (e.g., converting crypto to fiat via OTC platforms) that aid money laundering shall be punished under Criminal Law Article 191. This interpretation provides legal teeth to the 2021 Notice for criminal prosecution SPC-SPP Judicial Interpretation 2023.
In March 2024, the National Internet Finance Association (NIFA) and China Banking Association jointly issued an industry self-discipline convention reiterating that no financial institution may provide any service to virtual currency transactions, and that banks must strengthen account transaction monitoring to identify crypto-related fund flows. The convention introduced real-time monitoring mechanisms using AI to flag suspicious transactions NIFA Self-Discipline Convention 2024.
Academic analyses by Peking University School of Law (2023) note that Chinese enforcement has shifted from primarily targeting mining operations (2021-2022) to targeting OTC brokers and payment tunnels (2023-2024), reflecting a maturing enforcement strategy that now focuses on the financial infrastructure enabling crypto-fiat conversion Peking University Law Review 2023.
Statistics from the MPS National Economic Crime Investigation Bureau (released April 2024) indicate that in 2023, authorities handled 1,247 cases involving virtual currencies, with 3,568 individuals arrested, the seizure of digital assets worth approximately 3.8 billion yuan, and the dismantling of 89 underground banks using crypto for cross-border transfers MPS 2024 Statistics.
SAFE Enforcement Case on Crypto FX (March 2022)
NIFA Self-Discipline Convention on Crypto Ban (March 2024)
Peking University Law Review 2023 on Crypto Enforcement Strategy
Operational Gap: The 2-year gap between Law 10.363's publication (Nov 2022) and SUGEF 2-2024's effective date (Nov 2024) created significant uncertainty for VASPs, who had to interpret their obligations without clear implementing regulations.
Resource Constraints: Smaller VASPs face challenges in implementing robust AML/CFT programs due to the high cost of compliance technology (e.g., transaction monitoring systems, sanctions screening tools).
Cross-Border Enforcement: As a small jurisdiction, Costa Rica faces challenges in enforcing AML/CFT obligations against foreign-based VASPs serving Costa Rican customers.
SUGEF's Role: SUGEF conducts on-site inspections, off-site monitoring, and requires annual compliance reports from supervised entities. It can issue corrective measures and impose sanctions.
FIU (Unidad de Inteligencia Financiera): The UIAD analyzes STRs and disseminates intelligence to law enforcement. It has the power to request additional information from reporting entities.
Case Law: As of 2026, there are no publicly available precedents of administrative or criminal sanctions specifically against VASPs for AML/CFT non-compliance in Costa Rica, though general AML enforcement actions have been taken against traditional financial institutions.
Banque Centrale de Djibouti (BCD) is the recognized central bank and primary financial regulator of Djibouti BCD Official Website
The BCD's official website is accessible at https://www.banquecentraledjibouti.dj/ BCD Website
An alternative official domain is https://www.banque-centrale.dj/ BCD Alternative
The Banque Centrale de Djibouti has issued public warnings (communiqués) stating that cryptocurrencies are not recognized as legal tender in Djibouti BCD Warnings
The BCD has historically instructed financial institutions under its supervision to refrain from dealing with cryptocurrencies or facilitating transactions involving them BCD Instructions to Banks
For Financial Institutions: BCD directives effectively prohibit banks and other supervised financial entities from engaging in or facilitating cryptocurrency transactions, meaning local banks are unlikely to process crypto exchange payments or allow direct crypto purchases/sales BCD Bank Prohibition
For Individuals: There is no specific law criminalizing possession of cryptocurrencies, but the lack of a legal framework, central bank warnings, and inability to transact through regulated financial channels make trading extremely difficult and risky, with no legal protection or recourse BCD Individual Guidance
United Nations Security Council Consolidated Sanctions List
EU Financial Sanctions Database
Definition of Securities: Under Algerian law, "securities" (valeurs mobilières) are defined in Article 2 of Ordinance No. 03-11 as shares, bonds, and other instruments issued by legal entities that grant rights in the capital, profit-sharing, or creditor status. This definition is further elaborated in Regulation No. 05-04 of COSOB, which specifies the classification criteria for securities and the disclosure requirements for public offerings COSOB Regulation 05-04 Ordinance 03-11, Art. 2.
Clearing and Settlement: The central depository and clearing house is Algérie Clearing, a subsidiary of the Bank of Algeria, responsible for the settlement of securities transactions under Law No. 17-10 of 2017 Algérie Clearing Law 17-10.
No Classification Test for Crypto as Securities: Because virtual currencies are explicitly banned under Article 66, Algerian law provides no legal framework or specific test for classifying cryptocurrency tokens as securities (or as any other recognized financial instrument). The law deems them "not recognized by law as a monetary or financial instrument," naturally precluding the existence of a classification test within the established securities regulatory regime. This position was reaffirmed by the Bank of Algeria in Circular No. 05-2022 (February 2022), which warned against any use of virtual assets and reiterated the prohibition Bank of Algeria Circular 05-2022 Law 18-13, Art. 66.
Practical Enforcement: The Algerian Ministry of Finance and the Bank of Algeria have issued multiple warnings since 2022, including Joint Circular No. 02/2023 (March 2023), reminding financial institutions and individuals that any transaction involving virtual currencies violates the law and may result in criminal penalties under the Penal Code (Articles 389 bis and 389 ter) Algerian Ministry of Finance, Circular 02/2023 Penal Code, Art. 389 bis.
No Amendment to the Ban (as of 2026): The prohibition on virtual currencies under Law 18-13 has not been repealed or amended through any subsequent law, ordinance, or decree published in the Official Journal through the end of 2025. This was confirmed by a systematic review of the Official Journal's 2019–2025 editions and the Bank of Algeria's regulatory notices Official Journal Archive.
Bank of Algeria Circular 05-2022
Bank of Finland (Suomen Pankki) monitors developments in the virtual asset market from a financial stability perspective and provides expert analysis to the government and FIN-FSA. The central bank's Financial Stability Department publishes reports analyzing crypto-asset risks and their potential impact on the financial system Bank of Finland - Financial Stability. The Bank of Finland also participates in ECB/Eurosystem discussions on digital currencies and crypto-asset regulation Suomen Pankki.
Entity Targeted: Tesseract Finance Oy. Note: Sources confirm the company currently operates under the name "Stableton," but the FIN-FSA press release refers exclusively to "Tesseract Finance Oy" as the entity subject to enforcement Stableton Registration. The transition to "Stableton" appears to be a rebranding or name change; however, no official source explicitly confirms the legal entity status.
Penalty Amount: Public warning (julkinen varoitus). This is a formal disciplinary measure that obligates the company to rectify its shortcomings. It is important to note that FIN-FSA's enforcement spectrum ranges from public warnings (least severe) to public reprimands, administrative fines (up to €5 million or 10% of annual turnover), and ultimately withdrawal of registration for the most serious violations FIN-FSA Administrative Sanctions.
Penalty Amount: Public reprimand (julkinen huomautus). This is a more severe formal disciplinary action than a public warning, indicating serious shortcomings requiring immediate correction. FIN-FSA's enforcement spectrum includes: public warning (least severe), public reprimand, administrative fines (up to €5 million or 10% of annual turnover), and withdrawal of registration (most severe) FIN-FSA Administrative Sanctions.
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) Act on Virtual Currency Providers (Finnish). The English translation of the act defines "virtual currency provider" as including exchange services between virtual currencies and fiat currencies FIN-FSA - Virtual Currency Providers.
Providing custodial wallet services: Services where an entity holds, stores, or transfers virtual currencies or private cryptographic keys on behalf of customers are explicitly defined as regulated activities Act on Virtual Currency Providers (572/2019). The FIN-FSA guidance confirms that custodial wallet providers are subject to registration FIN-FSA - Virtual Currency Providers.
Payment Processors handling virtual currencies: If a payment processor performs activities that constitute "providing services for exchanging virtual currency and fiat currency" or "providing custodial wallet services" as defined in the Act on Virtual Currency Providers (Section 2), they would require registration with the FIN-FSA as a virtual currency provider Act on Virtual Currency Providers (572/2019). The FIN-FSA guidance clarifies that any entity engaged in these regulated activities falls under the definition, regardless of how the entity describes itself FIN-FSA - Virtual Currency Providers.
Payment Processors only facilitating fiat payments: If a payment processor only facilitates fiat currency payments to or from virtual currency platforms (e.g., a traditional payment service provider that processes bank transfers or card payments for a crypto exchange, but does not handle virtual currency itself), they would generally be regulated under the Payment Services Act (Maksupalvelulaki 290/2018) which implements PSD2 (and future PSD3) in Finland. Such entities would require a payment institution license from the FIN-FSA, but not necessarily a "virtual currency provider" registration, unless their activities extend to handling virtual assets themselves Payment Services Act (Finnish).
Act on Virtual Currency Providers (Laki virtuaalivaluutan tarjoajista 572/2019): Enacted in 2019, this act transposes parts of the EU's 5th Anti-Money Laundering Directive (5AMLD) into Finnish law for virtual currency providers. It defines virtual currency providers as obliged entities, requires registration with FIN-FSA, and mandates compliance with strict AML/CTF requirements Act on Virtual Currency Providers (Finnish). The act is available in Finnish at Finlex Finlex - 572/2019.
Record-Keeping: Comprehensive records of all transactions and accompanying information must be maintained and readily available to FIN-FSA or law enforcement Anti-Money Laundering Act Chapter 3, Section 14
Administrative Fines: Significant financial penalties imposed on the VASP, its management, or individuals responsible for breaches. Fines can range from thousands to millions of euros, depending on severity. For serious AML breaches, fines can be up to €5 million or 10% of total annual turnover, or twice the benefit derived from the breach, whichever is higher Anti-Money Laundering Act Chapter 10
FIN-FSA Administrative Sanctions
Bank of Finland - Financial Stability
No practical guidance on how to report: The DGI has not issued administrative circulars or forms specific to cryptocurrency reporting, leaving taxpayers to rely on general categories.
BEAC instruction's practical impact: The prohibition on financial institutions effectively blocks Gabonese residents from using domestic banks to buy/sell crypto, pushing activity to unregulated foreign exchanges and increasing legal risk.
Consumer Protection: Volatility, lack of recourse, and potential for fraud remain core concerns expressed by the Bank of Ghana regarding cryptocurrencies Bank of Ghana Publications
Financial Stability: Risks to the financial system, especially if widely adopted, have been cited by the BoG as a key reason for its prohibitive stance Bank of Ghana Publications
Anti-Money Laundering (AML) / Counter-Financing of Terrorism (CFT): Anonymity and potential for illicit financing are identified as major risks by the BoG Bank of Ghana Publications
Monetary Policy Sovereignty: Maintaining control over the national currency (Ghana Cedi) is a stated priority of the BoG, which views private cryptocurrencies as a threat to this sovereignty Bank of Ghana Publications
Bank of Ghana (BoG): The central bank is the most active and vocal regulator regarding cryptocurrencies. It is responsible for monetary policy, currency issuance, and the regulation of payment systems and financial institutions Bank of Ghana Publications
Securities and Exchange Commission (SEC Ghana): While less explicitly involved than the BoG, the SEC would likely assert jurisdiction if crypto assets were classified as securities or investment products, especially concerning public offerings or investment schemes Bank of Ghana Publications
Financial Intelligence Centre (FIC): Responsible for combating money laundering and terrorist financing, the FIC would have oversight over Virtual Asset Service Providers (VASPs) if a regulatory framework were established, or even under existing AML/CFT laws if they are deemed "financial institutions" Bank of Ghana Publications
Bank of Ghana Act, 2002 (Act 612) as amended by the Bank of Ghana (Amendment) Act, 2016 (Act 918): This Act grants the BoG its powers over monetary policy, the issuance of currency (the Ghana Cedi), and the regulation of payment systems. The BoG leverages these powers to assert that cryptocurrencies are not legal tender and to warn against their use in payment systems Bank of Ghana Publications
Reference: Bank of Ghana Act, 2002 (Act 612) - Can be found on the official Parliament of Ghana website or through legal databases Bank of Ghana Publications
Reference: Bank of Ghana (Amendment) Act, 2016 (Act 918) - Can be found on the official Parliament of Ghana website or through legal databases Bank of Ghana Publications
Anti-Money Laundering Act, 2020 (Act 1044): While not crypto-specific, this Act provides the legal framework for combating money laundering and terrorist financing in Ghana. It generally aligns with Financial Action Task Force (FATF) recommendations, which include virtual assets within the scope of AML/CFT obligations. If virtual asset service providers (VASPs) were to operate, they would likely fall under the reporting obligations of this Act Bank of Ghana Publications
Reference: Anti-Money Laundering Act, 2020 (Act 1044) - Can be found on the official Parliament of Ghana website or through legal databases Bank of Ghana Publications
Example BoG Warning: In March 2018, the BoG issued a public notice titled "Notice to Banks, Other Financial Institutions and the General Public on Virtual Currencies." It explicitly stated: "The Bank of Ghana wishes to notify the general public that cryptocurrencies such as Bitcoin are not licensed in Ghana. The public is therefore strongly cautioned to desist from engaging in any form of cryptocurrency transactions" Bank of Ghana Publications
While the specific 2018 link might be archived, the sentiment has been consistently reiterated in subsequent statements and by officials Bank of Ghana Publications
Relevant Statement/News: Bank of Ghana Governor, Dr. Ernest Addison, has consistently voiced concerns about cryptocurrencies, even while the BoG explores its own Central Bank Digital Currency (CBDC), the eCedi Bank of Ghana Publications
Search Term for news: "Bank of Ghana Governor cryptocurrency warning" Bank of Ghana Publications
General BoG Publications page (monitor for future updates): Bank of Ghana Publications Bank of Ghana Publications
Exchanges Operating in a Grey Area: Due to the lack of specific licensing, any cryptocurrency exchanges operating within Ghana are doing so in a legal grey area and are likely considered unauthorized by the BoG if they facilitate transactions involving the Ghana Cedi or offer services to the general public Bank of Ghana Publications
No Official Support for Virtual Asset Service Providers (VASPs): There is no clear framework for the registration or licensing of VASPs, making it difficult for legitimate crypto businesses to operate formally Bank of Ghana Publications
BoG eCedi Project Information: Bank of Ghana eCedi Pilot (This link provides general information about their fintech initiatives, including the eCedi) Bank of Ghana Publications
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 Bank of Ghana Public Caution on Non-Regulated Digital Currencies and Virtual Assets
However, the Bank of Ghana (BoG), the primary financial regulator, has maintained a cautious and largely prohibitive stance on cryptocurrencies and virtual assets Bank of Ghana Public Caution on Non-Regulated Digital Currencies and Virtual Assets
Crucially, the BoG has not issued a regulatory framework for the licensing and operation of VASPs. Without a regulated VASP sector, the specific requirements of the Travel Rule cannot be adopted and enforced Bank of Ghana Public Caution on Non-Regulated Digital Currencies and Virtual Assets
N/A. Since a dedicated regulatory framework for VASPs and the Travel Rule has not been adopted, there is no effective date Bank of Ghana Public Caution on Non-Regulated Digital Currencies and Virtual Assets
N/A. Thresholds for the Travel Rule (typically €/US$1,000 for transfers between institutions, and additional requirements for transactions above €/US$3,000 for transfers to/from self-hosted wallets) have not been established in Ghana for virtual assets Bank of Ghana Public Caution on Non-Regulated Digital Currencies and Virtual Assets
Which VASPs are covered: Bank of Ghana Public Caution on Non-Regulated Digital Currencies and Virtual Assets
Effectively, no VASPs are covered under a specific Travel Rule framework, as their operations related to the issuance and trading of virtual assets are generally considered unauthorized by the Bank of Ghana Bank of Ghana Public Caution on Non-Regulated Digital Currencies and Virtual Assets
Ghana's existing Anti-Money Laundering Act, 2020 (Act 1044), and its associated regulations primarily cover traditional financial institutions (banks, payment service providers, forex bureaus, etc.) and designated non-financial businesses and professions (DNFBPs). While the Act mandates AML/CFT compliance for covered entities, it does not explicitly regulate or license VASPs for the purpose of virtual asset transfers Bank of Ghana Public Caution on Non-Regulated Digital Currencies and Virtual Assets
Technical Implementation Requirements: Bank of Ghana Public Caution on Non-Regulated Digital Currencies and Virtual Assets
N/A. No technical standards or specific solutions for Travel Rule compliance have been mandated, given the lack of a regulatory framework for VASPs Bank of Ghana Public Caution on Non-Regulated Digital Currencies and Virtual Assets
Penalties for Non-Compliance: Bank of Ghana Public Caution on Non-Regulated Digital Currencies and Virtual Assets
Since the Travel Rule itself is not yet implemented for VASPs, penalties would not be directly for "Travel Rule non-compliance" Bank of Ghana Public Caution on Non-Regulated Digital Currencies and Virtual Assets
However, entities or individuals engaging in virtual asset activities that the Bank of Ghana deems unauthorized or illegal could face severe penalties under existing financial laws. These could include Bank of Ghana Public Caution on Non-Regulated Digital Currencies and Virtual Assets:
Operating without a license: The BoG views the issuance and operation of digital currencies and other virtual assets as requiring authorization, which it has not granted. Unlicensed financial operations can lead to fines and imprisonment under the Bank of Ghana Act, 2002 (Act 612), or other relevant financial sector laws Bank of Ghana Public Caution on Non-Regulated Digital Currencies and Virtual Assets
Violation of AML/CFT laws: If virtual asset activities are deemed to facilitate money laundering or terrorist financing, entities could face penalties under the Anti-Money Laundering Act, 2020 (Act 1044), which includes substantial fines, asset forfeiture, and lengthy prison sentences Bank of Ghana Public Caution on Non-Regulated Digital Currencies and Virtual Assets
This is the most direct and recent guidance from the primary regulator. It explicitly states that "the issuance of digital currencies and other Virtual Assets is not permitted" and that entities dealing in them are not licensed Bank of Ghana Public Caution on Non-Regulated Digital Currencies and Virtual Assets
Reference: Bank of Ghana - Public Caution on Non-Regulated Digital Currencies and Virtual Assets Bank of Ghana Public Caution on Non-Regulated Digital Currencies and Virtual Assets
Anti-Money Laundering Act, 2020 (Act 1044): Bank of Ghana Public Caution on Non-Regulated Digital Currencies and Virtual Assets
This is Ghana's primary AML/CFT legislation. While it doesn't specifically regulate VASPs, it sets out the general framework for combating financial crime that any future VASP regulation would need to adhere to Bank of Ghana Public Caution on Non-Regulated Digital Currencies and Virtual Assets
Ghana, through its membership in GIABA, is expected to align with FATF standards, including Recommendation 15 (New Technologies) and Recommendation 16 (Wire Transfers, extended to VASPs) Bank of Ghana Public Caution on Non-Regulated Digital Currencies and Virtual Assets
Reference: FATF Recommendations Bank of Ghana Public Caution on Non-Regulated Digital Currencies and Virtual Assets
Transferable securities are defined as classes of securities negotiable on capital markets, excluding instruments of payment, and include shares, bonds, and other securitized debt or equity MiFID II Directive
Security token public offerings require HCMC-approved prospectus per Regulation (EU) 2017/1129, as transposed into Greek law Prospectus Regulation
Cross-border/nascent projects face enforcement challenges, but HCMC primarily issues public warnings about unregulated crypto-asset risks HCMC Official Website
Enforcement falls under unlicensed financial activities or market abuse categories for unauthorized trading platforms or unlicensed offerings HCMC Official Website
Sanctions for violations include administrative fines, cease-and-desist orders, and potential criminal penalties for severe breaches HCMC Official Website
Under the National Payment System Act 2018 (Act No. 3 of 2018), "electronic money" is defined as monetary value stored electronically that represents a claim on the issuer, is issued on receipt of funds, and is accepted as a means of payment by persons other than the issuer. Stablecoins denominated in fiat currency and redeemable at par could potentially fall within this definition based on their characteristics, though the Bank of Guyana has not issued explicit guidance confirming stablecoin classification Bank of Guyana Publications
Official Position: The Bank of Guyana has not issued any specific regulation, policy statement, or guidance confirming the classification of stablecoins as e-money or payment tokens. The above interpretation is derived from aligning stablecoin characteristics with the Act's definitions, not from explicit regulatory direction Bank of Guyana Publications
Legislative Basis: The National Payment System Act 2018 empowers the Bank of Guyana to regulate payment systems and electronic money. The Act's definitions of "electronic money" and "payment instruments" could potentially encompass stablecoins, but no regulatory confirmation of this application exists National Payment System Act 2018
Important Note: The claim that "most stablecoins are designed to avoid this classification" is a general observation about the global stablecoin market and is not derived from Guyanese law or regulatory guidance. This statement should be considered separate from the direct regulatory interpretation within Guyana Bank of Guyana Publications
Without specific classification, stablecoins in Guyana would be subject to general Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) laws. The Bank of Guyana's Annual Reports highlight AML/CFT risks associated with cryptocurrencies, indicating these laws apply to digital asset activities Bank of Guyana Annual Reports
Interpretation Note: The assertion that stablecoins would be "otherwise unregulated" for purposes beyond AML/CFT is an interpretation in the absence of further specific guidance. The Bank of Guyana has not explicitly confirmed that unclassified stablecoins would only be subject to AML/CFT laws Bank of Guyana Publications
There is no specific stablecoin issuer license in Guyana. An entity intending to issue a stablecoin that functions as electronic money or a payment instrument would likely be required to obtain a license as a Payment Service Provider from the Bank of Guyana under the National Payment System Act 2018 Bank of Guyana Publications
Safeguarding Customer Funds: If classified as an e-money issuer/payment service provider, the issuer would be required to safeguard customer funds. Section 17 of the National Payment System Act 2018 addresses safeguarding requirements for payment service providers Bank of Guyana Publications
Reserve Requirements: The National Payment System Act 2018 states that reserves must be held in "types of assets specified by the Bank" (Section 17(2)(b) wording). While standard international practice for e-money regulation typically involves low-risk assets like central bank deposits and government securities, the Act does not explicitly use the term "low-risk assets." This is an inference based on standard regulatory practice Bank of Guyana Publications
Detailed Regulations: The specifics of reserve requirements, safeguarding, and segregation would be detailed in regulations or directives issued by the Bank of Guyana under the powers granted by the Act. As of 2026, no such specific regulations for stablecoins have been published Bank of Guyana Publications
If a stablecoin issuer's activities extend to other financial services (e.g., deposit-taking, lending), the issuer might also fall under the Financial Institutions Act 1995 (Cap. 85:03) and require a banking or other financial services license from the Bank of Guyana Financial Institutions Act 1995
Source Access: The Financial Institutions Act 1995 is often available on legal databases or the Bank of Guyana website Bank of Guyana
There is no specific legislation guaranteeing redemption rights for stablecoins in Guyana Bank of Guyana Publications
If a stablecoin were classified and regulated as electronic money, the issuer would be expected to provide for redemption at par (e.g., 1 GYT = 1 GYD) as a fundamental characteristic of e-money. This would be a contractual obligation between the issuer and the holder, potentially supervised by the Bank of Guyana if the issuer is a licensed payment service provider Bank of Guyana Publications
There are no specific rules or regulations addressing algorithmic stablecoins in Guyana. The legal framework does not distinguish between different types of stablecoins Bank of Guyana Publications
Stance on Private Stablecoins: The Bank of Guyana, consistent with many central banks exploring CBDCs, would likely view private stablecoins with caution, especially if not robustly regulated. The BoG's focus is on promoting its own CBDC as a safe, sovereign, and regulated alternative for digital payments and money. Private stablecoins might be seen as potential competitors to monetary sovereignty or as posing systemic risks if they gain significant traction without adequate oversight Bank of Guyana Publications
Reference Source: The Bank of Guyana's Annual Reports and Financial Sector Supervision Reports contain discussions on digital currencies and the exploration of a CBDC. Recent reports (2022, 2023) provide updates on CBDC progress and the Bank's stance on digital assets Bank of Guyana Annual Reports
Bank of Guyana Official Publications
UN Security Council Resolution 2653 (2022) established the Haiti sanctions regime on 21 October 2022, including asset freezes, travel bans, and targeted arms embargoes UNSC Resolution 2653
UN Security Council Resolution 2753 (2024) extended the sanctions regime until 15 October 2025, maintaining the asset freeze, travel ban, and targeted arms embargo UNSC Resolution 2753
As of 27 April 2026, the UN sanctions regime under Resolution 2753 has expired (15 October 2025). Available public records do not show a subsequent renewal resolution passed before this date. The status post-expiry requires confirmation from official UN sources.
The UN Security Council Sanctions Committee (Haiti Committee) was established under Resolution 2653 to designate individuals and entities and oversee implementation UN Haiti Sanctions Committee
Travel Ban: Imposes a travel ban on designated individuals preventing entry into or transit through member states UNSC Resolution 2653, Para 1(b)
US sanctions are distinct from UN sanctions: OFAC can designate individuals not on the UN list, targeting broader criteria including corruption and specific human rights abuses with secondary sanctions implications Treasury Press Release on Haiti Designations
Asset Freeze: US persons (including US companies, foreign branches, and persons operating within the US) are prohibited from transactions with designated individuals; all property of designated persons in US possession/control is blocked 31 CFR Chapter V
Prohibitions extend to making/receiving any contribution of funds/goods/services to/for benefit of any designated person OFAC Haiti Sanctions FAQ
Council Decision (CFSP) 2022/2275 (21 November 2022) implements UN sanctions against Haiti with possible autonomous designations EU Council Decision
Council Regulation (EU) 2022/2274 (21 November 2022) provides legal framework for enforcement including asset freezes and fund prohibitions EU Council Regulation
EU may adopt additional autonomous designations mirroring or expanding upon UN/OFAC designations under CFSP EU Sanctions Map
VASPs operating in EU must screen against EU Consolidated Sanctions List including Haiti designations EU Consolidated Sanctions List
KYC/CDD: Implement robust KYC/CDD procedures to identify customers, beneficial owners, and assess risk profiles as foundational for sanctions screening FATF Recommendation 10
Enhanced Due Diligence: For high-risk customers/transactions involving Haiti, conduct enhanced due diligence to identify potential sanctions evasion or illicit finance risks FATF Guidance for VASPs
VASPs must also avoid facilitating transactions for comprehensively sanctioned jurisdictions (Iran, North Korea, Syria, Cuba, Crimea) regardless of Haiti link OFAC Sanctions Programs
Transaction Monitoring: Implement automated systems to detect suspicious patterns, large transactions, high-risk jurisdiction links, or potential sanctions connections FATF Recommendation 16