Regulatory Intelligence
AI-maintained daily updates on crypto regulations worldwide. Newest first — page 23 of 43.
De Facto Status: It leans towards a partial ban for traditional financial institutions and a highly unregul...
De Facto Status: It leans towards a partial ban for traditional financial institutions and a highly unregulated/unlicensed environment for individuals and crypto businesses, with significant associated risks.
For Regulated Financial Institutions: Explicitly prohibited from engaging in virtual currency activities. Thi...
For Regulated Financial Institutions: Explicitly prohibited from engaging in virtual currency activities. This means Angolan banks, payment service providers, and other regulated financial entities cannot offer services related to crypto trading, holding, or facilitating payments for crypto exchanges.
For Crypto Exchanges: There is no regulatory framework for licensing or overseeing virtual asset exchanges op...
For Crypto Exchanges: There is no regulatory framework for licensing or overseeing virtual asset exchanges operating within Angola. Any exchange attempting to operate within Angola would likely struggle to access traditional banking services due to the BNA's restrictions. As such, there are no legally recognized or licensed crypto exchanges based in Angola that are integrated with the formal financial system. Angolans who trade crypto typically rely on international exchanges, often using peer-to-peer (P2P) methods or international payment channels that bypass local banking restrictions where possible.
Effective Date: Not applicable for the Travel Rule itself. The key regulatory stance came into effect with the pu...
Effective Date: Not applicable for the Travel Rule itself. The key regulatory stance came into effect with the publication of the relevant BNA notices.
Threshold Amounts: Not applicable, as the Travel Rule is not implemented.
Threshold Amounts: Not applicable, as the Travel Rule is not implemented.
Which VASPs are Covered: Not applicable. Angolan regulated financial institutions (banks, payment service provide...
Which VASPs are Covered: Not applicable. Angolan regulated financial institutions (banks, payment service providers) are generally prohibited from dealing with virtual assets, directly or indirectly. There is no specific licensing or regulatory framework for independent VASPs in Angola at this time; rather, the ecosystem is largely restricted for regulated entities.
Technical Implementation Requirements: None, as the Travel Rule is not implemented.
Technical Implementation Requirements: None, as the Travel Rule is not implemented.
Current: The term "qualified custodian" as defined in some jurisdictions (e.g., by the SEC in the US) does not ha...
Current: The term "qualified custodian" as defined in some jurisdictions (e.g., by the SEC in the US) does not have a distinct regulatory definition for crypto assets in Austria under the current VASP registration regime. The closest is being a registered VASP, which primarily means meeting AML/CTF obligations, not necessarily the broader prudential and capital requirements typically associated with a "qualified custodian" in traditional finance.
Transactions involve the U.S. financial system (e.g., USD-denominated transactions, even if not directly involving a ...
Transactions involve the U.S. financial system (e.g., USD-denominated transactions, even if not directly involving a U.S. bank, if they clear through the U.S.).
EU Sanctions Lists: These are the primary lists (e.g., the consolidated list of persons, groups and entities subj...
EU Sanctions Lists: These are the primary lists (e.g., the consolidated list of persons, groups and entities subject to EU financial sanctions) that Austrian entities must screen against.
UN Sanctions Lists: These are incorporated into EU law and thus also directly applicable.
UN Sanctions Lists: These are incorporated into EU law and thus also directly applicable.
Lack of Prospectus: Action against entities making public offers of tokens that the FMA deems to be transferable ...
Lack of Prospectus: Action against entities making public offers of tokens that the FMA deems to be transferable securities without an approved prospectus.
AML Non-Compliance: Imposing fines or requiring corrective measures for failures to comply with AML/CTF obligatio...
AML Non-Compliance: Imposing fines or requiring corrective measures for failures to comply with AML/CTF obligations (e.g., inadequate KYC procedures for crypto-asset service providers).
Administrative Penalties: The FMA has imposed administrative penalties for breaches of the KMG (Capital Market Ac...
Administrative Penalties: The FMA has imposed administrative penalties for breaches of the KMG (Capital Market Act) or WAG (Securities Supervision Act), which could include violations related to prospectus requirements or unlicensed provision of investment services involving tokens. These enforcement actions are usually published on the FMA website.
MiCA acknowledges the potential future for a digital euro (a Central Bank Digital Currency or CBDC) issued by the Eur...
MiCA acknowledges the potential future for a digital euro (a Central Bank Digital Currency or CBDC) issued by the European Central Bank (ECB).
The Oesterreichische Nationalbank (OeNB), as Austria's central bank and part of the Eurosystem, is actively invol...
The Oesterreichische Nationalbank (OeNB), as Austria's central bank and part of the Eurosystem, is actively involved in the ECB's ongoing exploratory work and preparation phase for a digital euro.
Simplified Due Diligence (SDD): May be applied in very limited, low-risk circumstances, as defined by internal ri...
Simplified Due Diligence (SDD): May be applied in very limited, low-risk circumstances, as defined by internal risk assessments and regulatory guidelines.
Sanctions Compliance: Screening customers and transactions against national and international sanctions lists.
Sanctions Compliance: Screening customers and transactions against national and international sanctions lists.
No Legal Recognition as Currency or Financial Instrument: Cryptocurrencies are generally not recognized as lega...
No Legal Recognition as Currency or Financial Instrument: Cryptocurrencies are generally not recognized as legal tender or a financial instrument under existing Azerbaijani law. The Central Bank of Azerbaijan (CBA) has repeatedly issued warnings to the public about the risks associated with cryptocurrencies.
Central Bank of Azerbaijan's Efforts: The CBA has indicated an interest in developing a regulatory framework for ...
Central Bank of Azerbaijan's Efforts: The CBA has indicated an interest in developing a regulatory framework for virtual assets. This interest is driven by the global trend towards regulating crypto and ensuring financial stability and consumer protection. However, progress has been cautious.
Central Bank of Azerbaijan (CBAR): Regulates traditional financial institutions and payment systems, but direct c...
Central Bank of Azerbaijan (CBAR): Regulates traditional financial institutions and payment systems, but direct crypto regulation is still being formalized.
No Dedicated Licensing Regime: There is no "virtual asset license" you can apply for specifically to operate a cr...
No Dedicated Licensing Regime: There is no "virtual asset license" you can apply for specifically to operate a crypto exchange, custody service, or crypto payment processing.
Regulatory Gap / De Facto Prohibition: The absence of a framework often means such activities are either not allo...
Regulatory Gap / De Facto Prohibition: The absence of a framework often means such activities are either not allowed, operate in a legal grey area with significant risk, or would require a full traditional financial license (e.g., a banking license or a payments institution license), which is extremely difficult to obtain and often not suitable for pure crypto businesses.
Cryptocurrency Exchanges: There is no specific license for a cryptocurrency exchange. Any entity attempting to op...
Cryptocurrency Exchanges: There is no specific license for a cryptocurrency exchange. Any entity attempting to operate an exchange facilitating fiat-to-crypto or crypto-to-fiat transactions would likely face significant regulatory hurdles and could be deemed to be operating an unlicensed financial service, potentially requiring a banking license or being considered illegal. Crypto-to-crypto exchanges might exist in a grey area, but still face AML/CTF obligations.
Custody Providers: There is no specific license for virtual asset custody. If a service involves holding client a...
Custody Providers: There is no specific license for virtual asset custody. If a service involves holding client assets, especially if they are deemed to have monetary value, it could potentially fall under regulations for safekeeping, trust services, or even banking, requiring appropriate traditional licenses.
Capital Requirements: For traditional financial institutions (banks, payment institutions), capital requirements ...
Capital Requirements: For traditional financial institutions (banks, payment institutions), capital requirements are significant. For example, a bank would require a very high minimum capital. For a payment institution, it's lower but still substantial.
Partial/Unregulated: There is no specific, dedicated legislation in Azerbaijan that defines cryptocurrencies as l...
Partial/Unregulated: There is no specific, dedicated legislation in Azerbaijan that defines cryptocurrencies as legal tender, financial instruments, or any other regulated asset class. This means there is no licensing regime for crypto businesses (exchanges, custodians, ICOs, etc.) operating within the country.
Cautionary Stance: The primary financial regulator, the Central Bank, has repeatedly issued warnings regarding th...
Cautionary Stance: The primary financial regulator, the Central Bank, has repeatedly issued warnings regarding the high risks associated with cryptocurrencies, including volatility, lack of investor protection, and potential for illicit activities.
Law of the Republic of Azerbaijan "On the Central Bank of the Republic of Azerbaijan": Defines the mandate and po...
Law of the Republic of Azerbaijan "On the Central Bank of the Republic of Azerbaijan": Defines the mandate and powers of the Central Bank over the financial system.
No specific "crypto custody license" exists. Unlike some EU countries with dedicated VASP (Virtual Asset Service ...
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.
No specific definition. BiH law does not currently define what constitutes a "qualified custodian" for digital as...
No specific definition. BiH law does not currently define what constitutes a "qualified custodian" for digital assets. Without a dedicated custody framework, such definitions are absent.
Central Bank of Bosnia and Herzegovina (CBBH): http://www.cbbh.ba/?lang=en (Primarily regulates traditional finan...
Central Bank of Bosnia and Herzegovina (CBBH): http://www.cbbh.ba/?lang=en (Primarily regulates traditional financial institutions, but may be involved in broader financial stability discussions regarding crypto).
Financial Intelligence Unit of BiH (FIU BiH): A key player in AML/CFT enforcement, likely the first point of cont...
Financial Intelligence Unit of BiH (FIU BiH): A key player in AML/CFT enforcement, likely the first point of contact for VASP registration under current law.
No Dedicated Licensing Regime: BiH operates under a "no specific licensing regime" for virtual assets. Unlike man...
No Dedicated Licensing Regime: BiH operates under a "no specific licensing regime" for virtual assets. Unlike many EU countries or others adopting MiCA-like regulations, there isn't a government body mandated to issue specific licenses for crypto businesses.
Cryptocurrency Exchanges: There is no specific license required for operating a pure cryptocurrency exchange in B...
Cryptocurrency Exchanges: There is no specific license required for operating a pure cryptocurrency exchange in BiH. However, if an exchange facilitates fiat-to-crypto or crypto-to-fiat transactions and holds fiat funds, it might potentially fall under existing regulations for payment institutions or e-money institutions, supervised by the banking agencies (e.g., Banking Agency of Federation of BiH, Banking Agency of Republika Srpska) and the Central Bank of BiH. This interpretation is often stretched and uncertain in practice.
Central Bank of Bosnia and Herzegovina (CBBH): The CBBH has generally issued warnings about the risks associated ...
Central Bank of Bosnia and Herzegovina (CBBH): The CBBH has generally issued warnings about the risks associated with cryptocurrencies, emphasizing their unregulated nature and lack of legal tender status.
Banking Agencies (Supervisors of traditional financial institutions):
Banking Agencies (Supervisors of traditional financial institutions):
"High-Risk Jurisdictions" identified by FATF: While not strictly sanctions, these jurisdictions require EDD and i...
"High-Risk Jurisdictions" identified by FATF: While not strictly sanctions, these jurisdictions require EDD and increased scrutiny due to their AML/CFT deficiencies.
Western Balkans Sanctions Program (E.O. 13304, E.O. 14033): This program targets individuals and entities undermi...
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.
Prospectus Requirements: Issuers would generally be required to prepare and publish a prospectus containing detai...
Prospectus Requirements: Issuers would generally be required to prepare and publish a prospectus containing detailed information about the token, the issuer, the underlying project, and associated risks. This prospectus would need to be approved by the relevant Securities Commission (Securities Commission of FBiH or Securities Commission of RS).
Limited Market Activity: The scale of Initial Coin Offerings (ICOs) or significant security token offerings origi...
Limited Market Activity: The scale of Initial Coin Offerings (ICOs) or significant security token offerings originating from BiH has been relatively small compared to other jurisdictions, reducing the immediate need for specific enforcement.
Republika Srpska (RS): Has adopted a specific law governing digital assets, representing a partial, but signifi...
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.
Federation of Bosnia and Herzegovina (FBiH): Lacks specific legislation for cryptocurrencies. The approach is ess...
Federation of Bosnia and Herzegovina (FBiH): Lacks specific legislation for cryptocurrencies. The approach is essentially unregulated with respect to crypto-specific laws, relying on general financial, consumer protection, and anti-money laundering laws where applicable. Discussions and draft proposals exist, but no law has been enacted.
Simplified Due Diligence (SDD): Permitted in low-risk scenarios, as defined by the FSC.
Simplified Due Diligence (SDD): Permitted in low-risk scenarios, as defined by the FSC.
Sanctions Compliance: Screening customers and transactions against relevant international (e.g., UN) and national...
Sanctions Compliance: Screening customers and transactions against relevant international (e.g., UN) and national sanctions lists.
Definition of Digital Asset Business (DABA Section 2): Includes "providing custodial wallet services" (defined as...
Definition of Digital Asset Business (DABA Section 2): Includes "providing custodial wallet services" (defined as "the safekeeping or control of a client's digital assets or the means to access a client's digital assets").
FSC Discretion: The specific nature and amount of insurance or indemnity may be subject to further guidance or re...
FSC Discretion: The specific nature and amount of insurance or indemnity may be subject to further guidance or requirements issued by the FSC based on the scale and nature of the licensee's operations.
Amendments to DABA: To update or refine existing provisions.
Amendments to DABA: To update or refine existing provisions.
FSC Website - Digital Assets Section: The FSC regularly updates its website with information regarding licensing,...
FSC Website - Digital Assets Section: The FSC regularly updates its website with information regarding licensing, guidance, and warnings related to digital assets. This is where any significant enforcement actions would likely be announced. While it doesn't list specific enforcement actions against named entities, it details the regulatory requirements.
Regulatory Body: The Financial Services Commission (FSC) Barbados is the primary regulator responsible for li...
Regulatory Body: The Financial Services Commission (FSC) Barbados is the primary regulator responsible for licensing, supervision, and enforcement under the Digital Assets Act.
Virtual Asset (VA): Defined broadly as a digital representation of value that can be digitally traded or transfer...
Virtual Asset (VA): Defined broadly as 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 (unless otherwise prescribed by regulation), or other financial assets already regulated under existing securities or banking laws.
Digital Assets and Registered Exchanges Act, 2019 (DARE Act): This Act specifically regulates Virtual Asset Servi...
Digital Assets and Registered Exchanges Act, 2019 (DARE Act): This Act specifically regulates Virtual Asset Service Providers (VASPs) and Digital Asset Exchanges. It mandates that all entities engaging in VASP activities be licensed by the Central Bank of Barbados (CBB) and comply with AML/CFT requirements, including sanctions obligations. The DARE Act incorporates by reference the AML/CFT Act.
Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD): VASPs must conduct thorough CDD on all customers a...
Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD): VASPs must conduct thorough CDD on all customers and beneficial owners, which includes screening them against relevant sanctions lists at onboarding and on an ongoing basis. EDD is required for higher-risk customers or transactions.
Transaction Monitoring: VASPs must monitor transactions for red flags indicative of sanctions evasion or illicit ...
Transaction Monitoring: VASPs must monitor transactions for red flags indicative of sanctions evasion or illicit activity. This includes monitoring for unusual patterns, large transfers to or from high-risk jurisdictions, or transactions involving entities on sanctions lists.
Beneficial Ownership: VASPs must identify and verify the beneficial owners of their customers and screen them aga...
Beneficial Ownership: VASPs must identify and verify the beneficial owners of their customers and screen them against sanctions lists.
Designated Persons/Entities: If a VASP identifies a customer, beneficial owner, or transaction involving a person...
Designated Persons/Entities: If a VASP identifies a customer, beneficial owner, or transaction involving a person or entity on a UN, OFAC, or EU sanctions list, they must immediately:
Technology and Systems: VASPs are expected to employ technology solutions for automated sanctions screening to en...
Technology and Systems: VASPs are expected to employ technology solutions for automated sanctions screening to ensure efficiency and accuracy.
High-Risk Jurisdictions: VASPs are required to identify and assess the money laundering and terrorist financing r...
High-Risk Jurisdictions: VASPs are required to identify and assess the money laundering and terrorist financing risks associated with different countries and geographic areas. This includes considering lists published by the FATF, such as:
Prohibition of Business: In extreme cases where the risks are deemed unmanageable, or if a jurisdiction is under ...
Prohibition of Business: In extreme cases where the risks are deemed unmanageable, or if a jurisdiction is under specific UN/OFAC/EU sanctions, a VASP may be prohibited from conducting business or advised against doing so by the Central Bank or FIU.
UN Sanctions Lists: As incorporated into Barbadian law.
UN Sanctions Lists: As incorporated into Barbadian law.
Implicitly OFAC and EU Sanctions Lists: Due to the international nature of financial services and correspondent b...
Implicitly OFAC and EU Sanctions Lists: Due to the international nature of financial services and correspondent banking relationships.
Section 3(2) of the DAA states: "This Act does not apply to a digital asset that is a security as defined in the ...
Section 3(2) of the DAA states: "This Act does not apply to a digital asset that is a security as defined in the Securities Act, Cap. 318A, unless the digital asset is also a virtual asset as defined in this Act, and the Minister responsible for Finance issues regulations for its inclusion under this Act."
Prospectus Requirement: Generally, any public offering of securities in Barbados requires the issuer to prepare a...
Prospectus Requirement: Generally, any public offering of securities in Barbados requires the issuer to prepare and file a prospectus with the FSC, which must be approved before the offer can commence. The prospectus provides material information to potential investors.
Penalties and Fines: Imposing monetary penalties for non-compliance.
Penalties and Fines: Imposing monetary penalties for non-compliance.
Licensing Required: Any entity wishing to operate a virtual asset exchange, or engage in any other "virtual asset...
Licensing Required: Any entity wishing to operate a virtual asset exchange, or engage in any other "virtual asset business" as defined by the VABA (e.g., providing custody services, virtual asset transfer services, participation in and provision of financial services related to an issuer’s offer and/or sale of a virtual asset), must obtain a license from the FSC.
Consumer Protection: The regulatory framework also aims to ensure consumer protection and market integrity within...
Consumer Protection: The regulatory framework also aims to ensure consumer protection and market integrity within the virtual asset space.
The Virtual Asset Business Act, 2019 (Section 3) broadly defines and covers "Virtual Asset Business" requiring a ...
The Virtual Asset Business Act, 2019 (Section 3) broadly defines and covers "Virtual Asset Business" requiring a license from the Financial Services Commission (FSC). This includes entities engaged in:
Anti-Money Laundering Act, 2012 (AMLA 2012): This is the principal legislation against money laundering. It defin...
Anti-Money Laundering Act, 2012 (AMLA 2012): This is the principal legislation against money laundering. It defines money laundering, predicate offenses, outlines the responsibilities of reporting entities, and grants powers to the Bangladesh Financial Intelligence Unit (BFIU). It has been amended multiple times (e.g., in 2015).
Relevant Rules and Guidelines: The Bangladesh Bank and BFIU issue various circulars, rules, and guidelines to imp...
Relevant Rules and Guidelines: The Bangladesh Bank and BFIU issue various circulars, rules, and guidelines to implement the AMLA and ATA, detailing procedures for customer due diligence, suspicious transaction reporting, and record-keeping.
Bangladesh Financial Intelligence Unit (BFIU): Operating under the Bangladesh Bank, the BFIU is the central agenc...
Bangladesh Financial Intelligence Unit (BFIU): Operating under the Bangladesh Bank, the BFIU is the central agency for receiving, analyzing, and disseminating financial intelligence related to money laundering and terrorist financing. It issues guidelines, supervises compliance, and collaborates with domestic and international agencies.
Neither a registration nor a licensing regime exists for virtual assets in Bangladesh.
Neither a registration nor a licensing regime exists for virtual assets in Bangladesh.
Robust AML/KYC Procedures: In line with FATF recommendations for VASPs, given Bangladesh's commitment to combatin...
Robust AML/KYC Procedures: In line with FATF recommendations for VASPs, given Bangladesh's commitment to combating money laundering and terrorist financing.
Local Presence: Requiring a registered entity and physical presence within Bangladesh.
Local Presence: Requiring a registered entity and physical presence within Bangladesh.
There is no application process for virtual asset licenses in Bangladesh because such licenses are not issued.
There is no application process for virtual asset licenses in Bangladesh because such licenses are not issued.
Fines: Substantial monetary penalties.
Fines: Substantial monetary penalties.
Who Must Screen: All VASPs (as defined by FATF), traditional financial institutions, and other obliged entities m...
Who Must Screen: All VASPs (as defined by FATF), traditional financial institutions, and other obliged entities must screen their customers, beneficial owners, and transactions against relevant international sanctions lists (OFAC SDN, EU Consolidated List, UN Consolidated List).
FATF Recommendations: The Financial Action Task Force (FATF) sets international standards for AML/CFT. Recommenda...
FATF Recommendations: The Financial Action Task Force (FATF) sets international standards for AML/CFT. Recommendations 15 and 16 specifically address virtual assets and VASPs, requiring them to implement robust KYC/AML procedures, which implicitly include sanctions screening. Bangladesh is a member of the Asia/Pacific Group on Money Laundering (APG), a FATF-style regional body, and is therefore subject to FATF standards.
Bangladesh-Specific: While Bangladesh itself is not under comprehensive international sanctions, the domestic ban...
Bangladesh-Specific: While Bangladesh itself is not under comprehensive international sanctions, the domestic ban on crypto means that engaging in crypto activities within Bangladesh is already illegal under Bangladeshi law. For international VASPs, this means exercising extreme caution when dealing with Bangladeshi IP addresses, phone numbers, or declared residences for crypto services.
Given its outright prohibition on cryptocurrencies, Bangladesh's focus is on preventing any crypto activity rather ...
Given its outright prohibition on cryptocurrencies, Bangladesh's focus is on preventing any crypto activity rather than sanctioning specific individuals or entities within the crypto space.
The Bangladeshi government's "sanctions" efforts would align with UN Security Council resolutions and focus on genera...
The Bangladeshi government's "sanctions" efforts would align with UN Security Council resolutions and focus on general financial sanctions, applying to all forms of financial transactions, which would include crypto if it were legally permitted. Since it's not, the overarching ban serves as the primary "restriction."
Warnings to Financial Institutions: Bangladesh Bank has repeatedly issued warnings to all banks and financial ins...
Warnings to Financial Institutions: Bangladesh Bank has repeatedly issued warnings to all banks and financial institutions against dealing in, facilitating, or promoting cryptocurrencies. These warnings serve as an instruction to financial institutions to block transactions related to crypto.
Prohibition on Use and Exchange: Law enforcement and regulatory bodies have acted against individuals and groups ...
Prohibition on Use and Exchange: Law enforcement and regulatory bodies have acted against individuals and groups involved in unauthorized foreign exchange transactions or money laundering using cryptocurrencies. For instance, there have been reports of arrests for operating illegal crypto exchanges or facilitating crypto transactions that violate the Foreign Exchange Regulation Act, 1947, and the Money Laundering Prevention Act, 2012. These are generally broader criminal charges, not specific securities violations related to crypto.
Not classified as e-money/payment tokens/securities: Bangladesh does not officially classify stablecoins under it...
Not classified as e-money/payment tokens/securities: Bangladesh does not officially classify stablecoins under its existing regulatory frameworks for e-money, payment tokens, or securities. Instead, they are generally treated as unauthorized digital assets that do not conform to any established legal or financial instrument categories.
Concerns: Bangladesh Bank views cryptocurrencies as assets that are not legal tender, lack central authority, pos...
Concerns: Bangladesh Bank views cryptocurrencies as assets that are not legal tender, lack central authority, pose financial risks, and facilitate illicit activities.
Not applicable: Since stablecoins are not recognized or authorized, there are no prescribed reserve requirements ...
Not applicable: Since stablecoins are not recognized or authorized, there are no prescribed reserve requirements for their issuance or backing in Bangladesh.
Not applicable: No licenses are issued for stablecoin issuers, cryptocurrency exchanges, or any related virtual a...
Not applicable: No licenses are issued for stablecoin issuers, cryptocurrency exchanges, or any related virtual asset service providers in Bangladesh. Operating such services would be considered illegal.
Outright Ban/Prohibitory: Bangladesh has not implemented a regulatory framework to license or facilitate crypto a...
Outright Ban/Prohibitory: Bangladesh has not implemented a regulatory framework to license or facilitate crypto activities. Instead, it has actively prohibited them, primarily citing concerns over money laundering, terrorist financing, foreign exchange control, and consumer protection. Cryptocurrencies are not recognized as legal tender or legitimate financial instruments.
Violation of Foreign Exchange Regulations: Virtual currencies are not legal tender and are not issued by any reco...
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.
No Specific Rates for Crypto: There are no specific capital gains tax rates for cryptocurrency in Bangladesh beca...
No Specific Rates for Crypto: There are no specific capital gains tax rates for cryptocurrency in Bangladesh because it is not recognized as a legal asset for investment.
General Capital Gains: For legitimate assets like land, buildings, and shares, Bangladesh has specific capital ga...
General Capital Gains: For legitimate assets like land, buildings, and shares, Bangladesh has specific capital gains tax provisions (e.g., varying rates for listed vs. unlisted shares, or property, with exemptions in some cases). These do not apply to crypto.
General Income Tax Principles: Bangladesh's Income Tax Ordinance, 1984, taxes income from all sources unless spec...
General Income Tax Principles: Bangladesh's Income Tax Ordinance, 1984, taxes income from all sources unless specifically exempted. However, this presumes the income is derived from a legal activity.
No VAT/GST on Crypto: Given the illegality of cryptocurrency, there is no VAT (Value Added Tax) or GST (Goods and...
No VAT/GST on Crypto: Given the illegality of cryptocurrency, there is no VAT (Value Added Tax) or GST (Goods and Services Tax) treatment for it in Bangladesh.
General VAT Framework: VAT is applicable to the supply of goods and services. Since virtual assets are not recogn...
General VAT Framework: VAT is applicable to the supply of goods and services. Since virtual assets are not recognized as legitimate goods or services for transactions within Bangladesh, they fall outside the VAT system.
No Crypto-Specific Reporting: There are no specific reporting requirements for cryptocurrency holdings or transac...
No Crypto-Specific Reporting: There are no specific reporting requirements for cryptocurrency holdings or transactions for individuals or businesses in Bangladesh because engaging in such activities is illegal.
General Reporting: Income tax returns (e.g., Form IT-11GA2023 for individuals) require the disclosure of all asse...
General Reporting: 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. Declaring such assets could imply involvement in illegal activities.
None Exists: Bangladesh does not have any crypto-specific tax legislation. The legal framework is one of prohibit...
None Exists: Bangladesh does not have any crypto-specific tax legislation. The legal framework is one of prohibition, not regulation or taxation.
Bangladesh Bank/BFIU Circulars:
Bangladesh Bank/BFIU Circulars:
FATF Mutual Evaluation Report (MER) for Bangladesh:
FATF Mutual Evaluation Report (MER) for Bangladesh:
Specific Definition for Crypto: The current Belgian framework does not define a "qualified custodian" specificall...
Specific Definition for Crypto: The current Belgian framework does not define a "qualified custodian" specifically for digital assets beyond the "custodian wallet provider" designation under the AML Law. This designation focuses on AML/CFT compliance rather than broader financial regulatory standards.
MiCA as the Standard: MiCA effectively defines what constitutes a "qualified custodian" for crypto assets by sett...
MiCA as the Standard: MiCA effectively defines what constitutes a "qualified custodian" for crypto assets by setting the comprehensive authorization, organizational, operational, and prudential requirements for "providers of safekeeping and administration of crypto-assets on behalf of clients." Any entity authorized under MiCA for this service will, by definition, meet the standard of a qualified custodian within the EU.
Current Regime (Belgium): It is a registration regime, primarily focused on AML/CTF compliance. It does n...
Current Regime (Belgium): It is a registration regime, primarily focused on AML/CTF compliance. It does not imply a full prudential licensing similar to banks, traditional investment firms, or e-money institutions. The FSMA grants "registration" but does not "license" in the broader financial sense that implies comprehensive prudential oversight of capital, risk management beyond AML, consumer protection, etc.
Belgian Treasury Department (FPS Finance) - Sanctions:
Belgian Treasury Department (FPS Finance) - Sanctions:
EU Consolidated Sanctions List:
EU Consolidated Sanctions List:
OFAC Sanctions List (SDN List):
OFAC Sanctions List (SDN List):
UN Security Council Sanctions Committees:
UN Security Council Sanctions Committees:
Unlicensed Activity: Many enforcement actions relate to the provision of financial services (e.g., investment adv...
Unlicensed Activity: Many enforcement actions relate to the provision of financial services (e.g., investment advice, portfolio management, operating an exchange) involving crypto-assets without the required authorisation. If a token is deemed a financial instrument, any entity providing such services must be an authorized investment firm.
National Bank of Belgium (NBB): Supervises credit institutions, payment institutions, electronic money institutio...
National Bank of Belgium (NBB): Supervises credit institutions, payment institutions, electronic money institutions, and will be the competent authority for issuers of e-money tokens (EMTs) and often for asset-referenced tokens (ARTs) depending on the issuer.
Partial, Moving Towards Comprehensive: Before MiCA, Belgium's approach was characterized by specific AML/CFT regu...
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.
Mandatory NBB Registration: Before the full implementation of MiCA, any entity providing exchange services betw...
Mandatory NBB Registration: Before the full implementation of MiCA, any entity providing exchange services between virtual currencies and fiat currencies or custodian wallet services in Belgium must register with the National Bank of Belgium (NBB). This registration involves demonstrating compliance with strict AML/CFT obligations. The NBB maintains a public register of these entities.
Belgian Level: As an EU Regulation, Regulation (EU) 2023/1113 is directly applicable in Belgium without the n...
Belgian Level: As an EU Regulation, Regulation (EU) 2023/1113 is directly applicable in Belgium without the need for national transposition into Belgian law. Belgium's existing AML/CFT framework (primarily the Law of 18 September 2017) provides the national enforcement and supervisory structure, and will be supplemented by the TFR.
The Travel Rule in Belgium (via the TFR) covers all Crypto-Asset Service Providers (CASPs) that are authorised or...
The Travel Rule in Belgium (via the TFR) covers all Crypto-Asset Service Providers (CASPs) that are authorised or registered to provide crypto-asset services in the EU, as defined under the Markets in Crypto-Assets (MiCA) Regulation (EU) 2023/1114.
EU Framework: Regulation (EU) 2023/1113 states that Member States (like Belgium) "shall lay down rules on penalti...
EU Framework: Regulation (EU) 2023/1113 states that Member States (like Belgium) "shall lay down rules on penalties applicable to infringements of this Regulation and shall take all measures necessary to ensure that they are implemented."
All CASPs (as defined by MiCA) are covered.
All CASPs (as defined by MiCA) are covered.
Centrale Nationale de Traitement des Informations Financières (CENTIF): This is Burkina Faso's Financial Intellig...
Centrale Nationale de Traitement des Informations Financières (CENTIF): This is Burkina Faso's Financial Intelligence Unit (FIU). CENTIF is the body to which all suspicious transaction reports are submitted, and it is responsible for analyzing these reports and disseminating intelligence to law enforcement agencies. CENTIF also plays a key role in ensuring compliance with AML/CFT obligations across various sectors.
Banque Centrale des États de l'Afrique de l'Ouest (BCEAO): As the regional central bank, the BCEAO supervises fin...
Banque Centrale des États de l'Afrique de l'Ouest (BCEAO): As the regional central bank, the BCEAO supervises financial institutions within the WAEMU zone. While it primarily oversees traditional banks and payment service providers, its directives and policy stances on digital finance and payment systems are highly relevant. If VASPs offer services resembling traditional payment or financial services, they may fall under the extended purview or influence of the BCEAO.
Exchanges (Fiat-to-Crypto, Crypto-to-Crypto): No specific license exists. Any attempt to operate a fiat-to-crypto...
Exchanges (Fiat-to-Crypto, Crypto-to-Crypto): No specific license exists. Any attempt to operate a fiat-to-crypto exchange would necessitate a payment institution or banking license, which would then be rejected by BCEAO-supervised entities due to their crypto prohibition. Crypto-to-crypto exchanges, while not directly touching fiat, would still face banking access issues for operational needs and are considered unregulated.
Custody Providers: No specific license exists. Operating a custody service for virtual assets falls into the same...
Custody Providers: No specific license exists. Operating a custody service for virtual assets falls into the same unregulated category and would face the same banking challenges.
No specific regulatory framework for VASPs.
No specific regulatory framework for VASPs.
BCEAO's stance is largely prohibitive for regulated financial institutions interacting with cryptocurrencies, mak...
BCEAO's stance is largely prohibitive for regulated financial institutions interacting with cryptocurrencies, making lawful operation extremely difficult due to lack of banking access.
BCEAO (Central Bank of West African States): Responsible for monetary policy, financial stability, and regulating...
BCEAO (Central Bank of West African States): Responsible for monetary policy, financial stability, and regulating banks in the UEMOA zone.
Public Warnings: The BCEAO has repeatedly issued press releases and circulars warning the public about the risks ...
Public Warnings: The BCEAO has repeatedly issued press releases and circulars warning the public about the risks associated with cryptocurrencies, stating they are not legal tender, are not regulated, and carry significant risks of fraud, volatility, and money laundering.
AML/CFT Focus: Any actual enforcement would likely originate from national Financial Intelligence Units (FIUs) li...
AML/CFT Focus: Any actual enforcement would likely originate from national Financial Intelligence Units (FIUs) like CENTIF-BF (Cellule Nationale de Traitement des Informations Financières du Burkina Faso) if cryptocurrencies are used in cases of money laundering or terrorist financing. This would fall under existing anti-money laundering and counter-terrorist financing laws, not specifically securities law.
De Facto Effect: The BCEAO's directives create a de facto ban on financial institutions facilitating crypto trans...
De Facto Effect: The BCEAO's directives create a de facto ban on financial institutions facilitating crypto transactions, making it extremely challenging for local crypto exchanges to operate formally and for individuals to use traditional banking channels for crypto-related activities.
BCEAO (Central Bank of West African States):
BCEAO (Central Bank of West African States):
Legal Basis: EU sanctions are typically imposed through Council Decisions and implemented via Council Regulations...
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.
Definition of "Funds" and "Economic Resources": EU sanctions regulations typically prohibit making "funds" and "e...
Definition of "Funds" and "Economic Resources": EU sanctions regulations typically prohibit making "funds" and "economic resources" available to designated persons and entities. Post-AMLD5 and the Russia sanctions, cryptocurrencies are widely understood and treated as "funds" or "economic resources" for sanctions compliance purposes.
Obligation to Freeze Assets: VASPs must immediately freeze all funds and economic resources belonging to, or owne...
Obligation to Freeze Assets: VASPs must immediately freeze all funds and economic resources belonging to, or owned or controlled by, designated persons and entities listed in EU sanctions regimes. This includes any crypto assets held or transacted through the VASP.
Customer Due Diligence (CDD) and Screening: Under the EU Anti-Money Laundering Directives (AMLDs), VASPs are obli...
Customer Due Diligence (CDD) and Screening: Under the EU Anti-Money Laundering Directives (AMLDs), VASPs are obliged to apply CDD measures, which explicitly include screening clients and beneficial owners against sanctions lists.
Directive (EU) 2018/1673 (AMLD6): Requires Member States to ensure that offenses relating to money laundering (wh...
Directive (EU) 2018/1673 (AMLD6): Requires Member States to ensure that offenses relating to money laundering (which includes sanctions evasion as a predicate offense) are punishable by maximum terms of imprisonment of at least four years, and imposes additional sanctions or measures, including fines for legal persons.
Obligations for VASPs: The same obligations for freezing assets, prohibiting making funds available, and screenin...
Obligations for VASPs: The same obligations for freezing assets, prohibiting making funds available, and screening apply as with EU autonomous sanctions, as they are implemented through the same EU legal framework.
UN Sanctions List: The consolidated list of persons and entities subject to UN sanctions is available on the UN w...
UN Sanctions List: The consolidated list of persons and entities subject to UN sanctions is available on the UN website.
Use U.S. correspondent banking services.
Use U.S. correspondent banking services.
Sanctioned Entity Screening: VASPs dealing with the U.S. or using U.S. financial infrastructure are expected to s...
Sanctioned Entity Screening: VASPs dealing with the U.S. or using U.S. financial infrastructure are expected to screen against OFAC's Specially Designated Nationals (SDN) and Blocked Persons List, as well as other OFAC sanctions lists.
Crypto Enforcement: OFAC has actively targeted crypto mixers, exchanges, and individuals involved in sanctions ev...
Crypto Enforcement: OFAC has actively targeted crypto mixers, exchanges, and individuals involved in sanctions evasion using virtual assets. They have explicitly stated that sanctions apply to virtual currency transactions just as they apply to traditional fiat transactions.
Penalties for Violations: Violations can result in severe civil and criminal penalties, including substantial fin...
Penalties for Violations: Violations can result in severe civil and criminal penalties, including substantial fines, imprisonment for individuals, and being cut off from the U.S. financial system.
Financial Intelligence Agency (FIA) / State Agency for National Security (DANS): The primary authority for AML/CF...
Financial Intelligence Agency (FIA) / State Agency for National Security (DANS): The primary authority for AML/CFT supervision and enforcement, including sanctions compliance, for obliged entities like VASPs.
MiCA does not regulate Central Bank Digital Currencies (CBDCs), such as a potential digital Euro issued by the Eu...
MiCA does not regulate Central Bank Digital Currencies (CBDCs), such as a potential digital Euro issued by the European Central Bank (ECB) or national central banks.
Article 1(3)(e) of MiCA explicitly states that it does not apply to "crypto-assets that are issued by the European Ce...
Article 1(3)(e) of MiCA explicitly states that it does not apply to "crypto-assets that are issued by the European Central Bank or by national central banks of Member States when acting in their capacity as monetary authorities."
No specific licensing (pre-MiCA): Currently, there is no specific licensing regime beyond AML registration for ...
No specific licensing (pre-MiCA): Currently, there is no specific licensing regime beyond AML registration for operating a crypto exchange in Bulgaria. However, this will change with MiCA.
NRA Guidance: The NRA has, however, issued numerous official opinions and clarifications over the years (e.g., Op...
NRA Guidance: The NRA has, however, issued numerous official opinions and clarifications over the years (e.g., Opinion No. 24-34-406 dated 10.10.2018 and subsequent ones), which provide the current official stance on how cryptocurrencies are to be treated under existing tax frameworks. These opinions serve as practical guidance for taxpayers.
Effective Date: The amended TFR, which specifically extends the Travel Rule to crypto-asset transfers, will apply...
Effective Date: The amended TFR, which specifically extends the Travel Rule to crypto-asset transfers, will apply from 30 December 2024.
Between VASPs (or CASPs as defined by MiCA): There is no de minimis threshold. All crypto-asset transfers, re...
Between VASPs (or CASPs as defined by MiCA): There is no de minimis threshold. All crypto-asset transfers, regardless of amount, must be accompanied by accurate and complete originator and beneficiary information when transferred between Crypto-Asset Service Providers (CASPs).
Sanctions by supervisory bodies:
Sanctions by supervisory bodies:
Criminal liability: In cases of severe and intentional breaches leading to actual money laundering or terrorist f...
Criminal liability: In cases of severe and intentional breaches leading to actual money laundering or terrorist financing, individuals and entities could face criminal charges under the Bulgarian Criminal Code, which can result in imprisonment and much higher fines.
Central Bank of Bahrain (CBB) Official Website: https://www.cbb.gov.bh/
Central Bank of Bahrain (CBB) Official Website: https://www.cbb.gov.bh/
Regulatory Body: Central Bank of Bahrain (CBB)
Regulatory Body: Central Bank of Bahrain (CBB)
Definition: A "qualified custodian" in Bahrain, for the purpose of crypto-assets, is essentially a financial inst...
Definition: A "qualified custodian" in Bahrain, for the purpose of crypto-assets, is essentially a financial institution or entity that has obtained a Class 4 Custody License from the Central Bank of Bahrain under Module CRY. By meeting the stringent licensing requirements (capital, governance, operational controls, security, segregation, etc.), the CBB deems the entity "qualified" to provide crypto-asset custody services. The CBB itself is the "qualifying" authority.
Continuous Updates: The CBB's approach is to regularly review and update its rulebooks. Any amendments or new dir...
Continuous Updates: The CBB's approach is to regularly review and update its rulebooks. Any amendments or new directives would be communicated through CBB circulars or updates to the relevant modules (e.g., updates to Module CRY).
Ongoing Monitoring: Screening is not a one-time event. VASPs must conduct ongoing monitoring to identify if exist...
Ongoing Monitoring: Screening is not a one-time event. VASPs must conduct ongoing monitoring to identify if existing clients or parties to transactions subsequently appear on sanctions lists.
Travel Rule: The CBB has implemented the FATF's "Travel Rule," requiring VASPs to obtain and transmit originator ...
Travel Rule: The CBB has implemented the FATF's "Travel Rule," requiring VASPs to obtain and transmit originator and beneficiary information for crypto transfers above a certain threshold. This enhances the ability to identify cross-border transactions involving high-risk jurisdictions or sanctioned entities.
Prospectus Requirements: Issuers must generally prepare and publish a prospectus (offering document) that provide...
Prospectus Requirements: Issuers must generally prepare and publish a prospectus (offering document) that provides comprehensive information about the issuer, the token, the underlying project, risks, and financial details. This prospectus must be approved by the CBB.
Proactive Regulation: The CBB's comprehensive and proactive regulatory framework, including the Regulatory Sandbo...
Proactive Regulation: The CBB's comprehensive and proactive regulatory framework, including the Regulatory Sandbox, aims to guide firms towards compliance from the outset rather than punishing after the fact.
Focus on Licensed Entities: The CBB primarily engages with and supervises licensed entities. Any firm attempting ...
Focus on Licensed Entities: The CBB primarily engages with and supervises licensed entities. Any firm attempting to operate an unlicensed STO in Bahrain would likely face immediate intervention, including being prohibited from operating, without necessarily leading to a widely publicized "enforcement action" in the traditional sense.
Fines: Significant monetary penalties.
Fines: Significant monetary penalties.
Sanctions: Restrictions on business activities or individuals.
Sanctions: Restrictions on business activities or individuals.
CBB Rulebook Volume 1 (Conventional Banks) – E-Money Module (EMO) (Relevant if a stablecoin qualifies as e-money)
CBB Rulebook Volume 1 (Conventional Banks) – E-Money Module (EMO) (Relevant if a stablecoin qualifies as e-money)
Asset-Referenced Tokens: This is the most common classification for stablecoins under the CRA Module. These are d...
Asset-Referenced Tokens: This is the most common classification for stablecoins under the CRA Module. These are defined as tokens that aim to maintain a stable value by referencing other assets (e.g., fiat currency, a basket of currencies, commodities). The CRA Module specifically addresses the requirements for issuers of such tokens.
E-Money Tokens: If a stablecoin meets the definition of electronic money (i.e., electronically stored monetary va...
E-Money Tokens: If a stablecoin meets the definition of electronic money (i.e., electronically stored monetary value representing a claim on the issuer, issued on receipt of funds for the purpose of making payment transactions, and accepted by persons other than the e-money issuer), it might be regulated under the E-Money Module (EMO) of the CBB Rulebook, typically issued by licensed e-money institutions. This would be for fiat-backed stablecoins pegged 1:1 to a single fiat currency.
CRA-1.1.2: Defines crypto-assets and includes "stablecoins."
CRA-1.1.2: Defines crypto-assets and includes "stablecoins."
EMO-A.1.1: Defines "e-money."
EMO-A.1.1: Defines "e-money."
Segregation: The reserve assets must be held separately from the issuer's operational funds and other assets, ens...
Segregation: The reserve assets must be held separately from the issuer's operational funds and other assets, ensuring they are bankruptcy-remote.
CBB-Licensed Custodian: The reserve assets must be held in custody by a CBB-licensed custodian (or a custodian ap...
CBB-Licensed Custodian: The reserve assets must be held in custody by a CBB-licensed custodian (or a custodian approved by the CBB, adhering to CBB's standards).
Permitted Reserve Assets: The CBB specifies the types of assets that can constitute reserves, typically highly li...
Permitted Reserve Assets: The CBB specifies the types of assets that can constitute reserves, typically highly liquid, low-risk assets like fiat currency (held in segregated bank accounts), short-term government securities, or other highly rated financial instruments.
Exploratory Phase: The CBB has conducted various proofs-of-concept and pilots. For instance, in 2021, the CBB col...
Exploratory Phase: The CBB has conducted various proofs-of-concept and pilots. For instance, in 2021, the CBB collaborated with JP Morgan and Bank ABC on a successful pilot for real-time cross-border payment using JPM Coin. In 2022, it partnered with OpenNode to test Bitcoin payment processing solutions for the Kingdom. This indicates a strong interest in digital currency innovation.
Comprehensive and Proactive: Bahrain has adopted a comprehensive regulatory framework for virtual asset services....
Comprehensive and Proactive: Bahrain has adopted a comprehensive regulatory framework for virtual asset services. It was one of the first countries globally to implement a dedicated, holistic licensing and supervisory regime for virtual asset businesses, moving beyond just AML/CFT concerns to cover market conduct, consumer protection, governance, and technology risks.
Central Bank of Bahrain (CBB): The CBB is the sole regulatory authority responsible for licensing and supervising...
Central Bank of Bahrain (CBB): The CBB is the sole regulatory authority responsible for licensing and supervising virtual asset service providers (VASPs) and activities in Bahrain.
Treatment of Crypto: The National Bureau for Revenue (NBR) is the tax authority responsible for VAT. The VAT trea...
Treatment of Crypto: The National Bureau for Revenue (NBR) is the tax authority responsible for VAT. The VAT treatment of virtual assets in Bahrain generally follows international principles, but specific detailed guidance from the NBR on all nuances of crypto assets is not extensively published.
The primary legislative and regulatory framework specific to crypto assets comes from the Central Bank of Bahrain (...
The primary legislative and regulatory framework specific to crypto assets comes from the Central Bank of Bahrain (CBB), which has issued comprehensive regulations for Crypto-Asset Service Providers (CASPs). These regulations cover licensing, governance, risk management, cybersecurity, and AML/CFT requirements, but they are regulatory, not tax-specific.
Adopted: Yes, the principles of the FATF Travel Rule are adopted and integrated into Bahrain's regulatory framewo...
Adopted: Yes, the principles of the FATF Travel Rule are adopted and integrated into Bahrain's regulatory framework for Crypto-Asset Service Providers (CASPs) licensed by the CBB. While not explicitly termed "Travel Rule" in every section, the requirements for originator and beneficiary information collection and transmission are mandated.
Legislation/Guidance: The primary regulatory framework is the CBB Rulebook, Volume 6 – Capital Markets, Crypto-...
Legislation/Guidance: The primary regulatory framework is the CBB Rulebook, Volume 6 – Capital Markets, Crypto-assets (CA) Module.
The CBB's comprehensive regulatory framework for crypto-assets came into effect in 2019. This framework included ...
The CBB's comprehensive regulatory framework for crypto-assets came into effect in 2019. This framework included stringent AML/CFT obligations for CASPs, encompassing requirements aligned with the Travel Rule principles.
The CBB's framework covers all entities licensed as Crypto-Asset Service Providers (CASPs). The CA Module defines...
The CBB's framework covers all entities licensed as Crypto-Asset Service Providers (CASPs). The CA Module defines various regulated crypto-asset activities, including:
Monetary Fines: Substantial financial penalties imposed on the CASP and/or its senior management.
Monetary Fines: Substantial financial penalties imposed on the CASP and/or its senior management.
Administrative Sanctions: Public reprimands, warnings, and specific directives to rectify deficiencies.
Administrative Sanctions: Public reprimands, warnings, and specific directives to rectify deficiencies.
Individual Accountability: Senior management and board members can be held personally accountable and face indivi...
Individual Accountability: Senior management and board members can be held personally accountable and face individual sanctions, including disqualification from holding similar positions.
Subsequent Amendments and Regulations: The law is subject to updates and specific regulations issued by relevant ...
Subsequent Amendments and Regulations: The law is subject to updates and specific regulations issued by relevant authorities, primarily the Financial Intelligence Unit (FIU) and the Central Bank.
Banque de la République du Burundi (BRB) – The Central Bank of Burundi:
Banque de la République du Burundi (BRB) – The Central Bank of Burundi:
Central Bank Warnings: The Banque de la République du Burundi (BRB) has previously issued warnings about the risk...
Central Bank Warnings: The Banque de la République du Burundi (BRB) has previously issued warnings about the risks associated with cryptocurrencies. These warnings typically advise the public that cryptocurrencies are not recognized as legal tender and are not regulated by the BRB, meaning users lack consumer protection from the central bank.
Banque de la République du Burundi (BRB) - Official Website: As the primary financial regulator, any official sta...
Banque de la République du Burundi (BRB) - Official Website: As the primary financial regulator, any official statements would originate here. However, direct official statements regarding cryptocurrency regulation are often not easily archived or translated on their public site.
Bank of the Republic of Burundi Communiqué (March 2019): This is the most significant regulatory action. The BRB ...
Bank of the Republic of Burundi Communiqué (March 2019): This is the most significant regulatory action. The BRB issued a communiqué warning the public against the use and trading of virtual currencies, highlighting the risks of fraud, money laundering, terrorist financing, and market manipulation. It explicitly stated that cryptocurrencies are not recognized as legal tender or a regulated financial product in Burundi and that local banks and financial institutions are prohibited from facilitating transactions involving them. This communal acts as a de facto ban within the formal financial system.
Communiqué of the Banque de la République du Burundi (BRB) on Cryptocurrencies (e.g., 2021/2018):
Communiqué of the Banque de la République du Burundi (BRB) on Cryptocurrencies (e.g., 2021/2018):
Central Bank of West African States (BCEAO): While the BCEAO is the central bank for UEMOA member states and regu...
Central Bank of West African States (BCEAO): While the BCEAO is the central bank for UEMOA member states and regulates traditional financial institutions, it has issued warnings and statements regarding cryptocurrencies. It would likely be involved in any future licensing or specific regulatory framework for VASPs in the region.
Pending Custody Legislation: There is no publicly available information or announced pending legislation in Benin...
Pending Custody Legislation: There is no publicly available information or announced pending legislation in Benin or by the BCEAO specifically aimed at creating a regulatory framework for crypto asset custody. Any future regulation is more likely to focus on restricting or monitoring crypto activities further, or potentially integrating them under general AML/CFT (Anti-Money Laundering/Combating the Financing of Terrorism) frameworks without necessarily creating a dedicated custody license.
No Dedicated Licensing Regime: The BCEAO has not established a specific framework for licensing Virtual Asset Ser...
No Dedicated Licensing Regime: The BCEAO has not established a specific framework for licensing Virtual Asset Service Providers (VASPs) such as crypto exchanges, custody providers, or payment processors that deal directly with virtual assets.
Warnings and Prohibitions: The BCEAO has consistently issued communiqués warning the public about the risks of vi...
Warnings and Prohibitions: The BCEAO has consistently issued communiqués warning the public about the risks of virtual assets and has, at times, explicitly prohibited regulated financial institutions (banks, electronic money institutions) from engaging in activities involving cryptocurrencies.
Grey Area for Unregulated Entities: While regulated financial institutions are restricted, purely crypto-to-crypt...
Grey Area for Unregulated Entities: While regulated financial institutions are restricted, purely crypto-to-crypto platforms or entities operating outside the traditional financial system may exist, but they do so without a specific regulatory framework, licensing, or legal protection from the BCEAO. They are also exposed to general AML/CFT laws.
The BCEAO has been actively exploring the possibility of issuing its own Central Bank Digital Currency (CBDC), of...
The BCEAO has been actively exploring the possibility of issuing its own Central Bank Digital Currency (CBDC), often referred to as the "e-CFA."
This initiative is distinct from private stablecoins. A BCEAO-issued CBDC would be legal tender, fully backed and gua...
This initiative is distinct from private stablecoins. A BCEAO-issued CBDC would be legal tender, fully backed and guaranteed by the central bank, and integrated into the existing monetary system.
The exploration of an e-CFA suggests the BCEAO recognizes the benefits of digital currencies for financial inclusion,...
The exploration of an e-CFA suggests the BCEAO recognizes the benefits of digital currencies for financial inclusion, efficiency, and potentially cross-border payments, but strictly within a central bank-controlled framework.
The introduction of an e-CFA could, over time, diminish the perceived utility or demand for private stablecoins withi...
The introduction of an e-CFA could, over time, diminish the perceived utility or demand for private stablecoins within the formal financial ecosystem of the UEMOA, as the central bank would offer a trusted, regulated digital alternative to physical cash.
De Facto Ban for Financial Institutions: The BCEAO has consistently adopted a cautious, if not outright prohibiti...
De Facto Ban for Financial Institutions: The BCEAO has consistently adopted a cautious, if not outright prohibitive, stance towards cryptocurrencies for financial institutions under its jurisdiction. This means commercial banks, microfinance institutions, and other regulated financial service providers in Benin (and other WAEMU countries) are generally prohibited from engaging in, facilitating, or holding virtual asset transactions.
Crypto Exchanges: Due to the BCEAO's directives, no regulated or licensed cryptocurrency exchanges can legally ...
Crypto Exchanges: Due to the BCEAO's directives, no regulated or licensed cryptocurrency exchanges can legally operate in Benin. Financial institutions are prohibited from providing banking services to crypto businesses, making it virtually impossible for formal exchanges to function.
Role: AMBD is the central bank and the primary financial regulator in Brunei Darussalam. It is responsible for th...
Role: AMBD is the central bank and the primary financial regulator in Brunei Darussalam. It is responsible for the regulation and supervision of all financial institutions for AML/CFT compliance, including virtual asset service providers. AMBD also houses the Financial Intelligence Unit (FIU) for Brunei.
Example (from AMBD, predecessor to BDCB): In 2018, AMBD issued an advisory warning the public about the risks ass...
Example (from AMBD, predecessor to BDCB): In 2018, AMBD issued an advisory warning the public about the risks associated with investing in virtual currencies. While this specific advisory might be archived, it reflects the consistent stance of the regulator.