Custodial wallet / SaaS in Burkina Faso

Custody and administration of virtual assets is expressly one of the enumerated PSAV activities in art. 2-51 of Loi n°046-2024/ALT du 30 décembre 2024, and art. 58 subjects it to prior agrément or autorisation. The regime is nevertheless dormant: art. 59 leaves the substantive custody requirements to competent authorities that Burkina Faso has not designated.

A statutory licensing requirement for VASPs does exist in Burkina Faso: art. 58 of Loi n°046-2024/ALT du 30 décembre 2024 prohibits carrying on the professional activity of prestataire de services d'actifs virtuels without prior agrément or autorisation from the competent authority, and art. 3 lists PSAV among the assujettis. What is true is that the regime is not yet operational: art. 59 defers all PSAV-specific requirements to 'les autorités compétentes' and no competent authority has been designated in Burkina Faso, so no agrément can currently be applied for or granted.

No specific regulatory framework for VASPs.

Implication for VASPs: This means that entities wishing to operate as crypto exchanges, custody providers, or payment processors in Burkina Faso (or any UEMOA country) will face significant challenges, primarily the inability to obtain banking services from regulated financial institutions within the UEMOA zone. This effectively makes it extremely difficult, if not impossible, to operate legally and effectively.

Burkina Faso DOES have a national legislative framework covering virtual assets: Loi n°046-2024/ALT du 30 décembre 2024 defines 'actif virtuel' (art. 2-2) and 'prestataire de services d'actifs virtuels' (art. 2-51), makes PSAV assujettis (art. 3), and provides at art. 58 that 'Nul ne peut se livrer à l'activité professionnelle de prestataire de services d'actifs virtuels s'il n'a pas obtenu l'agrément ou l'autorisation préalable de l'autorité compétente.' It is however not operational: no autorité compétente has been designated and no implementing text exists. Separately, no BCEAO instrument imposing a 'blanket prohibition' on regulated institutions facilitating virtual assets could be located, so there was no ban to 'evolve' from; BCEAO's position is that crypto-assets are not currency, not legal tender and not regulated (Governor Kassi Brou, 22 July 2026), and it created a crypto-asset regulatory drafting committee announced 8 May 2026.

Local Presence: Any legally registered business in Burkina Faso would require a local presence and incorporation under Burkinabe law.

BCEAO's 15 New Instructions on External Financial Relations (implementing Regulation No. 06/2024/CM/UEMOA), effective August 1, 2025

Entities operating in this space do so in a legal grey area, exposed to regulatory risks, potential legal challenges, and lack of consumer protection.

AML/CFT law does apply, but the framing is now wrong twice over. First, Burkina Faso's AML/CFT law is no longer merely 'general' as regards crypto: Loi n°046-2024/ALT du 30 décembre 2024 names prestataires de services d'actifs virtuels among the assujettis at art. 3 and devotes arts. 58-59 to them. Second, CENTIF is the financial intelligence unit that receives and analyses suspicious-transaction reports (art. 60); it does not 'oversee' or supervise assujettis — supervision and administrative sanction lie with the autorité de contrôle.

No 'Loi n° 024-2016/AN du 20 mai 2016' exists. Burkina Faso's 2016 AML/CFT statute is Loi n° 016-2016/AN du 3 mai 2016 relative à la lutte contre le blanchiment de capitaux et le financement du terrorisme (cited throughout the 2023 GIABA follow-up report), and it transposed UEMOA Directive n° 02/2015/CM/UEMOA rather than FATF/GIABA recommendations directly. That regime has since been replaced: Loi n° 046-2024/ALT du 30 décembre 2024 transposes the UMOA loi uniforme LBC/FT/FP of 31 March 2023 and covers virtual assets expressly, so VASP coverage no longer depends on interpreting 'financial institution' — art. 2 point 2 defines 'actif virtuel', art. 2 point 51 defines 'prestataire de services d'actifs virtuels (PSAV)', art. 3 makes PSAV assujettis, and art. 58 forbids professional PSAV activity without prior agrément or autorisation from the competent authority (no such authority has yet been designated in Burkina Faso).

AML-related identification and verification of identity generally requires collecting and verifying key personal data (such as full name, date of birth, and address) and confirming it through reliable sources, which may include a single government‑issued photo ID or a mix of documentary and electronic methods; a rigid requirement for two physical forms of identification is not a universal or current standard.

For natural persons in the US: Full name, date of birth, place of birth, address, nationality, and official identification document number(s) from reliable, independent sources (such as state-issued driver's license, passport, or Social Security number). Verification must use reliable, independent source documents. Note: The US has no national ID card; verification relies on a decentralized system of state and federal documents. Validity period requirements vary by document type and regulatory context.

For legal entities: Name, legal form, address (registered office and current operational address if different), registered office, official registration number, constitutional documents (e.g., articles of incorporation, bylaws, memorandum and articles of association), and identification of individuals authorized to act on behalf of the entity.

Beneficial Ownership Identification: Identify and take reasonable measures to verify the identity of the beneficial owner(s) of the customer. This includes understanding the ownership and control structure of legal persons and arrangements.

Ongoing Monitoring: Conduct ongoing due diligence on the business relationship and scrutiny of transactions undertaken throughout the course of that relationship to ensure that the transactions are consistent with the VASP's knowledge of the customer, their business, and risk profile.

Risk-Based Approach: Apply enhanced due diligence (EDD) for high-risk customers or transactions (e.g., Politically Exposed Persons - PEPs, complex transactions, transactions from high-risk jurisdictions). Simplified due diligence (SDD) may be applied in low-risk scenarios, but not to the extent of foregoing identification entirely.

VASPs are obligated to report any transaction or activity that they suspect to be related to money laundering or terrorist financing, regardless of the amount.

The report must be made promptly to the Financial Intelligence Unit (FIU) of Burkina Faso.

"Tipping off" (informing the customer or a third party that an STR has been filed or that an investigation is underway) is strictly prohibited.

All necessary records of transactions, both domestic and international, to enable their reconstruction.

Records of the information obtained through CDD measures (copies of identification documents, account files, business correspondence).

Records pertaining to suspicious transaction reports filed.

The name is wrong: CENTIF stands for 'Cellule Nationale de Traitement des Informations Financières', not 'Centrale Nationale' (spelled out at art. 2 point 18 of Loi n° 046-2024/ALT). The functional description is otherwise correct — CENTIF is Burkina Faso's FIU, receives declarations de soupçon (art. 60), analyses them and disseminates to law enforcement. But the last sentence overstates its role: supervisory compliance enforcement and administrative sanctions sit with each sector's 'autorité de contrôle' (art. 182 of the uniform law scheme), not with CENTIF.

BCEAO's public position is confirmed as of July 2026 — Governor Jean-Claude Kassi Brou: 'Ce n'est pas une monnaie. Ce n'est pas réglementé. Donc soyez prudents' — and BCEAO has taken no entity-specific enforcement action in Burkina Faso. But 'not regulated' now needs qualification: since 30 December 2024, Loi n° 046-2024/ALT art. 58 makes it unlawful to carry on professional PSAV activity in Burkina Faso without prior agrément or autorisation, and PSAV are assujettis to the full AML/CFT regime (art. 3). What does not exist is an operational regime: no competent authority has been designated under art. 59, so no licence can actually be obtained. BCEAO created the C-CRYPTO drafting committee and held its international crypto-assets conference in Dakar on 8 May 2026; a framework is in preparation with no published timeline.

Correct that Burkina Faso has no operational crypto framework — no licensing regime, no designated crypto regulator, no prudential or conduct rules — but no longer correct that crypto entities are undefined in national law. Loi n° 046-2024/ALT du 30 décembre 2024 defines 'actif virtuel' (art. 2 point 2) and 'prestataire de services d'actifs virtuels' (art. 2 point 51, expressly including custody), makes PSAV assujettis (art. 3), and by art. 58 prohibits professional PSAV activity without prior agrément or autorisation from the competent authority. Art. 59 defers all PSAV-specific requirements to that competent authority, which Burkina Faso has not designated — so a criminal/administrative prohibition exists on paper with no route to compliance and no supervisor to enforce it.

Given the junta's crackdown on media and secret detention of journalists in Burkina Faso, local outlets like LeFaso.net and Sidwaya may not be able to freely publish BCEAO warnings without government censorship or reprisal.