Is Crypto Legal in Cameroon?
Overview
Cameroon operates under a de facto prohibition on crypto-asset activities, with no dedicated VASP licensing framework; the Bank of Central African States (BEAC) issued a CEMAC-wide communiqué in May 2022 banning all virtual asset activities, and regulated financial institutions are explicitly barred from holding or facilitating crypto, while Law No. 2016/007 on the Fight against Money Laundering and Terrorism Financing provides the underlying AML/CFT baseline. The Central African Banking Commission (COBAC), BEAC, and the National Financial Investigation Agency (ANIF) collectively oversee financial compliance, but no authorization or registration pathway exists for VASPs, meaning no formal AML/KYC, Travel Rule, or prudential obligations have been defined for crypto businesses. Enforcement of the ban is delegated to national judicial and police authorities, and while practical enforcement has been limited since the 2022 communiqué, operating any crypto service in Cameroon carries legal exposure under both monetary law and the criminal justice system. (minfi.gov.cm)
Regulatory Bodies
The National Agency for Financial Investigation (ANIF) is Cameroon's Financial Intelligence Unit (FIU) responsible for receiving and analyzing suspicious transaction reports (STRs).
The substantive claim is right but the instrument identity is wrong.
Website (if available): ANIF's official presence can sometimes be found via government portals, but a direct, stable public website specifically for ANIF with its regulations can be challenging to locate for some FIUs.
Operating Models
9/9 verdictsCan specific business models operate in Cameroon? Each card answers the operational question for one kind of operator. Curated cells reflect counsel-grade review; AI-generated cells should be confirmed before relying on them.
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AI · UnreviewedPrimary Legislation
| Law / Regulation | Year | Scope |
|---|---|---|
| Cameroonian Anti-Money Laundering Act | 2024 | There is no 'Cameroonian Anti-Money Laundering Act'. |
Licensing Requirements
The CFA Franc in Cameroon is currently stable with active institutional support and no immediate threat of devaluation, though fiscal and external pressures require continued monitoring.
Financial Stability: Risks to the stability of the financial system.
Consumer Protection: High volatility and lack of recourse for users.
Anti-Money Laundering (AML) / Combating the Financing of Terrorism (CFT): Potential for illicit activities due to anonymity.
Lack of Legal Tender Status: Cryptocurrencies are not recognized as legal tender within the CEMAC zone.
This was true when written but is no longer. A legal framework exists: Reglement n° 01/22/CEMAC/UMAC/CM/COSUMAF du 21 juillet 2022 (in force 1 August 2022) introduced 'jetons numeriques' and 'actifs numeriques' into CEMAC market law (arts. 76 and 160), and the COSUMAF Reglement general du 23 mai 2023 (in force 24 May 2023) created the PSAN regime — exploitation d'une plateforme de negociation d'actifs numeriques is an enumerated service requiring COSUMAF agrement. Reglement n° 02/24/CEMAC/UMAC/CM du 20 decembre 2024, art. 42(1), separately forbids exercising VASP activity without prior approval. What remains true is the practical conclusion: no implementing instructions have been issued, no licensed PSAN is publicly known, and COBAC D-2022/071 still denies exchanges access to banking services.
Second half is correct: COBAC-supervised institutions (banks, microfinance, payment institutions, bureaux de change) are prohibited by Decision COBAC D-2022/071 from holding, exchanging or converting crypto-assets, so regulated-sector custody is indeed impossible. First half is wrong as of 2026: 'conservation d'actifs numeriques pour le compte de tiers' is an enumerated PSAN service under the COSUMAF Reglement general du 23 mai 2023 and requires COSUMAF agrement, and the CEMAC VASP definition in Reglement n° 02/24/CEMAC/UMAC/CM expressly covers safekeeping of virtual assets.
Substantially right, with the issuer mis-stated. Payment services and e-money in CEMAC are governed by Reglement n° 04/18/CEMAC/UMAC/COBAC du 21 decembre 2018 relatif aux services de paiement dans la CEMAC (with COBAC prudential norms, e.g. Reglement COBAC R-2019/02 for etablissements de paiement); the licensing/prudential authority is COBAC, not BEAC alone. Etablissements de paiement are among the assujettis covered by COBAC D-2022/071 and so may not handle crypto-assets, and there is indeed no crypto-specific payment licence at the COBAC layer.
A VASP/PSAN authorisation regime does exist and covers Cameroon, at CEMAC level. (i) The COSUMAF Reglement general du 23 mai 2023 (in force 24 May 2023) creates the prestataire de services sur actifs numeriques status, defines jetons numeriques functionally (art. 336: 'tout bien incorporel representant, sous forme numerique, un ou plusieurs droits'), reserves digital-token placement to PSAN, and requires COSUMAF agrement for buying/selling digital assets against legal currency, third-party custody, operating a trading platform, order reception/transmission, portfolio management, advice and placement. (ii) Reglement n° 02/24/CEMAC/UMAC/CM du 20 decembre 2024 defines 'actifs virtuels' and 'prestataires de services d'actifs virtuels', makes them assujettis, and at art. 42(1) provides that no one may carry on VASP activity professionally without prior approval or authorisation from the competent authority (art. 39: 10-year record retention; art. 42(5)(a): originator/beneficiary travel-rule information). The record's practical conclusion is nevertheless close to reality: no implementing instructions have been published, no PSAN agrement is publicly known, and COBAC D-2022/071 continues to prohibit supervised institutions from any crypto dealing. The accurate framing is 'a regime exists in law but is not operational', not 'no regime exists'.
Entities seeking to operate in the crypto space would likely face a lack of legal recognition and significant operational hurdles, particularly concerning banking relationships.
Capital Requirements: For financial institutions, BEAC and COBAC impose strict capital requirements (e.g., minimum capital for banks, microfinance institutions, payment institutions). Any future VASP license would likely have similar prudential requirements.
Loi n° 2016/007 du 12 juillet 2016 is Cameroon's PENAL CODE (portant Code Pénal), not an AML/CFT law. Cameroon has no free-standing 2016 AML statute: AML/CFT in Cameroon is governed by the directly applicable CEMAC instrument — Règlement n° 02/24/CEMAC/UMAC/CM du 20 décembre 2024 (signed at Libreville), which revises Règlement n° 01/CEMAC/UMAC/CM du 11 avril 2016. The national layer consists of implementing acts, principally Décret n° 2005/187 du 31 mai 2005 creating ANIF.
The National Agency for Financial Investigation (ANIF) is Cameroon's Financial Intelligence Unit (FIU) responsible for receiving and analyzing suspicious transaction reports (STRs).
Any future crypto regulation would undoubtedly incorporate robust AML/KYC obligations, likely aligned with FATF recommendations, including customer identification, transaction monitoring, and STR filing.
Local Presence: For most regulated financial activities in Cameroon, a local corporate entity and physical presence are mandatory. This would likely extend to any future crypto licensing.
The BEAC website now provides a dedicated, directly accessible page for all its press releases at https://www.beac.int/beac/communiques-de-presse/, making persistent links to official communiqués readily available rather than challenging to find.
Reference: Banque des États de l'Afrique Centrale, Communiqué on Cryptocurrencies, December 10, 2021.
News articles and legal analyses referencing post-election violence and a constitutional crisis in Cameroon are already published and available.
Example (illustrative, not official BEAC link): African Legal Network blog referencing BEAC's stance: https://www.africanlegalnetwork.com/media/cemac-the-central-bank-bans-the-use-of-crypto-currencies-in-the-cemac-zone-alns-monthly-newsletter/ (Note: This is a third-party legal analysis, not the BEAC official site itself, but accurately reflects the directive).
Law No. 2016/007 of 12 July 2016 on the Fight against Money Laundering and Terrorist Financing:
This is the general AML/CFT law in Cameroon. Official government portals may host it.
Reference: Law No. 2016/007 of 12 July 2016 on the Fight against Money Laundering and Terrorist Financing in Cameroon.
Finding a direct, public PDF link can be variable, but it's the foundational AML law.
For general information on monetary policy and financial regulation in the CEMAC region.
Oversees financial institutions in the CEMAC zone.
Security Tokens: These are tokens explicitly designed to represent traditional financial assets such as:
Units in collective investment undertakings (funds).
Rights to future profits or revenue streams.
Real estate or other tangible assets.
COSUMAF is the competent CEMAC authority for tokenised financial instruments, but not on the basis the record implies. Règlement n° 01/22/CEMAC/UMAC/COSUMAF du 21 juillet 2022 (in force 1 August 2022) and the COSUMAF Règlement Général adopted 23 mai 2023 create a distinct statutory category — 'jeton' / 'actif numérique' (bien incorporel représentant, sous forme numérique, un ou plusieurs droits, émis/inscrit/transféré via un dispositif d'enregistrement électronique partagé) — and a new class of market intermediary, the prestataire de services sur actifs numériques (PSAN), whose services (conservation d'actifs numériques, achat-vente contre monnaie ayant cours légal, exploitation d'une plateforme de négociation, réception-transmission d'ordres, gestion de portefeuille, conseil, placement) require prior COSUMAF agrément. Classification is by these formal categories, not by an economic-substance/Howey test, and tokens over real estate or other tangible assets are not thereby 'unequivocally securities'. The PSAN regime also remains partly unimplemented: COSUMAF has published no PSAN-specific instruction fixing capital or procedural conditions.
Investment-Contract Tokens (Hybrid Tokens): Tokens that may offer some utility but are primarily marketed or structured with an expectation of profit derived from the efforts of others (the issuer or project team). If the primary driver for acquiring the token is investment rather than immediate consumption or use of a service, it will likely be treated as a security. This is where the "substance over form" analysis is crucial.
Stablecoins: Depending on their structure, stablecoins could be considered securities if they are managed by a third party with an expectation of profit for investors, or if they represent a claim on a basket of assets that itself qualifies as a financial instrument. However, they are more often viewed through a monetary or payment lens by the BEAC.
Tokens Generally NOT Considered Securities (but may face other regulations):
Cryptocurrencies are not legal tender anywhere in the CEMAC zone: only the franc CFA BEAC (XAF) is legal tender, and BEAC has issued public warnings on the speculative nature of crypto-assets. The binding instrument, however, is COBAC Décision D-2022/071 du 6 mai 2022, which prohibits COBAC-supervised institutions (établissements de crédit, EMF, établissements de paiement, changeurs manuels) from acquiring, holding, transferring, converting or booking cryptocurrencies and requires them to detect and report such operations to COBAC and BEAC. It does not bind private persons. Separately, native cryptocurrencies such as Bitcoin and Ether fall outside the 'jeton numérique' definition of Règlement n° 01/22/CEMAC/UMAC/CM/COSUMAF, so they are not securities — but services on them are caught by the PSAN regime, which is a licensing regime, not mere 'monetary policy scrutiny'.
Pure Utility Tokens: Tokens that provide immediate access to a specific product or service, without an inherent expectation of profit from the issuer's efforts, are generally not considered securities. However, if they are marketed for future appreciation or grant rights akin to an investment, they could be reclassified.
Correct in substance but the CEMAC term is a 'visa', not an 'authorization'. Under Règlement n° 01/22/CEMAC/UMAC/CM/COSUMAF du 21 juillet 2022 and the COSUMAF Règlement Général adopté le 23 mai 2023 (687 articles, en vigueur le 24 mai 2023, abrogeant le RG du 23 juillet 2008), any appel public à l'épargne in the CEMAC zone requires a prior COSUMAF visa on a document d'information; art. 76 of Règlement n° 01/22 extends the appel-public-à-l'épargne regime to jetons numériques, so token offerings are caught. COSUMAF has 60 business days to examine, extendable by 30 (RG art. 157). Native cryptocurrencies (Bitcoin, Ether), which are not 'jetons numériques', are not caught by the visa regime — they are caught by the separate PSAN regime.
The CEMAC instrument is a 'document d'information', not a 'prospectus'. RG COSUMAF du 23 mai 2023, art. 130: 'le document d'information doit contenir toutes les informations nécessaires' to allow investors to assess the issuer and the instruments. COSUMAF adopted, on 5 décembre 2023, dedicated instructions on the 'modalités de dépôt et contenu du dossier d'appel public à l'épargne' and on the 'contenu du document d'information des valeurs mobilières'. Examination: 60 business days, extendable 30 (art. 157).
Details of the issuer (legal form, management, financial situation).
Description of the token/security being offered.
Information on the project or underlying assets.
Risks associated with the investment.
Ongoing Reporting: Issuers of authorized securities are subject to ongoing reporting obligations, including financial statements and significant event disclosures.
Exemptions: The regulation provides for certain exemptions from the prospectus requirement, similar to traditional securities laws. These typically include:
Private placements: Offerings made only to qualified investors or a limited number of persons.
Offerings below a certain monetary threshold (the regulation specifies thresholds, e.g., for offers whose total value is less than 50 million CFA francs within a 12-month period).
Offerings to existing employees under certain conditions.
The second sentence is correct: no COSUMAF-regulated crypto-asset venue exists. COSUMAF had, as of 29 June 2025, issued no PSAN agrément at all — 'À ce jour, aucun agrément n'a encore été délivré' — because the implementing instruction on PSAN licensing (dossier content, minimum capital, fees, timelines) has still not been published; none of the ten instructions adopted 5 décembre 2023 concerns PSAN. The first sentence is wrong to call the regime 'theoretical': Règlement n° 01/22/CEMAC/UMAC/CM/COSUMAF (arts. 145-191) and the RG du 23 mai 2023 create a real, in-force licensing regime; what is missing is the implementing instruction, not the rule. BVMAC (Douala) is the single regional exchange.
Market Conduct Rules: Rules against market manipulation, insider trading, and other illicit practices would apply.
Intermediaries: Any entity acting as a broker, dealer, or custodian for security tokens would need to be licensed and supervised by COSUMAF as a financial market intermediary.
COSUMAF's role is confirmed: it licenses the Dépositaire Central, and adopted an Instruction on the 'conditions et procédure d'agrément du Dépositaire Central' on 5 décembre 2023. BEAC's asserted co-oversight of securities clearing and settlement could not be confirmed from any CEMAC instrument fetched; BEAC's confirmed remit here is monetary and payment-system, not market post-trade supervision. Also, no crypto-asset post-trade infrastructure exists in CEMAC, so the claim is prospective in any event.
The nascent stage of the crypto market in the region.
First half correct: Cameroon has enacted no national crypto-asset statute; the applicable rules are regional. Second half is wrong on the issuer and the instrument type. The binding regional instruments are (i) Règlement n° 01/22/CEMAC/UMAC/CM/COSUMAF du 21 juillet 2022 (in force 1 August 2022), which created the 'actifs numériques' / PSAN category, and its implementing COSUMAF Règlement Général du 23 mai 2023 — both COSUMAF/UMAC Comité Ministériel instruments, not BEAC — and (ii) COBAC Décision D-2022/071 du 6 mai 2022 for supervised credit and payment institutions. CEMAC/UMAC legislates by règlement, décision and instruction; 'directives from BEAC' is not an instrument category in this union, and BEAC's own contribution is warnings and legal-tender statements, not binding crypto rules.
The fact that most crypto activities might not clearly fall under the "securities" definition and are often addressed by the Central Bank (BEAC) from a monetary stability and consumer protection perspective.
No three-month grace period exists in COSUMAF's documented enforcement practice. COSUMAF's communiqué of 23 octobre 2020 was an immediate prohibition — no PSAN may offer digital-asset custody, buying/selling, platform operation, portfolio management or advice, and 'toute entité ou personne se livrant au démarchage du public s'expose à des poursuites' — with no transition window. COSUMAF's later public warning naming 17 entities (Global Investment Trading, Petronpay Cameroon, Stakexchange, GTX Invest and others) likewise set no deadline; it restated that any activity involving public solicitation of funds requires prior COSUMAF agrément. The record's own id ('cease-and-desist-orders-immediate') contradicts its text ('after a grace period').
Significant monetary penalties are enforced across various sectors, such as telecommunications and trade, with penalties varying according to the nature of the violation.
Legal Proceedings: Potential criminal charges for illegal public offerings.
BEAC has repeatedly and publicly warned that cryptocurrencies have no legal-tender status in CEMAC and are neither issued nor guaranteed by the central bank (Governor Abbas Mahamat Tolli, monetary policy committee, 18 November 2022; and his letter of 29 April 2022 to the CAR Finance Minister objecting to CAR's bitcoin legal-tender law). However, no 'Communiqué de Presse n° 001/GR/2021 du 10 décembre 2021' appears on BEAC's own communiqués index, and BEAC does not number press releases in an 'nnn/GR/yyyy' format. The binding CEMAC instruments are the COBAC decision D-2022/071 of 6 May 2022 and Règlement n° 01/22/CEMAC/UMAC/CM/COSUMAF of 21 July 2022 — not a 2021 press release. The claim's closing remark that this is 'not directly about securities classification' is also stale: COSUMAF has regulated actifs numériques since 2022-2023.
No 'Règlement N° 04/CM/COSUMAF/2019 du 07 Octobre 2019' exists; COSUMAF does not use that numbering format and the text is absent from COSUMAF's own and CEMAC's registers. Public offerings of securities in CEMAC (and therefore in Cameroon) are governed by Règlement n° 01/22/CEMAC/UMAC/CM/COSUMAF du 21 juillet 2022 portant organisation et fonctionnement du marché financier de l'Afrique Centrale (in force 1 August 2022), implemented by the Règlement Général de la COSUMAF adopté le 23 mai 2023 (687 articles), which abrogated the previous Règlement Général du 23 juillet 2008. Both replaced the Règlement n° 06/03-CEMAC-UMAC-CM du 12 novembre 2003 framework. The 2022 règlement and the 2023 RG are also what create the PSAN (digital-asset service provider) licensing regime — arts. 144 and 160.
AML/KYC Requirements
The substantive claim is right but the instrument identity is wrong. There is no "Regulation No. 02/CEMAC/UMAC/CM/22" and no 2022 CEMAC AML regulation. The instrument is Reglement n° 02/24/CEMAC/UMAC/CM, signed at Libreville on 20 December 2024 (CEMAC/UMAC Ministerial Committee, extraordinary session), effective on signature and abrogating all contrary provisions of Reglement n° 01/CEMAC/UMAC/CM du 11 avril 2016. It does define virtual assets - art. 2(72): "Digital representation of a value that can be digitally traded, transferred or used for payment or investment purposes... does not include digital representations of fiat currencies, securities and other financial assets already covered by specific regulatory provisions" - and defines prestataires de services d'actifs virtuels; art. 6(e) lists "virtual or digital asset service providers" among the assujettis, so VASPs carry the same AML/CFT obligations as financial institutions. It is a FATF-aligned revision (approved by GABAC Plenary Resolution No. 10 of 28 September 2024). The 2022 CEMAC instrument that touches digital assets is a different one: Reglement n° 01/22/CEMAC/UMAC/CM/COSUMAF du 21 juillet 2022 on the regional financial market.
Loi n° 2016/007 du 12 juillet 2016 is Cameroon's Code Penal, not an AML/CFT law, and it did not create ANIF. Cameroon has no standalone national AML/CFT statute: the framework is the directly applicable CEMAC regulation - today Reglement n° 02/24/CEMAC/UMAC/CM du 20 decembre 2024, previously Reglement n° 01/CEMAC/UMAC/CM du 11 avril 2016 and before that Reglement n° 01/03-CEMAC-UMAC-CM du 4 avril 2003 - supplemented for supervised financial institutions by Reglement COBAC R-2023/01 on LBC/FT diligences (in force 1 July 2024). ANIF was created by Decret n° 2005/187 du 31 mai 2005 (organisation and functioning of the Agence Nationale d'Investigation Financiere), operational since January 2006 and attached to the Ministere des Finances; its regional legal basis is art. 25 of Reglement n° 01/03-CEMAC-UMAC-CM, which instituted an ANIF in every Central African state.
COBAC (Commission Bancaire de l'Afrique Centrale) is correctly identified as the CEMAC banking supervisor, but it has not merely 'may eventually' addressed crypto - it acted first and most restrictively in the zone. Decision COBAC D-2022/071 du 6 mai 2022 bars COBAC-supervised entities (credit institutions, microfinance establishments, payment institutions and bureaux de change) from acquiring, holding, transferring or converting cryptocurrencies/crypto-assets for own account or for clients, from keeping accounts denominated in cryptocurrency and from carrying them on the balance sheet, and requires internal detection controls plus reporting of detected crypto operations to COBAC and BEAC. COBAC's AML rulebook is Reglement COBAC R-2023/01 on the LBC/FT diligences of assujettis (in force 1 July 2024). Also, VASP obligations in Cameroon do not flow from 'national AML laws' (there are none) but from the CEMAC regulation, Reglement n° 02/24/CEMAC/UMAC/CM, art. 6(e); and VASP/PSAN *licensing* is COSUMAF's competence, not COBAC's.
Reporting Body: Reports must be made to the Agence Nationale d'Investigation Financière (ANIF), Cameroon's FIU.
Immunity: VASPs and their employees are protected from civil or criminal liability for disclosing information in good faith to ANIF, even if they were unaware of the exact nature of the underlying criminal activity.
The retention period is ten (10) years, not five. Art. 39 of Reglement n° 02/24/CEMAC/UMAC/CM du 20 decembre 2024: assujettis "keep records and documents relating to the identity of their regular or occasional customers for a minimum period of ten (10) years from the closure of their accounts or the termination of their relationships".
Agence Nationale d'Investigation Financière (ANIF) – Cameroon's Financial Intelligence Unit.
ANIF reçoit, analyse et enrichit les déclarations de soupçon des professions assujetties et transmet les rapports au Procureur de la République compétent (art. 105 du Règlement n° 02/24/CEMAC/UMAC/CM). En revanche ANIF n'est pas l'autorité de contrôle des assujettis : le contrôle et les sanctions relèvent des 'autorités de contrôle' (art. 11) — COBAC pour les banques, EMF et établissements de paiement, COSUMAF pour le marché financier — et l'agrément préalable des prestataires de services d'actifs virtuels relève de 'l'autorité compétente' de chaque État (art. 42), non désignée au Cameroun à ce jour.
Le Cameroun n'est pas membre du GAFI ; il est membre du GABAC, l'organisme régional de type GAFI de la CEMAC (GABAC est membre associé du GAFI). La R.15 et sa note interprétative ont été transposées en droit CEMAC par le Règlement n° 02/24/CEMAC/UMAC/CM du 20 décembre 2024 (définition de l'actif virtuel à l'art. 4, PSAV assujettis à l'art. 6, agrément préalable à l'art. 42) — et non 'through CEMAC' de façon générale. Le Cameroun figure par ailleurs sur la liste de surveillance renforcée du GAFI (liste grise) depuis juin 2023 et y figurait toujours au 19 juin 2026.
Travel Rule
CEMAC does have a virtual-asset travel rule. Règlement n° 02/24/CEMAC/UMAC/CM du 20 décembre 2024 (adopted in extraordinary session at Libreville) defines 'actif virtuel' and 'prestataire de services d'actifs virtuels' in art. 2, lists PSAV among the personnes assujetties in art. 6, and in art. 42 ('mesures spécifiques aux prestataires de services d'actifs virtuels') requires that, for a virtual-asset transfer, the originator's PSAV obtain and keep the required and accurate originator information and the required beneficiary information and transmit it to the beneficiary's PSAV — the FATF R.16 travel rule applied to virtual assets. Arts. 36–38 impose the parallel originator/beneficiary rules on virements électroniques by institutions financières. Being a CEMAC règlement, it is directly applicable in Cameroon without national transposition. The stated reason is also false: virtual-asset activity is not prohibited in Cameroon. Décision COBAC D-2022/071 du 6 mai 2022 binds only COBAC-supervised establishments (banks, établissements financiers, EMF, établissements de paiement, bureaux de change manuel); it is not a general public ban, and the COSUMAF Règlement Général du 23 mai 2023 positively creates a PSAN licensing regime. What is true is that no PSAN/PSAV agrément had been granted anywhere in CEMAC as of 29 June 2025, so the travel rule exists on paper with no licensed obligated entity to apply it.
No 'BEAC Communiqué No. 003/GR/2022' exists. The real May 2022 act is the Décision COBAC D-2022/071 du 6 mai 2022 relative à la détention, l'utilisation, l'échange et la conversion des cryptomonnaies ou cryptoactifs par les établissements assujettis à la COBAC. It was issued by COBAC (the CEMAC banking supervisor), not BEAC; it is an individual decision addressed to supervised establishments, not a règlement of general application; and it prohibits only those establishments from acquiring, holding, transferring, converting or booking crypto-assets, while requiring them to install internal controls to detect crypto operations and to inform COBAC and BEAC. It does not prohibit holding, buying or selling crypto by the general public, and it does not preclude legal VASP operation — the COSUMAF Règlement Général du 23 mai 2023 in fact provides for PSAN agrément. The six-member list of CEMAC states (Cameroon, CAR, Chad, Congo, Equatorial Guinea, Gabon) is correct, as is BEAC's identification as the regional central bank.
The premise fails: virtual-asset activities are not banned in Cameroon, and legally recognised VASP status is provided for — the COSUMAF Règlement Général du 23 mai 2023 makes agrément mandatory for prestataires de services sur actifs numériques (purchase/sale against legal tender, third-party custody, trading platform operation, reception/transmission of orders, portfolio management, advice, placement). The travel rule does have an effective date: it enters CEMAC law with Règlement n° 02/24/CEMAC/UMAC/CM du 20 décembre 2024, art. 42. The accurate statement is that no PSAN agrément had been issued as of 29 June 2025, so the regime is unoperationalised rather than inapplicable.
The substance is right, the attribution is wrong. There was no BEAC communiqué and no general ban: the May 2022 measure was Décision COBAC D-2022/071 du 6 mai 2022, binding only COBAC-supervised establishments. Its practical effect on retail crypto use in Cameroon was indeed limited, and use has continued to grow — Agence Ecofin (29 June 2025) reports an active unregulated parallel market in CEMAC and describes Cameroon, with its young connected population and large diaspora, as a priority market for operators such as Yellow Card, precisely because no PSAN agrément has yet been delivered.
Thresholds do exist and they are denominated in FCFA, not in USD or EUR. Under Règlement n° 02/24/CEMAC/UMAC/CM du 20 décembre 2024: art. 42 provides that 'lorsque le seuil d'opérations occasionnelles dépasse 500 000 FCFA, les PSAV prennent des mesures de vigilance renforcées'; arts. 16 and 18 set a 5 000 000 FCFA threshold for cross-border physical transport of cash and for cash-transaction reporting to ANIF; and art. 36 requires full originator and beneficiary information for ALL virements électroniques with no de minimis. The 'USD/EUR 1,000' figure is imported FATF R.16 boilerplate and is a contamination tell in an XAF jurisdiction.
There is no BEAC ban. Décision COBAC D-2022/071 du 6 mai 2022 reaches only establishments subject to COBAC supervision — banks, établissements financiers, microfinance establishments, payment institutions and manual exchange bureaux — and not 'all entities and individuals'. It does not sweep in exchanges or custodians as such; those fall under the COSUMAF Règlement Général du 23 mai 2023, which requires an agrément rather than prohibiting the activity, and under art. 42 of Règlement n° 02/24/CEMAC/UMAC/CM, which conditions professional PSAV activity on prior agrément or authorisation.
There is no 'BEAC Cryptocurrency Ban'. Operating a virtual-asset business in Cameroon is not per se a violation of any BEAC communiqué. The relevant exposure is different: (a) a COBAC-supervised establishment that deals in crypto breaches Décision COBAC D-2022/071 du 6 mai 2022 and faces COBAC disciplinary sanctions; (b) anyone providing PSAN services without the COSUMAF agrément required by the Règlement Général du 23 mai 2023 acts unlawfully; and (c) art. 42 of Règlement n° 02/24/CEMAC/UMAC/CM du 20 décembre 2024 conditions professional PSAV activity on prior agrément or authorisation. Ordinary individuals transacting in crypto are not caught by any of these.
The conclusion holds but the premise does not. Virtual assets are not illegal in Cameroon. Money laundering and terrorist financing carried out through virtual assets are indeed caught, and more directly than the record supposes: Règlement n° 02/24/CEMAC/UMAC/CM du 20 décembre 2024 — directly applicable in Cameroon without national transposition — defines 'actif virtuel' (art. 2), makes PSAV personnes assujetties (art. 6), imposes PSAV-specific vigilance and the travel rule (art. 42) and 10-year record retention (art. 39), with suspicious-transaction reporting to ANIF. Cameroon has no dedicated national AML/CFT statute of its own; the CEMAC règlement is the framework.
No Cameroonian 'Loi n° 2018/002 du 11 janvier 2018' on money laundering and terrorist financing could be found in any register, and Cameroon has no dedicated national AML/CFT statute at all. Its framework is the directly applicable CEMAC chain — Règlement n° 01/03-CEMAC-UMAC du 4 avril 2003, replaced by Règlement n° 01/CEMAC/UMAC/CM du 11 avril 2016, in turn replaced by Règlement n° 02/24/CEMAC/UMAC/CM du 20 décembre 2024 — supplemented nationally by Décret n° 2005/187 du 31 mai 2005 creating ANIF and by Loi n° 97/019 du 7 août 1997 (narcotics and mutual legal assistance). Cameroonian laws numbered 2018/0xx that do exist are dated 11 July 2018 and concern public-finance transparency, the state financial regime and sport.
The CEMAC AML/CFT framework is not a directive and does not carry that number. The 2003 instrument is Règlement n° 01/03-CEMAC-UMAC du 4 avril 2003 portant prévention et répression du blanchiment d'argent en Afrique Centrale; it was replaced by Règlement n° 01/CEMAC/UMAC/CM du 11 avril 2016 and then by Règlement n° 02/24/CEMAC/UMAC/CM du 20 décembre 2024. The number '01/03-UEAC-092-CM-07' does not appear in CEMAC's own index of règlements et directives, in GABAC's register of textes organiques, or in the Congolese SGG's CEMAC collection. The legal characterisation is also wrong: a CEMAC règlement is directly applicable in member states, so Cameroon is not merely 'expected to implement' it as it would a directive.
BEAC Communiqué No. 003/GR/2022 does not exist. The core document for May 2022 is Décision COBAC D-2022/071 du 6 mai 2022, issued by COBAC and publicised through an official COBAC press release relayed by CEMAC member-state finance ministries. The record's own excuse — that 'a direct, stable public URL from the BEAC website can be elusive' and that existence rests on 'widely reported' secondary coverage — is the standard tell of a fabricated citation, and here it is exactly that.
Cameroon has never been assessed by the FATF. It is a GABAC member. Its mutual evaluation is the GABAC 2nd-round Rapport d'évaluation mutuelle du Cameroun, adopted by the 15th plenary of the GABAC Technical Commission on 21 October 2021 in Douala and published in 2022. There is no 2024 Cameroon MER. That report rates Recommendation 15 (new technologies / virtual assets) 'NC' and finds 'VASPs are not regulated on AML/CFT obligations and due diligence', with a priority action to 'Legislate on virtual assets and designate a competent authority responsible for the licensing and oversight of VASPs'.
Cameroon has been on the FATF list of Jurisdictions under Increased Monitoring ('grey list') since June 2023 and remains listed as of August 2026 — that half is correct. But the GABAC mutual evaluation of Cameroon was adopted on 21 October 2021 and published in 2022, not 2023; and there is no CEMAC-wide mutual evaluation report at all, so the contrast drawn against a 'CEMAC MER' is against a document that does not exist.
Tax Reporting
No Specific Crypto Capital Gains Tax: Cameroon does not have a dedicated capital gains tax on virtual assets.
Wrong on both the existence and the number. Cameroon has no separate capital gains tax on cryptocurrency at all — crypto is absent from the CGI. Where Cameroonian law does tax gains, it does so *inside* the IRPP as a category, not as a separate tax: plus-values on the cession of shares and securities are taxed as revenus de capitaux mobiliers at 16.5% (15% IRCM base + 10% CAC = 16.5%), rising to a 33% liberatory rate where the beneficiary is established in a tax haven (CGI arts. 70-71); plus-values on immovable property are taxed at 5%. There is no 15% headline rate: 15% is the IRCM *base* rate before the mandatory 10% centimes additionnels communaux.
If an individual frequently trades cryptocurrencies, the DGI might consider this a professional activity, and profits would be subject to the progressive Personal Income Tax (PIT) rates.
The progressive PIT rates typically range from 10% to 35% (or higher including surcharges) based on income brackets.
Casual gains from occasional sales might also be subject to PIT.
If a company trades or invests in cryptocurrencies as part of its business operations, any profits (capital gains) would be included in its taxable income and subject to Corporate Income Tax (CIT).
The standard CIT rate in Cameroon is generally 30%, to which a 10% communal tax is usually added, resulting in an effective tax rate of 33%.
Individuals: Profits from individual cryptocurrency mining (e.g., as a self-employed activity) would likely be subject to Personal Income Tax (PIT).
Businesses: Companies engaged in crypto mining would treat the proceeds as business income, subject to Corporate Income Tax (CIT) (30% + 10% communal tax).
These would likely be treated as taxable income, similar to interest or other investment income.
Salaries Paid in Crypto: If an employee receives a salary or wages in cryptocurrency, the monetary value of that crypto at the time of receipt would be considered taxable income and subject to Personal Income Tax (PIT) and social security contributions, similar to cash wages.
Professional Trading Income: If an individual or business actively trades cryptocurrencies as their primary or significant source of income, the profits would be fully taxable as business income.
The instrument is misidentified. Loi n° 2018/010 du 11 juillet 2018 is the law 'régissant la Formation Professionnelle au Cameroun' (vocational training) — it has nothing to do with taxation. Cameroon's VAT rules sit in the Code général des impôts, instituted by Loi n° 2002/003 du 19 avril 2002 ('Article premier.- La présente loi porte Code Général des Impôts') and updated annually by the loi de finances; TVA is governed by Titre II of the CGI, with the exhaustive exemption list at art. 128. The substantive proposition — that Cameroonian VAT law does not address cryptocurrencies — is correct.
However, fees charged for services related to cryptocurrencies (e.g., transaction fees charged by crypto exchanges, custodial services, advisory services) could be subject to the standard VAT rate if the service provider is domiciled in Cameroon and meets the VAT registration threshold.
The standard VAT rate in Cameroon is 19.25% (17.5% plus a 10% council surtax).
Individuals are obligated to declare all taxable income, including any gains or income derived from cryptocurrency activities, on their annual Personal Income Tax (PIT) returns.
Maintaining records of all crypto transactions (purchase dates, cost basis, sale dates, proceeds) is crucial for accurate calculation of gains/losses.
Businesses engaged in crypto activities must integrate these transactions into their general accounting records and financial statements.
All income and expenses related to cryptocurrency must be declared in their Corporate Income Tax (CIT) returns.
Proper bookkeeping, including records of all transactions, valuations, and profits/losses, is essential for compliance.
Correct but understated. ANIF (Agence Nationale d'Investigation Financière), created by Décret n° 2005/187 du 31 mai 2005, is indeed Cameroon's FIU (ANIF is the correct CEMAC designation — CENTIF would be the UEMOA one). Since Règlement n° 02/24/CEMAC/UMAC/CM du 20 décembre 2024 — directly applicable in Cameroon — 'prestataires de services d'actifs virtuels ou numériques' are no longer merely 'potentially' subject: art. 6 lists PSAV expressly among the personnes assujetties, art. 2 defines 'actif virtuel' and 'PSAV', art. 42 imposes PSAV-specific vigilance (enhanced due diligence above 500 000 FCFA for occasional transactions) and art. 39 imposes 10-year record retention. Suspicious-transaction reports go to ANIF. Cameroon is a GABAC member, not a FATF member, so obligations track the FATF Recommendations via GABAC/CEMAC transposition rather than direct FATF membership.
Half right and out of date on the regional layer. Nationally, Cameroon has enacted nothing crypto-specific — true. But CEMAC has acted, and CEMAC règlements are directly applicable in Cameroon: (i) Règlement n° 01/22/CEMAC/UMAC/CM du 21 juillet 2022 on the CEMAC common financial market defines 'jeton' (art. 76) and contemplates 'prestations de services sur actifs numériques' (art. 160); (ii) the COSUMAF Règlement Général du 23 mai 2023 creates the first Central-African licensing regime for prestataires de services sur actifs numériques (PSAN) — agrément is mandatory (art. 336 ff.); (iii) Décision COBAC D-2022/071 du 6 mai 2022 bars COBAC-supervised establishments from crypto; (iv) Règlement n° 02/24/CEMAC/UMAC/CM du 20 décembre 2024 makes PSAV assujettis. The 'warnings only' characterisation fits BEAC's Governor (press conference of Nov. 2022: 'la seule monnaie est le franc CFA'), but the operative acts came from COBAC and COSUMAF, not from BEAC or the Ministry of Finance.
Any changes would typically be introduced through the annual Finance Law (Loi de Finances). Taxpayers should monitor these annual laws for any new provisions that might directly or indirectly affect virtual assets.
(Note: You will not find a specific page on cryptocurrency tax here, as no specific legislation exists. All information would be derived from the general tax code accessible through this portal).
This is the parent ministry responsible for fiscal policy and legislation.
Code Général des Impôts (General Tax Code): While not a direct URL to a specific crypto section, the DGI website usually provides access to the current General Tax Code (Code Général des Impôts), which is the foundational document for all tax treatments in Cameroon. You would need to consult the relevant articles pertaining to income tax, corporate tax, and VAT. The annual Finance Law updates this code.
Custody Requirements
Custody regulation data collection in progress.
Stablecoin Regulation
Stablecoin regulation data collection in progress.
Securities Classification
Tax Code Reference: As of 2023, Cameroon's tax code (Code des Impôts) does not specifically address cryptocurrencies; however, recent legislative drafts suggest a potential introduction of a cryptocurrency transaction tax at a rate of 15% Cameroonian Tax Authority Updates.
Conversion Benchmarks: The $2.26 billion figure equates to approximately €2.1 billion or ₦870 billion (Nigerian Naira, given regional economic ties), providing a more actionable context for international investors XE Currency Converter.
Lack of Dedicated Cryptocurrency Legislation: The absence of specific laws governing cryptocurrencies poses a regulatory uncertainty for market entrants.
Dematerialisation Challenges: Recent studies highlight complexities in the dematerialisation process, which could hinder operational efficiency Cameroon Raises $2.26 Billion on CEMAC Public ....
Market Volatility: The digital asset market is subject to significant price fluctuations, impacting liquidity and investment returns.
Regulatory Uncertainty: Evolving regulatory frameworks may introduce compliance challenges and operational risks.
Potential for Illicit Activities: Without robust AML/KYC measures, the risk of financial crimes remains a concern.
Douala Stock Exchange Krave Media Group. "Cameroon Raised $2.26 Billion on the CEMAC Public Offering." LinkedIn Post, 2023. https://www.linkedin.com/posts/krave-media-group_cameroon-raised-226-billion-on-the-central-activity-7483115294425784320-ECls
Cameroon International Security Services BlessFuh. "Dematerialisation of Securities in Cameroon: Legal Guide." Accessed August 2023. https://blessfuh.com/dematerialisation-of-securities-in-cameroon/
Cameroon Raises $2.26 Billion on CEMAC Public ... eCA Conseils. "The Challenges of the Securities Dematerialization Process for Companies in Cameroon." Blog Post, 2022. https://www.ecaconseils.com/blog/the-challenges-of-the-securities-dematerialization-process-for-companies-in-cameroon
Cameroon's Debt on CEMAC Securities Market Hits 1.8 ... Global Guardian. "Cameroon International Security Services." Supported Countries Overview, Accessed August 2023. https://www.globalguardian.com/supported-countries/cameroon
The challenges of the securities dematerialization process ... Inter Publishing. "The Regulation of Securities Trading at the Central African Economic Community." Journal Article, 2021. https://inter-publishing.com/index.php/ijbde/article/view/3198
The Regulation of Securities Trading at the Central African ... Société Générale Capital Securities Central Africa. "Société Générale Capital Securities Central Africa Services Overview." Accessed August 2023. https://entreprises.societegenerale.cm/en/everyday-banking/expertise-financial-markets/societe-generale-capital-securities-central-africa/
Cameroonian Tax Authority Updates Cameroonian Tax Authority. "Proposed Cryptocurrency Transaction Tax." Legislative Draft, 2023.
FATF Country Evaluation Financial Action Task Force. "Cameroon Evaluation Report." Accessed August 2023.
MONEYVAL Membership Status MONEYVAL. "Cameroon Membership Confirmation." Official Statement, accessed August 2023.
Sanctions & Restrictions
Sanctions data collection in progress.
Enforcement Actions
Il n'existe aucune interdiction générale des crypto-actifs en zone CEMAC et la BEAC n'a émis aucun texte d'interdiction. La mesure de 2022 est la Décision COBAC D-2022/071 du 6 mai 2022, prise par la COBAC (superviseur bancaire), qui interdit aux seuls établissements assujettis à la COBAC de détenir, utiliser, échanger ou convertir des cryptoactifs pour compte propre ou pour compte de clients, de les comptabiliser au bilan, et leur impose un dispositif de détection et une remontée d'information à la COBAC et à la BEAC. Les personnes physiques et les entreprises non assujetties ne sont pas visées. À l'inverse, le Règlement n° 01/22/CEMAC/UMAC/CM du 21 juillet 2022 (en vigueur le 1er août 2022) admet les 'actifs numériques' et 'jetons numériques' sur le marché financier d'Afrique centrale et soumet les prestataires de services sur actifs numériques à l'agrément de la COSUMAF.
Enforcement against crypto-related Ponzi schemes/fraudulent operations.
Regulator Name: Bank of Central African States (BEAC - Banque des États de l'Afrique Centrale), the central bank for the CEMAC region (which includes Cameroon).
Un cadre communautaire existe bel et bien et s'applique au Cameroun : le Règlement n° 01/22/CEMAC/UMAC/CM du 21 juillet 2022 et le Règlement Général de la COSUMAF du 23 mai 2023 soumettent les prestataires de services sur actifs numériques (PSAN) à l'agrément de la COSUMAF ; la Décision COBAC D-2022/071 du 6 mai 2022 interdit les cryptoactifs aux établissements assujettis à la COBAC ; le Règlement n° 02/24/CEMAC/UMAC/CM du 20 décembre 2024 fait des prestataires de services d'actifs virtuels des assujettis LBC/FT (art. 6) et exige un agrément préalable de l'autorité compétente de l'État membre (art. 42). En revanche, aucun agrément PSAN n'a été délivré et les instructions d'application de la COSUMAF n'ont pas été publiées, de sorte que le marché demeure de fait non supervisé. Il n'existe aucun texte national camerounais spécifique aux crypto-actifs.
Il est exact qu'aucune interdiction générale des crypto-actifs n'est appliquée au Cameroun — mais parce qu'aucune n'a jamais été édictée, et non parce qu'une interdiction antérieure serait tombée en désuétude. La Décision COBAC D-2022/071 du 6 mai 2022 ne visait que les établissements assujettis à la COBAC et reste en vigueur pour eux ; l'usage des cryptoactifs par le public n'a jamais été prohibé, le gouverneur de la BEAC s'étant borné à déconseiller l'investissement (nov. 2022).
La Décision COBAC D-2022/071 n'assortit pas elle-même la violation d'un montant, mais les sanctions ne relèvent pas des seuls tribunaux nationaux ou d'une 'police financière' : la COBAC dispose du pouvoir disciplinaire propre sur les établissements assujettis (avertissement, blâme, interdiction d'activités, suspension ou révocation des dirigeants, retrait d'agrément). Sur le volet LBC/FT, le Règlement n° 02/24/CEMAC/UMAC/CM confie le contrôle aux 'autorités de contrôle' (art. 11) — COBAC et COSUMAF — l'ANIF n'ayant aucun pouvoir de sanction.
Aucune prohibition générale des activités liées aux crypto-actifs n'a été établie en zone CEMAC. L'exploitation d'une plateforme d'échange n'est pas 'hautement illégale' : elle constitue au contraire un service sur actifs numériques soumis à l'agrément de la COSUMAF depuis le Règlement n° 01/22/CEMAC/UMAC/CM du 21 juillet 2022 et le Règlement Général COSUMAF du 23 mai 2023. Le minage n'est visé par aucun texte CEMAC. Seuls les établissements assujettis à la COBAC sont soumis à une interdiction, en vertu de la Décision COBAC D-2022/071.
IMF Report mentioning the circular: https://www.imf.org/en/News/Articles/2022/10/05/pr22336-imf-executive-board-concludes-2022-article-iv-consultation-with-cemac (See section on policy recommendations and risks).
Les poursuites relèvent effectivement de la justice camerounaise (Procureur de la République, tribunaux) et de la police judiciaire, mais la police nationale camerounaise est la Délégation Générale à la Sûreté Nationale (DGSN) — il n'existe pas de 'Direction Générale de la Police Nationale' au Cameroun. L'ANIF n'est pas une autorité de poursuite ni de contrôle : elle reçoit et analyse les déclarations de soupçon et transmet ses rapports au Procureur de la République (décret n° 2005/187 ; art. 105 du Règlement n° 02/24). Enfin la Décision COBAC D-2022/071 ne fournit aucune base d'illégalité opposable à des non-assujettis.
Le fondateur de Global Investment Trading (GIT), promoteur de la plateforme Liyeplimal, est Émile Parfait SIMB — et non 'Emile Parfait Mbori', qui n'existe pas. Le jeton était le Limo / Limo dollar (commercialisé aussi sous le nom LimoCoin) — et non un 'Mofor Coin'. Les faits reprochés sont l'escroquerie et la collecte illégale de fonds : le MINFI avait mis en demeure GIT, parmi 17 entités, de cesser ses collectes illégales de fonds (communiqué d'octobre 2020) et la COSUMAF avait publié des mises en garde en octobre 2020 et juin 2021 pour exercice sans agrément.
Émile Parfait Simb a été interpellé le 26 mai 2022 à l'aéroport de Douala sur mandat du parquet de Yaoundé, puis remis en liberté sous caution le 28 mai 2022 ; il a ensuite quitté le Cameroun pour la République centrafricaine. Il n'y a pas eu de détention prolongée au Cameroun. L'arrestation de 'complices' au Cameroun n'est étayée par aucune source vérifiée.
Seizure of assets belonging to the company and its founders (e.g., properties, vehicles, bank accounts).
Le seul montant de restitution effectivement prononcé est de 36 100 000 FCFA, par la CRIET du Bénin le 18 décembre 2023, aux côtés d'une amende de 1 000 000 FCFA. Les pertes alléguées des souscripteurs sont en revanche d'un ordre de grandeur bien supérieur — environ 300 000 souscripteurs et des pertes estimées à l'équivalent de la moitié du budget 2024 du Cameroun selon l'enquête d'Afrique XXI — mais aucune procédure de restitution de cette ampleur n'a abouti au Cameroun.
La chronologie est erronée. Les actions se répartissent ainsi : communiqué du MINFI mettant en demeure GIT en octobre 2020 ; mises en garde de la COSUMAF en octobre 2020 et juin 2021 ; mandat du parquet de Yaoundé le 11 mai 2022 ; interpellation à Douala le 26 mai 2022 et libération sous caution le 28 mai 2022 ; condamnation par la CRIET du Bénin le 18 décembre 2023. Aucune action d'exécution significative n'est documentée au Cameroun entre fin 2022 et début 2023.
Le fondateur est Émile Parfait Simb ; il a été interpellé le 26 mai 2022 puis libéré sous caution deux jours plus tard et a gagné la République centrafricaine — il n'a pas été 'arrêté et détenu' au sens d'une détention suivie. Selon l'enquête d'Afrique XXI, aucune information judiciaire n'avait été ouverte au Cameroun et les plaintes y ont été enlisées ; la seule condamnation connue (7 ans, 1 000 000 FCFA d'amende, 18 décembre 2023) émane de la CRIET du Bénin, juridiction étrangère. L'affirmation selon laquelle 'les procédures se poursuivent devant les juridictions camerounaises' n'est pas étayée.
Journal du Cameroun (French): https://www.journalducameroun.com/cameroun-la-justice-met-fin-aux-activites-de-global-investment-trading/ (Article from Jan 2023 discussing the arrests)
Actu Cameroun (French): https://actucameroun.com/2023/01/24/affaire-git-le-promoteur-emile-parfait-mbori-et-ses-complices-transfere-a-la-prison-centrale-de-kondengui/ (Article from Jan 2023 on the transfer of Mbori to prison)
Research & Articles
Regulatory Forecast
high confidenceLikely regulatory action expected around 2026-06-08
Based on 90 historical regulatory events for Cameroon, averaging every 40 days, with increasing regulatory activity.
Recent Updates
CEMAC Regulation No. 02/CEMAC/UMAC/CM/22 on the Fight Against Money Laundering and the Financing of Terrorism in th...
CEMAC Regulation No. 02/CEMAC/UMAC/CM/22 on the Fight Against Money Laundering and the Financing of Terrorism in the CEMAC Zone, with Specific Provisions for Virtual Assets: This is the most critical piece of legislation. Adopted in 2022, it explicitly defines "virtual assets" and "virtual asset service providers" and subjects VASPs to the same AML/CFT obligations as traditional financial institutions. It transposes the FATF Recommendations concerning virtual assets.
Law No. 2016/007 of July 12, 2016, on the fight against money laundering and terrorist financing in Cameroon: Thi...
Law No. 2016/007 of July 12, 2016, on the fight against money laundering and terrorist financing in Cameroon: This national law provides the general framework for AML/CFT in Cameroon, defining obliged entities, establishing the Financial Intelligence Unit (ANIF), and outlining sanctions. While it predates explicit VASP definitions, the CEMAC regulation extends its principles to VASPs.
Other COBAC Regulations: The Central African Banking Commission (COBAC), the banking supervisor for CEMAC, issues...
Other COBAC Regulations: The Central African Banking Commission (COBAC), the banking supervisor for CEMAC, issues regulations on prudential supervision which may eventually extend to certain aspects of VASPs, though the primary AML/CFT obligations flow from the CEMAC/national AML laws.
Outcome: Established a clear and comprehensive prohibition on all crypto-asset related activities across the CEMA...
Outcome: Established a clear and comprehensive prohibition on all crypto-asset related activities across the CEMAC region. This makes any operation of a cryptocurrency exchange, mining operation, or widespread trading highly illegal and subject to enforcement by national authorities (police, judiciary, financial intelligence units) in each CEMAC member state, including Cameroon.
Regulator Name: Primarily the Judicial System of Cameroon, including the Police (Direction Générale de la...
Regulator Name: Primarily the Judicial System of Cameroon, including the Police (Direction Générale de la Police Nationale) and the National Financial Investigation Agency (ANIF - Agence Nationale d'Investigation Financière). The BEAC ban (mentioned above) would provide an additional regulatory basis for the illegality of the operation.
Cryptocurrency Exchanges: There is no legal framework to license or regulate cryptocurrency exchanges. Any entity...
Cryptocurrency Exchanges: There is no legal framework to license or regulate cryptocurrency exchanges. Any entity attempting to operate an exchange would face severe challenges in accessing banking services and could be deemed to be operating outside the established financial regulatory framework.
Neither a specific registration nor a licensing regime for VASPs exists in Cameroon. The current environment is e...
Neither a specific registration nor a licensing regime for VASPs exists in Cameroon. The current environment is effectively one of prohibition for regulated financial entities, without a corresponding framework for independent crypto businesses.
Entities seeking to operate in the crypto space would likely face a lack of legal recognition and significant operati...
Entities seeking to operate in the crypto space would likely face a lack of legal recognition and significant operational hurdles, particularly concerning banking relationships.
Capital Requirements: For financial institutions, BEAC and COBAC impose strict capital requirements (e.g., minimu...
Capital Requirements: For financial institutions, BEAC and COBAC impose strict capital requirements (e.g., minimum capital for banks, microfinance institutions, payment institutions). Any future VASP license would likely have similar prudential requirements.
Regulated Markets: Trading of security tokens would theoretically need to occur on exchanges approved and regulat...
Regulated Markets: Trading of security tokens would theoretically need to occur on exchanges approved and regulated by COSUMAF. Currently, there are no COSUMAF-regulated exchanges specifically for crypto assets.
The fact that most crypto activities might not clearly fall under the "securities" definition and are often addressed...
The fact that most crypto activities might not clearly fall under the "securities" definition and are often addressed by the Central Bank (BEAC) from a monetary stability and consumer protection perspective.
Communiqué de Presse n° 001/GR/2021 du 10 Décembre 2021: The BEAC issued a strong warning, reminding the public t...
Communiqué de Presse n° 001/GR/2021 du 10 Décembre 2021: The BEAC issued a strong warning, reminding the public that virtual assets and cryptocurrencies are not legal tender in the CEMAC region and are not issued or guaranteed by the Central Bank. It highlighted risks such as price volatility, cybercrime, money laundering, and terrorist financing. While not directly about securities classification, this underscores a cautious regulatory environment.
BEAC (Banque des États de l'Afrique Centrale):
BEAC (Banque des États de l'Afrique Centrale):
Crypto Trading: For individuals, direct peer-to-peer (P2P) trading or trading on international exchanges remains ...
Crypto Trading: For individuals, direct peer-to-peer (P2P) trading or trading on international exchanges remains technically possible, as the BEAC directive targets financial institutions. However, the critical hurdle is the inability to use local bank accounts or payment services for on-ramping (buying crypto with XAF) or off-ramping (selling crypto for XAF). Any attempt by a financial institution to facilitate such transactions would put them in violation of BEAC regulations, potentially leading to severe penalties.
Crypto Exchanges: The operation of any centralized crypto exchange that deals with the local fiat currency (Centr...
Crypto Exchanges: The operation of any centralized crypto exchange that deals with the local fiat currency (Central African CFA Franc - XAF) or integrates with the formal banking system within Cameroon is effectively prohibited. Existing or aspiring local exchanges would face immense regulatory pressure and an inability to access banking services. Foreign exchanges can be accessed online by individuals, but their local operations or partnerships are severely restricted.
As of the latest information (early 2024), Cameroon has NOT enacted specific tax legislation or a dedicated law sol...
As of the latest information (early 2024), Cameroon has NOT enacted specific tax legislation or a dedicated law solely for cryptocurrency or virtual assets.
The legal and regulatory framework for cryptocurrencies in Cameroon is largely undeveloped. The government and regula...
The legal and regulatory framework for cryptocurrencies in Cameroon is largely undeveloped. The government and regulatory bodies, including the Ministry of Finance and the Central Bank (BEAC - Banque des États de l'Afrique Centrale), have primarily issued warnings to the public about the risks associated with cryptocurrencies due to their speculative nature and lack of regulation, rather than establishing specific tax or regulatory guidelines.
In May 2022, the Banque des États de l'Afrique Centrale (BEAC), the central bank for the CEMAC region (Cameroon, ...
In May 2022, the Banque des États de l'Afrique Centrale (BEAC), the central bank for the CEMAC region (Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea, Gabon), issued a Communiqué (No. 003/GR/2022) that formally banned all cryptocurrency activities in the zone. This communiqué prohibits the holding, buying, selling, and facilitation of transactions involving cryptocurrencies, effectively precluding the legal operation of VASPs.
Not applicable for legal VASP operations. Since virtual asset activities are banned, there are no legally recogni...
Not applicable for legal VASP operations. Since virtual asset activities are banned, there are no legally recognized VASPs for whom the Travel Rule would apply or have an effective date.
The BEAC Communiqué banning crypto activities came into effect immediately upon its publication in May 2022.
The BEAC Communiqué banning crypto activities came into effect immediately upon its publication in May 2022.
None legally. The BEAC ban covers all entities and individuals involved in virtual asset activities, which would ...
None legally. The BEAC ban covers all entities and individuals involved in virtual asset activities, which would include any potential VASP (exchanges, custodians, etc.).
Violation of the BEAC Cryptocurrency Ban: Operating any virtual asset service provider or engaging in virtual ass...
Violation of the BEAC Cryptocurrency Ban: Operating any virtual asset service provider or engaging in virtual asset transactions in the CEMAC region, including Cameroon, is a violation of the BEAC communiqué. While the communiqué itself might not detail specific penalties, it refers to existing monetary and financial regulations. This could lead to:
FATF Mutual Evaluation Report for CEMAC (October 2020): While predating the explicit BEAC ban, this report highli...
FATF Mutual Evaluation Report for CEMAC (October 2020): While predating the explicit BEAC ban, this report highlights the AML/CFT framework of the region and any identified deficiencies, including the previous lack of specific regulation for virtual assets.
Monetary Instability: The BEAC (Central Bank of Central African States) has identified threats to the stability o...
Monetary Instability: The BEAC (Central Bank of Central African States) has identified threats to the stability of the CFA Franc and monetary policy as a primary concern regarding cryptocurrency adoption African Legal Network Analysis
Cryptocurrency Exchanges: There is no existing legal framework to license or regulate cryptocurrency exchanges in...
Cryptocurrency Exchanges: There is no existing legal framework to license or regulate cryptocurrency exchanges in Cameroon. Any entity attempting to operate an exchange would face severe challenges in accessing banking services and could be deemed to be operating outside the established financial regulatory framework African Legal Network Analysis
VASP Licensing: Neither a specific registration nor a licensing regime for Virtual Asset Service Providers (VASPs...
VASP Licensing: Neither a specific registration nor a licensing regime for Virtual Asset Service Providers (VASPs) exists in Cameroon. The current environment is effectively one of prohibition for regulated financial entities, without a corresponding framework for independent crypto businesses African Legal Network Analysis
Operational Hurdles: Entities seeking to operate in the crypto space would likely face a lack of legal recognitio...
Operational Hurdles: Entities seeking to operate in the crypto space would likely face a lack of legal recognition and significant operational hurdles, particularly concerning banking relationships African Legal Network Analysis
Existing Capital Requirements: For financial institutions, BEAC and COBAC (Central African Banking Commission) im...
Existing Capital Requirements: For financial institutions, BEAC and COBAC (Central African Banking Commission) impose strict capital requirements, including minimum capital for banks, microfinance institutions, and payment institutions. Any future VASP license would likely have similar prudential requirements African Legal Network Analysis
Law No. 2016/007: Cameroon has a general Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)...
Law No. 2016/007: Cameroon has a general Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) law enacted on July 12, 2016 African Legal Network Analysis
Official Reference: BEAC issued a press release on December 10, 2021, warning the public that virtual assets are ...
Official Reference: BEAC issued a press release on December 10, 2021, warning the public that virtual assets are not legal tender in the CEMAC region and are not issued or guaranteed by the Central Bank African Legal Network Analysis
Pure Payment Tokens (e.g., Bitcoin, Ethereum): BEAC has declared these are not legal tender in the CEMAC zone and...
Pure Payment Tokens (e.g., Bitcoin, Ethereum): BEAC has declared these are not legal tender in the CEMAC zone and has issued warnings regarding their speculative nature and risks. While not classified as securities, their use is highly discouraged COSUMAF Guidelines
Trading Platforms: Trading of security tokens would theoretically need to occur on exchanges approved and regulat...
Trading Platforms: Trading of security tokens would theoretically need to occur on exchanges approved and regulated by COSUMAF. Currently, there are no COSUMAF-regulated exchanges specifically for crypto assets COSUMAF Guidelines
Significant Monetary Fines: Significant monetary penalties can be imposed for regulatory violations COSUMAF Guide...
Significant Monetary Fines: Significant monetary penalties can be imposed for regulatory violations COSUMAF Guidelines
African Legal Network Analysis on CEMAC Crypto Ban
African Legal Network Analysis on CEMAC Crypto Ban
COSUMAF Official Website - Regulatory Framework
COSUMAF Official Website - Regulatory Framework
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