Gambia -- Securities Classification Regulatory Overview

80%

The Gambia has a unitary government system, meaning laws made by the central government apply across the country, with regulations generally being industry or sector specific and local government authorities limited to environmental or sanitary bylaws Gambia, The - United States Department of State.

80%

The regulatory process follows a transparent, stakeholder-based approach: legislation is developed by the responsible ministry, regulations are drafted by the Legislative Drafting Department of the Ministry of Justice, draft regulations are posted online for stakeholder review, and the cabinet reviews for final approval Gambia, The - United States Department of State.

80%

The Central Bank of The Gambia (CBG) is the primary monetary authority and forecasts economic growth, manages the dalasi, and oversees the financial sector, though its specific authority over digital assets has not been formally delineated in published regulations Gambia, The - United States Department of State.

80%

The Gambia officially launched its Capital Market in October 2023 pursuant to the 2021 Capital Market and Securities Act, though to date no companies are listed on the exchange Gambia, The - United States Department of State.

80%

The 2021 Capital Market and Securities Act establishes the legal foundation for securities regulation in The Gambia, creating the framework for the newly launched capital market, but it does not explicitly address cryptocurrency or digital asset securities Gambia, The - United States Department of State.

80%

The Competition Act, passed by the National Assembly in 2007, established the Competition and Consumer Protection Commission with authority to regulate the market, forbid collusive agreements and bid rigging, and protect against monopolies, which could apply to digital asset market participants Gambia, The - United States Department of State.

80%

The Ministry of Finance and Economic Affairs (MoFEA) oversees the Gambia Revenue Authority (GRA), a merger of the former Customs & Excise and Domestic Taxes Departments, which would be responsible for any tax treatment of crypto gains Official Website of the Ministry of Finance & Economic Affairs – Ministry of Finance & Economic Affairs of The Republic of The Gambia.

80%

The Ministry of Finance and Economic Affairs also oversees the Gambia Bureau of Statistics (GBoS) and the Gambia Public Procurement Authority (GPPA), with the ministry setting the government's overall economic policy objectives Official Website of the Ministry of Finance & Economic Affairs – Ministry of Finance & Economic Affairs of The Republic of The Gambia.

80%

The Gambia is not a member of the OECD Inclusive Framework on Base Erosion and Profit Shifting, nor is it party to the Inclusive Framework's Deal on the two-pillar solution to global tax challenges, which includes a global minimum corporate tax Gambia, The - United States Department of State.

80%

The Gambia regained its African Growth and Opportunity Act (AGOA) and Millennium Challenge Corporation (MCC) eligibility in 2018, and in December 2022 MCC announced a full compact partnership focused on river development and TVET education Gambia, The - United States Department of State.

80%

The Gambia is a member of the Economic Community of West African States (ECOWAS) and acceded to the WTO in 1996, adopting the five-band ECOWAS Common External Tariff (CET) from 1 January 2017 Gambia, The - United States Department of State.

80%

The Gambia approved the Africa Continental Free Trade Agreement (AfCFTA) in April 2019, becoming the 22nd country to do so and effectively meeting the minimum threshold for the agreement to come into force Gambia, The - United States Department of State.

80%

The Ministry of Justice operates a Single Window Business Registration Desk, which is the point of entry for company registration, and it normally takes one or two days to register a company, though remaining paperwork to legally commence operations may take a few weeks more Gambia, The - United States Department of State.

80%

There is no specific licensing regime for cryptocurrency exchanges, digital asset custodians, wallet providers, or other virtual asset service providers in The Gambia, as no digital asset legislation or regulation has been enacted.

[primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State

80%

The government may conduct screening of foreign direct investment if there is suspicion of money laundering or terrorism financing, and investors subjected to such screening may be asked for business registration documents and bank statements Gambia, The - United States Department of State.

[primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State

80%

There is no mandatory screening of foreign direct investment in The Gambia, and there are no limits on foreign ownership or control of businesses except in defense-related industries, which are closed to all private sector participation regardless of nationality Gambia, The - United States Department of State.

[primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State

80%

No entities have actually been licensed or authorized to conduct cryptocurrency or digital asset securities activities in The Gambia; the licensing infrastructure for such activities does not exist, and there is no evidence any application has been made or approved.

[primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State

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For general business operations, registration involves six formal steps: registering a unique company name, notarizing company status, obtaining a tax identification number (TIN), registering employees with the Social Security and Housing Finance Corporation, registering with the Commercial Registry, and obtaining an operational license, which takes about three days per the 2020 Doing Business report Gambia, The - United States Department of State.

[primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State

80%

The Gambia Investment and Export Promotion Agency (GIEPA) facilitates foreign investment and exports, offering guidelines and incentives through a Special Investment Certificate, which may be relevant to crypto businesses seeking to establish operations Gambia, The - United States Department of State.

[primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State

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Projects that could have a negative impact on the environment require an Environmental Clearance issued by the National Environment Agency (NEA) using guidelines set out by the NEA as per the Environment Act 1994 Gambia, The - United States Department of State.

[primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State

80%

The Gambia's AML framework is not specifically tailored to cryptocurrency or digital assets, but the government may conduct screening of foreign direct investment if there is suspicion of money laundering or terrorism financing Gambia, The - United States Department of State.

[primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State

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The government has the authority to conduct AML/CFT screening of investors, and those subjected to such screening may be asked for business registration documents and bank statements Gambia, The - United States Department of State.

[primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State

80%

The Competition Act of 2007 established the Competition and Consumer Protection Commission, which conducts inquiries to monitor restrictive agreements and protect against the formation of monopolies, though this is not specific to AML/KYC in the digital asset space Gambia, The - United States Department of State.

[primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State

80%

The 2021 Capital Market and Securities Act and the broader financial regulatory framework would apply standard AML/KYC obligations to any financial market participants, but no specific digital asset AML/KYC regulations have been published.

[primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State

80%

No specific customer due diligence (CDD), enhanced due diligence (EDD), suspicious transaction reporting (STR) requirements, record retention obligations, beneficial ownership rules, or PEP screening requirements have been published specifically for cryptocurrency and digital asset businesses in The Gambia.

[primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State

80%

No cryptocurrency or digital asset-specific enforcement actions, penalties, fines, arrests, or cases have been identified in The Gambia through the provided sources.

[primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State

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The Gambia has instances of corruption, inconsistent enforcement of laws and regulations, and lack of stakeholder consultation in the law-making and implementing processes, which pose risks for investors, though these are general observations rather than specific enforcement actions Gambia, The - United States Department of State.

[primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State

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The Gambia lost its AGOA and MCC eligibility due to concerns over human rights violations by the previous regime, regaining eligibility in 2018, though this is not a crypto-specific enforcement action Gambia, The - United States Department of State.

[primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State

80%

No tax guidance has been issued for virtual assets in The Gambia.

[primary] Official Website of the Ministry of Finance & Economic Affairs – Ministry of Finance & Economic Affairs of The Republic of The Gambia [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Official Website of the Ministry of Finance & Economic Affairs – Ministry of Finance & Economic Affairs of The Republic of The Gambia

80%

The Gambia Revenue Authority (GRA), an agency under the Ministry of Finance and Economic Affairs, is a merger of the former Customs & Excise and Domestic Taxes Departments and would be the body responsible for any taxation of cryptocurrency gains, but no specific guidance on crypto taxation has been published Official Website of the Ministry of Finance & Economic Affairs – Ministry of Finance & Economic Affairs of The Republic of The Gambia.

[primary] Official Website of the Ministry of Finance & Economic Affairs – Ministry of Finance & Economic Affairs of The Republic of The Gambia [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Official Website of the Ministry of Finance & Economic Affairs – Ministry of Finance & Economic Affairs of The Republic of The Gambia

80%

The Gambia does not have a bilateral investment treaty, bilateral taxation treaty, or free trade agreement with the United States Gambia, The - United States Department of State.

[primary] Official Website of the Ministry of Finance & Economic Affairs – Ministry of Finance & Economic Affairs of The Republic of The Gambia [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Official Website of the Ministry of Finance & Economic Affairs – Ministry of Finance & Economic Affairs of The Republic of The Gambia

80%

The Gambia is not a member of the OECD Inclusive Framework on Base Erosion and Profit Shifting, nor party to the Inclusive Framework's Deal on the two-pillar solution to global tax challenges, which includes a global minimum corporate tax Gambia, The - United States Department of State.

[primary] Official Website of the Ministry of Finance & Economic Affairs – Ministry of Finance & Economic Affairs of The Republic of The Gambia [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Official Website of the Ministry of Finance & Economic Affairs – Ministry of Finance & Economic Affairs of The Republic of The Gambia

80%

The Ministry of Finance and Economic Affairs sets the government's overall economic policy objectives, and any tax treatment of digital assets would fall under its policy remit, but no such policy has been announced Official Website of the Ministry of Finance & Economic Affairs – Ministry of Finance & Economic Affairs of The Republic of The Gambia.

[primary] Official Website of the Ministry of Finance & Economic Affairs – Ministry of Finance & Economic Affairs of The Republic of The Gambia [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Official Website of the Ministry of Finance & Economic Affairs – Ministry of Finance & Economic Affairs of The Republic of The Gambia

80%

There is no specific regulatory framework for cryptocurrency or digital asset securities in The Gambia; the 2021 Capital Market and Securities Act does not address digital assets, and no dedicated crypto legislation exists.

[primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [secondary] THE GAMBIA FINANCIAL SECTOR ASSESSMENT Prepared By Finance, Competitiveness

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The regulatory regime is characterized by excessive and inconsistently applied bureaucratic procedures, with common complaints about decision-making processes for public tenders and contracts, which would likely affect crypto businesses Gambia, The - United States Department of State.

[primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [secondary] THE GAMBIA FINANCIAL SECTOR ASSESSMENT Prepared By Finance, Competitiveness

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Instances of corruption, inconsistent enforcement of laws and regulations, and lack of stakeholder consultation in the law-making and implementing processes pose significant risks for investors in The Gambia, including any potential crypto businesses Gambia, The - United States Department of State.

[primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [secondary] THE GAMBIA FINANCIAL SECTOR ASSESSMENT Prepared By Finance, Competitiveness

80%

Inadequate infrastructure and bureaucratic inefficiencies impede business operations and transportation logistics, which would create operational challenges for digital asset businesses Gambia, The - United States Department of State.

[primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [secondary] THE GAMBIA FINANCIAL SECTOR ASSESSMENT Prepared By Finance, Competitiveness

80%

The Gambia has a significant digital divide, with expensive and low-quality broadband access, which would hinder the operation of cryptocurrency exchanges, wallets, and other digital asset services Gambia, The - United States Department of State.

[primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [secondary] THE GAMBIA FINANCIAL SECTOR ASSESSMENT Prepared By Finance, Competitiveness

80%

High poverty rates and a significant skills gap hinder economic progress, creating workforce challenges for specialized digital asset businesses Gambia, The - United States Department of State.

[primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [secondary] THE GAMBIA FINANCIAL SECTOR ASSESSMENT Prepared By Finance, Competitiveness

80%

The Gambia's capital market, launched in October 2023 under the 2021 Capital Market and Securities Act, has no listed companies, indicating that even traditional securities regulation is at an early implementation stage, let alone digital asset securities Gambia, The - United States Department of State.

[primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [secondary] THE GAMBIA FINANCIAL SECTOR ASSESSMENT Prepared By Finance, Competitiveness

80%

The practical reality is that any crypto business would face legal uncertainty, regulatory ambiguity, and potential screening by the government for money laundering or terrorism financing suspicions without a clear compliance pathway Gambia, The - United States Department of State.

[primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [primary] Gambia, The - United States Department of State [secondary] THE GAMBIA FINANCIAL SECTOR ASSESSMENT Prepared By Finance, Competitiveness

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The World Bank conducted a Financial Sector Assessment of The Gambia, indicating international attention on the country's financial regulatory framework, but no crypto-specific recommendations have been publicly enacted THE GAMBIA FINANCIAL SECTOR ASSESSMENT Prepared By Finance, Competitiveness.