RESEARCH: Jordan Cryptocurrency and Digital Asset Securities Regulatory Requirements

Executive Summary

• Jordan has established a formal regulatory framework for virtual assets through Regulation No. (94) for the Year 2025, which mandates licensing for Virtual Assets Services Providers (VASPs) under the Jordan Securities Commission (JSC) Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• The JSC is the primary regulator for virtual asset activities, having published the Draft Project of Executive Instructions for Virtual Assets Activities for Year 2026, which consists of 127 articles covering platform operations, custody, brokerage, and issuance Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• An online application form for Initial Approval for VASPs is now available on the JSC website in both Arabic and English, and an online portal for initial approval requests has been launched Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• As of the publication date, the Draft Executive Instructions are still open for public consultation via the government's Tawasal platform, meaning the final operational framework is still being finalized Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• The practical reality is that Jordan is actively building its VASP licensing regime, with the JSC cooperating with the Central Bank of Jordan, AML/CTF Unit, National Cyber Security Center, and Ministry of Digital Economy and Entrepreneurship to establish a comprehensive framework Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.

Regulatory Framework

• The Jordan Securities Commission (JSC) is a governmental regulatory institution with financial, administrative, and technical independence, responsible for regulating and developing the securities sector in Jordan Jordan Securities Commission | JSC Responsibilities.
• The JSC's responsibilities include proposing legislations, implementing them to develop the securities sector, protecting securities investors, and regulating the issuance of securities and trading in them under the provisions of the Securities Law Jordan Securities Commission | JSC Responsibilities.
• The primary securities law in Jordan is the Securities Law No. (18) for the Year 2017, which establishes the legal basis for securities regulation in the country Law No. (18) for the Year 2017 The Securities Law Article (1).
• The JSC enforces Regulation No. (94) for the Year 2025, titled "The Regulation of Licensing Virtual Assets Services Providers," which was published in the Official Gazette Jordan Securities Commission | Official Gazette Publishes Regulation of Licensing Virtual Assets Services Providers and Instructions of Capital Adequacy.
• The Draft Project of Executive Instructions for Virtual Assets Activities for Year 2026 was published on the JSC's electronic website on January 15, 2026, coinciding with the enforcement of Regulation No. (94) for the Year 2025 Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• The JSC cooperates with key national partners including the Central Bank of Jordan (CBJ), the Anti-Money Laundering and Counter Terrorist Financing Unit (AML/CTF Unit), the National Cyber Security Center (NCSC), and the Ministry of Digital Economy and Entrepreneurship (MoDEE) in developing the virtual assets regulatory framework Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• The JSC maintains a comprehensive regulatory structure including laws, regulations, instructions, and rules, all accessible through its legislations portal Jordan Securities Commission | Regulations.
• The JSC's regulatory framework includes corporate governance instructions for shareholding companies, which apply to licensed entities Instructions of Corporate Governance for Shareholding Companies.
• The Commission's board decisions and circulars form part of the regulatory framework governing securities and virtual assets activities Jordan Securities Commission | Board Decisions.
• The regulatory framework for virtual assets is designed to balance supporting innovation with protecting dealers, establishing professional standards for the market Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• The JSC's regulatory approach emphasizes enhancing transparency, security, and protecting clients' assets through rules ensuring clarity of information provided to the public Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• The Draft Executive Instructions prohibit practices that may cause misleading or exaggerating the benefits of services or undermining risks associated with virtual assets Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• The JSC operates under an organizational structure and board of commissioners as part of its institutional framework Jordan Securities Commission | JSC Responsibilities.
• The Securities Law No. (18) for the Year 2017 defines the regulatory perimeter within which virtual asset securities activities would fall Law No. (18) for the Year 2017 The Securities Law Article (1).

Licensing Requirements

• A license is required for Virtual Assets Services Providers (VASPs) under Regulation No. (94) for the Year 2025, which is titled "The Regulation of Licensing Virtual Assets Services Providers" Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• The JSC has published an Online Application Form for Initial Approval for Virtual Assets Services Providers (VASP), available in both Arabic and English Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• The Draft Project of Executive Instructions for Virtual Assets Activities for Year 2026 consists of 127 articles covering various licensed activities Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• The licensing categories under the Draft Instructions include: Virtual Assets Platform Operators, Virtual Assets Custody providers, Virtual Assets Trading Brokers, and Issuance Offering Providers Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• The JSC has established a dedicated online platform for initial approval requests to practice virtual assets activities, accessible through the JSC's Single Window Platform Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• The Draft Instructions include provisions for the registration of natural persons associated with the licensed person, indicating individual-level registration requirements Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• The licensing framework encompasses general provisions for licensed persons, covering operational and compliance obligations Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• Financial requirements and guarantees are addressed within the Draft Instructions, establishing capital and assurance obligations for licensed entities Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• The Draft Instructions mandate periodic reports and external auditing requirements for licensed persons Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• Technical and cybersecurity requirements are included in the licensing framework, requiring licensed entities to meet specific security standards Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• To date, no entities have been confirmed as having received final VASP licenses, as the Draft Executive Instructions are still in the consultation phase Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• The JSC invites companies, investors, stakeholders, and interested entities to submit their opinions and suggestions on the instructions at the Government's Platform: Tawasal Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• The licensing process begins with an initial approval stage through the online form, followed by full licensing under Regulation No. (94) for the Year 2025 Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• Capital adequacy instructions have been published in the Official Gazette alongside Regulation No. (94) for the Year 2025, establishing capital requirements for licensed entities Jordan Securities Commission | Official Gazette Publishes Regulation of Licensing Virtual Assets Services Providers and Instructions of Capital Adequacy.
• The Draft Instructions on governance require licensed persons to implement corporate governance standards consistent with JSC's governance framework Instructions of Corporate Governance for Shareholding Companies.

AML/KYC Requirements

• The Draft Executive Instructions include provisions for dealing with clients and protecting investors, which encompasses client identification and due diligence requirements Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• The instructions regulate the process of clients' classification by the Licensed Person, ensuring that the level of protection is aligned with the client's nature, experience, and level of risks Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• The JSC cooperates with the AML/CTF Unit in developing the virtual assets regulatory framework, indicating that AML/CFT requirements are integrated into the licensing regime Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• The precautionary controls for risk management included in the instructions address different types of risks with a preventative approach, including AML/CFT risks Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• The Draft Instructions on marketing, promotion, and advertising prohibit practices that may cause misleading or exaggerating the benefits of services, which supports investor protection and KYC-related transparency requirements Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• External auditing requirements under the Draft Instructions provide for independent verification of compliance with AML/KYC obligations Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• Periodic reporting obligations under the Draft Instructions require licensed persons to report to the JSC, which would include AML/KYC compliance reporting Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• The registration of natural persons for the Licensed Person requirement provided in the Draft Instructions supports accountability in AML/KYC compliance Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.

Enforcement Actions

• No specific enforcement actions against VASPs have been reported to date, as the licensing framework is still in its implementation phase with Draft Instructions under public consultation Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• The JSC's regulatory framework includes provisions for prohibiting practices that may cause misleading or exaggerating the benefits of services, which would form the basis for enforcement actions once final instructions are issued Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• The Securities Law No. (18) for the Year 2017 provides the legal basis for enforcement actions against violations of securities regulations in Jordan, which would extend to virtual asset securities activities Law No. (18) for the Year 2017 The Securities Law Article (1).
• The JSC's investor protection mandate includes enforcement of prohibited duties and practices under securities laws Jordan Securities Commission | JSC Responsibilities.

Tax Treatment

• No specific tax guidance for virtual assets has been identified in the provided source materials.
• The regulatory framework published by the JSC focuses on securities regulation, licensing, and investor protection rather than tax treatment of virtual assets Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• No tax guidance has been issued for virtual assets in the provided sources.

Key Gaps & Risks

• The final Executive Instructions for Virtual Assets Activities for Year 2026 have not yet been issued; the Draft Project is still open for public consultation through the Tawasal platform, creating regulatory uncertainty until finalization Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• Specific capital adequacy thresholds and monetary amounts required for VASP licensing are not publicly detailed in the source materials, requiring applicants to consult the Official Gazette publication for specifics Jordan Securities Commission | Official Gazette Publishes Regulation of Licensing Virtual Assets Services Providers and Instructions of Capital Adequacy.
• The timeframe for the approval and licensing process has not been specified in the available materials, creating uncertainty for businesses planning market entry Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• No entities have been reported as having received VASP licenses to date, meaning there are no precedents or established market practices to guide new applicants Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• The interaction between the JSC's virtual asset regulation and the Central Bank of Jordan's monetary jurisdiction over digital payment tokens remains to be clarified in the final instructions Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• Tax treatment for virtual asset transactions has not been addressed in the regulatory framework, creating tax uncertainty for businesses and investors Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• Cross-border virtual asset activities may face jurisdictional ambiguity, as the Draft Instructions focus on domestic licensed persons without clear provisions for foreign VASPs serving Jordanian clients Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• The requirement for registration of natural persons associated with the licensed person is not fully detailed in the source materials, leaving ambiguity about the scope of this requirement Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.
• Businesses must navigate the transition period between the enforcement of Regulation No. (94) for the Year 2025 and the finalization of the Executive Instructions, creating compliance uncertainty Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026.

Sources

• Jordan Securities Commission | JSC Responsibilities
• Jordan Securities Commission | Regulations
• Law No. (18) for the Year 2017 The Securities Law Article (1)
• Jordan Securities Commission | Jordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026
• Jordan Securities Commission | Official Gazette Publishes Regulation of Licensing Virtual Assets Services Providers and Instructions of Capital Adequacy
• Jordan Securities Commission | Licensing
• Jordan Securities Commission | Board Decisions
• Instructions of Corporate Governance for Shareholding Companies