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Madagascar -- Securities Classification Regulatory Overview

Published: 2026-04-29 Updated: 2026-08-25 Researched: 2026-08-25 Author: deepseek/deepseek-chat Version 2 Sources cited in: English (10)

Methodology

AI-generated synthesis from web search results.

Limitations

  • AI-generated content -- not reviewed by human expert
  • Source URLs not independently verified

RESEARCH: Madagascar Securities and Virtual Assets

Executive Summary

Regulatory Framework

Licensing Requirements

AML/KYC Requirements

  • Customer due diligence (CDD) requirements for financial institutions are established under Directive No. 001/SAMIFIN/DG/CAB/22 of June 14, 2022, which mandates the prevention and detection of money laundering and terrorist financing, including identification of customers. Did you search a Legal Framework ? | Welcome to SAMIFIN
  • The AML/CFT Law No. 2018-043, as amended by Law No. 2023-026, sets out the legal basis for customer identification, record-keeping, and reporting obligations for covered financial institutions. Did you search a Legal Framework ? | Welcome to SAMIFIN
  • Enhanced due diligence (EDD) obligations are implemented through Instruction No. 001/2022-CSBF, amended by Instruction No. 001/2023-CSBF of July 2023, which modifies the CSBF's 2007 instruction on money laundering prevention; these rules require additional scrutiny for higher-risk customers and transactions. Did you search a Legal Framework ? | Welcome to SAMIFIN
  • Suspicious transaction reporting (STR) obligations require covered entities to report suspicious activities to SAMIFIN, as detailed in Directive No. 001/SAMIFIN/DG/CAB/22 and reinforced by Directive No. 002/SAMIFIN/DG/23 of June 2023. Did you search a Legal Framework ? | Welcome to SAMIFIN
  • Record retention requirements mandate that financial institutions keep transaction and identification records for a period established by the AML/CFT directives, enabling reconstruction of individual transactions if needed. Did you search a Legal Framework ? | Welcome to SAMIFIN
  • Beneficial ownership identification is required under Order No. 15227/2023/MEF of April 2023, which mandates the declaration and publication of the identity of beneficial owners for public contracts, applying transparency standards to identify ultimate owners. Did you search a Legal Framework ? | Welcome to SAMIFIN
  • Politically exposed persons (PEP) screening is implicitly required under the AML/CFT framework, as the directives require enhanced scrutiny for high-risk categories of customers, but the specific PEP provisions are contained in the internal procedures of individual institutions rather than in public-facing documents. Did you search a Legal Framework ? | Welcome to SAMIFIN
  • SAMIFIN is the designated authority to receive STRs and coordinate AML/CFT enforcement, as described in its mission statement and operational directives. Mission et attribution | Portail d'information du SAMIFIN
  • The AML/CFT directives apply to banks, financial institutions, and other designated non-financial businesses and professions (DNFBPs), but the applicability to virtual asset service providers remains unclear because the definitions in the directives do not explicitly capture crypto businesses. Did you search a Legal Framework ? | Welcome to SAMIFIN

Enforcement Actions

  • No enforcement actions, fines, penalties, or arrests have been publicly reported by SAMIFIN or the CSBF specifically against cryptocurrency businesses, because crypto activity is not explicitly defined as a regulated offense under Malagasy law. Did you search a Legal Framework ? | Welcome to SAMIFIN
  • Order No. 15227/2023/MEF on beneficial owner declaration carries potential sanctions for non-compliance in the context of public contracts, but no enforcement case has been published involving digital assets. Did you search a Legal Framework ? | Welcome to SAMIFIN
  • The Coordination and Orientation Committee on AML/CFT, established by Decree No. 2022-937, has the mandate to coordinate enforcement actions but has not published any enforcement decisions or penalties related to virtual assets. Did you search a Legal Framework ? | Welcome to SAMIFIN
  • SAMIFIN's legal framework page lists laws, decrees, and instructions but contains no case law, sanction records, or enforcement actions anywhere on the page. Did you search a Legal Framework ? | Welcome to SAMIFIN
  • The notification letter No. D-CSBF/DRE/TRG-0723-004206, dated June 2023, is the only regulatory communication listed on the legal framework page, but its content pertains to standard CSBF compliance matters and does not reference any crypto enforcement. Did you search a Legal Framework ? | Welcome to SAMIFIN

Tax Treatment

  • No tax guidance has been issued for virtual assets in Madagascar; the Ministry of Economy and Finance's published regulatory texts do not contain any provisions addressing the taxation of cryptocurrencies, digital assets, or blockchain transactions. Ministère de l'Economie et des Finances
  • The Malagasy tax code has not been amended to classify cryptocurrency gains as either income or capital gains, so there is no established tax treatment for profits derived from crypto trading, mining, or staking. Ministère de l'Economie et des Finances
  • VAT treatment of crypto transactions is undefined; the national tax authority has not issued any circular or directive on whether digital assets are subject to value-added tax. Textes sur le CGA - Ministère des Finances et du Budget
  • The Ministry of Finance's published legal texts cover financial regulations (CGA = Comptes de Gestion et d'Administration, or management accounts) but contain zero references to virtual asset taxation. Textes sur le CGA - Ministère des Finances et du Budget
  • Companies engaging in crypto activities cannot rely on any official interpretation or administrative guidance from the Malagasy tax authorities to determine their tax obligations, and no advance tax rulings for crypto businesses have been published. Ministère de l'Economie et des Finances

Key Gaps & Risks

Sources

Source Data

62 fact(s) collected but awaiting source verification. View in explorer →

References

This article was generated by deepseek/deepseek-chat .

Primary Sources

https://home.treasury.gov/system/files/126/virtual_currency_guidance_brochure_10202020.pdf. (n.d.). home.treasury.gov. Retrieved April 21, 2026, from https://home.treasury.gov/system/files/126/virtual_currency_guidance_brochure_10202020.pdf

https://home.treasury.gov/policy-issues/office-of-foreign-assets-control-ofac. (n.d.). home.treasury.gov. Retrieved April 21, 2026, from https://home.treasury.gov/policy-issues/office-of-foreign-assets-control-ofac

https://home.treasury.gov/policy-issues/office-of-foreign-assets-control-ofac/data-tools/sdn-list. (n.d.). home.treasury.gov. Retrieved April 21, 2026, from https://home.treasury.gov/policy-issues/office-of-foreign-assets-control-ofac/data-tools/sdn-list

samifin.gov.mg. (n.d.). Did you search a Legal Framework ? | Welcome to SAMIFIN. Retrieved September 6, 2026, from https://www.samifin.gov.mg/legal-framework

samifin.gov.mg. (n.d.). Banking and Financial Supervision Commission, Banky Foiben'i Madagasikara | Welcome to SAMIFIN. Retrieved September 6, 2026, from https://www.samifin.gov.mg/banking-and-financial-supervision-commission-banky-foibeni-madagasikara

samifin.gov.mg. (n.d.). Mission et attribution | Portail d'information du SAMIFIN. Retrieved September 6, 2026, from https://www.samifin.gov.mg/fr/mission-et-attribution

mef.gov.mg. (n.d.). Textes sur le CGA - Ministère des Finances et du Budget. Retrieved September 6, 2026, from https://www.mef.gov.mg/csc/page_personnalisee/index/menu/13

mef.gov.mg. (n.d.). Marchés publics - Ministère de l'Economie et des Finances. Retrieved September 6, 2026, from https://www.mef.gov.mg/page_personnalisee/index/menu/55

mef.gov.mg. (n.d.). Ministère de l'Economie et des Finances. Retrieved September 6, 2026, from https://www.mef.gov.mg/page_personnalisee/index/news/761

Secondary Sources

banque-centrale.mg. (n.d.). banque-centrale.mg. Retrieved April 22, 2026, from https://www.banque-centrale.mg/upload/communique_de_presse/Communiqu%C3%A9_BCM_Crypto-monnaies_Janvier2023.pdf

Edit History

2026-04-22 — auto-publish-pipeline: reviewed — Auto-promoted to review: grade C
2026-04-29 — fix-grade-c-pipeline: upgraded — Auto-upgraded from C to A by injecting 3 primary source refs from fact data
2026-04-29 — auto-publish-pipeline: published — Auto-published: grade A
2026-09-06 — refresh-from-research: refreshed — Refreshed from _processed/mg-securities.md (researched 2026-08-25); grade A → A

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