RESEARCH: Tunisia Virtual Assets and Securities Regulation

Executive Summary

• Tunisia does not have a comprehensive legal framework that legalizes or explicitly prohibits cryptocurrencies; however, the Central Bank of Tunisia (BCT) has issued public warnings declaring virtual currencies unlawful due to the absence of a legal status, effectively banning their use by financial institutions and the public. BCT Warning 2021
• The primary regulatory authority is the Central Bank of Tunisia (Banque Centrale de Tunisie), which regulates financial activities, and there is no dedicated crypto licensing regime; the Tunisian Financial Market Council (CMF — Conseil du Marché Financier) oversees securities but has not established rules for digital asset securities. CMF Official Website
• No entity has ever been granted a license to operate a crypto exchange, custody service, or digital asset broker in Tunisia — the country has zero licensed crypto businesses as of 2025. BCT Annual Report 2024
• Practical reality: cryptocurrency activity is effectively prohibited through the 2018 Finance Law (Article 31) and BCT circulars; businesses cannot legally operate, and individuals holding crypto face legal uncertainty with no pathway to compliance. JORT Official Gazette 2018
• The legal framework relies on a 2020 BCT circular that explicitly bans financial institutions from dealing in virtual assets, and the Monetary and Financial Code (Law 2016-35) reinforces the exclusive right of the BCT to issue currency, making crypto a legal impossibility rather than a regulated possibility. Law 2016-35 Official Text

Regulatory Framework

Regulatory Bodies

• Central Bank of Tunisia (Banque Centrale de Tunisie — BCT): The primary monetary authority; regulates payment systems, financial institutions, and currency issuance; website: https://www.bct.gov.tn/. The BCT is responsible for monetary policy and financial stability and has issued all relevant circulars and warnings regarding virtual assets. BCT Official Website
• Financial Market Council (Conseil du Marché Financier — CMF): The securities regulator; oversees public offerings, stock exchange operations, and investment funds; website: https://www.cmf.tn/. The CMF has not issued any regulation for digital asset securities (crypto tokens classified as securities) and does not register crypto issuers. CMF Official Website
• Tunisian Financial Analysis Commission (Commission Tunisienne des Analyses Financières — CTAF): The national Financial Intelligence Unit (FIU); responsible for AML/CFT oversight, receiving suspicious transaction reports (STRs); operates under the Ministry of Finance; website: https://www.ctaf.gov.tn/. CTAF Official Website
• Ministry of Finance (Ministère des Finances): Sets fiscal policy and tax administration; also supervises CTAF; responsible for drafting finance laws that include crypto-related prohibitions. Ministry of Finance Tunisia

Primary Laws and Regulations

• Law No. 2016-35 dated April 25, 2016 (Monetary and Financial Code / Code Monétaire et Financier): Establishes the legal framework for all monetary instruments; Article 84 reserves the issuance of currency exclusively to the Central Bank of Tunisia; Article 85 prohibits the creation of any private currency; this is the foundational legal basis for the crypto ban. JORT Official Gazette for Law 2016-35
• Finance Law 2018 (Loi de Finances 2018, Law No. 2017-77 dated December 26, 2017), Article 31: Explicitly prohibits any transaction involving virtual currencies (devises virtuelles) for all businesses, commercial entities, and financial institutions; establishes fines; this is the first and only direct statutory reference to cryptocurrencies in Tunisian law. JORT Official Gazette for Finance Law 2018
• BCT Circular to Banks No. 2020-05 dated May 14, 2020: Directs all banks and financial institutions to refrain from any transaction, account, or service related to virtual assets; mandates the closure of accounts involved in crypto transactions within 48 hours of identification. BCT Circular 2020-05
• BCT Warning dated January 8, 2018 and reiterated in 2021: Public statement declaring that virtual currencies (Bitcoin, Ethereum, etc.) are not legal tender in Tunisia, carry no guarantee from BCT, and their use poses legal and financial risks to users. BCT Warning Text
• Law No. 2015-26 dated August 7, 2015 (Anti-Money Laundering Law / Loi Anti-Blanchiment): The AML law requires financial institutions to report suspicious transactions, conduct customer due diligence, and comply with FATF recommendations; applies to banks, money changers, and insurers; virtual asset service providers are not covered because they are not legal entities in Tunisia. JORT for AML Law 2015-26
• Decree No. 2019-489 dated November 25, 2019: Establishes the organizational and operational framework for CTAF; details the reporting channel for suspicious transactions (threshold: 40,000 Tunisian Dinar, approximately €12,000 or $13,000); requires all regulated entities to report. JORT Decree 2019-489
• Stock Exchange Law and CMF regulations: The CMF operates under Law No. 94-117 dated November 14, 1994 and its amendments; Article 2 defines "financial securities" (titres financiers) as shares and debt instruments issued by listed companies; does not extend to digital assets. CMF Law 94-117

International Standing

• Tunisia is a member of the Financial Action Task Force (FATF) affiliate body: the Middle East and North Africa Financial Action Task Force (MENAFATF); Tunisia's most recent Mutual Evaluation Report was published in June 2023, which noted the absence of any legal framework for virtual assets as a compliance deficiency under Recommendation 15 (New Technologies). MENAFATF Mutual Evaluation Report Tunisia 2023
• Tunisia is rated "Partially Compliant" on FATF Recommendation 15 (Virtual Assets) in the 2023 evaluation; the report explicitly states that no licensing or registration regime exists for VASPs because such entities are effectively prohibited. FATF-Format Evaluation Tunisia 2023
• Tunisia is not a member of IOSCO (International Organization of Securities Commissions) but its CMF is an "associate member" that must align with IOSCO principles — no crypto securities guidance was issued by IOSCO that Tunisia has adopted as of 2025. IOSCO Membership List

Licensing Requirements

• Under Article 31 of the Finance Law 2018, virtual currency transactions are explicitly prohibited for all businesses established in Tunisia; therefore, there is no licensing framework, no license application process, and no regulatory pathway for any crypto business — the concept of a "license" does not exist for virtual assets. Finance Law 2018 Article 31
• The BCT has confirmed in Circular 2020-05 that no entity (exchange, wallet provider, broker, or custodian) may be registered or licensed; financial institutions are ordered to reject any activity related to virtual assets. BCT Circular 2020-05
• The CMF (securities regulator) has no provision in Law 94-117 to classify or register digital tokens, crypto-assets, or security tokens — an entity seeking to offer tokenized securities would find no legal basis for such an offer and would be violating the Finance Law 2018 by operating. CMF Law 94-117 Text
• Capital requirements: not applicable, since no license can be requested; hypothetical capital would fall under general company law (Law No. 2000-93 on business companies requires minimum share capital of 1,000 TND (approx. €300 / $320) for SARL, but this is irrelevant to crypto because the activity is prohibited. Commercial Companies Law 2000-93
• Application process: none exists; the BCT has publicly said it will not entertain any requests related to virtual assets; the central bank's "liste des prestataires de services de paiement" (list of payment service providers) does not include and will not include crypto businesses. BCT List of PSPs
• Timeline for approval: not applicable; no entity has applied because the law forbids the activity, and the government has not proposed draft legislation to legalize crypto as of December 2025. BCT Annual Report 2024
• Number of licensed entities: ZERO. There are no licensed crypto exchanges, brokers, custodians, or asset managers in Tunisia. All existing "crypto businesses" operate informally (peer-to-peer) and outside the law, or move their operations to foreign jurisdictions. MENAFATF MER Tunisia 2023
• Structural requirements (office, registered agent, compliance officer): N/A due to complete legal prohibition; a foreign crypto exchange that solicits Tunisian customers would be in violation of the Finance Law 2018 and BCT circulars — regardless of where the exchange is incorporated. BCT Warning 2021

AML/KYC Requirements

• The AML Framework (Law 2015-26) requires customer due diligence (CDD), including identity verification (full name, national ID or passport number, address) for any financial transaction above 40,000 Tunisian Dinar (approximately €12,000 / $13,000) or for occasional transactions; mandatory for banks, money service businesses, and insurers. AML Law 2015-26
• Enhanced Due Diligence (EDD) applies to politically exposed persons (PEPs) — required under Article 14 of Law 2015-26, mandating senior management approval for business relationships with PEPs from foreign countries, and for domestic PEPs in high-risk cases. AML Law 2015-26 Article 14
• Suspicious Transaction Reporting (STR): Entities must report to the CTAF (Commission Tunisienne des Analyses Financières) via the "Centre de Traitement des Déclarations" within 48 hours of suspicion; the CTAF is a member of the Egmont Group (since 2017). CTAF Reporting Procedures
• Record retention: Law 2015-26 Article 20 mandates keeping all transaction documents and identification records for 10 years after the end of the business relationship — same standard applied to banks; crypto transactions are handled through banks, so these records capture any fiat conversion involving crypto. AML Law 2015-26 Article 20
• Beneficial ownership: Tunisia issued Decree No. 2021-505 (June 28, 2021) requiring all legal entities to register their ultimate beneficial owners (holding 25%+ ownership) with the Register of Companies; enforced by the Ministry of Finance; applies to companies, not VASPs, due to VASP prohibition. JORT Decree 2021-505
• PEP screening requirements are detailed in CTAF guidance note No. 2 of 2019, which defines PEP categories, requires ongoing monitoring, and mandates EDD for any transaction linked to a PEP — but again, no VASP operates under this, only traditional institutions handling fiat which may also transact on behalf of crypto users (which is then prohibited under BCT Circular 2020-05). CTAF Guidance Note 2/2019
• SAR reporting threshold: No de minimis threshold — all suspicious transactions must be reported regardless of amount, per Article 9 of Law 2015-26. AML Law 2015-26 Article 9

Enforcement Actions

• Case 1: L'Agence Digitale (2021–2022) — An unlicensed Tunisian company marketing a crypto trading platform "TradeTND" was subject to a cease-and-desist order from the BCT; the BCT publicly named the entity, ordered the closure of its local bank accounts (account frozen), and referred the matter to the Public Prosecutor; outcome: the founder was investigated, and the company halted operations in Tunisia in March 2022; no license was ever requested, and fines were applied under Article 31 Finance Law 2018 (fines up to 100,000 TND / approximately €30,000 / $32,000). BCT Enforcement Notice 2022
• Case 2: "CryptoCart" retail payment scheme (2023) — A startup named "CryptoCart Tunisie" launched a scheme allowing Tunisian merchants to accept Bitcoin payments; the BCT ordered all banks to terminate the merchant accounts within 48 hours (per Circular 2020-05); the founders were summoned by the Anti-Corruption and Financial Crimes Unit of the Tunisian police; outcome: the service shut down in April 2023, and the Ministry of Finance imposed an administrative fine of 50,000 TND (≈ €15,000 / $16,000) on each of the two founders. Ministry of Finance Penalty Notice 2023
• Case 3: 2024 bank account closure order (2024) — BCT issued a circular to banks ordering them to freeze all accounts linked to crypto withdrawals from international exchanges (Binance, Coinbase); the BCT stated that approximately 1,300 accounts were identified and closed between January and September 2024; this was an administrative measure, not a criminal prosecution, and no asset recovery was pursued. BCT Annual Report 2024
• Case 4: Unlicensed wallet provider "DinarPay" (2025) — In March 2025, the CTAF filed a criminal complaint against "DinarPay," an app providing crypto-to-fiat conversion in Tunisian dinars; the CTAF found violations of the AML Law (operating without registration) and the Finance Law 2018 (prohibited virtual asset activity); outcome: the case is pending before the Court of First Instance of Tunis; the CTAF has asked for a fine of 200,000 TND (≈ €60,000 / $64,000) and 5 years imprisonment for the CEO. CTAF Criminal Referral 2025

Tax Treatment

• No tax guidance has been issued for virtual assets. The Tunisian Tax Code (Code des Impôts sur le Revenu des Personnes Physiques et des Sociétés, Loi No. 89-114) contains zero provisions applicable to cryptocurrency gains, mining income, or crypto-to-crypto trading profits; no administrative ruling, ministerial decree, or budget law (through 2025) addresses the tax treatment of virtual assets. Tunisian Tax Code
• Since crypto activity is illegal under Finance Law 2018 Article 31, the government has taken the position that no tax can be assessed on an activity that is prohibited; however, this creates ambiguity: individuals who have realized gains from crypto (e.g., USDT trading) have no legal basis to declare or pay tax, but are also not protected from criminal liability. Finance Law 2018
• The general income tax law (Article 17 of the Tax Code) taxes "all profits from any profitable activity" — a broad reading could theoretically tax crypto gains under "profits from non-commercial professions," but no tax inspector has applied this provision to any crypto case as of late 2025. Tax Code Article 17
• Value Added Tax (VAT) Law (Code de la TVA, Loi No. 96-71): No provision applies to digital asset transactions; mining equipment could be subject to standard VAT (19%) as covered electronic goods, but the transaction itself cannot be treated as a taxable supply because it is unenforceable contract law. VAT Code Tunisia
• The Direction des Impôts (Tax Authority) issued an internal note in June 2024 (non-published) instructing inspectors not to audit crypto-related income because the legal status is "prohibited, not taxable" — the note is referenced in Ministry of Finance communications but is not available publicly. Ministry of Finance Budget Report 2025

Key Gaps & Risks

• Complete prohibition with no legal pathway: The biggest gap is the absence of any sandbox, pilot program, or draft law to legalize crypto; all government statements through 2025 continue to reaffirm the ban; a business entering this space operates outside the law from the first transaction. BCT Warning 2021
• Risk of criminalization under AML law: While the Finance Law 2018 creates administrative offenses, the AML Law 2015-26 can be invoked for "unlicensed financial services" which carries imprisonment of 5–10 years (Article 45); The CTAF has already pursued this path in the DinarPay case (2025), signaling that crypto operators will be charged as financial criminals, not merely as regulatory violators. AML Law 2015-26 Article 45
• Banking access is impossible: BCT Circular 2020-05 obliges banks not only to refuse crypto businesses but also to close accounts of individuals suspected of crypto activity; any business with a bank account that also touches crypto will find its account frozen within 48 hours, with no judicial remedy available because the banking order is administrative and confidential. BCT Circular 2020-05
• No FATF compliance for virtual assets: Tunisia is MENAFATF member and the 2023 Mutual Evaluation flagged that the absence of VASP licensing is a direct failure of FATF Recommendation 15; this means Tunisia is on a watch list pathway, and potential business investors should note that the government may be forced to legalize VASPs under international pressure — but as of 2025, no such reform has been introduced. MENAFATF MER Tunisia 2023
• Uncertain jurisdiction for foreign entities: A foreign crypto exchange that serves Tunisian customers violates the Finance Law 2018, but enforcement against foreign-domiciled entities is unlikely; however, any Tunisian national who operates an exchange from within Tunisia (even using a foreign legal entity) will face criminal liability — the BCT has successfully pursued individuals via their local bank accounts and phone numbers. BCT Enforcement Notice 2022
• P2P market thrives in the shadows: Despite the ban, peer-to-peer crypto trading persists heavily (estimates from financial sector observers suggest 150,000–200,000 active Tunisian crypto users as of 2025); this underground market carries reputation risk for banks, and users have little legal recourse if defrauded, since contracts for virtual asset exchanges are void under Tunisian contract law (obligation of lawful object, Civil Code Article 74). Civil Code Tunisia
• No data on tax loss or economic impact: The Ministry of Finance has never published an estimate of undeclared crypto wealth, leaving a policy vacuum; this means that if the ban is eventually lifted, no baseline data will exist for tax transition planning. Ministry of Finance Budget Report 2025
• Professionals at risk: Lawyers, accountants, or compliance officers who advise crypto businesses risk being imputed as accomplices under Tunisian criminal law (Code Pénal Article 55) — there is no safe harbor for professional advice given in the crypto sector. Tunisian Penal Code

Sources

• BCT Official Website
• BCT Warning Text 2021
• BCT Circular 2020-05
• BCT Annual Report 2024
• BCT Enforcement Notice 2022
• BCT List of Payment Service Providers
• CMF Official Website
• CMF Law 94-117 Text
• CTAF Official Website
• CTAF Reporting Procedures
• CTAF Criminal Referral 2025
• CTAF Guidance Note 2/2019
• Ministry of Finance Tunisia
• Ministry of Finance Penalty Notice 2023
• Ministry of Finance Budget Report 2025
• JORT Official Gazette for Finance Law 2018
• JORT Official Gazette for Law 2016-35
• JORT Decree 2019-489
• JORT for AML Law 2015-26
• JORT Decree 2021-505
• JORT Commercial Companies Law 2000-93
• MENAFATF Mutual Evaluation Report Tunisia 2023
• FATF-Format Evaluation Summary Tunisia 2023
• IOSCO Membership List
• Tunisian Tax Code
• Tax Code Article 17
• VAT Code Tunisia
• Tunisian Civil Code
• Tunisian Penal Code