Papua New Guinea Compliance Report

Regulatory Overview

Regulatory Status

Dedicated crypto/VA legislation, licensing regime, active enforcement

Key Regulator(s)

Bank of Papua New Guinea, Securities Commission of Papua New Guinea

Primary Legislation

e.g., National Payment Systems Act 2013, Papua New Guinea Anti-Money Laundering and Counter Terrorist Financing Act 2015, The primary financial regulators operate under the Central Banking Act 2000 and, The Banks and Financial Institutions Act 2000 establishes the regulatory framewo, The Central Banking Act 2000 governs the operations of the central bank and the, The Companies Act 1997 and Companies Regulation 1998 establish the corporate leg, The Goods and Services Tax Act 2003 and Goods and Services Tax Regulation 2005 c, The National Information and Communications Technology Act 2009 provides the sta, The Constitution establishes that the underlying law of Papua New Guinea include, The country operates a common law legal system inherited from its colonial histo, The Central Banking Act 2000 requires compliance with foreign exchange regulatio, Businesses must register their business names under the Business Names Act 1963, The Dangerous Drugs Act 1952 and related regulations address controlled substanc, The Criminal Code Act 1974 contains general criminal provisions that may apply t, s March 2024 directive prohibiting NICTA from issuing a license to Starlink demonstrates the Commission, The Customs Act 1951 and related customs legislation govern import duties but do, The existing financial regulatory framework under the Central Banking Act 2000 a, The Constitution defines the underlying law as including the Constitution, organ

Travel Rule

Not adopted

Tax Reporting

PNG does not impose a general Capital Gains Tax.. Gains from the sale of assets, including virtual assets, are generally not taxable unless they are considered to be:. Part of a business operation (e.g., regular trading, mining as a business).. Part of a profit-making undertaking or scheme.. If a gain is determined to fall into one of these categories, it would be treated as ordinary income and subject to the applicable income tax rates for individuals or corporations, rather than a separate CGT rate.

Key Facts

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