An update on the official report from the U.S. Library of Congress has found that 4 out of the 9 countries that have a total ban on cryptocurrencies are in North Africa.
These countries include:
- Egypt
- Algeria
- Tunisia
- Morocco
Furthermore, the report reveals that a majority of African countries have applied an ‘implicit ban’ on cryptocurrencies.
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SEE ALSO: Kenya Fintech Law Takes Effect – Regulations Expected in March 2022 by the Central Bank of Kenya
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This is described as a ban prohibiting crypto exchanges, banks, and other financial institutions from ‘dealing in cryptocurrencies or offering services to individuals/businesses dealing in cryptocurrencies.’
While Nigeria grabbed headlines in February 2021 when its Central Bank banned financial institutions from engaging in cryptocurrencies, it is now evident that similar bans exist in 18 other African jurisdictions.
Tanzania is a surprising inclusion in the countries applying implicit bans given that it grabbed headlines when its President, Samia Suluhu Hassan, urged financial authorities to look into cryptocurrencies in June 2021.
The report also found out countries that have applied a regulatory framework for cryptocurencies, focusing on 2 kinds of regulation in particular:
- Anti Money Laundering and Counter-Financing of Terrorism Laws commonly abbreviated as AML/CFT
- Tax laws
Kenya and South Africa are found to be the only countries with some types of taxation laws for cryptocurencies.
8 countries have applied AML / CFT laws including:
- Egypt
- Tunisia
- Algeria
- Morocco
- Libya
- Namibia
- Angola
- Lesotho
The report, which is an update from a previous issue from 2018 has found that the number of countries issuing bans globally has increased.
Total bans have increased from 8 to 9 while implicit bans have increased from 15 to 42.
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