Does not clear all 8 Shariah criteria. Needs caution: nature of the asset, business model, excessive uncertainty (gharar), usage, and benefit and harm (maslahah).
Buying and holding exchange tokens is legal in the UAE when you use a platform licensed by the right regulator (CMA federally, VARA in Dubai, FSRA in ADGM or DFSA in DIFC). There is no special category for tokens issued by exchanges: they are assessed like other virtual assets, and onshore platforms may offer only assets registered with the CMA. Onshore CMA rules also restrict services in 'utility tokens', so availability can differ by platform. At least one major global exchange is licensed in ADGM, but check that the exact entity you use is licensed. Everyday payments are limited to licensed dirham tokens, and individuals pay no income tax on gains.
Regulators
Capital Market Authority (CMA, formerly SCA, federal), Central Bank of the UAE (CBUAE), Virtual Assets Regulatory Authority (VARA, Dubai), ADGM Financial Services Regulatory Authority (FSRA), Dubai Financial Services Authority (DFSA, DIFC)
Licensing
In force. Onshore federal: under CMA Decision No. 4/R.M/2026, licensed firms must assess and, where applicable, register each virtual asset with the CMA ('Green List') before offering it to clients; privacy tokens and algorithmic tokens are prohibited, and licensed firms may not provide services related to 'Utility Tokens' except custody or operating a multilateral trading facility with prior CMA approval (per a law-firm summary; whether a given exchange token counts as a 'Utility Token' is not clarified there). Dubai mainland: VARA licensing and rulebooks. ADGM: FSRA. DIFC: DFSA (firm-led token suitability assessment since 12 Jan 2026). At least one global exchange group's main platform is authorised in ADGM, so a token's issuing exchange may itself be locally supervised; check the exact entity you use. Whether a specific exchange token is available depends on the platform and its regulator. Existing firms under the new Capital Market Law must regularise their status by 1 Jan 2027 (extendable).
Payments
restricted: under the CBUAE Payment Token Services Regulation only licensed dirham payment tokens may be used for general payments; other virtual assets, including exchange tokens, are not a lawful means of paying for goods and services onshore.
Tax
No personal income or capital gains tax; transfers and conversions of virtual assets are VAT-exempt (Cabinet Decision 100/2024, retroactive to 1 Jan 2018). Corporate tax applies to business profits.
Timeline
Jan 1, 2026New Capital Market Law in force; SCA reconstituted as the Capital Market Authority; virtual assets become Financial Products.
Jan 12, 2026DFSA updated crypto token regime in force in DIFC (firm-led suitability assessment).
Apr 2026CMA Decision No. 4/R.M/2026 on virtual assets publicly summarised (Green List registration; restrictions on privacy, algorithmic and utility tokens); it replaces prior SCA virtual-asset rules.
Jan 1, 2027 (Expected)Deadline for existing entities to regularise status under the Capital Market Law (extendable by the CMA Board).
European Union
RegulatedYour country
Exchange tokens are legal across the EU. Since 1 July 2026 only MiCA-authorised providers may offer crypto services to EU residents, and some large global exchanges that issue their own tokens do not hold that authorisation, so their services to EU users have been cut back. MiCA also requires a white paper for traded tokens (by end-2027 for older tokens) and obliges platforms to manage conflicts of interest when listing tokens tied to their own group. Check the ESMA register before using a provider. Tax is set by each Member State, and providers report transactions under DAC8.
In force: MiCA CASP authorisation; the transitional period ended EU-wide on 1 July 2026. For exchange tokens specifically: (1) a crypto-asset white paper is needed for admission to trading; for tokens already trading before 30 Dec 2024, trading-platform operators must ensure a white paper is drawn up, notified and published by 31 Dec 2027 (Art. 143(2)); (2) trading platforms must assess a token's suitability, including the issuer's track record and reputation, before admitting it (Art. 76(2)); (3) CASPs must identify, prevent, manage and disclose conflicts of interest with their shareholders and linked entities (Art. 72), which is directly relevant when a platform lists its own group's token; (4) platform operators may not deal on own account on their own platform (Art. 76(5)). An exchange group without MiCA authorisation may no longer serve EU residents, even if its token remains tradable on other authorised platforms.
Payments
allowed: not legal tender; MiCA does not prohibit paying with crypto; e-money tokens are the MiCA payment-stablecoin category.
Tax
Set nationally; DAC8 crypto tax reporting by CASPs applies from 1 Jan 2026 (first reports due 2027).
Timeline
Jul 1, 2026MiCA transitional period ends in all Member States; unauthorised providers, including that exchange group, restrict new EU business (withdrawals remain open).
Dec 31, 2027 (Expected)Deadline for trading platforms to ensure MiCA white papers exist for crypto-assets admitted to trading before 30 Dec 2024.
2027 (9 months after 2026 year-end) (Expected)First DAC8 reports on 2026 transactions due to tax authorities.
Date to be announced (Expected)ESMA direct supervision of CASPs if the Market Integration Package is adopted.
United States
RegulatedYour country
Buying and holding exchange tokens is legal in the US, but their legal status is less settled than for bitcoin: the SEC has alleged in the past that a token tied to an exchange was offered as a security (the case was dropped without a ruling), and the 2026 SEC–CFTC guidance did not include any exchange token among its examples of digital commodities. Availability depends on the US platform. Gains are taxed as capital gains.
Regulators
Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), FinCEN, State regulators (e.g. NYDFS), Internal Revenue Service (IRS)
Licensing
Patchwork in force: FinCEN MSB registration plus state money-transmitter licences or the New York BitLicense for platforms serving US persons; no federal spot-market licence. Availability of a given exchange token depends on the US platform. The CLARITY Act (H.R. 3633) market-structure bill failed a Senate cloture vote on the motion to proceed on 15 Sep 2026 (reported).
Payments
Allowed: not legal tender; no federal ban on paying with crypto.
Tax
Treated as property: capital gains or losses on sale, swap or spending (IRS); brokers report on Form 1099-DA starting with 2025 transactions.
Timeline
Mar 17, 2026SEC interpretation, joined by the CFTC, sets a crypto asset taxonomy and explains when investment-contract status ends (Federal Register, 23 Mar 2026).
Sep 15, 2026Senate cloture vote on the motion to proceed to the CLARITY Act fails 49–50 (60 needed), as reported.
Date to be announced (Expected)Further SEC/CFTC rulemaking or guidance applying the taxonomy to specific tokens, in place of stalled legislation.
Jan 18, 2027 (Expected)GENIUS Act effective date for payment stablecoin licensing.
United Kingdom
RegulatedYour country
Exchange tokens are legal to buy and hold in the UK, but the platform matters: use a firm registered with the FCA, because unregistered offshore exchanges may not run a UK crypto business or market to UK consumers. From October 2027 a full FCA regime will add authorisation, admission and disclosure rules and a market-abuse regime for crypto trading. Gains are subject to Capital Gains Tax.
Currently in force: FCA registration under the money laundering regulations for UK cryptoasset businesses and the financial promotions regime (promotions to UK consumers must be made or approved by an authorised person or made by a registered cryptoasset business). An offshore exchange that is not FCA-registered may not run a UK cryptoasset business or promote to UK consumers without such approval. New FSMA regime (SI 2026/102, made 4 Feb 2026, covering admissions to trading and disclosures and a cryptoasset market abuse regime): FCA final rules published 30 Jun 2026; authorisation gateway 30 Sep 2026–28 Feb 2027; regime starts 25 Oct 2027. Until then FCA oversight is limited to financial promotions and anti-money laundering.
Payments
allowed: not legal tender; no ban on paying with crypto.
Tax
Capital Gains Tax on disposals (sale, swap, spending); income tax may apply to rewards received (HMRC Cryptoassets Manual; not re-verified in this pass).
Timeline
Feb 4, 2026FSMA 2000 (Cryptoassets) Regulations 2026 (SI 2026/102) made.
Jun 30, 2026FCA publishes final rules for the cryptoasset regime, including market integrity (insider dealing and manipulation) rules.
Oct 25, 2027 (Expected)New cryptoasset regulated activities regime comes into force.
Bangladesh
BannedYour country
Exchange tokens fall under the general Bangladeshi prohibition on virtual assets. No crypto exchange is licensed in the country, and the central bank bars banks and mobile money providers from facilitating crypto business. Any use of an exchange token there happens outside the legal framework and can be treated as a breach of the Foreign Exchange Regulation Act, 1947.
Regulators
Bangladesh Bank (BB)
Licensing
There is no licensing regime. Bangladesh Bank FE Circular No. 24 of 15 September 2022 states that any transactions made in, from or to Bangladesh for obtaining virtual assets or virtual currencies are not permitted, and that providing any kind of facilitation for business associated with their exchange, transfer or trading is not permitted. The circular treats a violation as a contravention of Section 5(1)(e) of the Foreign Exchange Regulation Act, 1947, subject to cognizance under Section 23(1) of that Act. Local press reports the punishment as up to 7 years of imprisonment, a fine, or both. The circular is addressed to banks, authorised dealers, mobile financial service providers, financial institutions and other concerns. Crypto exchanges cannot be licensed in Bangladesh, and local banks and mobile money providers may not process transfers for them.
Payments
Not allowed. Exchange tokens are not recognised as currency, and banks and mobile financial service providers may not facilitate their exchange, transfer or trading.
Timeline
May 18, 2021In a letter to the Criminal Investigation Department, Bangladesh Bank says that owning, holding or transacting cryptocurrency is not recognised but does not appear to be a crime in itself.
Jul 29, 2021Bangladesh Bank public notice (DCP(PR)1/2021-7/5) states that transactions in cryptocurrencies and their promotion are illegal, citing the Foreign Exchange Regulation Act, 1947, the Anti-Terrorism Act, 2009 and the Money Laundering Prevention Act, 2012.
Sep 15, 2022Bangladesh Bank FE Circular No. 24 prohibits transactions to obtain virtual assets or virtual currencies and any facilitation of their exchange, transfer or trading.
Date to be announced (Expected)No draft law or licensing framework for virtual assets was identified in this review, and no change to the 2022 circular was found.
Bahrain
RegulatedYour country
Exchange tokens can legally be bought and held in Bahrain through platforms licensed by the Central Bank of Bahrain. There is no special regime for tokens issued by exchanges: licensed platforms must assess each token, including issuer risk, before listing it. Crypto is not legal tender and individuals pay no income tax on gains.
Regulators
Central Bank of Bahrain (CBB)
Licensing
In force: CBB Crypto-asset Module (CRA) licenses crypto-asset services (e.g. exchange, brokerage/dealing, custody, advisory). Crypto-assets offered are assessed against criteria such as security, traceability, market demand and volatility and the underlying ledger (law-firm summary); a 2026 summary adds that listing risk assessments cover the issuer and legal risk. Licensees must avoid conflicts of interest, which is relevant where a token is issued by the licensee's own group. Which tokens are offered is decided by each licensed platform within CBB rules.
Payments
allowed with limits: no ban identified; crypto is not legal tender. Stablecoins are governed by the separate 2025 Stablecoin Issuance and Offering Module.
Tax
No personal income or capital gains tax, which extends to crypto gains (law-firm summary).
Timeline
Feb 25, 2019CBB Crypto-asset Module (CRA) rules take effect; amended in March 2023.
Jul 4, 2025CBB issues the Stablecoin Issuance and Offering (SIO) Module.
Date to be announced (Expected)No major pending change identified for exchange tokens.
Switzerland
RegulatedYour country
Exchange tokens have no special regime in Switzerland. FINMA classifies each token by function, and an exchange token that gives profit rights can be a security. Exchanges are covered by anti-money-laundering law and need a banking, fintech or trading facility licence depending on their activity. A new crypto-institution licence for custody, brokerage, trading and exchange is proposed and is not expected before 2027.
Regulators
Swiss Financial Market Supervisory Authority (FINMA), State Secretariat for International Finance (SIF), Federal Department of Finance, Swiss National Bank (SNB), Self-regulatory organisations (SROs) under the Anti-Money Laundering Act
Licensing
Switzerland has no single crypto licence yet. Existing financial market laws apply by activity. A business that handles client assets, payment transactions or exchange is a financial intermediary under the Anti-Money Laundering Act (AMLA) and must join a self-regulatory organisation (SRO). A banking licence is needed to accept deposits from more than 20 clients or to take client assets into own accounts. The fintech licence allows accepting client deposits up to CHF 100 million, or collective custody of crypto-based assets, without lending and without paying interest. Custody on a separate blockchain address for each client can be done without a banking licence, but AMLA still applies. Supervised institutions must make sure that token transfers to or from external wallets involve only their own clients, with verified ownership of the wallet. Platforms that trade tokens which are securities need a licence under the Financial Market Infrastructure Act as an exchange, multilateral trading facility or DLT trading facility. Exchanges that trade only payment tokens work under AMLA and, depending on how they hold client assets, a banking or fintech licence. On 22 October 2025 the Federal Council opened a consultation on amending the Financial Institutions Act. It proposes two new licence categories: payment instrument institutions, which would replace the fintech licence, and crypto-institutions, which would need a licence to provide services such as custody, brokerage, trading and exchange in "cryptoassets for trading". These are crypto assets that are not utility tokens, financial instruments, stable crypto-based payment instruments or bank deposits, and they include stablecoins issued abroad. The requirements would be based largely on those for securities firms. The consultation ran until 6 February 2026, and the Federal Council plans to send a dispatch to Parliament in the second half of 2026 at the earliest. Law firms do not expect the rules to apply before 2027.
Payments
Permitted by agreement where the token works as a payment token. No legal tender status.
Tax
Capital gains on tokens held as private assets by individuals are generally tax-free. Year-end holdings are subject to the annual wealth tax. Income from staking, lending and similar activities is taxable, and companies are taxed under the normal rules. Switzerland extended the automatic exchange of information to crypto assets from 1 January 2026, with the first exchange planned for 2027.
Timeline
Jan 1, 2026Automatic exchange of information is extended to crypto assets.
Feb 6, 2026Consultation on the Financial Institutions Act amendment closes.
second half of 2026 at the earliest (Expected)Federal Council dispatch to Parliament on the new licences for payment instrument institutions and crypto-institutions. Application is not expected before 2027.
2027 (Expected)First automatic exchange of information on crypto assets with partner countries.
Algeria
BannedYour country
Exchange tokens fall under the general Algerian ban on virtual assets. Law No. 25-10 of 24 July 2025 makes it a criminal offence to buy, sell, hold, use or promote them, and separately bans creating or operating exchange platforms. No exchange is licensed in Algeria and no licence can be obtained.
Regulators
Bank of Algeria (Banque d'Algérie), Banking Commission (Commission bancaire), Judicial authorities (enforcement of Law No. 05-01)
Licensing
No licensing route exists, for the token or for the exchange behind it. Article 6 bis of Law No. 05-01, added by Law No. 25-10 of 24 July 2025, prohibits issuing, buying, selling, using or holding virtual assets, trading in them, promoting them, and creating or operating exchange platforms for them, whether as a means of payment or recognised currency or as an investment instrument. The ban also covers activities linked to cryptocurrency mining. Article 31 bis sets the penalty: imprisonment from two months to one year and a fine of DZD 200,000 to DZD 1,000,000, or one of these two penalties, without prejudice to heavier penalties under other laws. Creating or operating an exchange platform is named in the ban itself, so no crypto exchange, local or foreign, has a lawful status in Algeria.
Payments
Not allowed. Article 6 bis bans the use of virtual assets as a means of payment or recognised currency.
Timeline
Dec 27, 2017Finance Law No. 11-17 (finance law for 2018) appears in the official gazette of 27 December 2017. Its Article 117 prohibits all use of private cryptocurrencies (as recorded by the Law Library of Congress). Press reports describe enforcement as weak, with peer-to-peer trading continuing.
Jul 24, 2025Law No. 25-10 is signed and published in Official Journal No. 48. It adds Article 6 bis (ban on issuing, buying, selling, using, holding, trading and promoting virtual assets, on exchange platforms and on mining) and Article 31 bis (criminal penalties) to Law No. 05-01.
Date to be announced (Expected)No plan to lift the ban or to license virtual asset services was identified in this review.
Egypt
BannedYour country
Exchange tokens fall under the general Egyptian prohibition on cryptocurrencies. Both the tokens and the trading platforms behind them need Central Bank of Egypt approval, and none has been reported. No crypto exchange is licensed in Egypt, so any use of an exchange token there happens outside the legal framework.
Regulators
Central Bank of Egypt (CBE), Financial Regulatory Authority (FRA)
Licensing
Article 206 of the Central Bank and Banking System Law (Law No. 194 of 2020) prohibits issuing, trading or promoting cryptocurrencies, and setting up or operating platforms for them, without prior approval from the Central Bank of Egypt (CBE). A 2025 overview reports that the CBE has not issued any such licence, so in practice there is no lawful local route. A law firm review says the Law sets severe penalties, including fines and imprisonment; a secondary overview puts the fines at up to EGP 10 million. The penalty provision itself was not read in this review. The same article covers the exchanges themselves: operating or promoting a crypto trading platform needs a licence from the CBE board, and none is reported. Foreign exchanges therefore have no licensed status in Egypt.
Payments
Not allowed. Exchange tokens are not legal tender, and trading or promoting them without CBE approval is prohibited.
Timeline
2020Central Bank and Banking System Law (Law No. 194 of 2020) enacted. Article 206 bans issuing, trading or promoting cryptocurrencies and operating platforms for them without CBE approval.
Mar 2021CBE publicly warns bank customers against dealing in cryptocurrencies and cites Article 206 of Law No. 194 of 2020.
Mar 8, 2023CBE issues its fourth warning statement on cryptocurrencies, after reports that a digital platform had illegally taken funds from Egyptian citizens.
Date to be announced (Expected)No draft law or licensing framework for virtual assets was identified in this review. A change would need the CBE to start granting approvals under Article 206 or new legislation.
Hong Kong
RegulatedYour country
Exchange tokens have no special regime in Hong Kong. They are virtual assets, and the exchanges behind them must hold an SFC licence to operate a trading platform in Hong Kong. Retail customers can only buy tokens that a licensed platform has admitted and that meet the large-cap condition, so an exchange token is open to retail customers there only if a licensed platform has admitted it. New dealing and custody licences are planned for 2026.
Regulators
Securities and Futures Commission (SFC), Hong Kong Monetary Authority (HKMA), Financial Services and the Treasury Bureau (FSTB), Inland Revenue Department (IRD)
Licensing
Centralised virtual asset trading platforms (VATPs) must be licensed by the Securities and Futures Commission (SFC). Since 1 June 2023 platforms that trade non-security tokens need a licence under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615, AMLO). Platforms that trade security tokens need Type 1 (dealing in securities) and Type 7 (automated trading services) licences under the Securities and Futures Ordinance (Cap. 571, SFO). The SFC advises applying under both, because a token can change classification. The SFC public list, last updated on 29 May 2026, shows at least 12 licensed platforms. Retail customers may trade on licensed platforms, with safeguards that include pre-approved large-cap tokens, a knowledge assessment and a suitability check. This is the licence an exchange itself needs. Whether an exchange token can be offered to retail customers depends on the licensed platform's token admission process and the large-cap requirement. Over-the-counter dealing and stand-alone custody are not yet licensed activities. In December 2025 the SFC and the Financial Services and the Treasury Bureau (FSTB) published consultation conclusions on new licensing regimes for virtual asset dealing and virtual asset custodian services, and consulted until 26 January 2026 on regimes for virtual asset advisory and management services. The government intends to introduce a bill in the Legislative Council in 2026. The regimes are planned to start on a fixed date with no transitional period. Reported proposals include minimum paid-up capital of HK$5 million for dealers and HK$10 million for custodians.
Payments
Not legal tender. No regime for paying with exchange tokens was identified.
Tax
Under Inland Revenue Department guidance of March 2020, gains on digital assets held as long-term investments are not subject to profits tax, while profits from crypto business activities are taxable. The guidance text itself was not opened in this review.
Timeline
Dec 2025SFC and FSTB publish consultation conclusions on licensing regimes for virtual asset dealing and custodian services and open a further consultation on advisory and management services.
Apr 10, 2026HKMA grants the first stablecoin issuer licences, to Anchorpoint Financial Limited and The Hongkong and Shanghai Banking Corporation Limited. The HKMA had received 36 applications in the first batch.
2026 (Expected)Bill in the Legislative Council to license virtual asset dealing, custody, advisory and management services under the AMLO, with no transitional period once in force.
second half of 2026 (Expected)Launch of the first licensed stablecoins by Anchorpoint and HSBC. In April 2026 the HKMA said both intended to launch within a few months. Whether they have launched was not confirmed in this review.
Indonesia
RegulatedYour country
Exchange tokens are legal to trade in Indonesia if the token is on the official list of registered crypto-assets and you use an OJK-licensed trader. The largest exchange tokens are on that list. Crypto cannot be used for payments, and a small final tax is charged on each sale (lower on domestic licensed platforms than on foreign ones).
Regulators
Financial Services Authority (OJK), Bank Indonesia, Ministry of Finance / Directorate General of Taxes
Licensing
In force: since 10 Jan 2025 OJK licenses the crypto exchange, clearing and settlement institution, custodians and traders under POJK 27/2024 (as amended). Retail trading should go through OJK-licensed traders and only in registered assets. Tokens of several large global exchanges are on the CFX registered list (effective dates in February 2024 for some, 2025 for others).
Payments
banned: the rupiah is the only legal means of payment; Bank Indonesia prohibits crypto payments.
Tax
PMK 50/2025 (from 1 Aug 2025): final income tax 0.21% of transaction value via domestic licensed platforms, 1% via foreign platforms; crypto transfers VAT-exempt.
Timeline
Jan 10, 2025POJK 27/2024 effective; crypto supervision moves from Bappebti to OJK.
Aug 1, 2025PMK 50/2025 crypto tax rules take effect (0.21% / 1% final income tax; VAT exemption for crypto transfers).
Date to be announced (Expected)Periodic updates of the registered crypto-asset list (additions and delistings).
India
RegulatedYour country
Exchange tokens are treated in India like any other virtual digital asset: they may be held and traded, are not legal tender, and are taxed at a flat 30% with a 1% tax deducted at source. The status is regulated only in a limited sense, because there is no crypto licence: exchanges only need FIU-IND registration under the anti-money-laundering law, and nine offshore platforms without it received show-cause notices in December 2023. There are no rules written specifically for exchange tokens.
Regulators
Financial Intelligence Unit India (FIU-IND), Ministry of Finance, Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Indian Computer Emergency Response Team (CERT-In)
Licensing
India has no dedicated crypto law and no licensing regime. Since a Ministry of Finance notification of 7 March 2023, VDA service providers are reporting entities under the Prevention of Money Laundering Act, 2002 (PMLA). The notification covers five activities carried out for or on behalf of another person: exchange between VDAs and fiat currencies, exchange between VDAs, transfer of VDAs, safekeeping or administration of VDAs, and participation in financial services related to an issuer's offer and sale of a VDA. Providers must register with the Financial Intelligence Unit India (FIU-IND), carry out customer due diligence, keep records for five years and report suspicious transactions. FIU-IND issued consolidated AML and CFT guidelines on 8 January 2026 with stricter onboarding checks (live selfie with liveness detection, location capture, bank account verification), a prohibition on facilitating mixers and tumblers, and a statement that discourages initial coin and token offerings. The details of the January 2026 guidelines come from secondary summaries, because the FIU-IND text could not be opened in this review. On 28 December 2023 FIU-IND issued show-cause notices to nine offshore exchanges for operating without complying with the PMLA, and the Ministry of Finance asked for their websites to be blocked. For the exchanges themselves this means registration with FIU-IND as a reporting entity, not a licence. Offshore exchanges that serve Indian users without registration have faced show-cause notices. The January 2026 guidelines are reported to discourage initial coin and token offerings, which is relevant to new token sales by platforms. The Reserve Bank of India (RBI) banned banks from serving crypto businesses in April 2018. The Supreme Court set that circular aside on 4 March 2020 (Internet and Mobile Association of India v. Reserve Bank of India). On 31 May 2021 the RBI told banks not to cite the old circular and to apply normal KYC, AML and foreign exchange rules to customers dealing in virtual currencies.
Payments
Not legal tender. No regime exists for paying for goods and services with exchange tokens. Fee discounts and similar uses inside a platform are not specifically regulated.
Tax
Income from the transfer of VDAs is taxed at a flat 30% (section 115BBH of the Income Tax Act, in effect since 2022). No deduction is allowed other than the cost of acquisition, and losses cannot be set off against other income or carried forward. A 1% tax is deducted at source on VDA transfers (section 194S, from 1 July 2022), above INR 10,000 a year, or INR 50,000 for specified persons. GST of 18% applies to the fees of crypto service providers. Section 285BAA, in effect from 1 April 2026, requires prescribed reporting entities to file statements of crypto asset transactions with the tax authority. Data sharing under the OECD Crypto-Asset Reporting Framework is reported to start in 2027. These tax points are confirmed by a law-firm guide and press reports. The Income Tax Department pages could not be opened in this review.
Timeline
Jan 8, 2026FIU-IND issues consolidated AML and CFT guidelines for VDA service providers with stricter onboarding checks and a prohibition on facilitating mixers and tumblers.
Apr 1, 2026Wider VDA definition from the Finance Act 2025 and the crypto asset transaction reporting duty in section 285BAA of the Income Tax Act take effect.
2027 (Expected)Start of reporting and data sharing under the OECD Crypto-Asset Reporting Framework (as reported in the press: first filings by 31 May 2027 for calendar year 2026, cross-border sharing from April 2027).
Date to be announced (Expected)Consultations on a regulatory framework for crypto assets are under way, and the RBI Governor said in November 2025 that a government working group will decide. The timeline is uncertain. Two earlier cryptocurrency bills (2019 and 2021) were never tabled in Parliament.
Iraq
BannedYour country
Exchange tokens fall under the general Iraqi prohibition on dealing in crypto assets. The central bank licenses no crypto exchange and says anti-money-laundering penalties apply to dealing in cryptocurrencies. Banks are reported to be barred from such transactions, and the Kurdistan Region has ordered trading offices closed. Any use of an exchange token in Iraq happens outside the legal framework.
Regulators
Central Bank of Iraq (CBI), Anti-Money Laundering and Counter-Financing of Terrorism Office, Ministry of Interior of the Kurdistan Regional Government (Kurdistan Region only)
Licensing
Iraq has no law written for crypto assets and no licensing regime. The Central Bank of Iraq (CBI) issued a statement on Bitcoin on 3 December 2017, which the Law Library of Congress records as an absolute ban: the penalties of the anti-money-laundering law (Law No. 39 of 2015) apply to anyone dealing in cryptocurrencies. On 14 November 2021 the CBI warned against the use of digital, encrypted and virtual currencies and said it gives no guarantee or legal protection to those dealing with them and has granted no licence for any encrypted digital currency. In December 2024 the CBI repeated that it does not issue licences for companies dealing in cryptocurrencies. This covers the exchanges themselves: no crypto exchange, local or foreign, holds a licence in Iraq. A secondary review describes CBI Circular No. 125/5/9 of 2021, which forbids banks, electronic payment providers and other financial intermediaries from engaging in virtual asset transactions. The circular itself was not opened in this review. In February 2025 the state banks Al-Rafidain and Al-Rasheed told customers not to use cards or e-wallets for cryptocurrency or Forex transactions, in line with CBI directives. In the Kurdistan Region, the Ministry of Interior issued a directive, reported on 3 May 2026, that prohibits citizens and businesses from digital currency transactions, including stablecoins such as USDT, with offices to be closed and those responsible referred to the judiciary.
Payments
Not allowed. Exchange tokens are not legal tender, and banks and electronic payment providers are reported to be barred from virtual asset transactions.
Timeline
Dec 16, 2024CBI is reported as stating that it does not issue licences for companies dealing in stocks, metals or cryptocurrencies, and warns of fake trading firms.
Feb 28, 2025Al-Rafidain Bank, a day after Al-Rasheed Bank, warns customers not to use cards or e-wallets for cryptocurrency or Forex transactions.
May 3, 2026Kurdistan Region Ministry of Interior directive banning digital currency transactions, including USDT, is reported. Offices are to be closed and those responsible referred to the judiciary.
Date to be announced (Expected)No plan to license crypto assets or to change the central bank position was identified in this review.
Jordan
RegulatedYour country
Exchange tokens are treated like other virtual assets in Jordan. The exchange behind a token needs a platform licence from the Jordan Securities Commission to serve the Jordanian market, with JOD 3,000,000 minimum capital, and a foreign exchange can apply through a branch if it is licensed at home. No licensed exchange was confirmed in this review, so check the JSC list of licensed providers.
Regulators
Jordan Securities Commission (JSC), Central Bank of Jordan (CBJ)
Licensing
Law No. 14 of 2025 on Regulating Dealing in Virtual Assets makes the Jordan Securities Commission (JSC) the licensing authority. No virtual assets activity may be carried out without a JSC licence. The Virtual Assets Service Providers Licensing Regulation No. 94 for the year 2025 sets minimum paid-up capital of JOD 3,000,000 for operating a virtual assets platform, JOD 2,000,000 for custody, JOD 1,000,000 for brokerage and JOD 500,000 for services related to an issuer's offering or sale of virtual assets; the amounts add up when several activities are combined. An applicant must be a Jordanian company or a branch of a foreign company licensed in its home jurisdiction, with a purpose limited to virtual assets activities. The JSC decides on preliminary approval within 60 days. Licence fees range from JOD 30,000 to JOD 100,000. Providers need prior written JSC approval to finance clients' trading or to trade through contracts for difference on virtual assets. Unlicensed activity is reported to be a criminal offence punished by imprisonment and fines of JOD 50,000 to 100,000, with closure of premises and confiscation of equipment; this comes from a press summary, and the text of the Law was not read in this review. Banks and other entities supervised by the Central Bank of Jordan may carry out exchange and custody with prior CBJ approval. A platform operator must set out in its policy which types of virtual assets may be traded or added to the platform, manage conflicts of interest and have mechanisms against price manipulation. According to legal commentary, platform operators may not trade for their own account on their own platforms. The JSC publishes the names of licensed providers on its website.
Payments
Restricted. As reported, payment use of virtual assets needs Central Bank of Jordan approval.
Timeline
Jun 16, 2025Law No. 14 of 2025 on Regulating Dealing in Virtual Assets is enacted.
Sep 14, 2025Law No. 14 of 2025 takes effect, 90 days after publication.
2026-2027 (Expected)First JSC licences for virtual asset service providers and further JSC instructions. No licensed provider was confirmed in this review.
Kuwait
BannedYour country
Exchange tokens fall under the general Kuwaiti prohibition on virtual assets for payment and investment. Regulators may not license virtual asset businesses, so no exchange is authorised in the country. Any use of an exchange token there happens outside the legal framework.
Regulators
Capital Markets Authority (CMA), Central Bank of Kuwait (CBK), Ministry of Commerce and Industry, Insurance Regulatory Unit
Licensing
No licence is available. On 18 July 2023 the Capital Markets Authority (CMA) issued a circular confirming an absolute prohibition on using virtual assets for payment or for investment and on mining them. The circular also bars the regulators from issuing licences to provide virtual asset services as a commercial business. Similar circulars were reported from the Central Bank of Kuwait, the Ministry of Commerce and Industry and the Insurance Regulatory Unit. The circular refers to penalties under Article 15 of Law No. 106 of 2013 on anti-money laundering and combating the financing of terrorism. Securities and other financial instruments regulated by the Central Bank of Kuwait and the CMA are excluded from the prohibition. As a result no crypto exchange can be licensed in Kuwait, and foreign exchanges have no local authorisation.
Payments
Not allowed. Using virtual assets as a means of payment is prohibited.
Timeline
Jul 18, 2023CMA circular confirms an absolute prohibition on virtual assets for payment and investment, on mining, and on licensing virtual asset service providers. Parallel circulars are reported from the CBK, the Ministry of Commerce and Industry and the Insurance Regulatory Unit.
Apr 2025The Ministry of Interior launches a wide-ranging security operation against homes used for crypto mining, which it calls illegal, during a power crisis.
Date to be announced (Expected)No plan to lift the prohibition or to introduce licensing was identified in this review.
Kazakhstan
RegulatedYour country
Exchange tokens are legal in Kazakhstan when traded through a licensed operator, and several major exchange tokens are on the National Bank's list of authorised unsecured digital assets, which sets what may be traded. Check that your platform is licensed by the National Bank or by AFSA in the AIFC. Crypto is not legal tender. Individuals' gains on licensed platforms are reported to be income-tax exempt.
Regulators
National Bank of Kazakhstan (NBK), Astana Financial Services Authority (AFSA, AIFC), Agency for Regulation and Development of the Financial Market (ARDFM)
Licensing
In force since 1 May 2026: outside the AIFC the National Bank licenses unsecured digital asset exchange operators and registers trading-platform operators; AFSA continues to license firms inside the AIFC. Transactions with unsecured digital assets may be carried out only in assets on the NBK list of authorised unsecured digital assets (73 assets), which includes several major exchange tokens. Retail should use a licensed operator.
Payments
restricted: not legal tender; no general regime for paying for goods in crypto; mechanisms for cross-border settlement in stablecoins are being developed.
Tax
Presidential decree of 7 Jul 2026 exempts individuals' profits from trading on licensed platforms from income tax (reported; not re-verified from primary text).
Timeline
Apr 30, 2026National Bank announces the digital asset framework and the list of authorised unsecured digital assets (73 assets, including several major exchange tokens).
May 1, 2026Digital assets regulation in force; NBK licensing and registration of digital asset service providers outside the AIFC begins.
Jul 7, 2026Presidential decree reported: income-tax exemption for individuals trading on licensed platforms; groundwork for stablecoin cross-border settlements.
Date to be announced (Expected)Revisions of the NBK authorised-asset list; stablecoin settlement mechanisms.
Morocco
BannedYour country
Exchange tokens fall under the general Moroccan prohibition from 2017. There are no licensed exchanges, and residents who use foreign platforms do so outside the legal framework. The draft law published in November 2025 would let the AMMC license crypto-asset service providers, but it has not been adopted.
Regulators
Bank Al-Maghrib (BAM), Office des Changes (Foreign Exchange Office), Autorité Marocaine du Marché des Capitaux (AMMC), Ministry of Economy and Finance
Licensing
There is no licensing regime in force. In November 2017 the Ministry of Economy and Finance, Bank Al-Maghrib and the Office des Changes jointly declared that transactions in bitcoin and other virtual currencies violate Morocco's foreign exchange rules and expose users to penalties under the exchange regulations. That position still applies. No crypto exchange is licensed in Morocco, and foreign platforms used by residents operate outside any local authorisation. A draft law, Bill No. 42.25, was published in November 2025 by the Ministry of Economy and Finance, prepared with Bank Al-Maghrib and the AMMC. As reported, it would have the AMMC license crypto-asset service providers and oversee token offerings, Bank Al-Maghrib regulate stablecoins, and the National Financial Intelligence Authority (ANRF) supervise anti-money-laundering compliance. In April 2026 the draft was reported as under examination at the General Secretariat of the Government. It has not been adopted.
Payments
Not allowed. Exchange tokens are not legal tender, and transactions in them are treated as a breach of exchange regulations.
Timeline
Sep 2025The Governor asks the General Secretariat of the Government to prioritise the crypto bill, which would create a licensing system for platforms.
Nov 2025Ministry of Economy and Finance publishes draft Bill No. 42.25 on crypto-assets, prepared with Bank Al-Maghrib and the AMMC.
Apr 2026Government reports that the draft law is under examination at the General Secretariat of the Government.
Date to be announced (Expected)Adoption of Bill No. 42.25 by the government and parliament. It would replace the 2017 prohibition with a licensing regime shared between the AMMC and Bank Al-Maghrib. No date announced.
Malaysia
RegulatedYour country
Exchange tokens are treated like other digital assets in Malaysia: trading is legal only through an exchange registered with the Securities Commission. The big global exchanges that issue these tokens are not registered in Malaysia, so they are not a lawful channel; availability on registered local exchanges is limited and must be checked token by token. Casual investment gains are generally not taxed, but trading as a business is.
Regulators
Securities Commission Malaysia (SC), Bank Negara Malaysia (BNM), Inland Revenue Board (LHDN)
Licensing
In force: only SC-registered Digital Asset Exchanges (5 as at 20 Jul 2026: HATA Digital, Luno Malaysia, MX Global, SINEGY DAX, Kinetic DAX) may operate for Malaysian investors; the SC requires unapproved entities to cease activities and return investors' assets. Revised SC Guidelines on Recognized Markets for DAX took effect on 20 May 2026. There is no separate rule for exchange tokens: which tokens are tradable depends on each registered exchange's admissions. The large global exchanges that issue their own tokens are not on the SC register; a September 2026 market overview reports that one registered exchange lists the largest exchange token, while the others do not list major exchange tokens.
Payments
restricted: not legal tender; no general crypto payment regime; BNM is piloting ringgit stablecoins in a sandbox.
Tax
No capital gains tax for individual investors; gains from trading as a business (badges of trade) taxable under the Income Tax Act 1967.
Timeline
Feb 11, 2026BNM Digital Asset Innovation Hub outlines 2026 pilots for ringgit stablecoins and tokenised deposits.
May 20, 2026Revised SC Guidelines on Recognized Markets for digital asset exchanges take effect.
Jul 20, 2026SC register lists five registered digital asset exchanges.
end-2026 (Expected)BNM expected to give clarity on ringgit stablecoins and tokenised deposits.
Nigeria
RegulatedYour country
Exchange tokens are treated like other digital assets in Nigeria: as securities under SEC oversight. The exchange that issues or lists the token needs an SEC licence to serve Nigerian users, with NGN 2 billion minimum capital due by 30 June 2027. Legal commentary describes a large enforcement action against global exchanges, notably Binance, so check whether a platform is SEC-registered. Gains are taxable.
Regulators
Securities and Exchange Commission, Nigeria (SEC), Central Bank of Nigeria (CBN), Nigerian Financial Intelligence Unit (NFIU), Nigeria Revenue Service (NRS)
Licensing
The SEC licenses virtual asset service providers under the Investments and Securities Act 2025 and its Rules on Issuance, Offering Platforms and Custody of Digital Assets (2022, amended in 2025). Licence categories include digital asset exchange, digital asset custodian, digital asset offering platform, digital asset intermediary and real-world asset tokenisation platform. SEC Circular No. 26-1 of 16 January 2026 raised minimum capital to NGN 2 billion for exchanges and custodians, NGN 1 billion for offering platforms and NGN 500 million for intermediaries, with a compliance deadline of 30 June 2027. Applicants need Nigerian incorporation and a resident chief executive, and new entrants pass through the Accelerated Regulatory Incubation Program (ARIP) launched in June 2024. Foreign platforms that target Nigerian investors are expected to register with the SEC. The exchanges themselves fall under the digital asset exchange category. Legal commentary lists naira trading pairs and local marketing as signs that an offshore platform targets Nigeria and must register; no safe harbour for reverse solicitation is recognised. On 22 December 2023 the CBN reversed its directive of 5 February 2021 and issued Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers. Banks may open designated accounts for SEC-licensed providers under CBN guidelines; cash withdrawals from these accounts are not allowed.
Payments
Restricted. Banks may serve only SEC-licensed providers through designated accounts. No regime for paying for goods and services in such tokens was identified.
Tax
The Nigeria Tax Act 2025 took effect on 1 January 2026 and treats digital assets as chargeable assets. Legal commentary reports that gains of individuals are taxed at progressive rates of up to 25%, replacing the earlier 10% flat rate, and that companies pay 30% income tax on profits from virtual asset business. In August 2026 the Nigeria Revenue Service (NRS) published Guidelines on the Taxation of Virtual Assets covering registration, reporting, record keeping and valuation. Legal commentary describes service providers as tax-reporting agents for the NRS.
Timeline
Mar 31, 2026CBN announces an anti-money-laundering supervision pilot scheme for a select group of virtual asset service providers.
Aug 2026Nigeria Revenue Service publishes Guidelines on the Taxation of Virtual Assets.
Jun 30, 2027 (Expected)Deadline to meet the revised SEC minimum capital. Operators that do not comply face suspension or loss of registration.
late 2026 (Expected)Legal commentary expects the CBN supervision pilot scheme, announced on 31 March 2026, to evolve into a permanent banking framework for virtual asset service providers by late 2026. No official date was found.
Oman
UncertainYour country
Exchange tokens are treated like other virtual assets in Oman: holding them is not prohibited, and exchanges operating in the country must register with the Financial Services Authority and apply anti-money-laundering rules. Detailed licensing rules were proposed in 2023, and their final status was not confirmed here. The status is uncertain because the only confirmed rule is anti-money-laundering registration, not a licensing regime.
Regulators
Financial Services Authority (FSA, formerly the Capital Market Authority), Central Bank of Oman (CBO)
Licensing
FSA Decision No. E/35/2023 requires virtual asset service providers, whether legal entities or natural persons operating in Oman, to register with the Financial Services Authority and to apply anti-money-laundering and counter-terrorism-financing requirements. Covered activities include exchange between virtual assets and fiat currency, exchange between virtual assets, transfer of virtual assets, custody and related financial services. The FSA decides on a complete application within one month. Providers may not deal in assets that conceal the identity of the originator or the nature of the transaction. This is a registration and anti-money-laundering regime, not a licensing regime with prudential and conduct rules. A full licensing framework has been in preparation since a consultation paper of 27 July 2023, which proposed licences, a local legal entity with a physical office, minimum capital, limits on hot wallet holdings, audits and proof of reserves. Whether that framework has been issued in final form was not confirmed in this review. An exchange that operates in Oman needs this FSA registration. Which foreign exchanges, if any, are registered was not confirmed in this review.
Payments
Restricted. Exchange tokens are not legal tender, and the Central Bank of Oman has not approved crypto for payments.
Tax
No crypto-specific tax rules were found. A secondary source notes that Oman does not levy personal income tax on individuals at present, so personal crypto gains are generally not taxed, while businesses dealing in virtual assets are subject to corporate tax law.
Timeline
2023Decision No. E/35/2023 introduces registration of virtual asset service providers and anti-money-laundering requirements.
Jul 27, 2023Capital Market Authority publishes a consultation paper on a virtual assets regulatory framework covering utility tokens, security tokens and fiat-backed and asset-backed stablecoins; comments were due by 17 August 2023.
Mar 25, 2024Royal Decree 20/2024 takes effect: the Financial Services Authority replaces the Capital Market Authority.
Date to be announced (Expected)Final comprehensive framework for virtual assets and licensing of service providers by the FSA, following the 2023 consultation. Its current status was not confirmed in this review.
Pakistan
RegulatedYour country
Pakistan now has a crypto law and a regulator (PVARA), but licensing is only starting. Holding exchange tokens is not banned; use a platform that has registered with or been licensed by PVARA, since unlicensed operation is now a criminal offence. The regime requires Shariah oversight of licensees. There is no published list of approved tokens yet, and tax treatment is unclear.
Regulators
Pakistan Virtual Assets Regulatory Authority (PVARA), State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan (SECP)
Licensing
Being implemented: the Virtual Assets Act 2026 makes PVARA the licensing authority (11 activity types, including custody, exchange, broker-dealer and derivatives); applicants must ensure Shariah compliance under a committee of Islamic finance scholars. Existing operators had to apply for a no-objection certificate by 5 Sep 2026 or stop; unlicensed operation is punishable by fines of up to PKR 50 million and up to five years' imprisonment. At least one global exchange group holds a PVARA AML registration for cross-border services while seeking a full VASP licence; full commercial licences were not confirmed as of Sep 2026.
Payments
Restricted: not legal tender; banks may serve PVARA-licensed providers but may not invest in, trade or hold crypto; consumer payment use not addressed.
Timeline
Mar 2026Virtual Assets Act 2026 enacted after Senate (27 Feb) and National Assembly (3 Mar) passage.
Apr 15, 2026SBP ends its 2018 restriction, allowing banks to serve PVARA-licensed providers.
Sep 5, 2026Deadline for existing crypto firms to apply for a PVARA no-objection certificate or cease operations.
late 2026–2027 (Expected)First full PVARA licences and enforcement against unlicensed operators (expected; no date announced).
Qatar
BannedYour country
Qatar does not allow crypto services: regulators treat cryptocurrencies and similar unbacked tokens, including exchange tokens, as excluded from the licensed digital-asset framework, and no platform may offer them. Personal holding is not expressly criminalised, but there is no lawful local way to buy or trade them.
Regulators
Qatar Central Bank (QCB), Qatar Financial Centre Regulatory Authority (QFCRA)
Licensing
No licensing for cryptocurrency services. The QFC Digital Assets Framework covers tokenisation; the QFCRA confirmed that its 2019 restrictions on virtual-asset services still apply to Excluded Tokens such as cryptocurrencies.
Payments
banned
Timeline
Sep 2, 2024QFCRA clarifies that cryptocurrencies, stablecoins and CBDCs are Excluded Tokens under the new QFC Digital Assets Framework; 2019 restrictions remain.
Date to be announced (Expected)No announced plan to lift the prohibition.
Russia
RestrictedYour country
Russia legalised regulated crypto trading from 1 September 2026, but under Bank of Russia draft rules ordinary (non-qualified) investors could buy only bitcoin, ether and USDT, not exchange tokens. Qualified investors can buy any cryptocurrency through registered intermediaries. Paying for goods with crypto inside Russia remains banned.
Regulators
Bank of Russia, Federal Tax Service, Rosfinmonitoring
Licensing
In force from 1 Sep 2026: crypto exchanges, depositories, exchangers, brokers and managers must be in Bank of Russia registers; transition until 1 Jul 2027. All investors must pass a test. Under the draft instruction of 11 Aug 2026 non-qualified investors could buy up to RUB 300,000 a year per intermediary; qualified investors may buy any cryptocurrencies without a cap. Adoption of the final instruction was not confirmed as of 16 Sep 2026.
Payments
banned domestically; permitted for foreign-trade settlements via intermediaries.
Tax
Personal income tax on gains (property treatment): not re-verified in this pass.
Timeline
Aug 11, 2026Bank of Russia publishes a draft instruction: non-qualified investors limited to Bitcoin, Ethereum and USDT with a RUB 300,000 annual cap per intermediary.
Sep 1, 2026Law in force: regulated crypto trading through registered intermediaries opens.
2026 (date unknown) (Expected)Final Bank of Russia instruction on limits and eligible assets for non-qualified investors (list could change).
Jul 1, 2027 (Expected)End of transition: intermediaries must hold the required permissions.
Saudi Arabia
UncertainYour country
Saudi Arabia has no legal framework for crypto. Holding exchange tokens is not expressly prohibited, but no platform is licensed, regulators have warned the public that virtual currencies are unregulated, and you would have no local legal protection. A stablecoin framework is being discussed, but nothing covers exchange tokens yet.
Regulators
Capital Market Authority (CMA), Saudi Central Bank (SAMA)
Licensing
None. No entity is licensed to offer crypto trading, including exchange tokens; regulators have warned against dealing with unlicensed platforms.
Payments
Restricted: not legal tender; no licensed payment use.
Timeline
Aug 12, 2018Standing committee warns that virtual currencies are unregulated in the Kingdom and no parties are licensed (still the operative position).
2025A stablecoin initiative under joint SAMA and CMA supervision is announced (reported).
Date to be announced (Expected)Possible stablecoin framework, and later crypto licensing.
Singapore
RegulatedYour country
Exchange tokens have no special regime in Singapore. They are usually digital payment tokens, so platforms dealing in them need a MAS licence under the Payment Services Act 2019 and must follow the retail protection rules, including disclosure of conflicts of interest and a published listing policy. Exchanges based in Singapore that serve only overseas customers have needed a licence since 30 June 2025, which MAS rarely grants.
Regulators
Monetary Authority of Singapore (MAS), Inland Revenue Authority of Singapore (IRAS)
Licensing
A business that provides digital payment token (DPT) services to customers in Singapore, such as an exchange or a wallet provider, needs a licence from the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019 (PS Act). Licensees must hold customer assets on statutory trust, segregate them, reconcile them daily, keep records and meet AML rules. This is the licence an exchange itself needs to serve customers in Singapore. Licensed providers must publish their token listing policies and disclose conflicts of interest, which is relevant where a platform lists its own token. MAS retail protection measures, announced on 23 November 2023 and phased in from mid-2024, require DPT service providers to assess a customer's risk awareness before giving access, and bar them from offering trading incentives, from providing financing, margin or leverage, and from accepting locally issued credit cards. They must also disclose conflicts of interest, publish token listing policies and handle complaints. Since 30 June 2025 the Financial Services and Markets Act regime for digital token service providers (DTSPs) also covers firms that operate from Singapore but serve only customers abroad. They need a licence, and MAS said on 6 June 2025 that it will generally not issue one. Providers of services for utility and governance tokens only are outside this licensing requirement.
Payments
Permitted in the same way as other digital payment tokens. Not legal tender. Licensed providers may not offer trading incentives to retail customers.
Tax
Under the IRAS e-Tax Guide on the income tax treatment of digital tokens (latest edition 30 January 2026), gains that are capital in nature are not taxable, so gains from holding crypto assets as a long-term investment are generally not taxed. Whether a gain is capital or revenue depends on the facts. Profits from trading in tokens as a business, and tokens received for goods or services, are subject to income tax. The supply of digital payment tokens has been exempt from GST since 1 January 2020. Singapore signed the multilateral agreement on the Crypto-Asset Reporting Framework on 26 November 2024, with exchanges of information expected to start in 2028.
Timeline
Jun 30, 2025DTSP licensing regime under the Financial Services and Markets Act takes effect. Singapore-based providers serving only overseas customers must be licensed or stop.
Sep 1, 2026MAS publishes a consultation paper on amendments to the Payment Services Act 2019 to implement the stablecoin framework, including a new stablecoin issuance licence. The consultation closes on 16 October 2026.
after 2026-10-16 (Expected)Amendments to the Payment Services Act 2019 to put the MAS stablecoin framework into law, following the consultation. No date for the bill was given in the sources reviewed.
2028 (Expected)First exchanges of information under the Crypto-Asset Reporting Framework (expected).
Tunisia
RestrictedYour country
Exchange tokens have no special status in Tunisia. They fall under the general position: no crypto law, no licensed exchange, prosecutions reported by the central bank governor in 2022, and a listing as an absolute ban by the Law Library of Congress (2021). The status is restricted, not banned, because no statute that bans crypto was found. A draft foreign exchange code would open a route through prior central bank authorisation, but its adoption was not confirmed in this review.
Regulators
Central Bank of Tunisia (Banque Centrale de Tunisie, BCT), Ministry of Finance, Financial Market Council (Conseil du Marché Financier, CMF)
Licensing
Tunisia has no law written for crypto assets. In March 2022 the Governor of the Central Bank of Tunisia (BCT) said that there was no regulatory text and that young people were being jailed for using cryptocurrencies. A secondary review describes a 2018 BCT directive under which virtual currency activity without authorisation is an offence, with fines and up to five years in prison, and says that banks must refuse crypto-related transfers. The Law Library of Congress (November 2021) lists Tunisia among countries with an absolute ban, citing an undated BCT press release under which the central bank does not recognise or deal in cryptocurrencies as a form of payment, and notes the 2021 arrest of a 17-year-old for using cryptocurrency online. This review could not open any BCT text itself, so the 2018 directive and the penalty are not confirmed by a primary source. The same applies to the exchanges behind such tokens: no licence for crypto exchanges or custodians exists, and a secondary review reports that none is granted, so no exchange has a licensed status in Tunisia. A draft new foreign exchange code, announced by the Minister of Finance in March 2024, would for the first time let residents hold and exchange cryptocurrencies, subject to prior BCT authorisation, a financial threshold to be set later, mandatory conversion into fiat currency and repatriation of profits. In January 2025 the draft was still awaiting approval by Parliament. Its adoption was not confirmed in this review.
Payments
Not permitted in practice. Exchange tokens are not legal tender, and a secondary review says banks must refuse crypto-related transfers.
Timeline
Feb 27, 2023A preliminary version of the draft exchange law is reported: crypto assets would not be legal currency, residents would have to declare holdings to the BCT, and acquiring crypto assets would need prior BCT authorisation.
Mar 18, 2024Minister of Finance Sihem Boughdiri Nemsia says the draft foreign exchange code would allow Tunisians to hold and exchange cryptocurrencies with prior BCT authorisation, a financial threshold, mandatory conversion into fiat currency and repatriation of profits.
Jan 5, 2025La Presse de Tunisie reports that the draft foreign exchange code published in March 2024 is still awaiting approval by Parliament.
Date to be announced (Expected)Adoption of the new foreign exchange code with its crypto asset provisions (holding and exchange with prior BCT authorisation). No date was confirmed.
Turkey
RegulatedYour country
Exchange tokens are legal to buy and hold in Turkey through a provider on the SPK's list of operating crypto platforms. The Turkish arms of some global exchanges are on that list, but SPK says being listed is not itself an authorisation, so check the provider's status. Crypto cannot be used for payments, and there is currently no specific crypto income tax.
Regulators
Capital Markets Board (SPK), Central Bank of the Republic of Türkiye (CBRT), Financial Crimes Investigation Board (MASAK)
Licensing
In force but transitional: an SPK licence is mandatory for crypto-asset service providers (two communiqués published 13 Mar 2025, including rules on listing crypto assets on platforms). Firms that declared they would continue operating appear on SPK's provisional list of operating providers (latest dated 28 Aug 2026); SPK states that being on this list does not mean a firm is authorised. Turkish subsidiaries of several global exchange groups are on that list. Operating without authorisation is a criminal offence.
Payments
Banned: CBRT regulation (2021) prohibits using crypto for payments.
Tax
No specific crypto income tax enacted; a March 2026 proposal (10% withholding and a transaction levy) was withdrawn on 26 Mar 2026.
Timeline
Mar 13, 2025SPK publishes two communiqués on crypto-asset service providers (establishment and operations; working procedures and capital adequacy).
Mar 26, 2026Crypto tax articles removed from an omnibus bill.
Aug 28, 2026SPK updates the provisional list of operating crypto-asset service providers.
Date to be announced (Expected)Final SPK operating licences for listed platforms; possible reintroduction of a crypto tax.
Uzbekistan
RestrictedYour country
In Uzbekistan residents may buy and sell crypto only through domestic providers licensed by NAPP, and using foreign exchanges is not allowed. That makes exchange tokens hard to hold lawfully unless a licensed local provider offers them. Crypto cannot be used for payments; crypto transactions are reported to be tax-exempt.
Regulators
National Agency for Perspective Projects (NAPP), Central Bank of Uzbekistan (CBU)
Licensing
In force: NAPP licenses crypto-exchanges, crypto-depositories, crypto-shops and mining pools. Since 1 Jan 2023 residents may transact in crypto only through domestic licensed service providers, so foreign exchanges, including the global exchanges that issue their own tokens, are not a lawful channel. Whether an exchange token is available depends on the few licensed domestic providers.
Payments
banned for general crypto; fiat-backed stablecoin payments only inside a NAPP/CBU sandbox from 2026.
Tax
Crypto transactions reported as exempt from tax (Elliptic guide; not re-verified).
Timeline
Jan 1, 2023Residents restricted to licensed domestic crypto service providers.
Jan 1, 2026Stablecoin testing regime (NAPP and Central Bank) scheduled to start.
Date to be announced (Expected)Results of the stablecoin sandbox; possible changes to the licensed provider base.
