Fails our Shariah screening. Needs caution: interest (riba), nature of the asset, excessive uncertainty (gharar), and benefit and harm (maslahah). Fails: business model and usage.
Buying and holding decentralised cryptocurrencies is legal in the UAE, but you should use a platform licensed by the regulator for its location: the CMA onshore, VARA in Dubai, or FSRA/DFSA in the ADGM and DIFC free zones. Onshore platforms may only offer assets registered with the CMA, so the coins available can differ between platforms. Crypto is not legal tender and cannot generally be used to pay for goods. Individuals pay no income tax on crypto 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, with several regulators by location. Onshore UAE (outside the financial free zones): CMA Decision No. 4/R.M/2026 sets eight licensed virtual-asset activities (dealing as principal or agent, custody, arranging custody, operating a multilateral trading facility, advice, portfolio management, arranging deals); licensed firms, particularly trading platforms, must assess and, where applicable, register virtual assets with the CMA before offering them to clients (a CMA 'Green List' of recognised virtual assets), and the CMA can add or remove assets. Privacy tokens and algorithmic tokens are prohibited. Dubai mainland: VARA remains the regulator for Dubai-established virtual-asset firms. ADGM: FSRA. DIFC: DFSA, where since 12 January 2026 firms assess token suitability themselves rather than relying on a regulator-recognised token list. Whether a specific coin can be offered therefore depends on the platform's regulator and its asset admission.
Payments
Restricted. Under the CBUAE Payment Token Services Regulation, foreign payment tokens (e.g. USDT, USDC) may only be used in the UAE to buy virtual assets; general commerce and merchant payments in crypto are not permitted, and only licensed dirham payment tokens are intended for payments. Crypto is not legal tender.
Tax
No personal income tax or capital gains tax for individuals. Transfers and conversions of virtual assets are VAT-exempt (Cabinet Decision No. 100 of 2024, effective 15 November 2024, retroactive to 1 January 2018). Corporate tax applies to business profits.
Timeline
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: eight licensed activities and a CMA Green List of registered virtual assets.
Sep 15, 2026Scheduled end of the one-year reconciliation period under Article 184 of Federal Decree-Law No. 6 of 2025; the Central Bank's Board may extend it, and no general extension had been announced according to Hadef & Partners.
Jan 1, 2027 (Expected)Deadline for entities covered by the new federal capital markets laws to regularise their status (one year from entry into force).
European Union
RegulatedYour country
Decentralised cryptocurrencies are legal across the EU. Since 1 July 2026 only MiCA-authorised providers may offer crypto services to EU residents, so check ESMA's register before using a platform, and be careful with offshore exchanges that solicit EU clients. Tax is set by each Member State, and providers now report user transactions to tax authorities under DAC8.
In force: crypto-asset service providers (CASPs) need MiCA authorisation, applicable since 30 December 2024. The MiCA transitional period expired across the EU on 1 July 2026 (earlier in some Member States); since then any entity providing crypto-asset services to EU clients without a MiCA licence is in breach of EU law and must have implemented its wind-down plan. Firms established outside the EU may not provide MiCA services to EU investors, except under the narrow reverse-solicitation exception. Check the ESMA interim register to confirm a provider is authorised.
Payments
Allowed: crypto is not legal tender, but MiCA does not prohibit paying with it; e-money tokens are MiCA's payment-stablecoin category.
Tax
Set by each Member State. Under DAC8, crypto-asset service providers collect data on users' crypto transactions from 1 January 2026; reports on 2026 are due to tax authorities by 30 September 2027.
Timeline
Apr 17, 2026ESMA statement: transitional period expires EU-wide on 1 July 2026; unauthorised CASPs must have implemented wind-down plans.
Jul 1, 2026MiCA transitional period ends in all Member States.
Sep 30, 2027 (Expected)Deadline for first DAC8 reports on 2026 crypto-asset transactions.
Date to be announced (Expected)Possible transfer of CASP supervision to ESMA if the Market Integration and Supervision Package is adopted.
United States
RegulatedYour country
Owning and trading decentralised cryptocurrencies is legal in the US. A March 2026 SEC interpretation, joined by the CFTC, treats assets such as these as digital commodities rather than securities. Exchanges are licensed at state level and registered with FinCEN, and spot exchange-traded products exist for several major coins. Gains are taxed as property. A comprehensive federal market-structure law (CLARITY Act) failed to advance in the Senate on 15 September 2026, so current rules rest on agency guidance that a future administration could change.
Regulators
SEC, CFTC, FinCEN, OCC, Treasury/IRS, State regulators (e.g. NYDFS)
Licensing
Patchwork in force: FinCEN money services business registration plus state money-transmitter licences (e.g. New York BitLicense); no federal spot-market licence. The CLARITY Act (H.R. 3633), which would create a federal market-structure regime, passed the House in July 2025, but on 15 September 2026 the Senate rejected cloture on the motion to proceed to it (49-50; 60 votes required). Spot exchange-traded products holding bitcoin (since January 2024), ether (since 2024) and solana (since October 2025, some with staking) are available to US investors.
Payments
Allowed: crypto is not legal tender but may be used for payments; payment stablecoins are governed by the GENIUS Act (July 2025).
Tax
Digital assets are property: disposals give rise to capital gains or losses, and rewards received (e.g. staking or mining) are income. Brokers report gross proceeds on Form 1099-DA for transactions from 2025, and cost basis from 2026.
Timeline
Aug 17, 2026Treasury seeks public comment on GENIUS Act proposed rules.
Sep 15, 2026Senate rejects cloture on the motion to proceed to the CLARITY Act (H.R. 3633), 49-50, with 60 votes required (roll call vote 234).
Date to be announced (Expected)Any renewed Senate attempt to pass the CLARITY Act market-structure bill.
Jan 18, 2027 (Expected)GENIUS Act effective date for payment stablecoin issuer licensing (or earlier if final rules are issued).
United Kingdom
RegulatedYour country
Buying and holding decentralised cryptocurrencies is legal in the UK. Crypto firms must currently be FCA-registered and crypto advertising follows strict promotion rules; a full FCA licensing regime starts on 25 October 2027. Retail investors can also buy crypto ETNs listed on UK exchanges, but not crypto derivatives. Gains are subject to Capital Gains Tax.
Regulators
Financial Conduct Authority (FCA), Bank of England, HM Treasury, HMRC
Licensing
Currently in force: FCA registration under the money laundering regulations and the cryptoasset financial promotions regime. New FSMA authorisation regime: the FCA published final rules on 30 June 2026 covering trading platforms, intermediaries, custodians, stablecoin issuers and staking providers; the authorisation application window runs from 30 September 2026 to 28 February 2027, and the regime comes into force on 25 October 2027. Until then FCA oversight remains limited to financial promotions and anti-money laundering. Retail consumers may buy cryptoasset exchange-traded notes (cETNs) admitted on UK recognised investment exchanges since 8 October 2025; the ban on retail cryptoasset derivatives remains.
Payments
Allowed: crypto is not legal tender; there is no ban on paying with it. UK stablecoins used for payments are being brought into a dedicated regulatory framework.
Tax
Capital Gains Tax on disposals (selling, swapping or spending crypto): 18% within the basic-rate band and 24% above it, with a £3,000 annual tax-free allowance. Some receipts, such as staking or mining rewards, can be taxed as income.
Timeline
Feb 4, 2026Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (SI 2026/102) made.
Jun 30, 2026FCA publishes final rules for the cryptoasset regime.
Oct 25, 2027 (Expected)New cryptoasset regulated activities regime comes into force.
Bangladesh
BannedYour country
Bangladesh does not permit dealing in Bitcoin-like assets. A 2022 Bangladesh Bank circular tells all persons and institutions in the country to refrain from dealing in virtual assets and from facilitating their trading, under the Foreign Exchange Regulation Act, 1947. Press reports put the penalty at up to 7 years in prison, a fine, or both. There is no licence that would make trading lawful. No tax rules for crypto were found.
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.
Payments
Not allowed. Bangladesh Bank does not recognise cryptocurrencies as currency or legal tender. Banks, financial institutions and mobile financial service providers may not exchange, transfer or trade them or facilitate such business.
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
Buying and holding decentralised cryptocurrencies is legal in Bahrain through providers licensed by the Central Bank of Bahrain, which has run a dedicated crypto licensing module for several years and added stablecoin issuer rules in 2025. Crypto is not legal tender. Individuals pay no personal tax on crypto gains.
Regulators
Central Bank of Bahrain (CBB)
Licensing
In force: the CBB Crypto-asset Module (CRA, Rulebook Volume 6) licenses crypto-asset services such as trading, dealing, custody, advisory and portfolio management. Since July 2025 a separate Stablecoin Issuance and Offering (SIO) module licenses fiat-backed stablecoin issuers. Residents should use a CBB-licensed provider; which coins are offered is decided by the licensed platform within CBB rules.
Payments
No general prohibition identified; crypto is not legal tender and there is no licensed regime for everyday crypto payments beyond stablecoin issuance rules.
Tax
Bahrain has no personal income tax or capital gains tax, so individuals' crypto gains are not taxed (general rule; no crypto-specific tax guidance identified).
Timeline
Jul 4, 2025CBB introduces a framework for licensing and regulating stablecoin issuers (Stablecoin Issuance and Offering Module).
Date to be announced (Expected)No major pending change identified.
Switzerland
RegulatedYour country
Switzerland treats Bitcoin, Ether and similar assets as payment tokens. Holding, trading and paying with them is legal. There is no single crypto licence, but the status is regulated because existing financial market law applies in full: service providers are covered by anti-money-laundering law and must join a self-regulatory organisation, and need a banking or fintech licence if they take client assets collectively. A dedicated crypto-institution licence is proposed but not expected before 2027. Private capital gains are generally tax-free, while holdings count for wealth tax.
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. 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. FINMA defines payment tokens as tokens used or intended as a means of payment, and businesses that provide payment transactions fall under AMLA. Crypto assets have 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
Algeria bans decentralised crypto assets outright. Since Law No. 25-10 of 24 July 2025 it is a criminal offence to buy, sell, hold, use, promote or mine them, or to run an exchange, with penalties of two months to one year in prison and a fine of DZD 200,000 to DZD 1,000,000. No licence or exemption exists. No tax rule for crypto was identified, which is consistent with a full ban.
Regulators
Bank of Algeria (Banque d'Algérie), Banking Commission (Commission bancaire), Judicial authorities (enforcement of Law No. 05-01)
Licensing
No licensing route exists. 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. The ban applies to holders as well as to traders, platforms and promoters.
Payments
Not allowed. Article 6 bis bans the use of virtual assets as a means of payment or recognised currency. Article 117 of Finance Law No. 11-17 (finance law for 2018) had already prohibited the use of private cryptocurrencies.
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
Egypt prohibits issuing, trading and promoting cryptocurrencies without a licence from the Central Bank of Egypt, and no licence has been reported as granted. This makes the regime a ban in practice, with imprisonment and fines that one overview puts at up to EGP 10 million. The CBE has repeated its warnings several times; the latest one found in this review is from March 2023. No tax rules for crypto were found.
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. A law firm review treats crypto mining as illegal as well, and the Chambers Fintech 2026 guide says peer-to-peer trading is not permissible. There is no licensing regime for virtual asset service providers.
Payments
Not allowed. Cryptocurrencies are not legal tender, and trading or promoting them without CBE approval is prohibited. The CBE has warned the public that dealing in them carries high risk and no legal protection.
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
Hong Kong allows holding and trading of crypto assets such as Bitcoin and Ether and licenses trading platforms through the SFC. Retail customers may trade pre-approved large-cap tokens on licensed platforms after a knowledge and suitability check. New licences for dealers, custodians, advisers and managers are planned through a bill in 2026. Long-term investment gains are not taxed, but crypto business profits are subject to profits tax. Use only platforms on the SFC licensed list.
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. 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: the government policy statement of 2022 says virtual assets are not by law a valid and legal means of payment. No ban on private acceptance and no separate regime for crypto payments 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
Trading decentralised cryptocurrencies is legal in Indonesia on OJK-licensed platforms, where crypto is regulated as a digital financial asset. You cannot use crypto to pay for goods or services. Each sale carries a small final income tax (0.21% on domestic platforms, 1% on foreign ones).
Regulators
Otoritas Jasa Keuangan (OJK), Bank Indonesia, Directorate General of Taxes
Licensing
In force: since 10 January 2025 OJK supervises crypto trading and licenses exchanges, clearing and settlement institutions, custodians and traders under POJK 27/2024 (as amended). OJK Board Member Regulation (PADK OJK) No. 3 of 2026 on trading in digital financial assets including crypto assets took effect on 1 September 2026, with more detailed reporting duties for exchanges. Only crypto assets admitted for trading under OJK rules may be traded by licensed traders.
Payments
Banned: the rupiah is the only legal means of payment in Indonesia and Bank Indonesia does not permit crypto as a payment instrument (long-standing position; not re-checked against a primary text in this pass).
Tax
PMK 50/2025 (from 1 August 2025): final income tax of 0.21% of transaction value on trades via domestic platforms and 1% via foreign platforms; crypto asset transfers are VAT-exempt.
Timeline
Jan 10, 2025Crypto supervision transfers from Bappebti to OJK; POJK 27/2024 applies.
Aug 1, 2025PMK 50/2025 crypto tax rules take effect (0.21% / 1% final income tax; VAT exemption).
Sep 1, 2026PADK OJK No. 3 of 2026 on trading in digital financial assets, including more detailed reporting obligations for crypto exchanges, takes effect.
Date to be announced (Expected)Further OJK rules for digital financial assets; no dated change confirmed in this pass.
India
RegulatedYour country
Crypto assets such as Bitcoin and Ether may be held and traded in India but are not legal tender. The status is regulated only in a limited sense, because India has no crypto law and no licence: the only rules are anti-money-laundering registration of platforms with FIU-IND, with strict customer checks, and a special tax regime. Gains are taxed at a flat 30% with a 1% tax deducted at source and no loss offset. The RBI remains very cautious, and a framework is still under consultation with no timeline. Use a platform registered with FIU-IND.
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. 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 law bans private use, but there is no regime for paying for goods and services in crypto. Banks may serve customers who deal in virtual currencies subject to normal KYC and AML checks. The RBI promotes its own digital rupee.
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
Iraq prohibits dealing in crypto assets. The Law Library of Congress records the central bank statement of December 2017 as an absolute ban backed by anti-money-laundering penalties, and the central bank confirms that it licenses no crypto company and gives users no legal protection. Banks and payment providers are reported to be barred from crypto transactions, and in 2026 the Kurdistan Region ordered crypto trading offices closed. There is no dedicated crypto law, and a secondary review says no statute criminalises simple holding, so the position of a private holder is not spelled out. There is no lawful platform or bank route.
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. 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. A secondary review notes that no specific statute criminalises simple holding or peer-to-peer trading by individuals, so private holders are in a legal grey area, while dealing through the financial system is closed.
Payments
Not allowed. Crypto assets are not legal tender. Banks and electronic payment providers are reported to be barred from virtual asset transactions, and state banks tell customers not to use cards or e-wallets for crypto.
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
Jordan regulates Bitcoin-like assets as virtual assets under Law No. 14 of 2025, in force since 14 September 2025. Exchanges, custodians and brokers need a licence from the Jordan Securities Commission, with capital from JOD 500,000 to JOD 3,000,000 per activity. The regime is new, and no licensed provider was confirmed in this review. Payment use is reported to need central bank approval. No tax rules for crypto were found.
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.
Payments
Restricted. As reported, the use of virtual assets for payment in Jordan needs explicit approval from the Central Bank of Jordan. Licensed providers must receive and deliver client funds directly through the clients' bank accounts and electronic payment accounts.
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
Kuwait prohibits the use of Bitcoin-like assets for payment and for investment, bans mining, and does not license any crypto service provider. The rules were set by coordinated circulars of the Capital Markets Authority, the central bank and other regulators in July 2023. In April 2025 the Ministry of Interior began a security operation against home crypto mining. No tax rules for crypto were found, and specific penalties for individuals were not confirmed in this review.
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.
Payments
Not allowed. Using virtual assets as a means of payment is prohibited, and they are not recognised as currency.
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
Since 1 May 2026 Kazakhstan licenses crypto exchanges nationwide through the National Bank, alongside the AIFC's existing regime. Use a licensed platform: only assets on the National Bank's authorised list (which includes the major decentralised cryptocurrencies) may be traded. A July 2026 presidential decree provides for exempting individuals' income from crypto trades on licensed platforms from income tax, subject to implementing legislation. Crypto is not legal tender.
Regulators
National Bank of Kazakhstan (NBK), Astana Financial Services Authority (AFSA, AIFC), Ministry of Artificial Intelligence and Digital Development
Licensing
In force since 1 May 2026: outside the Astana International Financial Centre (AIFC), the National Bank licenses unsecured digital asset exchange operators and registers digital asset trading platform operators and digital financial asset platform operators; AFSA continues to license firms inside the AIFC. Transactions with unsecured digital assets may be carried out only in assets on the National Bank's list of authorised unsecured digital assets (73 assets in the list dated 30 April 2026, including the largest decentralised cryptocurrencies).
Payments
Restricted: crypto is not legal tender and there is no general regime for paying for goods in crypto; mechanisms for cross-border settlement in stablecoins are being developed.
Tax
A presidential decree 'On measures to stimulate and develop the digital assets industry', signed in July 2026, provides for exempting individuals' income from digital-asset transactions made through Kazakh licensed service providers from personal income tax; the exemption still has to be implemented in tax legislation, and its entry into force was not verified in this pass.
Timeline
Apr 30, 2026National Bank publishes the list of authorised unsecured digital assets (73 assets).
May 1, 2026Digital assets regulation in force; NBK licensing and registration of digital asset service providers outside the AIFC begins.
Jul 2026Presidential decree on developing the digital assets industry signed: provides for an income-tax exemption for individuals transacting through licensed providers and work on stablecoin cross-border settlements.
Date to be announced (Expected)Stablecoin cross-border settlement mechanisms and implementing rules for the July 2026 decree.
Morocco
BannedYour country
Morocco has treated crypto transactions as illegal since November 2017, when the finance ministry, the central bank and the foreign exchange office said they breach exchange rules. Use continues informally and at the user's risk. A draft crypto-assets law (Bill No. 42.25) was published in November 2025 and is still under government review, so the rules may change. No tax rules for crypto were found.
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. 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. As reported, the draft excludes cryptocurrency mining from its scope.
Payments
Not allowed. Virtual currencies are not legal tender, and paying or receiving payment in them is treated as a breach of exchange regulations. The government states that the planned law must prevent uncontrolled substitution of the dirham by digital assets.
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
Trading decentralised cryptocurrencies is legal in Malaysia, but only on exchanges registered with the Securities Commission (five as of July 2026). Using unregistered exchanges that target Malaysians is not permitted, and crypto is not legal tender. Long-term investment gains are generally not taxed, while business-like trading profits can be.
Regulators
Securities Commission Malaysia (SC), Bank Negara Malaysia (BNM), Inland Revenue Board (LHDN)
Licensing
In force: digital asset exchanges (DAX) must be registered with the SC as Recognized Market Operators. Five registered DAX operators as at 20 July 2026: HATA Digital, Luno Malaysia, MX Global, SINEGY DAX and Kinetic DAX. The SC also registers digital asset custodians and IEO operators, and issued revised Guidelines on Recognized Markets for DAX on 20 May 2026. Operating an unregistered exchange serving Malaysians is not permitted; which coins are tradable depends on each registered DAX's admission under SC rules.
Payments
Restricted: crypto is not legal tender and there is no general crypto payment regime; BNM is piloting ringgit stablecoins and tokenised deposits in its sandbox.
Tax
No capital gains tax for individual investors; gains from trading activity that amounts to a business can be taxed as income 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, 2026SC issues revised Guidelines on Recognized Markets for digital asset exchanges.
Jul 20, 2026SC register lists five registered digital asset exchanges.
end-2026 (Expected)BNM expected to give clarity on the use of ringgit stablecoins and tokenised deposits.
Nigeria
RegulatedYour country
Nigeria regulates Bitcoin-like assets as securities under the Investments and Securities Act 2025, with the SEC as the main regulator and the central bank controlling access to bank accounts. Exchanges and custodians need an SEC licence and must hold NGN 2 billion in capital by 30 June 2027. Gains are taxable under the Nigeria Tax Act 2025. The regime is new and still tightening, so licence status of a platform matters.
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. 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 SEC-licensed providers through designated accounts, with electronic transactions only and no cash withdrawals. No regime for paying for goods and services in crypto 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
Oman does not ban Bitcoin-like assets, but it does not recognise them as money. Service providers must register with the Financial Services Authority under Decision No. E/35/2023 and follow anti-money-laundering rules, and privacy-concealing assets are off limits. A fuller licensing framework was consulted on in 2023; its final status was not confirmed here. The status is uncertain because the only confirmed rule is anti-money-laundering registration, not a licensing regime. The central bank warns that users deal at their own risk.
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. The Central Bank of Oman has not licensed any digital asset service provider.
Payments
Restricted. Cryptocurrencies are not legal tender. Payment and stored value services remain under the Central Bank of Oman, which has not approved crypto for payments and warns that dealings are at the user's own risk.
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 has moved from a 2018 banking ban to a formal licensing regime under the Virtual Assets Act 2026, overseen by the new regulator PVARA, and licences carry a Shariah-compliance requirement. The regime is brand new and full licences are still pending, so check whether a platform holds PVARA approval before using it and expect rules to keep changing.
Regulators
Pakistan Virtual Assets Regulatory Authority (PVARA), State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan (SECP)
Licensing
Newly in force, not yet fully operational. The Virtual Assets Act 2026 (passed by the Senate on 27 February and the National Assembly on 3 March 2026, then signed into law) makes PVARA the statutory licensing authority for exchanges, custodians, token issuers and other service providers. Unlicensed operation is punishable by a fine of up to PKR 50 million and up to five years' imprisonment. PVARA requires licence applicants to meet capital requirements and ensure their services comply with Sharia under the guidance of a committee of Islamic finance scholars. Existing firms had to apply for a PVARA no-objection certificate by 5 September 2026 or cease operations; full commercial licences had not been confirmed as of that date.
Payments
Restricted: since April 2026 banks may provide banking services to PVARA-licensed virtual asset service providers, but banks may not invest in, trade or hold virtual assets themselves. No regime for paying for goods in crypto was identified.
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 virtual asset service 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: regulated institutions may not deal in cryptocurrencies, and the Qatar Financial Centre's digital-asset rules expressly exclude them. No licensed crypto exchange operates in Qatar, so residents have no local investor protection. Only tokenised assets fall under the new rules.
Regulators
Qatar Central Bank (QCB), Qatar Financial Centre Regulatory Authority (QFCRA), Qatar Financial Markets Authority (QFMA)
Licensing
No licensing for cryptocurrency services. The QFC Digital Assets Framework (2024) covers tokenisation of other assets only; the restrictions of the QFCRA's 2019 alert on virtual asset service providers remain in place for Excluded Tokens, and QCB does not allow licensed institutions to deal in crypto.
Payments
Banned: crypto is not legal tender and may not be used through regulated channels.
Timeline
Dec 2019QFCRA alert limits services relating to virtual assets that substitute for currency.
Sep 2, 2024QFC Digital Assets Framework issued; QFCRA confirms cryptocurrencies and stablecoins are Excluded Tokens and the 2019 restrictions remain.
Date to be announced (Expected)No announced plan to lift the prohibition.
Russia
RestrictedYour country
Since 1 September 2026 Russians may buy crypto legally through intermediaries regulated by the Bank of Russia, after passing a test. Ordinary (non-qualified) investors are capped at RUB 300,000 a year per intermediary, and draft central bank rules would limit them to Bitcoin, Ethereum and USDT, so other coins may be available only to qualified investors; check whether the final rules were adopted. Paying for goods and services in Russia with crypto remains banned.
Regulators
Bank of Russia, Ministry of Finance, Federal Tax Service, Rosfinmonitoring
Licensing
In force from 1 September 2026: trading through crypto exchanges, digital depositories, crypto exchangers, brokers and managers under Bank of Russia oversight; transition until 1 July 2027 for market participants to obtain licences. All investors must pass a test before trading. Non-qualified investors may buy only the most liquid cryptocurrencies, up to RUB 300,000 a year through one intermediary; qualified investors have no amount cap or asset restriction. A Bank of Russia draft instruction published for comment on 11 August 2026 (comments until 24 August) sets the cap and names Bitcoin, Ethereum and Tether USDT as the cryptocurrencies eligible for non-qualified investors (chosen by capitalisation, trading volume and at least five years of price history on foreign venues). Adoption of the final instruction was not confirmed as of 16 September 2026.
Payments
Banned domestically: crypto may not be used to pay for goods, work or services in Russia. Crypto is permitted for foreign-trade settlements between residents and non-residents.
Tax
Holdings of cryptocurrencies recorded abroad must be reported to the tax authorities. Detailed personal income tax treatment of gains was not re-verified in this pass.
Timeline
Aug 11, 2026Bank of Russia publishes a draft instruction for comment: RUB 300,000 annual cap per intermediary for non-qualified investors; Bitcoin, Ethereum and USDT the only eligible cryptocurrencies for them.
Sep 1, 2026Law enters into 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.
Jul 1, 2027 (Expected)End of the transition period: intermediaries must hold the required permissions.
Saudi Arabia
UncertainYour country
Saudi Arabia has no law that licenses or directly bans holding decentralised cryptocurrencies, but regulators have warned that crypto is unregulated and that nobody is licensed to offer it. Residents who use foreign platforms have no local investor protection. No crypto licensing framework had been published as of this research.
Regulators
Saudi Central Bank (SAMA), Capital Market Authority (CMA)
Licensing
None identified: no licensing regime for crypto exchanges or brokers is in force, and regulators have stated that no parties are licensed to deal in virtual currencies.
Payments
Restricted: not legal tender; no licensed payment use; regulators warn against dealing with unlicensed crypto providers.
Timeline
Aug 12, 2018Standing committee including CMA and SAMA warns that virtual currencies are not regulated inside the Kingdom and no parties are licensed (still the operative public position identified).
Date to be announced (Expected)Possible SAMA/CMA digital-asset framework (no published plan or timetable found).
Singapore
RegulatedYour country
Singapore regulates crypto assets such as Bitcoin and Ether as digital payment tokens. Holding and trading is legal, and service providers need a MAS licence under the Payment Services Act 2019. MAS limits retail risk: no leverage, no trading incentives, no credit card purchases and a risk awareness check. Capital gains are not taxed, but trading as a business is taxed as income. Check that a platform holds a MAS licence before using it.
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. 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. Accepting or paying in DPTs is not banned, and the supply of the tokens themselves has been exempt from GST since 1 January 2020. They are not legal tender. Licensed providers may not accept locally issued credit cards for retail purchases of DPTs.
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
Tunisia has no crypto law and no licensed exchange. The status here is restricted, not banned, because no statute that bans crypto was found: the central bank governor himself said in 2022 that there is no regulatory text, and that young people were nevertheless being jailed for using cryptocurrencies. The Law Library of Congress (2021) goes further and lists Tunisia among absolute bans, on the basis of a central bank press release. In practice, treat crypto dealing in Tunisia as prohibited without central bank authorisation. A draft foreign exchange code announced in March 2024 would allow holding and exchanging crypto with prior central bank authorisation, but its adoption was not confirmed. The reported 2018 directive and the penalty of up to five years come from a secondary review only.
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. No licence for crypto exchanges, brokers or custodians exists, and a secondary review reports that none is granted. The BCT Governor mentioned a regulatory sandbox for fintech firms in 2022, which is a test environment and not a licence. 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. Crypto assets are not legal tender, and a secondary review says banks must refuse crypto-related transfers. Under the reported preliminary draft of the exchange law, even receiving crypto assets in return for goods or services would need prior BCT authorisation.
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
Holding and trading decentralised cryptocurrencies is legal in Turkey through platforms on the Capital Markets Board's list, which are still moving towards full licences, so being listed is not yet a licence. Paying for goods and services with crypto is banned. A proposed crypto tax was withdrawn in March 2026 but could be reintroduced.
Regulators
Capital Markets Board (SPK/CMB), Central Bank of the Republic of Türkiye (CBRT), MASAK (Financial Crimes Investigation Board), TÜBİTAK
Licensing
In force but transitional: an SPK licence is mandatory for crypto asset service providers, with detailed communiqués in force since March 2025. Firms that declared they would continue operating appear on SPK's provisional 'operating list' (latest dated 28 August 2026) while their applications are assessed; SPK states that being on this list does not mean the firm is authorised. A separate list covers firms in liquidation. Operating without authorisation is a criminal offence.
Payments
Banned: a 2021 CBRT regulation prohibits the use of crypto assets, directly or indirectly, in payments (not re-checked against the primary text in this pass).
Tax
No specific income tax on crypto gains enacted as of this research. A March 2026 proposal (10% withholding on gains via regulated platforms and a 0.03% transaction tax on service providers) was removed from the omnibus bill in late March 2026; it may return.
Timeline
Mar 2026Crypto tax provisions removed from the omnibus bill after opposition pushback.
Mar 2, 2026Ruling party proposes a 10% crypto gains withholding tax and a 0.03% transaction tax.
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 bill.
Uzbekistan
RestrictedYour country
Crypto is legal in Uzbekistan, but residents may only buy and sell through exchanges licensed locally by NAPP, not foreign platforms, which limits which coins are available. Crypto cannot be used for payments, apart from stablecoins in a supervised pilot from 2026. Crypto transactions are reportedly tax-exempt for individuals.
Regulators
National Agency of Perspective Projects (NAPP), Central Bank of Uzbekistan (CBU)
Licensing
In force: NAPP licenses crypto-exchanges, crypto-depositories, crypto-shops and mining pools and publishes an electronic registry of licences. Since 1 January 2023 residents may buy and sell crypto-assets only through domestic NAPP-licensed service providers, in soum; using foreign exchanges is not permitted for residents.
Payments
Banned for cryptocurrencies generally. From 1 January 2026 fiat-backed stablecoins are being tested for payments only inside a special regime (sandbox) run jointly by NAPP and the Central Bank.
Tax
Crypto-asset transactions of individuals and legal entities are exempt from taxation, according to Elliptic's country guide (updated July 2026); not re-checked against the primary decree in this pass.
Timeline
Jan 1, 2023Residents restricted to transacting through domestic NAPP-licensed crypto service providers.
Dec 2, 2025A new presidential decree is reported to set up a stablecoin payments testing regime from 1 January 2026 (run by NAPP and the Central Bank) and trials of tokenised equities and bonds.
Jan 1, 2026Scheduled start of the stablecoin testing regime (NAPP and Central Bank).
Date to be announced (Expected)Results of the stablecoin special regime; tokenised securities trading.
