Crypto regulation in Madagascar
Madagascar has not currently enacted regulations or legislation specifically regulating digital currency yet. According to Cointobuy’s analysis, the crypto-related activity in this country has a 1.9/10 safety rank, the main ranking factor for Madagascar is that 2 ICOs have banned Madagascar dwellers to take part in their crowdfunding venture. Also, Cointobuys has ranked Madagascar in the position 189 out of 249 countries in terms of cryptocurrency safety.
Source: Freeman Law
Madagascar has still not adopted any laws or regulations on cryptocurrency. There is no visibility for when this could happen.
A short report on cryptocurrency dated 14 March 2022 published on the website of the Banky Foiben’i Madagasikara (the Central Bank of Madagascar, or BFM) – which covers a couple of points (e.g., the definition of cryptocurrency, how a cryptocurrency-related transaction works, etc.) – does not provide any further insight on how, if at all, cryptocurrencies might be regulated in the future. The report does however state that the BFM has opted for the creation of a ‘numerical version’ of the Ariary (the local currency). This is a digital version of the local currency (i.e., e-Ariary) issued by the BFM that could one day be used in Madagascar for payment purposes. There is, however, no additional information on this in the report regarding how exactly it would work, when it could be created, whether it would be considered as a cryptocurrency, etc.The last official communiqué of the Central Bank on cryptocurrency was dated 5 October 2021. In this communiqué, the Central Bank (i) confirms that cryptocurrencies are not regulated in Madagascar, (ii) warns the public of risks associated to cryptocurrencies and (iii) recommends the public to exercise caution when involved in cryptocurrency-related activities.
Source: Freeman Law
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