Crypto Regulations in Algeria

Algeria currently prohibits the use of cryptocurrency following the passing of a financial law in 2018 that made it illegal to buy, sell, use or hold virtual currencies.

Source: EuroNews

Cryptocurrencies are currently banned under Algerian law.  The 2018 Financial Law of Algeria has prohibited the use of any cryptocurrencies.  It stipulates:

The purchase, sale, use, and possession of so-called virtual currency are prohibited.  A virtual currency is one used by Internet users over the Internet.  It is characterized by the absence of physical support such as coins, paper money, or payments by check or credit card.

Any violation of this provision is punishable in accordance with the laws and regulations in force.

Source: Freeman Law

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The Securities and Investments Organization and Monitoring Commission launched Algeria’s first fintech regulatory sandbox, dubbed the “GIE-Algeria FinLab.” The Minister of Startups, Yacine El-Mahdi Oualid, stated that the sandbox aims to “enable start-ups and project leaders in the fintech sector to develop their solutions to modernize banking and insurance services, while moving towards financial inclusion.”8 Oualid is particularly keen to spur on developments in blockchain and artificial intelligence.

Source: OneSpan

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