Saint Helena, Ascension and Tristan da Cunha

**Report: Retail Cryptocurrency Trading Status in Saint Helena, Ascension and Tristan da Cunha**

**Date:** April 12, 2025

**Jurisdiction:** Saint Helena, Ascension and Tristan da Cunha (SHATdC)

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**Section: Retail_Trading_Status**

**Description:** Assessment of whether individual citizens and residents in Saint Helena, Ascension and Tristan da Cunha are legally permitted to buy, sell, and hold cryptocurrencies, including details on the regulatory environment (e.g., KYC/AML requirements, official warnings).

**1. Current Status:** `Unclear`

**2. Detailed Narrative Explanation:**

The status of retail cryptocurrency trading in Saint Helena, Ascension and Tristan da Cunha (SHATdC), a British Overseas Territory, is best described as `Unclear`. There is currently no specific legislation or regulation explicitly governing the buying, selling, or holding of cryptocurrencies by individuals within the territory.

*   **Lack of Specific Regulatory Framework:** SHATdC does not appear to have enacted laws or issued regulations that directly address cryptocurrencies or virtual asset service providers (VASPs). While the territory has a Financial Services Regulatory Authority (FSRA) established under the Financial Services Ordinance 2008, its mandate primarily covers traditional financial services like banking and insurance. There is no evidence that its remit has been formally extended to cover crypto assets or exchanges operating within the territory.
*   **Government Stance & Development Plans:** The St Helena Government (SHG) acknowledges the need to modernize its financial services laws and regulations, noting "substantial gaps in current legislation" in its Sustainable Economic Development Strategy 2023–2033. While this strategy mentions exploring innovative areas like Decentralized Autonomous Organizations (DAOs) and developing related legal frameworks, it does not specifically outline a plan for regulating retail cryptocurrency trading. A 2021 Company Registry Policy document considered prohibiting companies involved in "initial coin offerings or crypto exchanges or providing other services relating to cryptocurrencies" from registering in St Helena, suggesting a cautious or potentially restrictive view at that time, though this appears related to company registration rather than individual retail activity.
*   **Consumer Warnings:** The FSRA website includes warnings about online investment scams, specifically mentioning cryptocurrencies. It advises consumers to be particularly attentive to potential crypto scams, noting their prevalence on social media and the use of fake websites. Similarly, the Bank of St Helena warns customers about cryptocurrency investment scams, explaining how fraudsters operate and urging caution. These warnings indicate awareness of crypto activity and associated risks but do not constitute a formal regulatory stance on the legality or permissibility of trading itself.
*   **Practical Situation:** In the absence of local regulations or licensed exchanges within SHATdC, residents wishing to trade cryptocurrencies likely use international online platforms. These activities would fall under the regulatory purview of the jurisdictions where those platforms are based, not SHATdC. Some international platforms explicitly list SHATdC as a supported jurisdiction for trading or payments via crypto.
*   **AML/CFT Context:** As a British Overseas Territory, SHATdC generally aligns with UK standards on anti-money laundering and combating the financing of terrorism (AML/CFT). The UK itself is developing its crypto-asset regulations. While SHATdC is expected to adhere to international standards like those set by the Financial Action Task Force (FATF), specific implementation regarding VASPs under FATF Recommendation 15 within the territory is not documented in available sources. A 2020 UK government note mentioned SHATdC would work with Open Ownership to establish publicly accessible registers of beneficial ownership, indicating progress on transparency but not directly addressing crypto regulation.

In summary, while there is no explicit ban on retail cryptocurrency trading, the lack of a specific legal and regulatory framework, absence of locally licensed providers, and presence of official warnings create a situation of regulatory ambiguity, making `Unclear` the most accurate status.

**3. Specific, Relevant Text Excerpts/Summaries:**

*   **Source:** St Helena Financial Services Regulatory Authority (FSRA) Website - Consumers Page
    *   **Summary:** The FSRA warns consumers about the increased risk of online investment scams, specifically urging caution regarding cryptocurrency scams advertised on social media and search engines, which often use fake websites and manipulate software to show false returns.
*   **Source:** Bank of St Helena Website - Investment Scams Page
    *   **Excerpt/Summary:** "Cryptocurrency Scams. Cryptocurrencies are digital currencies and cryptocurrency investment scammers are convincing... Scammers may advertise or post on social media offering great returns from cryptocurrency trading... If you click on the advertisement or post, the scammer will contact you or you will be directed to a fake website... The scammers will encourage you to buy cryptocurrency through an exchange... Eventually you will be unable to withdraw any money... your money is gone." This highlights the risks recognized by the local bank but doesn't prohibit the activity.
*   **Source:** St Helena Government - Company Registry Policy (2021)
    *   **Summary:** This policy document discussed potential restrictions for companies registering in St Helena, including those involved in "initial coin offerings or crypto exchanges or providing other services relating to cryptocurrencies," indicating a potential government desire to limit exposure to certain crypto-related business activities at the corporate level.
*   **Source:** St Helena Government - Sustainable Economic Development Strategy 2023–2033
    *   **Summary:** Acknowledges "substantial gaps in current legislation" for financial services and the need for reform and modernization to meet international standards, including AML/CFT. Mentions planned development of a DAO policy and legal framework but does not detail specific plans for regulating retail crypto trading.
*   **Source:** Alpaca Brokerage - Supported Jurisdictions List (as of April 10, 2025)
    *   **Summary:** Lists "Saint Helena, Ascension and Tristan da Cunha" among international jurisdictions where cryptocurrency trading is open via their platform, suggesting practical access for residents through international providers.
*   **Source:** Ontop Payroll Platform
    *   **Summary:** Mentions enabling workers in Saint Helena, Ascension and Tristan da Cunha to receive payments in USD and manage funds via options including "crypto wallets," indicating the practical use of crypto wallets in the territory.

**4. Direct Source URLs:**

*   **St Helena Financial Services Regulatory Authority (FSRA) - Main Page:** [https://fsra.gov.sh/](https://fsra.gov.sh/) (Source [21])
*   **FSRA - Consumers Page (Scams & Warnings):** [https://fsra.gov.sh/consumers/](https://fsra.gov.sh/consumers/) (Source [3])
*   **Bank of St Helena - Investment Scams Page:** [https://www.bankofsthelena.com/cybercrimes-and-fraud/investment-scams/](https://www.bankofsthelena.com/cybercrimes-and-fraud/investment-scams/) (Source [18])
*   **St Helena Government - Main Website (Policies may be located here):** [https://www.sainthelena.gov.sh/](https://www.sainthelena.gov.sh/) (General reference, specific policy documents like the Company Registry Policy [2] and Sustainable Development Strategy [9] were found via search but direct links might change).
*   **Alpaca - Supported Jurisdictions:** [https://alpaca.markets/docs/crypto/supported-crypto-jurisdictions/](https://alpaca.markets/docs/crypto/supported-crypto-jurisdictions/) (Source [15] - Note: This reflects Alpaca's policy, not SHATdC law)
*   **Ontop - Hiring in SHATdC:** [https://ontop.ai/resources/hiring-guides/how-to-hire-in-saint-helena-ascension-and-tristan-da-cunha/](https://ontop.ai/resources/hiring-guides/how-to-hire-in-saint-helena-ascension-and-tristan-da-cunha/) (Source [26] - Note: Indicates practical use, not legal status)
*   **UK Government Note on Overseas Territories Transparency (Dec 2020):** [https://www.gov.uk/government/publications/overseas-territories-progress-made-on-improving-transparency-and-addressing-illicit-finance-flows-explanatory-note/overseas-territories-progress-made-on-improving-transparency-and-addressing-illicit-finance-flows-explanatory-note](https://www.gov.uk/government/publications/overseas-territories-progress-made-on-improving-transparency-and-addressing-illicit-finance-flows-explanatory-note/overseas-territories-progress-made-on-improving-transparency-and-addressing-illicit-finance-flows-explanatory-note) (Source [11])

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**Conclusion:** Retail cryptocurrency trading by individuals in Saint Helena, Ascension and Tristan da Cunha operates in a grey area due to the absence of specific regulations. While not explicitly banned, and accessible through international platforms, there is no formal legal framework or local regulatory oversight, and authorities have issued warnings about associated risks.