Equatorial Guinea

**Report: Retail Cryptocurrency Trading Status in Equatorial Guinea**

**Date:** April 12, 2025

**Analyst:** Specialized Financial Regulatory Analyst

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**Topic: Retail_Trading_Status**

**Description:** Assessment of the legal permissibility for individual citizens and residents in Equatorial Guinea to buy, sell, and hold cryptocurrencies, including the regulatory environment surrounding this activity (e.g., KYC/AML requirements imposed on platforms, general warnings issued).

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

**2. Detailed Narrative Explanation:**

The status of retail cryptocurrency trading in Equatorial Guinea is best described as **Unclear**. There is currently no specific national legislation or regulatory framework within Equatorial Guinea that explicitly permits, prohibits, or regulates the buying, selling, or holding of cryptocurrencies by individuals. While not explicitly illegal, the activity operates in a significant regulatory vacuum at the national level.

Equatorial Guinea's position is heavily influenced by its membership in the Economic and Monetary Community of Central Africa (CEMAC) and its participation in the Central African CFA Franc monetary union, governed by the Bank of Central African States (BEAC) and regulated in parts by the Central African Banking Commission (COBAC) and the Financial Market Supervisory Commission of Central Africa (COSUMAF).

Key factors contributing to the "Unclear" status include:

*   **Lack of National Legislation:** Equatorial Guinea has not promulgated any specific laws addressing cryptocurrencies. Sources confirm the absence of national regulation [7, 10].
*   **Regional Central Bank (BEAC) Opposition:** BEAC, the regional central bank for CEMAC states including Equatorial Guinea, has expressed strong opposition to regulating cryptocurrencies within the region. It cites concerns over monetary stability and the potential depletion of the community's foreign exchange reserves [6]. BEAC has not issued a specific policy on crypto itself [3] but its negative stance towards regulation creates uncertainty.
*   **Regional Banking Regulator (COBAC) Restrictions:** In May 2022, COBAC issued a decision (D-2022/071) explicitly prohibiting institutions under its supervision (banks, microfinance institutions, payment service providers) from subscribing to, holding, exchanging, converting, settling, or hedging transactions related to cryptocurrencies, either for their own accounts or for third parties [9, 11, 12, 22]. This significantly restricts the ability of individuals to use the formal banking system for cryptocurrency on-ramps (buying crypto with fiat) and off-ramps (selling crypto for fiat).
*   **Regional Market Regulator (COSUMAF) Actions:** COSUMAF has issued warnings to the public regarding investments in unregulated crypto-asset platforms operating within the CEMAC region [5, 8]. However, in late 2022, COSUMAF updated its financial market regulations, introducing a framework that defines Virtual Asset Service Providers (VASPs) as a type of 'Market Intermediary' requiring accreditation [5, 9, 11]. This indicates a move towards regulating *service providers* within the region, but a comprehensive framework for retail trading, including specific KYC/AML rules for crypto platforms beyond general financial regulations, is not yet fully established or enforced uniformly across CEMAC, especially given BEAC's opposition and COBAC's restrictions. COSUMAF itself noted that crypto-assets are freely sold or exchanged among citizens in CEMAC, often using credit/debit cards before the COBAC restrictions tightened [5].
*   **Practical Reality:** Despite the lack of clear regulation and banking restrictions, evidence suggests that some level of retail trading occurs, likely through peer-to-peer (P2P) methods or via international exchanges that may still be accessible, although funding accounts through the formal Equatoguinean banking system is problematic due to the COBAC directive [5, 10]. Several international exchanges and platforms market their services to Equatorial Guinea [18, 19, 21, 24, 25], but their practical usability and regulatory compliance within the local context remain uncertain.

In summary, while individuals are not explicitly banned by national law from owning or trading cryptocurrencies, the lack of a supportive regulatory framework, coupled with active restrictions on the banking sector's involvement imposed by the regional regulator (COBAC) and the central bank's (BEAC) resistance to crypto regulation, creates a highly ambiguous and restrictive environment. Retail trading exists but operates in a grey area, lacking legal certainty, regulatory oversight, and access to formal financial channels.

**3. Relevant Text Excerpts:**

*   **On Lack of National Regulation:**
    *   "Equatorial Guinea. Undecided. No legal status for cryptocurrencies. There is no cryptocurrency regulation." (Source: [7] - Cryptocurrency Regulation Tracker)
    *   "Currently, the cryptocurrency sector in Equatorial Guinea has no specific laws or regulations as the government doesn't recognize it. Digital currency is not legal tender, but it is not illegal to engage in cryptocurrency-related activities in the region." (Source: [10] - UPay Blog, Dec 2024)
*   **On BEAC's Opposition:**
    *   "In response to pressing calls from fintech companies to regulate cryptocurrencies in the CEMAC region, the Central Bank of Central African States (BEAC) has firmly indicated its opposition... citing concerns that cryptocurrencies could deplete the community's foreign exchange reserves." (Source: [6] - Business in Cameroon, Feb 2024)
*   **On COBAC's Banking Restrictions:**
    *   "The regional banking regulator COBAC issued a regulation prohibiting its supervised institutions from engaging in transactions with crypto assets or holding crypto assets in their own accounts or third parties accounts, citing risks to financial stability. (Decision D-2022/071 from May 6, 2022)." (Source: [9] - IMF eLibrary)
    *   "In May 2022, the financial regulator of Cameroon, Chad, the Central African Republic, Equatorial Guinea, Gabon, and Congo Brazzaville issued a significant prohibition affecting reporting entities, including Banks, Microfinance Institutions, and Payment Service Providers. This prohibition disallows these entities from facilitating cryptocurrency transactions." (Source: [12] - 4m legal and tax)
*   **On COSUMAF's Actions (Warnings and VASP Regulation):**
    *   "The Financial Market Supervisory Commission of CEMAC Member States (Cameroon, Chad, Central African Republic, Equatorial Guinea, Gabon, and Congo Brazzaville), COSUMAF, has issued a public warning regarding cryptoasset offerings within the CEMAC region... Cryptoasset offerings are not currently regulated within the CEMAC region." (Source: [5] - 4m legal and tax, Nov 2023 - *Note: This predates/coincides with VASP framework introduction, highlighting ongoing ambiguity*)
    *   "On December 14, 2022, the Financial Market Regulator of the CEMAC Zone (Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea, and Gabon), infused a breath of fresh air into crypto platforms with the publication of updated financial market regulation (the “Updated regulation”) that establishes a legal framework for crypto platforms operating within the zone... The updated regulation introduced a new category of actors in the market known as “Market Intermediaries”... A subset of Market Intermediaries is “Virtual Asset Service Providers” who specifically offer services related to virtual assets." (Source: [11] - Legal Network International)
*   **On Existing Trading Activity:**
    *   "The report clearly states that Crypto-assets are freely sold or exchanged among citizens of CEMAC, facilitated by the promotion efforts of cryptocurrency trading platforms through advertising posters and sponsorship of major events. To acquire crypto-assets, users were using their credit/debit cards." (Source: [5] - 4m legal and tax, Nov 2023 - *Referring to a BEAC report on payment services*)
    *   "However, Equatoguineans still trade, store, and invest in cryptocurrency." (Source: [10] - UPay Blog, Dec 2024)

**4. Source URLs:**

*   [3] Freeman Law - Central African States Cryptocurrency: `https://freemanlaw.com/central-african-states-cryptocurrency/` (General CEMAC context)
*   [5] 4m legal and tax - Tracker of Virtual Assets Regulation Within The CEMAC Zone: `https://4mtax.com/insight/tracker-of-virtual-assets-regulation-within-the-cemac-zone/`
*   [6] Business in Cameroon - Cemac: Beac rejects cryptocurrency regulation amid fintech demands: `https://www.businessincameroon.com/finance/0502-13986-cemac-beac-rejects-cryptocurrency-regulation-amid-fintech-demands`
*   [7] Cryptocurrency Regulation Tracker | Legal Advice, Specialist Investigations: `https://rahulsaggu.com/cryptocurrency-regulation-tracker/` (Search page for "Equatorial Guinea")
*   [8] Prime Time Law Office - digital currency/cryptocurrency in cameroon: `https://primetimelawoffice.com/digital-currency-cryptocurrency-in-cameroon/` (COSUMAF context)
*   [9] IMF eLibrary - fintech and crypto assets in the central african republic: `https://www.elibrary.imf.org/view/journals/002/2023/205/article-A001-en.xml` (COBAC/COSUMAF context)
*   [10] UPay Blog - Crypto Adoption Around the World: Equatorial Guinea: `https://upay.digital/blog/crypto-adoption-around-the-world-equatorial-guinea`
*   [11] Legal Network International - Regulating Virtual Asset Services in the CEMAC Zone: `https://legalnetworkinternational.com/regulating-virtual-asset-services-in-the-cemac-zone-a-look-at-the-updated-financial-market-regulation/`
*   [12] 4m legal and tax - CEMAC Cryptocurrency Regulations: Updates & Impacts: `https://4mtax.com/insight/cemac-cryptocurrency-regulations-updates-impacts/`
*   [18] Invezz - 7 Best Exchanges to Buy Bitcoin in Equatorial Guinea 2025: `https://invezz.com/buy-bitcoin/equatorial-guinea/`
*   [19] Transak - How to Buy Bitcoin (BTC) in Equatorial Guinea: `https://transak.com/buy-crypto/bitcoin-in-equatorial-guinea`
*   [21] Bitget Guide - How to buy Bitcoin(BTC) in Equatorial Guinea: `https://www.bitget.com/en/buy-bitcoin-in-equatorial-guinea`
*   [22] LEX Africa - Digital currencies and services gaining momentum across the continent: `https://www.lexafrica.com/digital-currencies-and-services-gaining-momentum-across-the-continent/` (CEMAC/COBAC context)
*   [24] SpectroCoin - Bitcoin in Equatorial Guinea: `https://spectrocoin.com/en/bitcoin-price/equatorial-guinea-gq`
*   [25] UPay Blog - Trade Crypto and Stocks in Equatorial Guinea: `https://upay.digital/blog/trade-crypto-and-stocks-in-equatorial-guinea`

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**End of Report**