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Guyana

Retail_Trading_Status

Unclear Unknown
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Analysis ID
#148
Version
Archived
Created
2025-04-12 06:50
Workflow Stage
Live

Executive Summary

The retail cryptocurrency trading status in Guyana is Unclear due to the lack of specific legislation and regulatory framework, with the Bank of Guyana issuing risk advisories. Guyana amended its AML/CFT framework in 2023 incorporating FATF definitions of VAs and VASPs. A policy decision was made to prohibit the use of VAs as legal tender and the operation of VASPs until 2026. Vice President Jagdeo stated in February 2025 that Guyana is "not ready at this time" to regulate or facilitate cryptocurrency transactions.

Key Pillars

  • The Bank of Guyana (BoG) is the central bank and has issued advisories about risks related to crypto investment but has not taken restrictive measures [2, 3, 4].
  • The core compliance requirements focus on Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) [2, 11, 14]. Amendments were made to the AML/CFT framework in 2023 to incorporate FATF definitions of VAs and VASPs [14, 15].
  • There are no licensing or registration requirements for cryptocurrency trading platforms or VASPs [2, 3, 4].

Landmark Laws

  • Amendments to the Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) framework in 2023. These amendments incorporated FATF definitions of VAs and VASPs [14, 15].
  • Section 72 of the Guyana Compliance Commission Act: This section places a prohibition on the use of virtual assets and the operation of VASPs in Guyana until 2026 [14].

Considerations

  • Cryptocurrencies are not recognized as legal tender in Guyana.
  • There are essentially no crypto tax laws in the country, and the Guyana Revenue Authority's website doesn't mention cryptocurrency [4].
  • The Bank of Guyana has issued advisories about the risks related to crypto investment [2, 3, 4].
  • There is a lack of consumer protection mechanisms and clear guidelines regarding taxation [2, 3, 4, 8].
  • Some banks may restrict direct VASP transfers [11].

Notes

  • In February 2025, Vice President Bharrat Jagdeo stated that Guyana is "not ready at this time" to regulate or facilitate cryptocurrency transactions [5, 6, 7, 16].
  • A 2023 National Risk Assessment report indicated a policy decision to prohibit the use of VAs (as legal tender) and the operation of VASPs in Guyana until 2026 [14].
  • The UPay Blog, Kaieteur News, and Carlos Maiz Blog provide analyses of the regulatory status, noting the lack of specific laws [2, 3, 8].
  • Individuals are not explicitly forbidden from acquiring or holding cryptocurrencies, often using international platforms [8, 19, 20].
  • Some banks may restrict direct VASP transfers [11].

Detailed Explanation

The retail cryptocurrency trading status in Guyana is Unclear due to the absence of specific legislation and a defined regulatory framework. Cryptocurrencies are not recognized as legal tender [3, 4, 12], placing cryptocurrency activities in a "regulatory gray area" or "quasi-legal status" [2, 3]. There are no explicit laws permitting, prohibiting, or regulating cryptocurrency buying, selling, or holding by individuals [2, 3, 4, 8]. The lack of regulation results in an absence of consumer protection mechanisms, licensing requirements for exchanges or Virtual Asset Service Providers (VASPs), and clear tax guidelines [2, 3, 4, 8]. The Bank of Guyana (BoG) has issued advisories warning about the risks associated with cryptocurrencies but has not implemented outright bans [2, 3, 4].

Despite the lack of explicit bans, no cryptocurrency trading platforms are licensed, and there isn't a formal process for entities to operate as VASPs [2, 3, 4]. This contributes to uncertainty, leading to an "implicit ban" perception [2, 3, 4], further fueled by negative comments from officials regarding alleged crypto-related Ponzi schemes [2, 12]. Amendments were made to the Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) framework in 2023 to incorporate FATF definitions of VAs and VASPs [14, 15].

A 2023 National Risk Assessment report indicates a policy decision to prohibit the use of VAs (as legal tender) and the operation of VASPs in Guyana until 2026, pending the development of necessary infrastructure and regulatory capacity [14]. Section 72 of the Guyana Compliance Commission Act has placed a prohibition on the use of virtual assets and the operation of VASPs in Guyana until 2026 [14].

In February 2025, Vice President Bharrat Jagdeo stated that Guyana is "not ready at this time" to regulate or facilitate cryptocurrency transactions, emphasizing the need for a "major financial overhaul" [5, 6, 7, 16]. He indicated that while the Central Bank has studied crypto, its introduction would only be considered after significant financial reforms are completed and "appropriate safeguards" can be instituted [6, 7]. Individuals are not explicitly forbidden from acquiring or holding cryptocurrencies (often via international platforms [8, 19, 20]), though some banks may restrict direct VASP transfers [11]. The Guyana Revenue Authority's website doesn't mention cryptocurrency, leaving users with little guidance [4]. The government prioritizes financial system development over crypto-specific regulation, and there's a stated policy to prohibit VASP operations until at least 2026, making the overall status Unclear.

Summary Points

Here's a bullet-point summary of the regulatory analysis report on Retail_Trading_Status (Cryptocurrency) in Guyana, designed for clarity and quick comprehension:

I. Overall Regulatory Status: Unclear

  • Retail cryptocurrency trading in Guyana exists in a "regulatory gray area" or "quasi-legal status."
  • No specific laws explicitly permit, prohibit, or regulate individual cryptocurrency trading.
  • Cryptocurrencies are not recognized as legal tender.
  • Lack of regulation means no established consumer protection, licensing for exchanges/VASPs, or clear tax guidelines.

II. Key Regulatory Bodies and Their Roles

  • Bank of Guyana (BoG):
    • Acknowledges cryptocurrencies.
    • Issues advisories warning about the risks of investing in cryptocurrencies.
    • Has not implemented outright bans on individual participation.
  • Financial Intelligence Unit (FIU):
    • Aware of Money Laundering (ML) and Terrorist Financing (TF) risks associated with Virtual Assets (VAs) and VASPs.
    • Involved in AML/CFT framework amendments to incorporate FATF definitions of VAs and VASPs.
  • Guyana Securities Council:
    • (Mentioned in search results, but specific role in crypto regulation unclear from provided text)

III. Important Legislation and Regulations

  • Absence of Specific Crypto Legislation: No laws specifically address cryptocurrency trading.
  • Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) Framework:
    • Amended in 2023 to include FATF definitions of Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs).
  • Guyana Compliance Commission Act, Section 72:
    • Prohibits the use of virtual assets as legal tender and the operation of VASPs in Guyana until 2026.

IV. Requirements for Compliance (Limited due to Lack of Regulation)

  • Since there are no specific regulations, there are no formal compliance requirements for individual traders.
  • However, individuals should be aware of general AML/CFT regulations.

V. Notable Restrictions or Limitations

  • No Licensed Domestic Service Providers: No cryptocurrency trading platforms or VASPs are licensed in Guyana.
  • VASP Prohibition: Operation of VASPs is prohibited until 2026.
  • Use as Legal Tender Prohibited: Virtual assets cannot be used as legal tender.
  • Bank Restrictions: Some banks may restrict direct transfers to VASPs.
  • Lack of Consumer Protection: No established consumer protection mechanisms exist for cryptocurrency trading.
  • Tax Uncertainty: No clear cryptocurrency tax laws are in place.

VI. Recent Developments or Changes

  • 2023 AML/CFT Amendments: Incorporation of FATF definitions of VAs and VASPs.
  • 2023 National Risk Assessment: Policy decision to prohibit the use of VAs as legal tender and the operation of VASPs until 2026.
  • February 2025 Government Statement: Vice President stated Guyana is "not ready at this time" to regulate or facilitate cryptocurrency transactions, prioritizing broader financial sector modernization.
  • No immediate plans for regulation: Government prioritizes foundational financial system development over crypto-specific regulation.

Full Analysis Report

Financial Regulatory Analyst Report: Guyana

Topic: Retail_Trading_Status (Cryptocurrency)

1. Current Status: Unclear

2. Detailed Narrative Explanation:

The status of retail cryptocurrency trading in Guyana is best described as Unclear due to a significant lack of specific legislation and regulatory framework, coupled with cautionary statements from authorities and recent high-level government pronouncements indicating that regulation is not a near-term priority.

Currently, there are no specific laws in Guyana that explicitly permit, prohibit, or regulate the buying, selling, or holding of cryptocurrencies by individual citizens and residents. Cryptocurrencies are not recognized as legal tender [3, 4, 12]. This absence of a defined legal structure places cryptocurrency activities in a "regulatory gray area" or "quasi-legal status" [2, 3]. While not explicitly illegal [8, 10], the lack of regulation means there are no established consumer protection mechanisms, licensing requirements for exchanges or Virtual Asset Service Providers (VASPs), or clear guidelines regarding taxation [2, 3, 4, 8].

The Bank of Guyana (BoG), the country's central bank, has acknowledged the existence of cryptocurrencies and has issued advisories warning citizens about the inherent risks associated with investing in or trading these volatile assets [2, 3, 4]. However, it has not implemented outright bans or restrictive measures on individual participation [2].

Despite the lack of an explicit ban, the government has not licensed any cryptocurrency trading platforms or established a formal process for entities to operate as VASPs within Guyana [2, 3, 4]. This absence of a regulated pathway for service providers contributes to the uncertainty and has led some observers to perceive an "implicit ban" [2, 3, 4], particularly following negative comments from officials regarding alleged crypto-related Ponzi schemes [2, 12].

Furthermore, Guyana's authorities, including the Financial Intelligence Unit (FIU), are aware of the Money Laundering (ML) and Terrorist Financing (TF) risks associated with Virtual Assets (VAs) and VASPs [2, 11, 14]. Amendments were made to the Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) framework in 2023 to incorporate FATF definitions of VAs and VASPs [14, 15]. A 2023 National Risk Assessment report indicated a policy decision to prohibit the use of VAs (as legal tender) and the operation of VASPs in Guyana until 2026, pending the development of necessary infrastructure and regulatory capacity [14]. While this prohibition targets the operation of service providers and the use as legal tender, it adds significant complexity and restriction to the ecosystem, even if individual holding isn't directly outlawed.

Recent statements from high-level government officials reinforce the lack of immediate plans for regulation. In February 2025, Vice President Bharrat Jagdeo explicitly stated that Guyana is "not ready at this time" to regulate or facilitate cryptocurrency transactions, emphasizing the need for a "major financial overhaul" and modernization of the broader financial sector first [5, 6, 7, 16]. He indicated that while the Central Bank has studied crypto, its introduction would only be considered after significant financial reforms are completed and "appropriate safeguards" can be instituted [6, 7].

Therefore, while individuals are not explicitly forbidden from acquiring or holding cryptocurrencies (often via international platforms [8, 19, 20], though some banks may restrict direct VASP transfers [11]), they operate in an environment devoid of local regulatory oversight, consumer protection, tax clarity, and licensed domestic service providers. The government's current stance prioritizes foundational financial system development over crypto-specific regulation, and there's a stated policy to prohibit VASP operations until at least 2026, making the overall status Unclear.

3. Relevant Text Excerpts:

  • On Lack of Regulation & Legal Status: "Cryptocurrency, at least for the time being in Guyana, falls within a regulatory gray area. Digital assets are neither taken as legal tender nor banned; they fall under a quasi-legal status... Guyana itself has not instituted any laws for the use, trading, and taxation of digital assets." [Source: UPay Blog, 2024-12-01] [2]
  • On Lack of Regulation & Legal Status: "Guayana falls somewhere in the middle as while cryptocurrency isn't legal tender, it is not legally recognised either. On top of this, there are few concrete crypto laws in place to regulate the industry. So far, the government of Guyana does not seem to have licensed any crypto trading platforms and there is no formal process to become a crypto entity within the country." [Source: Kaieteur News, 2024-01-31] [3]
  • On Lack of Regulation & Legal Status: "Currently, Guyana does not have specific regulations in place for cryptocurrencies... While the use of cryptocurrencies is not officially regulated, it is not illegal either. This creates a relatively open environment for crypto users, but it also means that investors should proceed with caution..." [Source: Carlos Maiz Blog, 2025-01-02] [8]
  • On Central Bank Warnings: "While the central bank of Guyana, the Bank of Guyana, has issued advisories about risks related to crypto investment, it has not taken any restrictive measures." [Source: UPay Blog, 2024-12-01] [2]
  • On Government Stance (Feb 2025): "Guyana's Vice President, Bharrat Jagdeo, says the country is not ready to regulate or facilitate cryptocurrency transactions... “The answer is, no, not at this time,” Jagdeo said when asked whether the government is considering regulations for cryptocurrency transactions. “We've been exploring it. We've been studying this.”" [Source: OilNOW, 2025-02-20] [5]
  • On Government Stance (Feb 2025): "We had the Central Bank do some work on cryptocurrency and looking at its introduction, but I do not think [that] we are ready at this stage to go any further until we have done a major financial overhaul,” [Vice President Jagdeo] explained... “Once…we get to that level of complexity, then I think we can layer it on with things like crypto, provided the appropriate safeguards could be found and instituted,” he said." [Source: Caribbean Today, 2025-02-24] [6]
  • On AML/CFT & VASP Prohibition: "Section 72 of the Guyana Compliance Commission Act has placed a prohibition on the use of virtual assets and the operation of VASPs in Guyana until 2026... A policy decision was then taken by the Government of Guyana to prohibit the use of virtual assets (these cannot be used as legal tender in Guyana), or the trade, exchange or use of VAs, [and] the operation of VASPs..." [Source: Bank of Guyana / AML/CFT/PF NCC Report, Undated but referencing 2023 amendments] [14]
  • On Tax Uncertainty: "Currently, there are essentially no crypto tax laws in the country. The Guyana Revenue Authority's website doesn't mention cryptocurrency, leaving users with little guidance." [Source: SiGMA World, Undated article referencing 2024 status] [4]

4. Source URLs:

  • [2] UPay Blog (Analysis based on various sources): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALo4iC_CJihbgeW2v_gTzxcNjHyAgchrdpTt43OFHK7UmhjpY-igMpeFKylUBXjuvFKDTOqtCWa5AyVhMHWgK4zAPAZ-Bdw9MkSwowyd35hGwwJu7PRowbqGn0VrPLIDWGIjKfC (Note: This links to the search result, the original blog URL may differ)
  • [3] Kaieteur News (Guyanese News Outlet): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJ8KO9lBqAAkWK1QoOSib0VGmTsb0o8UDfeHAwFIwXrNGknGuWFoUOdh-WdQbEPHmEQKLR7xq3dDMbgiO17OHD0Q8m3FiV5Ggz0EX306Ni6NDrobZ7T48U_I47ZpREzglT328BtTZhyGUCGK23grG2pdjGIomtnOFhqZbHKGByt (Note: This links to the search result, the original article URL is likely https://www.kaieteurnewsonline.com/...)
  • [4] SiGMA World (Gaming/Tech News): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJFSJIj0XUB2x7WJq_wELmyjjKadwZuYq3PN86X4noNRfPs5qNnPkAW4CrronppBZOQH_ueOSMfEkhoCYASlQTMnQdV2DFXyhfj8tdFki87uxbaZogEgxeKpty0RaguzhVECGuhRpGkohT7UvHIjhN3mMJr7zobFIhC5h0= (Note: This links to the search result, the original article URL may differ)
  • [5] OilNOW (Guyana Energy/Business News): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJLQ2mIWyaeuV0eOh_qzHih8arU6O-cvKPiCpmpyj33fN8ioTBfEfNfHtsvw9Yr1B-EoAngJJ3psuFPl6VwdA2OzHMkqCpDg9UxZrdGEGY4E05vUcmTjnIyFGpqZvBDorLLY_KmjfS2NL60DNcnjhduLy_WB_xkMyiLJ7523vLWR4oeDOu7gBSfNXxqPDHpd4n1bqvZ6kHz3mwgxxM= (Note: This links to the search result, the original article URL is likely https://oilnow.gy/...)
  • [6] Caribbean Today (Regional News): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAL7hf8sunTtJYiuB98fiQNvi1ZZvYVDhZPsPCCRLzAd_wePep5TaoRdm_J0oQfywzi_TqfNPp447oeR4y3IiO9PVHndebO3vO-YUtv80Rt33LAikp3FLxkjIP-8qHvOO7Mv-7h_dZZK3qynYoa4pgI4rcMRK6E7LxMZAhiauoOmuhYKNCI-iBbeMSKLaQtE_l2xQP8UJuP6N8goG3Cu4Dt3JhciCQrqNGWNeSQ1uI1onW40nNTBoUEOFA== (Note: This links to the search result, the original article URL may differ)
  • [7] Stabroek News (via Search Result referencing VP Statements): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALxEUhVGCczO1p2wBJ336xLpUdHz0mMVhpOBUixei0ibxNtoB9Z_8pwtW-0-ELZXv26_8m9J5BB4lvUzHcGssCJY_EqLBVskxF3g8x6Ryuaa-x2J-8m_MH9Sd6gEn8agRLLjyzX_bgKs9UrGLj57Q0F5Ez4pgJuHf-IRaE_DRpA2cBcfTKVg45w9-ssUbbk3QrxS_mKFfEBLWAUQLtae599PMAw0-MvBwpimZyr0JkSTJO6kh-i (Note: This links to the search result, the original article URL is likely https://www.stabroeknews.com/...)
  • [8] Carlos Maiz Blog (Individual Blog/Guide): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJ9gtXADUh0FNncLgQTstuDR6uB6ClJlqbxnlZWQ3JomUcS6D2dPCfO4MGOpmbAG9SF9BJcMNpsSKIQNN7GvKnFoj3_Xbf7htRjGZ14fTx1yKiOjYntDYPWydxQ8N4eFnKS10gXP-Xc3M0KGwhPrWvauHaEPB9sbM-dgA== (Note: This links to the search result, the original blog URL may differ)
  • [10] X7 Clinical Blog (Seems unrelated content host, reliability questionable): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJNg4qlQmXks_Ji4tWDxhHQ00oYbHBEIiyfCjLnt2tZvye5p58gtlfoVHrRiorMA25V1gnOlEJWk_iuIwVorEx1HGHm-jRenh4z0qmtc6fD6pyNlsqVKBw_VD3O6Du-BFFQFkPbyyOOUbP1Un1cIfeTWtP7E7e0rx2KrMxEHn9TlHPxBy7jM0BDamLZuQ== (Note: Included for completeness of search results mentioning legality, but treat with caution)
  • [11] Guyana FIU (Official Document Snippet via Search): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALHcq9kqtzBV5pnuEH6xiCNKXdrRxdTmI3CvTRo7fywiHx8vheqh-kOtJ-RZ9RVTD9zycdlqhoewloUqG_JrEsVyejaBwmBUI9rh-nB8N84A89ccPVsCuvgQpVOeKBRGo8R1F8tDWXSxaxKE3eg00dDrow7Son26YEfi2jmWwpIJ-8yRIs1GKACwVG0xEe8NsI= (Note: Links to search result containing snippet from FIU VA/VASP Risk Assessment)
  • [12] Kaieteur News (2020 Article on AG statement): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAI2bwRjB0I1jM6tSCGpCdpY95eE06qNzTq03mzaorgB_Eqc67VpyAecU297sdQP29yV_KUtAlDzZhibVjf4kJq8qC9r8OZYL7D9YUraPKVn0_Y9X3HOqNVbklBgsBNhlh1Ub-m5SqS_JSbo06dR7EyWOAf5pKhPQ1H2d9yWMs8W05I5eG3wm83_wHeURGpZfdPDRzlXeYrl_YDuwqPVn97AkSjb (Note: This links to the search result)
  • [14] Bank of Guyana / AML/CFT/PF NCC (Official Document Snippet via Search): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIaTV2vaa58CSqcrzeIdLRKGSHFe0MEkIxzJh_W7puvuehLI7C7W7ux0GwfH-Xl_h95xwX9RWbvXkUJdjajxSi8hD_PUMbbsqGm1meQp0YABl5Y_1zpQEQGTC3MXtOkGXvwjGctmVT0maYs9ETPU9u6o2grLeBpkbu0KE5tUtGYsHHJR-3V1A7GgtHQjjqgFmFflBrSNFkyuQ== (Note: Links to search result containing snippet from National Risk Assessment)
  • [15] Guyana Securities Council (Official Guideline Snippet via Search): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAL5GUF4-4vCdm7ezPJqQY07VpTZD7nS44aYbLzpQjhdLPfv4plmWtnR6u6UYPhaKRiL8EceOyMn80cz2xQ9n-CwL4XJntczvlH17NmGCgKxGwQCmQFD_jFmcf0k77q0Ggoc1CeFhI9rO8qxel3nujzqe2dOBH8lnqwgWGDYxvfgHPMTOkqMri1Br75MAWF9dOuKML52kDjhunKOhg6MQoroxdV3jzQDFJWtEPJt5KvmFHWk (Note: Links to search result)
  • [16] Caribbean Broadcasting Corporation (Regional News): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAL_yKZOEtJsT4jbuD5YlAe2jmUzRFjdkfz8jvPPOpcuqqf07--s3YLk_0lyDkSCtZkHXHxNhn5nthZhoAbYouOA0rmhYh524dRQSBpHH_Av3mtq0KK9DBNBL4M99KbRPoqIaHutPvJ5xQe3WlD_t2D7DygXNdiAuoyzEUDX43a9rGwu (Note: This links to the search result)
  • [19] SpectroCoin (Crypto Exchange Platform): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIH-5YOVo_YLICIkUzxrTLe3MamBR5--m9GU1unRFVMxYck8Yl49Jfi_DKhg0M6P_OOwyTrfKZ82zg3UeUqhXakwxfR695Wr7kDm5mgYtk89TifKqkkXvMHL632aXDW8I9Gnxtj (Note: This links to the search result, original URL is likely https://spectrocoin.com/...)
  • [20] Pursa (P2P Crypto Platform): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALRUjQ2bs7kDlLiZUgnFr5qX7oUfdtA-Ja6gNjYdzKRpMvnpUpOaKpeyNjSCRgU5JbA6wzG4QAnCDKj5M_js7Au3SmTRaquZw7YxVCjVprIV6v4JqD2S3OvDrcEd5KEWBEgdKYi2q95odv1MSRGDT-XAujEVw== (Note: This links to the search result, original URL is likely https://pursa.com/...)
  • [21] Guyana FIU Website (Tag Search): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAK66VNTWN0GlVg4902wFvaeE7N3sRtYgygqFW8YyeM__04IQjfLHRgifgzv19qh1l6jiPcQBsUVc4x8uzVM31mzyjIkuP2x7wy6Quw6Ljhpbmg4sf-0YNB9Ma9yilOg (Note: Links to search result showing FIU's awareness/categorization)

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