American Samoa

**Report: Retail Cryptocurrency Trading Status in American Samoa**

**Prepared by:** Financial Regulatory Analyst
**Date:** April 12, 2025
**Subject:** Assessment of the Regulatory Environment for Retail Cryptocurrency Trading in American Samoa

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**Retail_Trading_Status**

*   **Description:** This section assesses whether individual citizens and residents in American Samoa are legally permitted to buy, sell, and hold cryptocurrencies. It details the regulatory environment surrounding this activity, including any specific licensing, Know Your Customer (KYC)/Anti-Money Laundering (AML) requirements imposed on platforms, or official warnings issued by local authorities.
*   **Status:** `Unclear`

**Detailed Narrative Explanation:**

The regulatory status of retail cryptocurrency trading (buying, selling, and holding by individuals) in American Samoa is best described as `Unclear`. This is primarily due to the absence of specific legislation or official guidance issued directly by the American Samoa Government or its relevant financial regulatory body, the Office of Financial Institution (OFI), which operates under the American Samoa Treasury Department.

American Samoa is an unincorporated and unorganized territory of the United States. This unique status means that while it has its own local government, certain US federal laws and regulations apply. In the context of financial activities, particularly those involving money transmission and combating financial crime, federal regulations are highly relevant.

1.  **Lack of Specific Local Regulation:** There is no publicly available evidence of laws or regulations enacted by the American Samoa legislature specifically addressing the legality, prohibition, or regulation of individual cryptocurrency ownership or trading. The OFI has not issued specific guidelines, licenses, or warnings pertaining directly to retail crypto activities, unlike central banks or regulators in some other jurisdictions.
2.  **Applicability of US Federal Law:** As a US territory, American Samoa falls under the purview of federal laws concerning Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT). The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, requires entities engaged in money transmission, which often includes cryptocurrency exchanges serving US persons (including those in territories), to register as Money Services Businesses (MSBs). These MSBs must comply with the Bank Secrecy Act (BSA), which mandates implementing AML programs, conducting KYC/customer due diligence, monitoring transactions, and reporting suspicious activities. Therefore, while individuals may not be directly regulated by local law in their *holding* of crypto, the platforms they might use to *trade* are likely subject to these robust federal US regulations if they operate within the US financial system or serve US persons.
3.  **Territorial Status Context:** US federal documents related to financial regulations, such as those concerning the BSA, often explicitly define the United States to include its territories like American Samoa for the purpose of these regulations. This reinforces the application of federal AML/CFT frameworks.
4.  **Regulatory Body Membership:** American Samoa's financial regulator is part of the Conference of State Bank Supervisors (CSBS), an organization representing financial regulators from all 50 US states, the District of Columbia, and US territories. CSBS facilitates coordination on regulatory matters, including those related to fintech and cryptocurrency, often involving multi-state actions against unlicensed activities. This participation suggests alignment with broader US regulatory approaches, even in the absence of territory-specific crypto laws.
5.  **Distinction from Independent Samoa:** It is crucial to distinguish American Samoa (US Territory) from the independent nation of Samoa. The Central Bank of Samoa (CBS) has issued warnings about cryptocurrencies, deeming them risky and not legal tender, and has required promoters to register as financial institutions under its Money Laundering Prevention Act. These regulations apply *only* to the independent nation of Samoa and *not* to American Samoa.

In summary, while there appears to be no *local* law in American Samoa explicitly banning or regulating the buying, selling, or holding of cryptocurrencies by individuals, the activity is not entirely unregulated. The platforms and exchanges facilitating such transactions for residents are likely subject to stringent US federal AML/CFT requirements under the BSA. The lack of specific guidance from the American Samoa Office of Financial Institution creates ambiguity regarding the *local* government's official stance and any potential territory-specific requirements or consumer protections, leading to the classification of `Unclear`.

**Supporting Excerpts and Sources:**

1.  **On the Applicability of US BSA to Territories:**
    *   *Summary:* The Bank Secrecy Act's definition of "foreign country" for reporting purposes explicitly excludes locations such as American Samoa, implying that these territories are considered part of the United States for the purposes of these federal financial regulations.
    *   *Source Text Context (FDIC Manual discussing BSA):* "By definition, a foreign country includes all locations outside the United States, Guam, Puerto Rico, the Virgin Islands, the Northern Mariana Islands, American Samoa, and Trust Territory of the Pacific Islands."
    *   *Source:* FDIC Risk Management Manual of Examination Policies - Section 8.1 Bank Secrecy Act, Anti-Money Laundering, and Office of Foreign Assets Control
    *   *URL:* [https://www.fdic.gov/regulations/safety/manual/section8-1.pdf](https://www.fdic.gov/regulations/safety/manual/section8-1.pdf) (Note: While the direct link might change, this information is standard in BSA guidance).

2.  **On the Role of CSBS and State/Territory Coordination:**
    *   *Summary:* The Conference of State Bank Supervisors (CSBS) includes financial regulators from American Samoa and coordinates on supervision and enforcement, including actions against unlicensed crypto businesses operating across state and territory lines. This indicates American Samoa's integration into the broader US regulatory oversight structure.
    *   *Source Text Context (CSBS Press Release):* "The Conference of State Bank Supervisors (CSBS) is the national organization of financial regulators from all 50 states, American Samoa, District of Columbia, Guam, Puerto Rico, and U.S. Virgin Islands. State regulators supervise 79% of all U.S. banks and a variety of non-depository financial services... CSBS, on behalf of state regulators, also operates the Nationwide Multistate Licensing System to license and register non-depository financial service providers..."
    *   *Source:* Conference of State Bank Supervisors (CSBS) - Press Release (Example: Settlement with Abra)
    *   *URL:* [https://www.csbs.org/newsroom/state-financial-regulators-settle-abra-return-cryptocurrency-assets](https://www.csbs.org/newsroom/state-financial-regulators-settle-abra-return-cryptocurrency-assets) (June 26, 2024)

3.  **On Federal Regulation of Crypto Intermediaries (General US Context):**
    *   *Summary:* In the US, entities facilitating P2P crypto exchanges are generally considered Money Service Businesses (MSBs) under FinCEN guidelines and must comply with the Bank Secrecy Act (BSA), including KYC/AML requirements. This federal layer applies regardless of specific state or territory crypto laws.
    *   *Source Text Context (Fintech Advisory Firm):* "According to FinCEN guidelines, P2P exchanges are money service businesses (MSBs). Therefore, they must comply with the Bank Secrecy Act (BSA)... The act requires P2P exchanges to help combat misuse by implementing customer due diligence systems, maintaining records of cryptocurrency transactions, and reporting suspicious activities..."
    *   *Source:* AlphaPoint - "How P2P Crypto Exchanges Can Ensure Regulatory Compliance"
    *   *URL:* [https://alphapoint.com/blog/how-p2p-crypto-exchanges-can-ensure-regulatory-compliance/](https://alphapoint.com/blog/how-p2p-crypto-exchanges-can-ensure-regulatory-compliance/) (February 10, 2025)

**Primary Local Regulatory Body Contact:**

*   **Office of Financial Institution (OFI)**
*   c/o Department of Treasury, American Samoa Government
*   A.P. Lutali Executive Office Building, Utulei, Pago Pago, AS 96799
*   *URL:* [https://www.americansamoa.gov/treasury](https://www.americansamoa.gov/treasury) (General Treasury website; specific OFI online presence is limited). Direct inquiry to this office would be necessary for any definitive local statement.