Puerto Rico

Retail_Trading_Status

Allowed-Regulated Unknown

Analysis ID: #201
Version: Archived
Created: 2025-04-12 06:55
Run: d705def7...
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Workflow Stage: Live

Executive Summary

Retail cryptocurrency trading is legally permitted in Puerto Rico, governed by both US federal regulations (BSA, USA PATRIOT Act, FinCEN) and local oversight from the Office of the Commissioner of Financial Institutions (OCIF). OCIF licenses entities involved in money transmission and digital asset custody, and has taken enforcement actions against unauthorized operators. Act 60 provides tax incentives for qualifying residents, but does not negate underlying AML/KYC regulatory requirements. Cryptocurrency is treated as an asset and its trading is regulated, not prohibited.

Key Pillars

The primary regulator is the Puerto Rico Office of the Commissioner of Financial Institutions (OCIF). The regulatory framework involves US federal regulations (Bank Secrecy Act, USA PATRIOT Act, FinCEN) for AML/KYC compliance. OCIF licenses entities involved in money transmission and digital asset custody, and enforces regulations against unauthorized operations. Exchanges must obtain licenses from the OCIF and comply with the Puerto Rico Money Transmitter Act.

Landmark Laws

Bank Secrecy Act (BSA): Mandates AML procedures for financial institutions and MSBs operating in Puerto Rico. USA PATRIOT Act: Reinforces AML requirements and KYC procedures for financial institutions and MSBs operating in Puerto Rico. Act 60: Offers tax incentives, including a potential 0% capital gains tax on cryptocurrency acquired after establishing bona fide residency, subject to meeting strict criteria.

Considerations

Cryptocurrencies are treated as assets in Puerto Rico. Tax incentives under Act 60 offer potential 0% capital gains tax on crypto acquired after establishing bona fide residency, subject to meeting strict eligibility criteria (presence test, tax home test, closer connection test, property purchase, donations). Gains on crypto held before establishing bona fide residency are subject to US federal taxes. Regulators have raised concerns about crypto investment fraud, prompting increased scrutiny and public warnings. Operational challenges include adhering to AML/KYC requirements mandated by US federal laws and OCIF.

Notes

Puerto Rico has gained attention as a "crypto hub" due to tax incentives under Act 60. OCIF ordered Athena to cease and desist its cryptocurrency operations until it received a MSB from the government. In 2022, several cases of crypto investment fraud were reported to OCIF, prompting increased regulatory scrutiny. Tax benefits under Act 60 come with strict eligibility criteria. Gains on crypto held before becoming a bona fide resident remain subject to U.S. federal taxes.

Detailed Explanation

Retail trading of cryptocurrencies is permitted in Puerto Rico, subject to both US federal regulations and local oversight. As a US territory, Puerto Rico falls under US federal laws like the Bank Secrecy Act (BSA) and the USA PATRIOT Act, requiring AML/KYC compliance for Money Services Businesses (MSBs). Cryptocurrency exchanges operating in Puerto Rico are generally considered MSBs and must register with FinCEN, implementing AML/KYC programs, monitoring transactions, and reporting suspicious activities. Major exchanges like Coinbase and Gemini operating in Puerto Rico comply with FinCEN regulations. Puerto Rico's Office of the Commissioner of Financial Institutions (OCIF) is the primary local regulator, licensing entities involved in money transmission, which can include crypto exchanges. OCIF has authorized entities like International Financial Entities (IFEs) and banks (e.g., FV Bank, Medici Bank) to offer digital asset custody services. OCIF has also taken enforcement actions, such as ordering unlicensed crypto ATM operators (like Athena) to cease operations and issuing warnings about unauthorized crypto investment platforms. Act 60 (which consolidated previous Acts 20 and 22) offers tax incentives, including potentially 0% capital gains tax on cryptocurrency acquired after establishing bona fide residency, provided strict criteria (presence test, tax home test, closer connection test, property purchase, donations) are met. Gains on crypto held before establishing bona fide residency remain subject to U.S. federal taxes. Cryptocurrency trading is active in Puerto Rico, including its use in real estate transactions, and the government and regulators acknowledge the potential of digital assets. OCIF increased regulatory scrutiny of crypto operations after several cases of crypto investment fraud were reported in 2022.

Summary Points

Okay, here's the converted regulatory analysis report in a clear, bullet-point format:

Retail Cryptocurrency Trading Status in Puerto Rico (as of April 12, 2025)

I. Overall Regulatory Status:

Allowed-Regulated: Retail trading of cryptocurrencies (buying, selling, holding by individuals) is legally permitted in Puerto Rico, subject to regulation.

II. Key Regulatory Bodies & Roles:

U.S. Federal Government:
- Role: Primary regulator due to Puerto Rico's status as a U.S. territory.
- Key Agencies:
  - Financial Crimes Enforcement Network (FinCEN): Oversees Money Services Businesses (MSBs) including many crypto exchanges.
  - Treasury Department's Office of Foreign Assets Control (OFAC): Enforces sanctions regulations.
Office of the Commissioner of Financial Institutions (OCIF):
- Role: Puerto Rico's local financial regulator.
- Responsibilities:
  - Licensing entities involved in money transmission (including some crypto exchanges).
  - Authorizing digital asset custody services for licensed entities (e.g., IFEs, banks).
  - Enforcement actions against unlicensed operators (e.g., crypto ATMs).
  - Issuing public warnings about unauthorized crypto investment platforms.

III. Important Legislation & Regulations:

U.S. Federal Laws:
- Bank Secrecy Act (BSA): Mandates Anti-Money Laundering (AML) programs.
- USA PATRIOT Act: Reinforces AML requirements and Know Your Customer (KYC) procedures.
Puerto Rico Money Transmitter Act: Requires cryptocurrency exchanges to obtain licenses from OCIF.
Act 60 (Consolidated Acts 20 & 22):
- Provides tax incentives for bona fide residents of Puerto Rico.
- Potential 0% capital gains tax on cryptocurrency acquired after establishing residency.
- Important Note: Tax incentives do not exempt individuals or platforms from AML/KYC or other financial regulations.

IV. Requirements for Compliance:

AML/KYC Compliance:
- Mandatory for exchanges and other entities facilitating cryptocurrency transactions.
- Includes:
  - Customer identification verification.
  - Transaction monitoring.
  - Suspicious Activity Reporting (SARs).
MSB Registration (Federal):
- Entities operating as Money Services Businesses (MSBs) must register with FinCEN.
Licensing (Local):
- Cryptocurrency exchanges may need to obtain licenses from OCIF under the Puerto Rico Money Transmitter Act.

V. Notable Restrictions & Limitations:

Pre-Residency Crypto Gains: Gains on cryptocurrency held before becoming a bona fide resident of Puerto Rico remain subject to U.S. federal capital gains taxes.
Strict Residency Requirements for Tax Incentives: To qualify for Act 60 tax benefits, individuals must meet strict criteria, including:
- Presence Test
- Tax Home Test
- Closer Connection Test
- Property Purchase
- Donations
Unlicensed Operations: Operating cryptocurrency-related businesses without proper licensing (e.g., crypto ATMs) is prohibited and subject to enforcement action by OCIF.

VI. Recent Developments & Changes:

Increased Regulatory Scrutiny: OCIF has increased regulatory scrutiny of crypto operations due to reported cases of crypto investment fraud.
OCIF Enforcement Actions: OCIF has taken action against unlicensed crypto ATM operators and issued warnings about unauthorized investment platforms.
Authorization of Digital Asset Custody: OCIF has authorized certain licensed entities (IFEs, banks) to offer digital asset custody services.

Full Analysis Report

Report: Retail Cryptocurrency Trading Status in Puerto Rico

Date: April 12, 2025

Prepared For: Internal Review
Prepared By: Specialized Financial Regulatory Analyst

Topic: Retail_Trading_Status

Description: This section assesses the legal permissibility for individual citizens and residents in Puerto Rico to engage in the buying, selling, and holding of cryptocurrencies. It details the regulatory environment surrounding these activities, including applicable Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements imposed on platforms, and any official warnings issued.

1. Current Status: Allowed-Regulated

2. Detailed Narrative Explanation:

Retail trading of cryptocurrencies (buying, selling, holding by individuals) is legally permitted in Puerto Rico. The regulatory environment is characterized by the application of both United States federal regulations and specific oversight from Puerto Rico's own financial regulator.

US Federal Oversight: As Puerto Rico is a U.S. territory, it falls under the purview of U.S. federal laws concerning financial transactions and money services businesses (MSBs) [3, 7, 25]. Key federal regulations include the Bank Secrecy Act (BSA) and the USA PATRIOT Act, which mandate AML and KYC procedures [3, 25]. Entities facilitating cryptocurrency transactions, such as exchanges operating in Puerto Rico, are generally considered MSBs under federal law and must register with the Financial Crimes Enforcement Network (FinCEN) and comply with its regulations [5, 7]. This includes implementing robust AML/KYC programs to verify customer identities, monitor transactions, and report suspicious activities (SARs) [3, 21, 24, 25]. Major exchanges available to residents, like Coinbase and Gemini, explicitly state they are regulated by FinCEN as US territories [5, 26].
Local Regulation (OCIF): Puerto Rico's Office of the Commissioner of Financial Institutions (Oficina del Comisionado de Instituciones Financieras - OCIF) is the primary local regulatory body overseeing financial activities [2, 8, 10]. While a comprehensive, crypto-specific regulatory framework might still be evolving [2, 12], OCIF actively regulates aspects of the crypto space. It licenses entities involved in money transmission, which can include crypto exchanges [10]. OCIF has also specifically authorized certain licensed entities, like International Financial Entities (IFEs) and banks (e.g., FV Bank, Medici Bank), to offer digital asset custody services [2, 8, 11, 15, 18]. Furthermore, OCIF exercises enforcement powers, having previously ordered unlicensed crypto ATM operators (like Athena) to cease operations [2] and issued public warnings regarding unauthorized crypto investment platforms targeting residents [5].
Tax Incentives (Act 60): Puerto Rico has gained attention as a "crypto hub" largely due to tax incentives under Act 60 (which consolidated previous Acts 20 and 22) [5, 13, 23]. This act offers significant tax benefits, including a potential 0% capital gains tax on assets like cryptocurrency acquired after establishing bona fide residency [3, 4, 13, 14, 16, 17]. It's crucial to understand that these tax incentives are distinct from the fundamental legality and regulation of trading. They apply only to qualifying residents meeting strict criteria (presence test, tax home test, closer connection test, property purchase, donations) [3, 4, 13, 16, 23] and do not exempt individuals or platforms from adhering to applicable financial regulations (AML/KYC). Gains on crypto held before becoming a bona fide resident remain subject to U.S. federal taxes [3, 14, 16, 17, 22, 28].
Market Activity: Cryptocurrency trading is actively occurring, with individuals using exchanges [4, 5] and even engaging in real estate transactions using crypto [2]. The government and regulators acknowledge the pervasiveness and potential of digital assets [2, 6, 9].

In summary, individuals in Puerto Rico can legally trade cryptocurrencies. This activity occurs within a regulated framework governed primarily by U.S. federal laws (AML/KYC via BSA/FinCEN) and supplemented by local oversight and licensing from OCIF for specific activities like money transmission and custody. While known for tax incentives, these do not negate the underlying regulatory requirements.

3. Relevant Text Excerpts:

On Legality: "Trading cryptocurrency in Puerto Rico is fully legal. In fact, the territory offers tax benefits for crypto investors." [4]
On US Federal Regulation: "Since Puerto Rico is a U.S. territory, financial institutions and cryptocurrency exchanges operating in Puerto Rico are required to comply with U.S. regulations, including Anti-Money Laundering (AML) and Know Your Customer (KYC) policies." [3]
On US Federal Regulation: "At the federal level, MSBs and virtual currency service providers must adhere to regulations enforced by agencies like the Financial Crimes Enforcement Network (FinCEN) and the Treasury Department's Office of Foreign Assets Control (OFAC)." [7]
On Local Regulator (OCIF) Licensing: "FV Bank [...] announced Monday it has received permission from the Puerto Rico Office of the Commissioner of Financial Institutions (OCIF) to provide custody services for bitcoin, ether, EOS, XRP, and “many” ERC-20 standard tokens." [8, 11]
On Local Regulator (OCIF) Licensing/Oversight: "Legal regulations for cryptocurrency exchanges in Puerto Rico are designed to create a secure and transparent environment for digital asset trading. Exchanges must obtain licenses from the Office of the Commissioner of Financial Institutions (OCFI) and comply with the Puerto Rico Money Transmitter Act." [10] (Note: OCFI is the same as OCIF).
On OCIF Enforcement/Warnings: "In 2022, several cases of crypto investment fraud were reported to the Puerto Rico Office of the Commissioner of Financial Institutions (OCIF), prompting increased regulatory scrutiny of crypto operations on the island. The OCIF has issued multiple public warnings about unauthorized crypto investment platforms targeting Puerto Rican residents." [5]
On OCIF Enforcement: "OCIF also ordered Athena to cease and desist its cryptocurrency operations in Puerto Rico until it received a MSB from the government, this after the unregulated operation of the BATMs was linked to irregular transactions..." [2]
On Tax Incentives (Act 60) & Residency: "Under Act 60 (previously known as Act 22), individuals can enjoy a 0% tax rate on capital gains derived from cryptocurrency, as well as interest and dividends. [...] However, these benefits come with strict eligibility criteria. To qualify as a bona fide resident [...] you must meet the following tests: 1. Presence Test [...] 2. Tax Home Test [...] 3. Closer Connection Test..." [3]
Clarification on Pre-Residency Gains: "If you acquired your crypto while residing in the continental United States, then later move to Puerto Rico and sell, you'll have to pay US capital gains tax regardless." [14] (Similar statements in [3, 16, 17, 22, 28]).

4. Source Links:

[2] Wikipedia - Cryptocurrencies in Puerto Rico: https://en.wikipedia.org/wiki/Cryptocurrencies_in_Puerto_Rico (Provides context on OCIF actions and government views)
[3] Kryptos.io - Puerto Rico Crypto Tax Guide 2025: https://kryptos.io/guides/puerto-rico-crypto-tax-guide
[4] CoinLedger - Puerto Rico Crypto Tax: Investor's Guide 2025: https://coinledger.io/guides/puerto-rico-crypto-tax
[5] Buy Bitcoin Worldwide - Puerto Rico: https://www.buybitcoinworldwide.com/puerto-rico/
[6] Coincub - Best Crypto Exchange Puerto Rico: https://coincub.com/best-crypto-exchange/puerto-rico/
[7] Faisal Khan - Understanding US Cryptocurrency Regulations in 2025: https://faisalkhan.com/us-cryptocurrency-regulations/
[8] CoinDesk - Puerto Rico-Based FV Bank to Offer Regulated Crypto Custody in the US (via search result, original likely behind paywall or moved): https://www.coindesk.com/business/2020/12/21/puerto-rico-based-fv-bank-to-offer-regulated-crypto-custody-in-the-us/ (Nasdaq link [11] might be more accessible)
[9] McDonald Hopkins - Puerto Rico: New paradise for cryptocurrency entrepreneurs: https://mcdonaldhopkins.com/Insights/Blog/Tax-Wealth-Management/Puerto-Rico-New-paradise-for-cryptocurrency-ent
[10] BYDFi - What are the legal regulations for cryptocurrency exchanges in Puerto Rico?: https://www.bydfi.com/en/learn/crypto-basics/what-are-the-legal-regulations-for-cryptocurrency-exchanges-in-puerto-rico
[11] Nasdaq - Puerto Rico-Based FV Bank to Offer Regulated Crypto Custody in the US: https://www.nasdaq.com/articles/puerto-rico-based-fv-bank-to-offer-regulated-crypto-custody-in-the-us-2020-12-21
[12] UPay Blog - Crypto Adoption Around the World: Puerto Rico: https://upay.inc/blog/crypto-adoption-around-the-world-puerto-rico/
[13] Gordon Law Group - Puerto Rico Crypto Tax Haven (2025): https://gordonlaw.com/crypto-tax/puerto-rico-crypto-tax-haven/
[14] TokenTax - The Essential Guide to Crypto Tax in Puerto Rico for 2025: https://tokentax.co/blog/crypto-tax-puerto-rico
[15] Medici Bank Help Center - Bank License Information: https://medici.helpsite.com/articles/47692-bank-license-information
[16] Koinly - Puerto Rico Crypto Tax Guide 2025: https://koinly.io/guides/puerto-rico-crypto-tax-guide/
[17] Koinly - Crypto Tax Free Countries 2025: https://koinly.io/guides/crypto-tax-free-countries/
[18] Adam Tracy - Puerto Rico IFE/IBE Update & Overview: https://adamtracy.io/2024/01/27/puerto-rico-ife-ibe-update-overview/
[21] IDMERIT - Identity Verification and AML Solutions For PUERTO RICO: https://www.idmerit.com/aml-kyc-compliance/puerto-rico/
[22] Reddit - Puerto Rico Act 22 and Bitcoin (User discussion, illustrates common questions/misconceptions): https://www.reddit.com/r/Bitcoin/comments/9p2z1l/puerto_rico_act_22_and_bitcoin/
[23] Northwest Registered Agent - Starting a Crypto Company in Puerto Rico: https://www.northwestregisteredagent.com/start-a-business/puerto-rico/crypto-company
[24] Sumsub - AML and Anti-Fraud in the Crypto Industry: Complete Guide (2024): https://sumsub.com/blog/aml-in-crypto/
[25] MemberCheck - AML/CFT Legislation in Puerto Rico: https://membercheck.com/aml-legislation/puerto-rico/
[26] Gemini - Puerto Rico | Areas of Availability: https://www.gemini.com/areas-of-availability/puerto-rico
[28] Kevane Grant Thornton - Cryptocurrencies: recent tax developments for individuals: https://www.kevane.com/en/insights/articles/cryptocurrencies-recent-tax-developments-for-individuals/

End of Report

**Report: Retail Cryptocurrency Trading Status in Puerto Rico**

**Date:** April 12, 2025

**Prepared For:** Internal Review
**Prepared By:** Specialized Financial Regulatory Analyst

---

**Topic: Retail_Trading_Status**

**Description:** This section assesses the legal permissibility for individual citizens and residents in Puerto Rico to engage in the buying, selling, and holding of cryptocurrencies. It details the regulatory environment surrounding these activities, including applicable Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements imposed on platforms, and any official warnings issued.

---

**1. Current Status:** `Allowed-Regulated`

**2. Detailed Narrative Explanation:**

Retail trading of cryptocurrencies (buying, selling, holding by individuals) is legally permitted in Puerto Rico. The regulatory environment is characterized by the application of both United States federal regulations and specific oversight from Puerto Rico's own financial regulator.

*   **US Federal Oversight:** As Puerto Rico is a U.S. territory, it falls under the purview of U.S. federal laws concerning financial transactions and money services businesses (MSBs) [3, 7, 25]. Key federal regulations include the Bank Secrecy Act (BSA) and the USA PATRIOT Act, which mandate AML and KYC procedures [3, 25]. Entities facilitating cryptocurrency transactions, such as exchanges operating in Puerto Rico, are generally considered MSBs under federal law and must register with the Financial Crimes Enforcement Network (FinCEN) and comply with its regulations [5, 7]. This includes implementing robust AML/KYC programs to verify customer identities, monitor transactions, and report suspicious activities (SARs) [3, 21, 24, 25]. Major exchanges available to residents, like Coinbase and Gemini, explicitly state they are regulated by FinCEN as US territories [5, 26].
*   **Local Regulation (OCIF):** Puerto Rico's Office of the Commissioner of Financial Institutions (Oficina del Comisionado de Instituciones Financieras - OCIF) is the primary local regulatory body overseeing financial activities [2, 8, 10]. While a comprehensive, crypto-specific regulatory framework might still be evolving [2, 12], OCIF actively regulates aspects of the crypto space. It licenses entities involved in money transmission, which can include crypto exchanges [10]. OCIF has also specifically authorized certain licensed entities, like International Financial Entities (IFEs) and banks (e.g., FV Bank, Medici Bank), to offer digital asset custody services [2, 8, 11, 15, 18]. Furthermore, OCIF exercises enforcement powers, having previously ordered unlicensed crypto ATM operators (like Athena) to cease operations [2] and issued public warnings regarding unauthorized crypto investment platforms targeting residents [5].
*   **Tax Incentives (Act 60):** Puerto Rico has gained attention as a "crypto hub" largely due to tax incentives under Act 60 (which consolidated previous Acts 20 and 22) [5, 13, 23]. This act offers significant tax benefits, including a potential 0% capital gains tax on assets like cryptocurrency *acquired after* establishing bona fide residency [3, 4, 13, 14, 16, 17]. It's crucial to understand that these tax incentives are distinct from the fundamental legality and regulation of trading. They apply only to qualifying residents meeting strict criteria (presence test, tax home test, closer connection test, property purchase, donations) [3, 4, 13, 16, 23] and do not exempt individuals or platforms from adhering to applicable financial regulations (AML/KYC). Gains on crypto held *before* becoming a bona fide resident remain subject to U.S. federal taxes [3, 14, 16, 17, 22, 28].
*   **Market Activity:** Cryptocurrency trading is actively occurring, with individuals using exchanges [4, 5] and even engaging in real estate transactions using crypto [2]. The government and regulators acknowledge the pervasiveness and potential of digital assets [2, 6, 9].

In summary, individuals in Puerto Rico can legally trade cryptocurrencies. This activity occurs within a regulated framework governed primarily by U.S. federal laws (AML/KYC via BSA/FinCEN) and supplemented by local oversight and licensing from OCIF for specific activities like money transmission and custody. While known for tax incentives, these do not negate the underlying regulatory requirements.

**3. Relevant Text Excerpts:**

*   **On Legality:** "Trading cryptocurrency in Puerto Rico is fully legal. In fact, the territory offers tax benefits for crypto investors." [4]
*   **On US Federal Regulation:** "Since Puerto Rico is a U.S. territory, financial institutions and cryptocurrency exchanges operating in Puerto Rico are required to comply with U.S. regulations, including Anti-Money Laundering (AML) and Know Your Customer (KYC) policies." [3]
*   **On US Federal Regulation:** "At the federal level, MSBs and virtual currency service providers must adhere to regulations enforced by agencies like the Financial Crimes Enforcement Network (FinCEN) and the Treasury Department's Office of Foreign Assets Control (OFAC)." [7]
*   **On Local Regulator (OCIF) Licensing:** "FV Bank [...] announced Monday it has received permission from the Puerto Rico Office of the Commissioner of Financial Institutions (OCIF) to provide custody services for bitcoin, ether, EOS, XRP, and “many” ERC-20 standard tokens." [8, 11]
*   **On Local Regulator (OCIF) Licensing/Oversight:** "Legal regulations for cryptocurrency exchanges in Puerto Rico are designed to create a secure and transparent environment for digital asset trading. Exchanges must obtain licenses from the Office of the Commissioner of Financial Institutions (OCFI) and comply with the Puerto Rico Money Transmitter Act." [10] (Note: OCFI is the same as OCIF).
*   **On OCIF Enforcement/Warnings:** "In 2022, several cases of crypto investment fraud were reported to the Puerto Rico Office of the Commissioner of Financial Institutions (OCIF), prompting increased regulatory scrutiny of crypto operations on the island. The OCIF has issued multiple public warnings about unauthorized crypto investment platforms targeting Puerto Rican residents." [5]
*   **On OCIF Enforcement:** "OCIF also ordered Athena to cease and desist its cryptocurrency operations in Puerto Rico until it received a MSB from the government, this after the unregulated operation of the BATMs was linked to irregular transactions..." [2]
*   **On Tax Incentives (Act 60) & Residency:** "Under Act 60 (previously known as Act 22), individuals can enjoy a 0% tax rate on capital gains derived from cryptocurrency, as well as interest and dividends. [...] However, these benefits come with strict eligibility criteria. To qualify as a bona fide resident [...] you must meet the following tests: 1. Presence Test [...] 2. Tax Home Test [...] 3. Closer Connection Test..." [3]
*   **Clarification on Pre-Residency Gains:** "If you acquired your crypto while residing in the continental United States, then later move to Puerto Rico and sell, you'll have to pay US capital gains tax regardless." [14] (Similar statements in [3, 16, 17, 22, 28]).

**4. Source Links:**

*   [2] Wikipedia - Cryptocurrencies in Puerto Rico: `https://en.wikipedia.org/wiki/Cryptocurrencies_in_Puerto_Rico` (Provides context on OCIF actions and government views)
*   [3] Kryptos.io - Puerto Rico Crypto Tax Guide 2025: `https://kryptos.io/guides/puerto-rico-crypto-tax-guide`
*   [4] CoinLedger - Puerto Rico Crypto Tax: Investor's Guide 2025: `https://coinledger.io/guides/puerto-rico-crypto-tax`
*   [5] Buy Bitcoin Worldwide - Puerto Rico: `https://www.buybitcoinworldwide.com/puerto-rico/`
*   [6] Coincub - Best Crypto Exchange Puerto Rico: `https://coincub.com/best-crypto-exchange/puerto-rico/`
*   [7] Faisal Khan - Understanding US Cryptocurrency Regulations in 2025: `https://faisalkhan.com/us-cryptocurrency-regulations/`
*   [8] CoinDesk - Puerto Rico-Based FV Bank to Offer Regulated Crypto Custody in the US (via search result, original likely behind paywall or moved): `https://www.coindesk.com/business/2020/12/21/puerto-rico-based-fv-bank-to-offer-regulated-crypto-custody-in-the-us/` (Nasdaq link [11] might be more accessible)
*   [9] McDonald Hopkins - Puerto Rico: New paradise for cryptocurrency entrepreneurs: `https://mcdonaldhopkins.com/Insights/Blog/Tax-Wealth-Management/Puerto-Rico-New-paradise-for-cryptocurrency-ent`
*   [10] BYDFi - What are the legal regulations for cryptocurrency exchanges in Puerto Rico?: `https://www.bydfi.com/en/learn/crypto-basics/what-are-the-legal-regulations-for-cryptocurrency-exchanges-in-puerto-rico`
*   [11] Nasdaq - Puerto Rico-Based FV Bank to Offer Regulated Crypto Custody in the US: `https://www.nasdaq.com/articles/puerto-rico-based-fv-bank-to-offer-regulated-crypto-custody-in-the-us-2020-12-21`
*   [12] UPay Blog - Crypto Adoption Around the World: Puerto Rico: `https://upay.inc/blog/crypto-adoption-around-the-world-puerto-rico/`
*   [13] Gordon Law Group - Puerto Rico Crypto Tax Haven (2025): `https://gordonlaw.com/crypto-tax/puerto-rico-crypto-tax-haven/`
*   [14] TokenTax - The Essential Guide to Crypto Tax in Puerto Rico for 2025: `https://tokentax.co/blog/crypto-tax-puerto-rico`
*   [15] Medici Bank Help Center - Bank License Information: `https://medici.helpsite.com/articles/47692-bank-license-information`
*   [16] Koinly - Puerto Rico Crypto Tax Guide 2025: `https://koinly.io/guides/puerto-rico-crypto-tax-guide/`
*   [17] Koinly - Crypto Tax Free Countries 2025: `https://koinly.io/guides/crypto-tax-free-countries/`
*   [18] Adam Tracy - Puerto Rico IFE/IBE Update & Overview: `https://adamtracy.io/2024/01/27/puerto-rico-ife-ibe-update-overview/`
*   [21] IDMERIT - Identity Verification and AML Solutions For PUERTO RICO: `https://www.idmerit.com/aml-kyc-compliance/puerto-rico/`
*   [22] Reddit - Puerto Rico Act 22 and Bitcoin (User discussion, illustrates common questions/misconceptions): `https://www.reddit.com/r/Bitcoin/comments/9p2z1l/puerto_rico_act_22_and_bitcoin/`
*   [23] Northwest Registered Agent - Starting a Crypto Company in Puerto Rico: `https://www.northwestregisteredagent.com/start-a-business/puerto-rico/crypto-company`
*   [24] Sumsub - AML and Anti-Fraud in the Crypto Industry: Complete Guide (2024): `https://sumsub.com/blog/aml-in-crypto/`
*   [25] MemberCheck - AML/CFT Legislation in Puerto Rico: `https://membercheck.com/aml-legislation/puerto-rico/`
*   [26] Gemini - Puerto Rico | Areas of Availability: `https://www.gemini.com/areas-of-availability/puerto-rico`
*   [28] Kevane Grant Thornton - Cryptocurrencies: recent tax developments for individuals: `https://www.kevane.com/en/insights/articles/cryptocurrencies-recent-tax-developments-for-individuals/`

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**End of Report**

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