Mali

## Report: Retail Cryptocurrency Trading Status in Mali

**Topic:** Retail_Trading_Status
**Description:** Assess whether individual citizens and residents in the country are legally permitted to buy, sell, and hold cryptocurrencies. Detail the regulatory environment surrounding this activity (e.g., KYC/AML requirements imposed on platforms, general warnings issued)

**Date of Report:** April 13, 2025

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### 1. Current Status

**Gray-Zone**

### 2. Narrative Explanation

The status of retail cryptocurrency trading in Mali falls into a **Gray-Zone**. Mali is a member of the West African Economic and Monetary Union (WAEMU, also known by its French acronym UEMOA), and its monetary policy is governed by the Central Bank of West African States (BCEAO). The BCEAO has not issued specific, comprehensive regulations explicitly permitting or regulating retail cryptocurrency trading for individuals. However, it has also not enacted an outright ban on individuals holding or trading crypto assets, unlike some other African nations [3, 15].

The BCEAO's stance has primarily been one of caution and warning. In late 2022, the Governor of the BCEAO, Jean-Claude Kassi Brou, publicly addressed crypto-assets, emphasizing their risks and stating they are not considered legal tender within the WAEMU [12, 24]. He warned that individuals using crypto-assets do so "at their own risk and peril" [12]. This indicates a strong discouragement from the central monetary authority but stops short of an explicit legal prohibition on individual activity.

Furthermore, the BCEAO has focused on preventing regulated financial institutions (banks, microfinance institutions, electronic money issuers) within the WAEMU from engaging with crypto-assets [18, 21]. This effectively isolates the formal financial sector from the crypto market, making it difficult for individuals to use traditional banking channels for crypto trading activities [2]. While some sources suggest buying Bitcoin is legal in Mali and mention exchanges operating [2, 25, 28], they also note the lack of specific regulation and potential restrictions from banks [2].

The lack of a dedicated legal framework creates uncertainty [8, 20]. While individual possession and peer-to-peer trading might not be explicitly illegal, the strong warnings from the BCEAO, the exclusion of the formal financial sector, and the absence of consumer protection or specific regulations place retail crypto activity in a precarious position. It is neither formally allowed and regulated, nor explicitly banned for individuals, fitting the definition of a Gray-Zone.

The BCEAO is reportedly working on developing a regulatory framework for crypto-assets within the WAEMU, aiming for coherence and risk management, and is also exploring a Central Bank Digital Currency (CBDC) [8, 12, 21, 22]. Until such regulations are implemented, the current ambiguity persists. ECOWAS (Economic Community of West African States), of which Mali is also a member, has also discussed the need for cryptocurrency regulation to protect citizens and facilitate regional integration, but concrete regional laws are not yet in place [16].

### 3. Supporting Excerpts and Sources

*   **BCEAO Governor's Warning (November 2022):**
    *   **Summary:** Jean-Claude Kassi Brou, Governor of the BCEAO, stated that the central bank is working on a digital currency. Regarding crypto-assets, he distinguished them from electronic money, calling them "very risky financial products or assets" and warned, "If some use them, it is at their own risk and peril." He added that crypto-assets are not money but financial assets, and the BCEAO is working on appropriate regulation considering the risks. [12]
    *   **Source:** Anadolu Ajansı, "La BCEAO travaille sur sa propre monnaie digitale"
    *   **URL:** [https://www.aa.com.tr/fr/afrique/la-bceao-travaille-sur-sa-propre-monnaie-digitale/2752195](https://www.aa.com.tr/fr/afrique/la-bceao-travaille-sur-sa-propre-monnaie-digitale/2752195) *(Note: Direct link from search results)*

*   **Lack of Specific Regulation & Bank Restrictions:**
    *   **Excerpt:** "Is cryptocurrency legal in Mali? Yes, buying Bitcoin is legal in Mali. You can safely buy and sell cryptocurrency using a Malian crypto exchange. However, many cryptocurrency exchanges aren't regulated in Mali, as the legislation has yet to catch up with the reality of the crypto market. In addition, there can be limitations on how you fund your purchase. Some banks, for instance, restrict spending on crypto purchases or deposits to Malian..." [2]
    *   **Source:** Invezz, "7 Best Exchanges to Buy Bitcoin in Mali 2025"
    *   **URL:** [https://invezz.com/buy-bitcoin/mali/](https://invezz.com/buy-bitcoin/mali/) *(Note: Direct link from search results)*

*   **WAEMU/BCEAO Stance (General):**
    *   **Summary:** An analysis from 2018 categorized WAEMU member states (including Mali) under "absolute prohibition of the use of cryptocurrencies." While this assessment might be slightly outdated regarding *individual* use (given the later statements focusing on warnings and financial institution bans), it highlights the historically restrictive view within the union. [18]
    *   **Source:** La Tribune Afrique, "Crypto-monnaies : cartographie de la régulation en Afrique"
    *   **URL:** [https://afrique.latribune.fr/finances/banques-assurances/2018-06-11/crypto-monnaies-cartographie-de-la-regulation-en-afrique-781405.html](https://afrique.latribune.fr/finances/banques-assurances/2018-06-11/crypto-monnaies-cartographie-de-la-regulation-en-afrique-781405.html) *(Note: Direct link from search results)*

*   **Regulatory Uncertainty in WAEMU:**
    *   **Excerpt:** "The central bank has however not yet issued a regulation regarding crypto assets... There is therefore a risk of growing discrepancy between private sector activity and regulatory supervision in this area." [8]
    *   **Source:** World Bank Documents & Reports, "WEST AFRICAN ECONOMIC AND MONETARY UNION (WAEMU) : FINANCIAL SECTOR ASSESSMENT PROGRAM TECHNICAL NOTE—FINANCIAL SECTOR DEVELOPMENT AND INCLUSION" (Context: Discussing Fintech and digital assets)
    *   **URL:** [https://documents1.worldbank.org/curated/en/099155403072317687/pdf/P177844048609b05a0a077089a9581679f5.pdf](https://documents1.worldbank.org/curated/en/099155403072317687/pdf/P177844048609b05a0a077089a9581679f5.pdf) *(Note: Specific page/context derived from search results)*

*   **General Status (Undecided/No Regulation):**
    *   **Excerpt:** "Mali. Undecided. Cryptocurrency has no legal status; There is no cryptocurrency regulation." [3]
    *   **Source:** RPC The Law Firm, "Cryptocurrency Regulation Tracker"
    *   **URL:** [https://www.rpc.co.uk/perspectives/financial-services-regulatory/cryptocurrency-regulation-tracker/](https://www.rpc.co.uk/perspectives/financial-services-regulatory/cryptocurrency-regulation-tracker/) *(Note: Direct link from search results)*

### 4. Conclusion

Retail cryptocurrency trading in Mali exists in a regulatory **Gray-Zone**. While not explicitly banned for individuals by law, the central bank (BCEAO) strongly discourages it, prohibits regulated financial institutions from participating, and has not established any specific legal or regulatory framework to govern or protect retail users. This creates significant uncertainty and risk for individuals engaging in cryptocurrency activities within the country. Future regulations from the BCEAO or WAEMU could change this status.