Back to Analyses

Mauritania

Retail_Trading_Status

Gray-Zone Unknown
Edit

Status Changed

Previous status: Banned

The primary difference between the two analyses is the assessed "Current Status" of retail cryptocurrency trading in Mauritania: the Previous Analysis states "Banned," while the New Analysis concludes "Gray-Zone." This divergence stems mainly from differences in the interpretation of existing central bank directives, the recency and nature of the source material consulted, and the nuance applied to what constitutes a "ban" versus an unregulated environment. Justification for the differences: 1. **Interpretation of Central Bank Directives:** * The Previous Analysis heavily relies on the Central Bank of Mauritania's (BCM) Circular No. 11/M/2020, which explicitly prohibits financial institutions under its supervision from dealing in virtual assets. It interprets this as an effective ban on regulated retail trading, arguing that if regulated entities cannot facilitate such transactions, then no formal, legal avenue exists for individuals, pushing any activity outside the established legal framework and against the BCM's explicit stance. * The New Analysis, while acknowledging the BCM's cautious stance and the lack of integration by financial institutions (implicitly referencing the impact of such circulars), emphasizes that this prohibition on financial institutions does not equate to an explicit, direct legal ban on *individual citizens* buying, selling, or holding cryptocurrencies. It highlights the absence of a specific law criminalizing individual participation. 2. **Source Material and Timeliness:** * The Previous Analysis bases its "Banned" status primarily on official documents like the FATF 3rd Enhanced Follow-Up Report (2021) and the BCM Circular (2020). These sources confirm the prohibition on financial institutions. * The New Analysis incorporates more recent sources, largely from 2024 and early 2025 (e.g., UPay Blog, UEEx Technology, Invezz, Heavnn University). These sources, while including blogs and industry websites rather than solely official regulatory documents, suggest a practical reality where individuals might access international platforms and that the government, despite its caution, has not enacted specific legislation to outlaw individual crypto activities. They describe an environment that is unregulated and lacks legal protection, rather than one with an active, enforced ban on individuals. 3. **Nuance of "Ban" vs. "Unregulated":** * The Previous Analysis views the lack of a regulated pathway and the BCM's prohibition on financial intermediaries as constituting a de facto ban on legitimate retail trading. * The New Analysis distinguishes between a lack of regulation/formal recognition and an outright prohibition. It argues that while the environment is risky and lacks legal safeguards due to the absence of specific crypto laws, this ambiguity and lack of an explicit ban on individuals places it in a "Gray-Zone." The fact that some international exchanges reportedly offer services to Mauritanians, and that tax authorities may consider crypto as intangible assets (as per Heavnn University), supports this "Gray-Zone" rather than a complete "Banned" status for individuals. 4. **Focus on Individual Activity vs. Institutional Framework:** * The Previous Analysis focuses more on the formal regulatory framework (or lack thereof for supporting crypto) and the BCM's official position concerning the financial system. * The New Analysis gives more consideration to the practical possibility of individuals engaging in crypto activities through non-Mauritanian regulated platforms, even if such activities are not condoned or protected by Mauritanian authorities. It highlights the "wait-and-see" approach of the CBM, which is different from actively prosecuting individual users. 5. **Taxation Information:** * The Previous Analysis briefly dismisses a source suggesting crypto is treated as intangible assets for tax as contradictory to the ban. * The New Analysis cites sources (Heavnn University) indicating that tax authorities might classify cryptocurrencies as intangible assets. This, even if the tax regime is nascent, suggests a level of acknowledgement of the existence and possession of these assets by individuals, which aligns more with a "Gray-Zone" than an absolute ban where possession itself might be illegal or completely unrecognized. In summary, the Previous Analysis concluded "Banned" based on strong evidence of prohibition for financial institutions and the resulting lack of a regulated environment for retail trading, interpreting this as an effective ban. The New Analysis shifts to "Gray-Zone" by incorporating more recent, albeit less official, sources that suggest that while the BCM is cautious and financial institutions are restricted, there is no explicit law prohibiting individuals from engaging in crypto activities. This creates an unregulated, high-risk environment for individuals, but not one where their activity is expressly illegal, fitting the "Gray-Zone" description. The change reflects a nuanced understanding that the absence of specific permission and regulation, coupled with restrictions on formal financial channels, does not always equate to a direct, enforced prohibition on individuals themselves.

Analysis ID
#245
Version
Archived
Created
2025-06-26 09:08
Workflow Stage
Initial Research

Executive Summary

Retail cryptocurrency trading in Mauritania exists in a 'Gray-Zone' due to the absence of explicit laws either banning or regulating it. The Central Bank of Mauritania (CBM) has adopted a cautious stance, focusing on the risks associated with cryptocurrencies. There are no specific KYC/AML requirements imposed on cryptocurrency platforms operating within Mauritania, though international platforms may adhere to standards from their own jurisdictions. The CBM is exploring a Central Bank Digital Currency (CBDC) in partnership with Giesecke+Devrient (G+D).

Key Pillars

The key regulatory pillars are characterized by the Central Bank of Mauritania's (CBM) cautious approach without an outright ban, emphasizing monitoring global trends. There are no specific licensing or registration requirements for cryptocurrency platforms operating within Mauritania. While no specific KYC/AML requirements are imposed directly on cryptocurrency platforms within Mauritania, international platforms may adhere to standards from their own jurisdictions, influenced by FATF recommendations for VASPs.

Landmark Laws

There are no specific landmark legislations explicitly addressing cryptocurrencies in Mauritania. General financial laws and tax regulations may apply. Tax authorities classify cryptocurrencies as intangible assets, similar to stocks or bonds.

Considerations

Cryptocurrencies are classified as intangible assets for tax purposes, similar to stocks or bonds, but are not considered legal tender. The Central Bank of Mauritania (CBM) has raised concerns about market volatility and the potential for illicit activities related to cryptocurrencies. The lack of specific regulations leaves users vulnerable to risks such as fraud and scams without legal recourse. Mauritania's tax regime for cryptocurrencies is still in its early stages.

Notes

In April 2024, the CBM signed an agreement with Giesecke+Devrient (G+D) to explore the development of a digital version of the national currency, the Ouguiya. This initiative is part of Mauritania's broader national development strategy to support digital transformation and promote financial inclusion. Despite the lack of specific crypto regulations, general financial laws may still apply. Some international cryptocurrency exchanges and brokerage platforms state that their services are accessible to Mauritanian residents.

Detailed Explanation

The current status of retail cryptocurrency trading in Mauritania is best described as a 'Gray-Zone' due to the absence of explicit laws banning or regulating it. While individual citizens and residents are not legally prohibited from buying, selling, or holding cryptocurrencies, the lack of specific regulations means that these activities are not officially recognized or protected by Mauritanian law. This leaves users vulnerable to risks such as fraud and scams. The Central Bank of Mauritania (CBM) has adopted a cautious stance towards cryptocurrencies, expressing concerns about market volatility, potential for illicit activities, and risks to users, but has not imposed an outright ban. Mauritania appears to be in a "wait-and-see" phase, observing global trends and regulatory approaches of other countries. Financial institutions in Mauritania have not integrated cryptocurrencies into the formal banking system due to the risk-averse nature of local banks and the ambiguous legal status of digital currencies.

According to Heavnn University (2024-03-28), Mauritanian tax authorities classify cryptocurrencies as intangible assets, similar to stocks or bonds, for tax purposes. Income from cryptocurrency mining or other revenue-generating crypto activities is reportedly subject to income tax, and gains from the sale or exchange of cryptocurrencies are subject to capital gains tax under general tax laws. However, the tax regime for cryptocurrencies is still in its early stages. Platforms like Bitget are legally accessible in Mauritania, but the regulatory framework for cryptocurrencies is still developing (UEEx Technology, 2025-04-29). While there are no explicit laws banning cryptocurrency usage, there isn't a clear legal framework governing crypto exchanges either.

There is no specific framework for Know Your Customer (KYC) or Anti-Money Laundering (AML) requirements imposed directly on cryptocurrency platforms operating within Mauritania. The Financial Action Task Force (FATF) recommendations regarding Virtual Asset Service Providers (VASPs) are globally influential, but their specific adoption and enforcement within Mauritania's domestic crypto scene is unclear. The Central Bank of Mauritania is exploring the possibility of a Central Bank Digital Currency (CBDC). In April 2024, the CBM signed an agreement with Giesecke+Devrient (G+D) to explore the development of a digital version of the national currency, the Ouguiya (Giesecke+Devrient, 2024-04-22). This initiative is part of Mauritania's broader national development strategy to support digital transformation and promote financial inclusion, but it is distinct from the regulation of privately issued cryptocurrencies.

The lack of a clear regulatory framework creates uncertainty for both users and potential businesses in the crypto space. While individuals can technically engage in cryptocurrency trading, they do so in an environment with minimal specific legal protections or oversight. This ambiguity and the cautious stance of the central bank, without an outright ban, firmly place Mauritania's retail crypto trading status in a 'Gray-Zone'.

Summary Points

Retail Cryptocurrency Trading in Mauritania: Regulatory Analysis (June 2025)

I. Overall Regulatory Status:

  • Gray-Zone: Retail cryptocurrency trading is neither explicitly legal nor illegal. There is a lack of specific regulations governing the buying, selling, and holding of cryptocurrencies by individuals.
  • Not Officially Recognized: Cryptocurrency transactions are not officially recognized or protected by Mauritanian law.
  • Vulnerability: Users are vulnerable to risks like fraud and scams without legal recourse.

II. Key Regulatory Bodies & Roles:

  • Central Bank of Mauritania (CBM):
    • Cautious stance towards cryptocurrencies due to concerns about volatility, illicit activities, and user risks.
    • No outright prohibition, but no specific regulations introduced.
    • Exploring the possibility of a Central Bank Digital Currency (CBDC).
  • Mauritanian Tax Authorities:
    • Classify cryptocurrencies as intangible assets (similar to stocks or bonds) for tax purposes.
    • Income from crypto mining and gains from sales/exchanges are reportedly subject to income and capital gains tax under general tax laws.
    • Tax regime for cryptocurrencies is still in its early stages.

III. Important Legislation & Regulations:

  • Lack of Specific Crypto Regulations: No specific laws or regulations directly addressing cryptocurrencies.
  • General Financial Laws May Apply: Existing financial laws may apply to cryptocurrency activities.
  • Tax Laws: Cryptocurrencies are treated as intangible assets for tax purposes, subject to capital gains and income tax.

IV. Compliance Requirements:

  • No Specific KYC/AML for Crypto Platforms: No specific Know Your Customer (KYC) or Anti-Money Laundering (AML) requirements imposed directly on cryptocurrency platforms operating within Mauritania.
  • International Platforms May Adhere to Own Standards: International platforms accessible to Mauritanian residents may adhere to KYC/AML standards from their own jurisdictions.
  • FATF Recommendations: The Financial Action Task Force (FATF) recommendations regarding Virtual Asset Service Providers (VASPs) are globally influential, but their specific adoption and enforcement within Mauritania's domestic crypto scene is unclear.

V. Notable Restrictions or Limitations:

  • Lack of Legal Protection: Users lack legal protection for disputes, scams, or losses associated with cryptocurrency dealings.
  • No Integration with Formal Banking System: Financial institutions in Mauritania have not integrated cryptocurrencies into the formal banking system.
  • Risk-Averse Banks: Local banks are risk-averse due to the ambiguous legal status of digital currencies.

VI. Recent Developments or Changes:

  • CBDC Exploration: The CBM signed an agreement with Giesecke+Devrient (G+D) in April 2024 to explore the development of a digital version of the national currency, the Ouguiya.
  • "Wait-and-See" Approach: Mauritania appears to be in a "wait-and-see" phase, observing global trends and regulatory approaches of other countries.

Full Analysis Report

Report on the Current Status of Retail Cryptocurrency Trading in Mauritania

Date: 2025-06-26

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).

1. Current Status: Gray-Zone

2. Detailed Narrative Explanation:

The status of retail cryptocurrency trading in Mauritania is best described as a 'Gray-Zone'. This is because while there is no explicit law banning the buying, selling, or holding of cryptocurrencies by individual citizens and residents, there is also a significant lack of specific regulations governing these activities. This absence of a clear legal framework means that cryptocurrency transactions are not officially recognized or protected by Mauritanian law, leaving users vulnerable to risks such as fraud and scams without legal recourse.

The Central Bank of Mauritania (CBM) has adopted a cautious stance towards cryptocurrencies, emphasizing concerns about market volatility, potential for illicit activities, and risks to users unfamiliar with digital assets. However, this caution has not translated into an outright prohibition. Instead, Mauritania appears to be in a "wait-and-see" phase, observing global trends and the regulatory approaches of other countries. There have been no significant government initiatives to promote blockchain technology or crypto-related innovations.

Financial institutions in Mauritania have not integrated cryptocurrencies into the formal banking system, and there is a lack of partnerships between banks and crypto platforms. This is attributed to the risk-averse nature of local banks and the ambiguous legal status of digital currencies.

Despite the lack of specific crypto regulations, general financial laws may still apply. Some sources indicate that Mauritanian tax authorities classify cryptocurrencies as intangible assets, similar to stocks or bonds, meaning they are not legal tender but are recognized as assets for tax purposes. Income from cryptocurrency mining or other revenue-generating crypto activities is reportedly subject to income tax, and gains from the sale or exchange of cryptocurrencies are subject to capital gains tax under general tax laws. However, it's also noted that the tax regime for cryptocurrencies is still in its early stages.

While some international cryptocurrency exchanges and brokerage platforms state that their services are accessible to Mauritanian residents, the overall regulatory environment remains underdeveloped. There is no specific framework for Know Your Customer (KYC) or Anti-Money Laundering (AML) requirements imposed directly on cryptocurrency platforms operating within Mauritania, though international platforms may adhere to standards from their own jurisdictions. The Financial Action Task Force (FATF) recommendations regarding Virtual Asset Service Providers (VASPs) are globally influential, but their specific adoption and enforcement within Mauritania's domestic crypto scene is unclear.

The Central Bank of Mauritania is exploring the possibility of a Central Bank Digital Currency (CBDC). In April 2024, the CBM signed an agreement with Giesecke+Devrient (G+D) to explore the development of a digital version of the national currency, the Ouguiya. This initiative is part of Mauritania's broader national development strategy to support digital transformation and promote financial inclusion, but it is distinct from the regulation of privately issued cryptocurrencies.

The lack of a clear regulatory framework creates uncertainty for both users and potential businesses in the crypto space. While individuals can technically engage in cryptocurrency trading, they do so in an environment with minimal specific legal protections or oversight related to these assets. This ambiguity and the cautious stance of the central bank, without an outright ban, firmly place Mauritania's retail crypto trading status in a 'Gray-Zone'.

3. Specific, Relevant Text Excerpts:

  • UPay Blog (2024-12-08): "Adoption status: Cryptocurrency in Mauritania is unregulated, unbanned, and not a legal form of payment, leaving transactions without government recognition or legal protection."
  • UPay Blog (2024-12-08): "Cryptocurrency remains in a legal gray area in Mauritania. The government has not established clear regulations to either endorse or ban the use of digital currencies. While crypto transactions and investments are not explicitly illegal, they are also not officially recognized under Mauritanian law. This lack of regulation leaves users without legal protection for disputes, scams, or losses associated with cryptocurrency dealings​."
  • UPay Blog (2024-12-08): "The Central Bank of Mauritania has expressed caution regarding the risks of cryptocurrencies, including concerns about fraud, market volatility, and illicit activities. However, rather than imposing a strict ban, Mauritania seems to be adopting a “wait-and-see” approach, closely monitoring global trends and the regulatory practices of neighboring countries."
  • UPay Blog (2024-12-08): "While the CBM has not explicitly banned the use or trade of cryptocurrencies, it has not introduced any specific regulations to govern their use either."
  • UEEx Technology (2025-04-29): "For instance, platforms like Bitget are legally accessible in Mauritania, allowing you to trade cryptocurrencies. However, it's important to note that Mauritania's regulatory framework for cryptocurrencies is still developing. While there are no explicit laws banning cryptocurrency usage, there isn't a clear legal framework governing crypto exchanges either. This means that while you can legally trade cryptocurrencies, the industry isn't fully regulated yet."
  • Heavnn University (2024-03-28): "Mauritania's tax regime for cryptocurrencies is still in its nascent stages, with no specific laws or regulations explicitly addressing the taxation of digital assets. However, the country's tax authorities have provided some guidance on the matter, classifying cryptocurrencies as intangible assets for tax purposes."
  • Heavnn University (2024-03-28): "Mauritania's tax authorities have classified cryptocurrencies as intangible assets, similar to stocks or bonds. This means that cryptocurrencies are not considered legal tender or currency in the country."
  • Giesecke+Devrient (2024-04-22): "SecurityTech company Giesecke+Devrient (G+D) and Banque Centrale de Mauritanie have signed an agreement during the Spring Meetings of the International Monetary Fund and the World Bank Group to jointly explore the development of a digital form of the national currency Ouguiya."
  • Invezz (2025-04-17): "Yes, buying Bitcoin is legal in Mauritania. You can safely buy and sell cryptocurrency using a Mauritanian crypto exchange. However, many cryptocurrency exchanges aren't regulated in Mauritania, as the legislation has yet to catch up with the reality of the crypto market." (Note: While this source states it's "legal", the broader context from multiple sources points to a lack of specific regulation rather than a formal, regulated allowance, aligning with the 'Gray-Zone' classification).

4. Direct, Accessible URL Links to Sources:

Web Sources (14)

Sources discovered via web search grounding

Search queries used (6)
  • current status of retail cryptocurrency trading in Mauritania
  • Mauritania cryptocurrency laws and regulations 2024 2025
  • Central Bank of Mauritania cryptocurrency policy
  • Is cryptocurrency trading legal for individuals in Mauritania?
  • AML/KYC regulations for cryptocurrency Mauritania
  • Official statements on cryptocurrency by Mauritanian government
Source

Source

Source

Source

Source

Source

Source

Source

Source

Source

Source

Source

Source

Source

Reviews

No reviews yet

Submit Review

Challenge: Disagree with the analysis | Approval: Confirm it's correct | Refinement: Suggest improvements