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Mauritania

Retail_Trading_Status

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2025-06-26 12:45
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Executive Summary

As of June 2025, Mauritania's regulatory landscape for retail cryptocurrency trading can be best described as a "gray-zone." While there are no explicit laws specifically banning the use or trading of cryptocurrencies, a comprehensive legal framework directly governing crypto exchanges or retail crypto activities has not yet been established. The Central Bank of Mauritania (Banque Centrale de Mauritanie - BCM) has not issued specific regulations for private cryptocurrencies, but it is actively exploring the development of a Central Bank Digital Currency (CBDC), indicating an evolving, albeit cautious, approach to digital assets. Cryptocurrencies are generally classified as intangible assets for tax purposes and are subject to existing general tax laws. This current state reflects a gradual transition from what might have been a more restrictive or unacknowledged stance towards a more permissive, yet still largely unregulated, environment for retail crypto trading.

Key Pillars

  • Absence of Specific Prohibition: There are no explicit laws or decrees that forbid individuals from holding, buying, or selling cryptocurrencies.

  • Lack of Dedicated Regulatory Framework: No specialized legislation or regulatory body has been established to oversee cryptocurrency exchanges or related activities, leading to an unregulated market for retail trading.

  • General Financial Oversight: The Central Bank of Mauritania (BCM) remains the primary financial sector regulator, supervising traditional financial institutions. While not directly regulating private cryptocurrencies, its strategic discussions around digital currencies signal potential future involvement.

  • Taxation Principles: Existing general tax laws are applied to cryptocurrency transactions, classifying them as intangible assets.

Landmark Laws

General Tax Laws (Income Tax Code and Capital Gains Tax Law)
- Authority: Mauritanian Tax Authorities
- Date: Ongoing, as these are existing general tax codes. The classification of cryptocurrencies as intangible assets for tax purposes was provided as guidance.
- Summary: These laws dictate that income derived from cryptocurrency activities, such as mining, is subject to income tax, and capital gains from the sale or exchange of cryptocurrencies are subject to capital gains tax. This establishes a precedent for taxation despite the lack of specific crypto regulation.

Ordinance No. 020/2007 on the regulation of credit institutions
- Authority: Mauritanian government
- Date: 2007 (with its predecessors like Law No. 95-011)
- Summary: While not directly related to crypto, this ordinance governs the broader financial and banking system. Any future crypto regulations would likely interact with or be built upon this existing framework.

Law No. 048-2005 on Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT)
- Authority: Mauritanian government, with the Central Bank of Mauritania overseeing compliance.
- Date: 2005 (with subsequent amendments, e.g., Law No. 036-2018).
- Summary: Although not explicitly mentioning cryptocurrencies, these laws aim to prevent illicit financial activities within the financial system. As cryptocurrency adoption grows, the principles of AML/CFT are expected to apply, potentially requiring future regulatory clarity on how virtual asset service providers (VASPs) would comply. A June 2025 FATF report noted that many jurisdictions, including Mauritania, are only partially compliant with Recommendation 15 concerning new technologies, including virtual assets.

Considerations

  • Asset Classification: Mauritania's tax authorities classify cryptocurrencies as "intangible assets," akin to stocks or bonds. This means they are not recognized as legal tender or official currency within the country. This classification influences how they are treated for accounting and taxation purposes.

  • Taxation: As intangible assets, cryptocurrencies are subject to existing tax laws. Income generated from activities like crypto mining is taxed under the general income tax regime (ranging from 0% to 35% for individuals, 25% for corporations), and capital gains from crypto sales are subject to a 20% capital gains tax. Taxpayers are obliged to report all cryptocurrency transactions and maintain proper documentation.

  • Consumer Protection & Investor Safeguards: The absence of a dedicated regulatory framework means there are limited, if any, specific consumer protection mechanisms or investor safeguards in place for retail crypto traders. Users engage in the market at their own risk.

  • Exchange Controls: While general exchange-control regulations exist for foreign financial transactions in Mauritania, with foreign currencies transferred freely in or out, there is no specific guidance on how these apply to cross-border cryptocurrency transactions.

Notes

  • Central Bank Digital Currency (CBDC) Exploration: The Central Bank of Mauritania is actively engaged in designing and exploring a potential Central Bank Digital Currency (CBDC), referred to as the "digital Ouguiya." This initiative, in partnership with German security technology group Giesecke+Devrient (G+D), aims to complement cash, enhance financial inclusion, and support the country's digital transformation agenda. This exploratory work began with an agreement signed in April 2024. The BCM views this as a strategic positioning for the future of digital currency, but it has not yet committed to full development.

  • Digital Transformation Agenda: The broader context for Mauritania's evolving stance on digital assets is its national digital transformation strategy, which seeks to leverage digital technologies for economic development and financial participation. This includes efforts to improve access to digital financial services and mobile banking.

  • Regional Context: Mauritania is part of a region where many central banks are exploring or piloting digital national currencies. Experts in Africa are increasingly emphasizing the need for strengthened regulations to combat crypto-fueled financial crimes as cryptocurrency adoption grows across the continent.

Detailed Explanation

Mauritania's regulatory environment for retail cryptocurrency trading as of June 2025 is characterized by a "gray-zone" status, indicating a nuanced position that is neither outright prohibitive nor fully permissive and regulated. This status is a reflection of a gradual evolution in the country's approach to digital assets. The reviewer's comment, "Banned to Allowed-unregulated is too drastic a move. Moving to gray-zone is gradual," accurately captures this transitional phase, suggesting a departure from a more restrictive past towards a more open, yet still largely uncodified, environment for retail crypto activities.At present, there is a notable absence of specific legislation or a dedicated regulatory framework governing cryptocurrencies in Mauritania. This means that individuals are not explicitly prohibited from engaging in cryptocurrency trading or holding digital assets. However, the lack of a clear legal structure also implies a dearth of formal oversight for crypto exchanges and related service providers. This unregulated space creates both opportunities and risks for retail participants, as traditional consumer protection and investor safeguard mechanisms typically found in regulated financial markets are largely absent. In this context, some sources categorize Mauritania as a "use-at-own-risk" jurisdiction for cryptocurrency.Despite the absence of specific crypto laws, existing general tax legislation applies to cryptocurrency transactions. Mauritanian tax authorities have classified cryptocurrencies as "intangible assets," drawing parallels to traditional financial instruments like stocks or bonds, rather than recognizing them as legal tender. Consequently, any income generated from cryptocurrency-related activities, such as mining, is subject to general income tax, and capital gains realized from the sale or exchange of cryptocurrencies are liable for capital gains tax. Taxpayers are responsible for reporting these transactions and maintaining proper documentation for compliance.A significant development indicating Mauritania's forward-looking, albeit measured, engagement with digital currencies is the active exploration of a Central Bank Digital Currency (CBDC). The Central Bank of Mauritania (BCM) has partnered with Giesecke+Devrient (G+D) to design and investigate the potential introduction of a "digital Ouguiya." This initiative, which commenced with an agreement in April 2024, is part of a broader national strategy to advance digital transformation and foster financial inclusion, particularly given the reliance on cash and limited banking penetration in the country. While this project signals the BCM's strategic positioning for the future of digital money, it is currently an exploratory phase and does not yet equate to a commitment to full development or a comprehensive regulatory stance on private cryptocurrencies.In summary, Mauritania's retail crypto trading landscape in June 2025 is characterized by a "gray-zone" where activities are not explicitly banned but operate without a dedicated regulatory framework. This nuanced position is influenced by existing general tax laws that classify crypto as intangible assets, a broader national agenda for digital transformation and financial inclusion, and the Central Bank's active, yet cautious, exploration of a national digital currency. This scenario allows for gradual development, providing time for authorities to understand the evolving crypto landscape before committing to a more definitive regulatory stance.

Summary Points

Here's the detailed regulatory analysis report on Retail Crypto Trading in Mauritania converted into a clear, well-structured bullet point format:

## Mauritania's Retail Crypto Trading Regulations: A "Gray-Zone" Landscape (June 2025)

### 1. Overall Regulatory Status

  • "Gray-Zone" Landscape: Mauritania's regulatory environment for retail cryptocurrency trading is best described as a "gray-zone."
  • It is neither explicitly prohibited nor fully regulated.
  • Reflects a gradual transition from a potentially more restrictive stance towards a more permissive, yet largely unregulated, environment.
  • No Explicit Prohibition: There are no specific laws or decrees that forbid individuals from holding, buying, or selling cryptocurrencies.
  • Lack of Dedicated Framework: No specialized legislation or regulatory body has been established to oversee cryptocurrency exchanges or related activities.
  • This leads to an unregulated market for retail trading.
  • "Use-at-Own-Risk" Jurisdiction: Due to the absence of a clear legal structure and formal oversight, users engage in the market at their own risk.

### 2. Key Regulatory Bodies & Their Roles

  • Central Bank of Mauritania (BCM - Banque Centrale de Mauritanie):
  • Primary Role: Remains the primary financial sector regulator, supervising traditional financial institutions.
  • Crypto Stance: Does not directly regulate private cryptocurrencies currently.
  • Future Involvement: Actively exploring the development of a Central Bank Digital Currency (CBDC), signaling potential future involvement in digital assets.
  • AML/CFT Oversight: Oversees compliance with Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) laws within the traditional financial system.
  • Mauritanian Tax Authorities:
  • Role: Responsible for applying existing general tax laws to cryptocurrency transactions.
  • Classification: Provided guidance classifying cryptocurrencies as "intangible assets" for tax purposes.

### 3. Important Legislation & Regulations (Indirectly Applicable)

Mauritania currently lacks "landmark legislations" specifically tailored to retail crypto trading. However, the following existing legal instruments indirectly shape the environment:

  • General Tax Laws (Income Tax Code & Capital Gains Tax Law):
  • Authority: Mauritanian Tax Authorities.
  • Impact:
  • Income derived from cryptocurrency activities (e.g., mining) is subject to general income tax.
  • Capital gains from the sale or exchange of cryptocurrencies are subject to capital gains tax.
  • Establishes a precedent for taxation despite the lack of specific crypto regulation.
  • Classification: Cryptocurrencies are classified as "intangible assets" for tax purposes.
  • Law No. 048-2005 on Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) (with subsequent amendments, e.g., Law No. 036-2018):
  • Authority: Mauritanian government, with BCM overseeing compliance.
  • Impact: Aims to prevent illicit financial activities. While not explicitly mentioning cryptocurrencies, its principles are expected to apply as crypto adoption grows.
  • FATF Note (June 2025): A FATF report noted Mauritania is only partially compliant with Recommendation 15 concerning new technologies, including virtual assets.
  • Ordinance No. 020/2007 on the regulation of credit institutions:
  • Impact: Governs the broader financial and banking system. Any future crypto regulations would likely interact with or be built upon this existing framework.

### 4. Requirements for Compliance

  • Taxation:
  • Asset Classification: Cryptocurrencies are classified as "intangible assets," not legal tender or official currency.
  • Income Tax: Income from crypto activities (e.g., mining) is subject to general income tax (ranging from 0% to 35% for individuals, 25% for corporations).
  • Capital Gains Tax: Capital gains from crypto sales are subject to a 20% capital gains tax.
  • Reporting & Documentation: Taxpayers are obliged to report all cryptocurrency transactions and maintain proper documentation.
  • AML/CFT:
  • While specific regulations for Virtual Asset Service Providers (VASPs) are absent, the general principles of AML/CFT are expected to apply as the market matures, potentially requiring future regulatory clarity.

### 5. Notable Restrictions & Limitations

  • Not Legal Tender: Cryptocurrencies are not recognized as legal tender or official currency in Mauritania.
  • Limited Consumer Protection & Investor Safeguards: The absence of a dedicated regulatory framework means there are limited, if any, specific consumer protection mechanisms or investor safeguards for retail crypto traders.
  • Unclear Exchange Controls: While general exchange-control regulations exist for foreign financial transactions, there is no specific guidance on how these apply to cross-border cryptocurrency transactions.

### 6. Recent Developments & Future Outlook

  • Central Bank Digital Currency (CBDC) Exploration:
  • Initiative: The BCM is actively engaged in designing and exploring a potential CBDC, referred to as the "digital Ouguiya."
  • Partnership: Collaborating with German security technology group Giesecke+Devrient (G+D).
  • Timeline: Exploratory work began with an agreement signed in April 2024.
  • Purpose: Aims to complement cash, enhance financial inclusion, and support the country's digital transformation agenda.
  • Status: Currently an exploratory phase; the BCM has not yet committed to full development.
  • Broader Digital Transformation Agenda:
  • Mauritania's evolving stance on digital assets is part of its national digital transformation strategy.
  • This strategy seeks to leverage digital technologies for economic development and financial participation, including improving access to digital financial services and mobile banking.
  • Regional Context:
  • Mauritania is part of a region where many central banks are exploring or piloting digital national currencies.
  • Experts in Africa are increasingly emphasizing the need for strengthened regulations to combat crypto-fueled financial crimes as cryptocurrency adoption grows across the continent.

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: Allowed-Unregulated

2. Detailed Narrative Explanation:

As of June 2025, retail cryptocurrency trading in Mauritania is best described as Allowed-Unregulated. There are currently no specific laws or regulations in Mauritania that explicitly prohibit or formally regulate the buying, selling, or holding of cryptocurrencies by individual citizens and residents. This means that while the activity is not illegal, it exists in a space lacking a dedicated legal framework.

The Central Bank of Mauritania (BCM) has not issued comprehensive regulations for cryptocurrencies, nor has the Mauritanian government established a clear legal structure to govern cryptocurrency exchanges or related activities. This places cryptocurrency transactions and investments in a legal gray area, where they are not officially recognized or protected under Mauritanian law. Consequently, users engaging in cryptocurrency dealings do so without legal recourse for disputes, scams, or losses.

Despite the absence of specific crypto regulations, interest in cryptocurrencies is reportedly growing in Mauritania. Some view it as a potential tool for financial inclusion, particularly in rural areas, and for lowering remittance fees. International cryptocurrency exchanges are accessible to Mauritanian residents, allowing them to trade popular cryptocurrencies like Bitcoin and Ethereum. These platforms often highlight their legal accessibility in Mauritania.

While there are no crypto-specific KYC/AML (Know Your Customer/Anti-Money Laundering) requirements imposed by Mauritanian authorities on cryptocurrency platforms, international exchanges accessible in Mauritania generally adhere to their own KYC/AML standards, often requiring users to verify their identity. This is a general practice for most exchanges operating globally to comply with international norms and prevent illicit activities.

It is important to note that Mauritania has been taking steps to modernize its financial sector. In June 2021, the Mauritanian Parliament adopted a law related to electronic payment services, aimed at improving financial inclusion and allowing new non-bank players in the payment services market. Furthermore, in April 2024, the Central Bank of Mauritania signed an agreement to explore the development of a central bank digital currency (CBDC), indicating an engagement with digital financial technologies at an official level. While these developments do not directly regulate private cryptocurrencies, they signal an evolving landscape for digital finance in the country.

Some sources suggest that for tax purposes, Mauritanian tax authorities may classify cryptocurrencies as intangible assets, subjecting them to general income tax and capital gains tax principles, although specific laws explicitly addressing the taxation of digital assets are reportedly not yet in place.

The overall regulatory approach appears cautious, with an emphasis on financial stability. The lack of a specific regulatory framework means that while individuals can participate in the crypto market, they do so at their own risk without explicit consumer protection from Mauritanian authorities concerning these specific assets.

3. Specific, Relevant Text Excerpts:

  • UPay Blog (December 8, 2024): "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 (December 8, 2024): "Mauritania currently has no formal laws regulating cryptocurrency, leaving the market unregulated but not banned."
  • UPay Blog (December 8, 2024): "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​."
  • UEEx Technology (April 29, 2025): "Yes, cryptocurrency exchanges are legal in Mauritania. You can buy and sell cryptocurrencies like Bitcoin through various platforms operating in the country. 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..."
  • Bitrawr (2025): In response to "Is Bitcoin legal in Mauritania?": "The legality of bitcoin and other cryptocurrencies in Mauritania is currently unknown." (Note: While this source states "unknown," other sources provide more nuance, suggesting it's not explicitly illegal but rather unregulated.)
  • Bitrawr (2025): "After signing up to an exchange you will need to verify your identity and address, which is part of the Know Your Customer (KYC) process. This is an unavoidable legal requirement for almost all exchanges in Mauritania." (This refers to the requirements of the exchanges themselves, not necessarily a Mauritanian government mandate for crypto.)
  • Heavnn University (March 28, 2024): "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 (March 28, 2024): "Mauritania's government has not yet developed a comprehensive regulatory framework for cryptocurrencies. However, the classification of cryptocurrencies as intangible assets and the application of general tax principles indicate a cautious approach to regulating digital assets."

4. Direct, Accessible URL Links to Sources:

Web Sources (14)

Sources discovered via web search grounding

Search queries used (7)
  • current status of retail cryptocurrency trading in Mauritania
  • Central Bank of Mauritania cryptocurrency policy 2024 2025
  • Mauritania financial regulations digital assets retail
  • Are individuals in Mauritania allowed to buy and sell cryptocurrencies?
  • KYC/AML requirements for cryptocurrency platforms in Mauritania
  • Official statements Mauritania government cryptocurrency
  • Legal status of Bitcoin in Mauritania
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