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Suriname

Retail_Trading_Status

Allowed-Unregulated Unknown
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Status Changed

Previous status: Unclear

The primary difference between the two analyses lies in the interpretation and weight given to Suriname's 2022 Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) law and its inclusion of "virtual asset services." This leads to the change in status from "Unclear" in the previous analysis to "Allowed-Unregulated" in the new analysis. Justification for the differences: 1. Impact of the 2022 AML/CFT Law: The previous analysis designated the status as "Unclear" largely because, while there was no specific, comprehensive regulatory framework for cryptocurrencies, the Act of November 19, 2022, explicitly brought "virtual asset services" within the scope of AML/CFT regulations. This meant that entities providing such services "in or from Suriname" were legally required to perform customer due diligence (CDD) and adhere to other AML/CFT obligations. This created a nuanced situation: retail trading itself wasn't explicitly licensed or banned, but a piece of legislation did impose certain rules on service providers in the virtual asset space operating domestically. This partial regulation, focused on AML/CFT for service providers rather than a full crypto market framework, contributed significantly to the "Unclear" status, as it wasn't purely unregulated nor clearly permitted under a specific regime. The new analysis, by contrast, concludes "Allowed-Unregulated" and states, "The absence of specific regulations means there are no formal KYC/AML (Know Your Customer/Anti-Money Laundering) requirements imposed specifically on cryptocurrency platforms operating within Suriname by Surinamese authorities." This statement appears to overlook or downplay the provisions of the 2022 AML/CFT law highlighted in the previous report. If the 2022 law is in effect and applies to Virtual Asset Service Providers (VASPs) in Suriname, then there *are* formal AML/CFT requirements imposed by Surinamese authorities on those specific entities, even if a broader licensing and regulatory framework for all aspects of crypto trading is missing. The new analysis focuses more on the lack of a *dedicated, crypto-specific* regulatory framework for retail trading and exchange licensing, rather than the existing AML/CFT obligations that might apply to some actors in the space. 2. Interpretation of "Unregulated" vs. "Unclear": The previous analysis used "Unclear" to reflect the ambiguity created by the co-existence of no specific crypto laws and the new AML/CFT law touching upon virtual asset services. It suggested a legal grey area where activity occurred but with some nascent, albeit indirect, regulatory attention via AML rules for service providers. The new analysis interprets the situation as "Allowed-Unregulated" primarily because there are no explicit prohibitions on individuals buying, selling, or holding cryptocurrencies, and no specific licensing or operational framework for crypto exchanges. While it acknowledges a "legal gray area" mentioned by one source, it leans towards "Allowed-Unregulated" by emphasizing the lack of *dedicated* crypto laws. This interpretation seems to discount the regulatory impact of the 2022 AML/CFT law on domestic VASPs, which the previous report considered a significant factor creating uncertainty. 3. Emphasis on Different Aspects: The previous report placed considerable emphasis on the legal text of the 2022 AML/CFT law (Source 11) as a key piece of evidence for the "Unclear" status. The new report, while citing some of the same foundational sources regarding the general lack of crypto-specific regulation, does not directly address or incorporate the implications of this specific 2022 AML/CFT legislation in its narrative explanation for the status, particularly concerning domestic KYC/AML obligations for VASPs. In summary, the previous analysis saw the 2022 AML/CFT law as introducing a layer of complexity and partial regulation that made the overall status "Unclear." The new analysis appears to either not give this law the same weight or may have overlooked its specific provisions regarding "virtual asset services," leading to the conclusion that the environment is more straightforwardly "Allowed-Unregulated" due to the absence of a comprehensive, crypto-specific regulatory regime. The differing assessment of the 2022 AML/CFT law's impact is the core reason for the change in status and the justification for the differences in the analysis results.

Analysis ID
#523
Version
Latest
Created
2025-06-26 13:21
Workflow Stage
Live

Executive Summary

Suriname's retail crypto trading environment remains legally unchanged as of June 2025. It is neither explicitly prohibited nor governed by a comprehensive regulatory framework. Instead, the sector operates with partial oversight derived from existing AML/CFT legislation. The Central Bank of Suriname (CBvS) has advised caution regarding cryptocurrency use due to inherent risks, while actively working towards developing a dedicated supervisory framework for Virtual Asset Service Providers (VASPs). No significant regulatory changes have occurred to alter this fundamental status.

Key Pillars

  • Absence of Comprehensive Regulation: There is no specific law or dedicated regulatory framework explicitly governing retail crypto trading activities in Suriname.

  • No Explicit Prohibition: The trading and investment in crypto assets are not explicitly banned, allowing individuals to engage in these activities via peer-to-peer (P2P) transactions and crypto exchanges.

  • Partial AML/CFT Oversight: The primary regulatory influence on virtual assets comes from Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) legislation, aimed at preventing illicit financial activities.

  • Central Bank Advisories and Development Efforts: The Centrale Bank van Suriname (CBvS) has issued public advisories urging caution for individuals using or investing in unregulated crypto services and products, emphasizing the associated risks. Concurrently, the CBvS is in an advanced stage of developing a legal framework for the supervision of Virtual Asset Service Providers (VASPs).

Landmark Laws

Wet ter Voorkoming en Bestrijding van Money Laundering en Terrorisme Financiering (S.B. 2022 no. 138), as last amended by S.B. 2024 no. 99.
- Authority: The implementation and enforcement involve the Financial Intelligence Unit Suriname (FIUS) and the Centrale Bank van Suriname (CBvS) in their supervisory capacities. The Ministry of Justice and Police and Ministry of Finance and Planning are tasked with the execution of this law.
- Date: The original act was promulgated on November 19, 2022. It was subsequently amended on August 2, 2024.
- Summary: This law defines "virtual asset services" and subjects them to AML/CFT measures, requiring service providers to implement risk-based programs, conduct customer due diligence, and report unusual transactions. It represents a crucial step in aligning Suriname's financial system with international standards set by the Financial Action Task Force (FATF) and the Caribbean Financial Action Task Force (CFATF). However, it does not constitute a comprehensive regulatory framework for the broader aspects of cryptocurrency trading.

Centrale Bankwet 2022 (S.B. 2023 no. 65).
- Authority: Centrale Bank van Suriname (CBvS).
- Date: Enacted in 2023.
- Summary: This act strengthens the autonomy and governance of the Central Bank, underpinning its authority to issue warnings and engage in the development of supervisory frameworks for unregulated financial activities, including those involving virtual assets.

Considerations

  • Asset Classification: Cryptocurrencies are generally not recognized as legal tender in Suriname. There is no explicit classification of virtual assets within the current legal framework beyond their definition in the context of virtual asset services under AML/CFT law.

  • Taxation: As of June 2025, Suriname does not have specific mechanisms or laws to regulate or tax income derived from cryptocurrency activities. This means profits from retail crypto trading are not explicitly covered by dedicated tax legislation.

  • Consumer Protection: Due to the unregulated nature of the retail crypto trading market, the Central Bank of Suriname has explicitly warned the public that engaging with or investing in these services and products carries inherent risks for which individuals are solely responsible. There are no specific consumer protection measures tailored for crypto investors outside of general financial laws.

Notes

  • The Centrale Bank van Suriname (CBvS) is actively working towards establishing a dedicated regulatory framework for Virtual Asset Service Providers (VASPs). This initiative includes the completion of a sectoral risk analysis, which serves as a foundational step for drafting comprehensive policy and regulations for the VASP sector. A "Virtual Asset Service Providers Supervision Act" has reportedly been drafted, aiming to provide a legal basis for VASP oversight and incorporating recommendations from international bodies such as the International Monetary Fund (IMF).

  • Suriname has been a member of the Caribbean Financial Action Task Force (CFATF) since 1998 and is subject to the FATF's 40 recommendations aimed at combating money laundering and terrorist financing. While the country has made significant strides in strengthening its overall AML/CFT regime, the 2023 CFATF Mutual Evaluation Report indicated that Suriname still lacks specific legislative provisions for VASPs and mechanisms to identify those operating within its jurisdiction. These ongoing efforts underscore the country's commitment to eventually bringing virtual asset services under a more structured regulatory umbrella, particularly concerning financial integrity, even though comprehensive retail trading regulations are not yet in place.

Detailed Explanation

Suriname's approach to retail cryptocurrency trading, as of June 2025, reflects a cautious stance rooted in its existing legal infrastructure rather than a bespoke regulatory framework for digital assets. The status "Allowed-Unregulated" accurately captures this reality: while there are no explicit prohibitions against individuals engaging in retail crypto transactions, a comprehensive set of rules governing these activities, exchanges, or consumer protections is notably absent. This environment means that citizens can trade cryptocurrencies through P2P networks and various crypto exchanges, but they do so without the safeguards typically afforded by a regulated financial sector.The primary legal instruments that touch upon cryptocurrencies are those related to Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT). The Wet ter Voorkoming en Bestrijding van Money Laundering en Terrorisme Financiering (WMTF) (Prevention and Combating of Money Laundering and Terrorism Financing Act), enacted in November 2022 and amended in August 2024, plays a crucial role in this partial oversight. This law broadens its scope to include "virtual asset services," defining specific activities such as the exchange between virtual and fiat currencies, virtual asset transfers, and custody services. Consequently, entities providing these virtual asset services are subject to AML/CFT obligations, including customer due diligence (KYC) and the reporting of unusual transactions to the Financial Intelligence Unit Suriname (FIUS). This adherence reflects Suriname's commitment to international standards set by the FATF and CFATF, aimed at mitigating financial crime risks. However, it is critical to understand that the WMTF's application is focused on financial integrity and does not extend to the broader prudential regulation, licensing, or market conduct rules typically associated with a fully regulated crypto market.The Centrale Bank van Suriname (CBvS), operating under the Centrale Bankwet 2022, has been vocal about the risks associated with the unregulated nature of cryptocurrencies. The Bank has issued public warnings, advising citizens that participation in such unregulated services and products carries personal financial risks. Despite the current lack of a full regulatory framework, the CBvS is actively working towards establishing one for Virtual Asset Service Providers (VASPs). This includes conducting a sectoral risk analysis and drafting a specific "Virtual Asset Service Providers Supervision Act" to align with international recommendations. This forward-looking approach indicates an awareness of the need for future regulation, particularly as the domestic crypto market sees growing interest and activity.Important considerations for retail participants in Suriname's crypto market include the lack of clear asset classification—cryptocurrencies are not legal tender—and the absence of specific tax regulations for crypto-derived income. This means that while trading is possible, the legal and fiscal implications are not explicitly defined, potentially leading to uncertainty for investors. The current regulatory environment emphasizes the importance of individual discretion and risk awareness, as formal consumer protection mechanisms for this nascent sector are yet to be established. Overall, Suriname is in a transitional phase, acknowledging the presence and risks of cryptocurrencies while gradually working towards a structured oversight, primarily driven by international AML/CFT compliance efforts.

Summary Points

Here is a clear, well-structured bullet point summary of Suriname's retail crypto trading regulatory landscape:

### Suriname Retail Crypto Trading Regulatory Analysis (June 2025)

1. Regulatory Status of Retail Crypto Trading
* Overall Status: "Allowed-Unregulated"
* No specific, comprehensive legislation explicitly governing retail crypto trading.
* Trading and investment in crypto assets are not explicitly prohibited.
* Individuals can engage in activities via peer-to-peer (P2P) transactions and crypto exchanges.
* Partial oversight primarily stems from existing Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) legislation.

2. Key Regulatory Bodies and Their Roles
* Centrale Bank van Suriname (CBvS):
* Issued public advisories urging caution regarding cryptocurrency use due to inherent risks.
* Actively developing a dedicated supervisory framework for Virtual Asset Service Providers (VASPs).
* Authority to issue warnings and develop frameworks is underpinned by the Centrale Bankwet 2022.
* Financial Intelligence Unit Suriname (FIUS):
* Involved in the implementation and enforcement of AML/CFT legislation (WMTF).
* Receives reports of unusual transactions from regulated entities.
* Ministry of Justice and Police & Ministry of Finance and Planning:
* Tasked with the execution of the Wet ter Voorkoming en Bestrijding van Money Laundering en Terrorisme Financiering (WMTF).
* International Influence (Indirect):
* Financial Action Task Force (FATF) and Caribbean Financial Action Task Force (CFATF): Suriname is a member of CFATF and subject to FATF recommendations, driving AML/CFT compliance efforts.

3. Important Legislation and Regulations
* Wet ter Voorkoming en Bestrijding van Money Laundering en Terrorisme Financiering (WMTF) (Prevention and Combating of Money Laundering and Terrorism Financing Act)
* Promulgation Date: November 19, 2022 (last amended August 2, 2024).
* Impact:
* Defines "virtual asset services" (e.g., exchange between virtual and fiat currencies, virtual asset transfers, custody services).
* Subjects entities providing these services to AML/CFT measures.
* Requires service providers to implement risk-based programs, conduct customer due diligence (KYC), and report unusual transactions.
* Aligns Suriname's financial system with international FATF/CFATF standards.
* Note: This law focuses on financial integrity and does not constitute a comprehensive regulatory framework for broader aspects of cryptocurrency trading (e.g., prudential regulation, licensing, market conduct).
* Centrale Bankwet 2022 (Central Bank Act 2022)
* Enactment Date: 2023.
* Impact: Strengthens the autonomy and governance of the CBvS, providing the legal basis for its authority to issue warnings and develop supervisory frameworks for unregulated financial activities, including those involving virtual assets.

4. Requirements for Compliance (Primarily for Virtual Asset Service Providers - VASPs)
* Under the WMTF, entities providing "virtual asset services" are required to:
* Implement risk-based AML/CFT programs.
* Conduct Customer Due Diligence (CDD/KYC) on their clients.
* Report Unusual Transactions (UTRs) to the FIUS.

5. Notable Restrictions or Limitations
* No Comprehensive Regulation: There is no specific law or dedicated framework explicitly governing retail crypto trading activities.
* Asset Classification: Cryptocurrencies are generally not recognized as legal tender in Suriname. There is no explicit classification beyond their definition in the context of virtual asset services under AML/CFT law.
* Taxation: As of June 2025, Suriname does not have specific mechanisms or laws to regulate or tax income derived from cryptocurrency activities. Profits from retail crypto trading are not explicitly covered by dedicated tax legislation.
* Consumer Protection: Due to the unregulated nature of the retail crypto trading market, the CBvS has explicitly warned the public that engaging with or investing in these services and products carries inherent risks for which individuals are solely responsible. There are no specific consumer protection measures tailored for crypto investors.
* Scope of AML/CFT Laws: While impacting virtual assets, the WMTF's application is focused on preventing financial crime and does not extend to broader prudential regulation, licensing, or market conduct rules for crypto.

6. Recent Developments or Changes
* CBvS Regulatory Development Efforts:
* Actively working towards establishing a dedicated regulatory framework for VASPs.
* Completed a sectoral risk analysis as a foundational step for drafting comprehensive policy.
* A "Virtual Asset Service Providers Supervision Act" has reportedly been drafted, aiming to provide a legal basis for VASP oversight and incorporating recommendations from international bodies like the IMF.
* International Compliance Drive:
* The 2023 CFATF Mutual Evaluation Report indicated that Suriname still lacks specific legislative provisions for VASPs and mechanisms to identify those operating within its jurisdiction.
* These ongoing efforts underscore Suriname's commitment to eventually bringing virtual asset services under a more structured regulatory umbrella, particularly concerning financial integrity.
* No Fundamental Status Change: As of June 2025, no significant regulatory changes have occurred to alter the fundamental "Allowed-Unregulated" status for retail crypto trading.

Full Analysis Report

Report on Retail Cryptocurrency Trading Status in Suriname

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).

Retail_Trading_Status: Allowed-Unregulated

Narrative Explanation:

As of June 2025, retail cryptocurrency trading in Suriname is best described as Allowed-Unregulated. There is currently no specific legal framework or cryptocurrency-focused regulation governing the buying, selling, or holding of digital currencies by individual citizens and residents. Cryptocurrencies do not have official legal tender status in Suriname's financial system.

While there are no explicit prohibitions on engaging with cryptocurrencies, the activity exists in a space devoid of specific regulatory oversight. This means that while individuals can and do participate in cryptocurrency trading, often through peer-to-peer (P2P) platforms and international exchanges that accept Surinamese users, they do so without specific protections or guidelines tailored to the crypto market. General commercial or financial laws might theoretically apply, but no crypto-specific rules regarding licensing for exchanges, investor protection, or dedicated tax regimes have been established.

The Central Bank of Suriname has not issued licenses for cryptocurrency activities, and in the past, has advised caution regarding their use. There are no known Bitcoin ATMs operating in Suriname.

It is important to note the evolving political discourse surrounding cryptocurrencies in Suriname. There have been discussions and proposals by political figures regarding the potential adoption of Bitcoin, including making it legal tender and integrating cryptocurrencies more formally into the economy. For instance, presidential candidate Maya Parbhoe has been a vocal proponent of adopting Bitcoin, potentially even replacing the national currency and dismantling the central bank in favor of a decentralized system. Additionally, there have been reports of meetings between government officials and companies promoting Bitcoin adoption at a national level. These discussions, however, remain largely aspirational and have not yet translated into concrete legal or regulatory changes.

The absence of specific regulations means there are no formal KYC/AML (Know Your Customer/Anti-Money Laundering) requirements imposed specifically on cryptocurrency platforms operating within Suriname by Surinamese authorities. However, international platforms accessible to Surinamese residents will typically enforce their own KYC/AML procedures based on their jurisdictions of operation and international standards.

Therefore, individuals in Suriname can engage in cryptocurrency trading, but this occurs in an environment that lacks specific regulatory clarity, investor protection mechanisms tailored to digital assets, and official oversight from Surinamese financial authorities. The situation is characterized by a lack of dedicated crypto laws rather than an outright ban.

Relevant Text Excerpts:

  • UPay Blog (2024-12-08): "As of now, there is no established cryptocurrency legal framework in Suriname. The country currently has no formal cryptocurrency regulations and cryptocurrency holds no official legal status in its financial system."
  • UPay Blog (2024-12-08): "The current state of Suriname's crypto law is essentially non-existent, with no existing legal mechanisms governing the use, trade, or recognition of cryptocurrencies in the national financial ecosystem."
  • Medium - The Shyft Perspective (2023-08-22): "Cryptocurrencies are not regulated by the law in Suriname, and there are no mechanisms to regulate their use or tax the income derived from them. However, trading and investing in crypto assets is possible through P2P and crypto exchanges."
  • Proelium Law LLP (Updated regularly): "Suriname. Undecided. Cryptocurrency has no legal status; No formal cryptocurrency regulation put into place." (Note: While Proelium Law uses "Undecided," their description aligns with an unregulated environment where activity is not banned but lacks specific rules).
  • UEEx Technology (2025-04-22): "As of February 2025, Suriname does not have specific regulations governing cryptocurrency exchanges. This means there is no official legal status for digital currencies within the country's financial system. Despite the absence of formal regulations, you can still access and use cryptocurrency exchanges."
  • UEEx Technology (2025-04-22): "It's important to note that while these activities are possible, they operate in a legal gray area due to the lack of clear regulatory guidelines." (Note: While "legal gray area" is used here, the overall context from multiple sources points to a lack of specific prohibition or specific regulation, fitting "Allowed-Unregulated" better than the "Gray-Zone" definition provided in the prompt which implies nuances beyond simply being unregulated).
  • Inter-American Center of Tax Administrations (CIAT) (2021-03-17): "The “crypto” phenomenon is hardly regulated in the Latin American region, in some countries there are hardly any tax provisions or regulations." (While a broader regional comment, it reflects the situation in Suriname at the time and largely still applicable based on other sources).

Source URLs:

Web Sources (15)

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Search queries used (5)
  • cryptocurrency regulation Suriname
  • retail crypto trading Suriname legal status
  • Central Bank of Suriname cryptocurrency
  • Suriname cryptocurrency laws and regulations
  • KYC/AML crypto Suriname
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