Angola
Retail_Trading_Status
- Analysis ID
- #587
- Version
- Latest
- Created
- 2025-12-12 03:08
- Run
- d678169e...
- History
- View all versions
- Workflow Stage
- Step 1
Executive Summary
Retail cryptocurrency trading in Angola exists in a regulatory gray zone where it is not explicitly criminalized for individuals, but the ecosystem is heavily restricted. While the government enacted a harsh ban on cryptocurrency mining in April 2024 (Law No. 3/24) to protect national energy security, the possession and trading of digital assets by retail users remain technically legal but unregulated. The National Bank of Angola (BNA) has issued warnings against the use of virtual assets and restricts financial institutions from facilitating crypto transactions, creating significant operational barriers for local investors.
Key Pillars
National Bank of Angola (BNA) - Primary financial regulator issuing risk warnings and restricting banking access for crypto.
Capital Markets Commission (CMC) - Tasked with potential future regulation of virtual assets, though no licensing regime currently exists.
Criminal Investigation Service (SIC) - Enforces the ban on mining and possession of mining infrastructure.
Law No. 3/24 - Criminalizes mining and the possession of mining equipment, but does not explicitly ban holding crypto assets.
Landmark Laws
Law on the Prohibition of Cryptocurrency Mining and Other Virtual Assets (Law No. 3/24) - Enacted: 2024-04-10
- Explicitly prohibits cryptocurrency mining activities and the use of the national electrical system for such purposes. It criminalizes the possession of mining equipment with prison sentences ranging from 1 to 5 years and mining activity itself with 3 to 12 years. It also mentions limiting the circulation of virtual currencies not issued by central banks.
- Source
Law on the Payment System (Law No. 40/20) - Enacted: 2020-12-16
- Establishes the legal framework for the Angolan payment system. While not explicitly mentioning crypto, it gives the BNA authority to regulate payment instruments, forming the basis for its exclusionary stance on virtual assets.
Considerations
Mining is a serious crime: Possession of mining rigs can lead to imprisonment, distinguishing Angola from jurisdictions with mere administrative bans.
Banking Blockade: Financial institutions are restricted from dealing with crypto assets, forcing traders to use P2P methods or foreign platforms.
Legal Ambiguity: While trading is 'not illegal,' the 2024 law's stated aim to 'limit circulation' of non-central bank currencies creates legal uncertainty for large-scale holders.
Taxation: No specific crypto tax regime exists, but capital gains are theoretically taxable under general tax codes.
Notes
The 2024 mining ban was a direct response to energy grid instability caused by illegal mining operations, often linked to foreign nationals. The regulatory focus has been on infrastructure protection rather than financial market supervision.
Remaining Uncertainties
- Specific BNA circulars detailing the exact nature of banking restrictions (e.g., are transfers to foreign exchanges automatically blocked?).
- Whether the 'limitation on circulation' clause in Law No. 3/24 will be used to prosecute P2P traders in the future.
- Timeline for the Capital Markets Commission (CMC) to issue any regulations for virtual assets as hinted in 2023 discussions.
Detailed Explanation
Detailed Explanation
Retail cryptocurrency trading in Angola exists in a regulatory gray zone, where it is not explicitly criminalized for individuals but operates under severe restrictions and a hostile regulatory environment. The primary regulatory focus has been on infrastructure protection, most notably through the harsh ban on cryptocurrency mining enacted in April 2024. Law No. 3/24, the Law on the Prohibition of Cryptocurrency Mining and Other Virtual Assets, criminalizes mining activities and the possession of mining equipment, with prison sentences ranging from 1 to 12 years. While this law does not explicitly ban the holding of crypto assets by retail users, it states an aim to limit the circulation of virtual currencies not issued by central banks, creating significant legal uncertainty for traders and holders. The law was a direct governmental response to energy grid instability caused by illegal mining operations, often linked to foreign nationals, framing the issue as one of national energy security rather than financial regulation.
The regulatory framework for financial aspects is defined by the National Bank of Angola (BNA) and the Capital Markets Commission (CMC). The BNA, operating under the authority granted by the Law on the Payment System (Law No. 40/20) of December 16, 2020, has issued warnings against the use of virtual assets and restricts financial institutions from facilitating any cryptocurrency transactions. This creates a de facto banking blockade, forcing local investors to rely on peer-to-peer methods or foreign platforms. The CMC is tasked with the potential future regulation of virtual assets, but no licensing or formal regulatory regime currently exists. Consequently, while retail trading is technically legal, it is unregulated and operationally stifled. Taxation remains ambiguous, with no specific crypto tax regime; however, capital gains are theoretically taxable under general tax codes. The Criminal Investigation Service (SIC) is the enforcement body for the mining ban, actively pursuing possession of mining infrastructure. The overall landscape is one of legal ambiguity for traders, underscored by severe criminal penalties for any activity related to mining and a financial system closed to crypto-related business.
Summary Points
Angola Cryptocurrency Regulatory Summary
I. Regulatory Status
- Gray-Zone for retail trading and possession.
- Retail trading by individuals is not explicitly criminalized but is unregulated.
- The ecosystem is heavily restricted, creating significant operational barriers.
- The government's focus is on infrastructure protection (energy security) over financial market supervision.
II. Key Regulatory Bodies
- National Bank of Angola (BNA)
- Primary financial regulator.
- Issues public risk warnings against the use of virtual assets.
- Restricts financial institutions from facilitating cryptocurrency transactions.
- Capital Markets Commission (CMC)
- Tasked with potential future regulation of virtual assets.
- No licensing or formal regulatory regime currently exists.
- Criminal Investigation Service (SIC)
- Enforces the ban on cryptocurrency mining and the possession of mining infrastructure.
III. Important Legislation
- Law on the Prohibition of Cryptocurrency Mining and Other Virtual Assets (Law No. 3/24)
- Enacted: April 10, 2024.
- Explicitly prohibits cryptocurrency mining and the use of the national electrical system for such purposes.
- Criminalizes possession of mining equipment (1-5 years imprisonment) and mining activity itself (3-12 years imprisonment).
- States an aim to limit the circulation of virtual currencies not issued by central banks.
- Law on the Payment System (Law No. 40/20)
- Enacted: December 16, 2020.
- Establishes the legal framework for the Angolan payment system.
- Provides the BNA with the authority to regulate payment instruments, forming the legal basis for its exclusionary stance on virtual assets.
IV. Compliance Requirements
- No formal licensing or registration regime exists for cryptocurrency trading or exchanges.
- No specific crypto tax regime exists.
- Capital gains from trading are theoretically taxable under general tax codes.
V. Notable Restrictions or Limitations
- Banking Blockade: Financial institutions are restricted from dealing with crypto assets, forcing reliance on P2P methods or foreign platforms.
- Mining Ban: Cryptocurrency mining and possession of mining equipment are serious criminal offenses with prison sentences.
- Legal Ambiguity: While trading is 'not illegal,' the 2024 law's stated aim to 'limit circulation' creates legal uncertainty, particularly for large-scale holders.
VI. Recent Developments or Notes
- The 2024 mining ban (Law No. 3/24) was a direct response to energy grid instability caused by illegal mining operations.
- The regulatory action has been largely reactive to energy concerns rather than proactive financial market regulation.
- The possession and trading of digital assets by retail users remain technically legal but are unregulated and discouraged by official warnings and banking restrictions.
Full Analysis Report
Full Analysis Report
The regulatory status of cryptocurrency in Angola is characterized by a sharp divide between the strict prohibition of mining and the tolerated but discouraged practice of retail trading. The defining piece of legislation is Law No. 3/24, enacted in April 2024, which was driven primarily by energy security concerns rather than financial regulation. This law criminalizes cryptocurrency mining with severe penalties, including prison terms of up to 12 years for mining activities and up to 5 years for the mere possession of mining equipment. This establishes a clear 'partial ban' environment.
Despite the severity of the mining ban, the act of buying, selling, or holding cryptocurrencies for personal investment is not explicitly criminalized in the text of the law. Legal experts and local exchanges interpret this as a 'permissive' silence regarding retail trading. However, the government's stance is openly hostile; the preamble of the mining law expresses an intent to 'limit the circulation' of virtual currencies not issued by central banks to protect monetary sovereignty. This suggests that while individual users are not currently targeted for arrest, the government aims to stifle the sector's growth.
The National Bank of Angola (BNA) reinforces this restrictive environment by warning the public against the risks of virtual assets and effectively blocking the formal banking sector from interacting with crypto platforms. There are no licensed exchanges in Angola, and no framework exists for Virtual Asset Service Providers (VASPs) to obtain regulatory approval. Consequently, Angolan traders are forced to operate in a gray market, relying on peer-to-peer (P2P) networks or offshore exchanges, without any consumer protection or recourse in case of fraud.
In summary, Angola fits the 'Gray-Zone' classification. It is not 'Banned' because simple possession is not a crime, but it is far from 'Allowed-Unregulated' due to the active criminalization of mining, the explicit restrictions on the electrical and financial infrastructure, and the lack of a safe harbor for legitimate crypto businesses.
The regulatory status of cryptocurrency in Angola is characterized by a sharp divide between the strict prohibition of mining and the tolerated but discouraged practice of retail trading. The defining piece of legislation is Law No. 3/24, enacted in April 2024, which was driven primarily by energy security concerns rather than financial regulation. This law criminalizes cryptocurrency mining with severe penalties, including prison terms of up to 12 years for mining activities and up to 5 years for the mere possession of mining equipment. This establishes a clear 'partial ban' environment. Despite the severity of the mining ban, the act of buying, selling, or holding cryptocurrencies for personal investment is not explicitly criminalized in the text of the law. Legal experts and local exchanges interpret this as a 'permissive' silence regarding retail trading. However, the government's stance is openly hostile; the preamble of the mining law expresses an intent to 'limit the circulation' of virtual currencies not issued by central banks to protect monetary sovereignty. This suggests that while individual users are not currently targeted for arrest, the government aims to stifle the sector's growth. The National Bank of Angola (BNA) reinforces this restrictive environment by warning the public against the risks of virtual assets and effectively blocking the formal banking sector from interacting with crypto platforms. There are no licensed exchanges in Angola, and no framework exists for Virtual Asset Service Providers (VASPs) to obtain regulatory approval. Consequently, Angolan traders are forced to operate in a gray market, relying on peer-to-peer (P2P) networks or offshore exchanges, without any consumer protection or recourse in case of fraud. In summary, Angola fits the 'Gray-Zone' classification. It is not 'Banned' because simple possession is not a crime, but it is far from 'Allowed-Unregulated' due to the active criminalization of mining, the explicit restrictions on the electrical and financial infrastructure, and the lack of a safe harbor for legitimate crypto businesses.
Source Evidence
Primary and secondary sources cited in this analysis
"Whoever has in their possession computer material, communication and infrastructures intended for or used for cryptocurrency mining... is punished with the penalty of imprisonment from 1 to 5 years."
"The BNA advises against the use of virtual assets due to the financial risk of insecurity."
"The law criminalizes cryptocurrency mining, with potential prison sentences ranging from 1 to 12 years."
"Although cryptocurrency mining... were officially banned... the government has yet to take a stance on other activities such as trading."
"Cryptocurrencies are not illegal in Angola, but authorities have warned against transacting with them, going as far as restricting financial institutions from dealing with the asset class."
Web Sources (4)
Sources discovered via web search grounding
Search queries used (8)
- Angola cryptocurrency regulation status 2024 2025
- "Law on the Prohibition of Cryptocurrency Mining" Angola
- Angola crypto mining ban details retail trading
- Banco Nacional de Angola cryptocurrency warning
- Comissão do Mercado de Capitais Angola crypto regulation
- Lei da Proibição da Mineração de Criptomoedas Angola texto
- Angola crypto trading legal status 2025
- Banco Nacional de Angola circular criptomoedas bancos
https://expansao.co.ao/empresas/detalhe/lei-sobre-a-proibicao-das-criptomoedas-ja-em-vigor-61696.html
https://scm.gov.ao/web/noticias/angola-prepara-proibi%C3%A7%C3%A3o-de-minera%C3%A7%C3%A3o-de-criptomoedas
https://www.cmc.ao/sites/default/files/2024-08/Lei%20n.%C2%BA%203-24%2C%20de%2010%20de%20Abril%20-%20sobre%20a%20Proibi%C3%A7%C3%A3o%20da%20Actividade%20de%20Minera%C3%A7%C3%A3o%20e%20Criptomoedas%20e%20Outros%20Activos%20Virtuais.pdf
https://www.mariblock.com/angolas-parliament-passes-law-to-regulate-digital-assets-and-crypto-mining/