Costa Rica
Retail_Trading_Status
- Analysis ID
- #636
- Version
- Archived
- Created
- 2025-12-12 04:05
- Run
- c7519a9a...
- History
- View all versions
- Workflow Stage
- Step 1
Executive Summary
Cryptocurrency trading and ownership are legal in Costa Rica but operate in a regulatory gray area with significant banking restrictions. While there is no specific law governing crypto assets yet, the 'Cryptoassets Market Law' (Bill 23.415) is currently under legislative debate. The Central Bank (BCCR) has prohibited regulated financial entities from offering crypto services, and the financial regulator (SUGEF) requires AML registration for certain activities under general laws, though a dedicated licensing regime is not yet in force.
Key Pillars
General Superintendency of Financial Entities (SUGEF) - Enforces AML/CTF compliance and manages the registry of 'obligated subjects' under Law 7786.
Central Bank of Costa Rica (BCCR) - Maintains a 'hands-off' approach for users but prohibits banks from providing custody or exchange services.
Ministry of Finance (Hacienda) - Treats crypto as a 'virtual asset' subject to capital gains tax and potentially VAT, depending on the activity.
General Directorate of Taxation - Issued rulings clarifying that crypto gains are taxable despite the lack of specific legislation.
Landmark Laws
Law on Narcotic Drugs, Psychotropic Substances, Drugs of Unauthorized Use, Related Activities, Legitimization of Capitals and Financing of Terrorism (Law 7786) (Law No. 7786 (Articles 15 and 15 bis)) - Enacted: 1998-04-30
- General AML law that requires 'obligated subjects' (which can include crypto entities under broad interpretation) to register with SUGEF and report suspicious transactions.
- Source
Cryptoassets Market Law (Proposed) (Expediente N.º 23.415)
- A pending bill introduced in 2022 and debated in 2025 that aims to regulate VASPs, establish a licensing regime, and clarify tax obligations. It has not yet been enacted.
- Source
Regulation for Registration and De-registration with SUGEF (Acuerdo SUGEF 11-18) - Enacted: 2018-11-16
- Establishes the procedure for 'obligated subjects' to register with SUGEF for AML supervision. Crypto entities often register under this framework in the absence of a specific license.
- Source
Considerations
Banking Restriction: The Central Bank prohibits regulated financial institutions from offering crypto custody or exchange services, and banks frequently close accounts associated with crypto trading.
Taxation: The Ministry of Finance considers crypto an intangible asset; capital gains tax (15%) applies to profitable trades, and professional trading activity is subject to corporate income tax.
Legal Tender: Crypto is not legal tender; it is considered a 'quasi-money' or asset that can be used for payments only if accepted by the merchant.
Pending Regulation: The regulatory landscape is in transition, with the 'Cryptoassets Market Law' (Bill 23.415) expected to formalize the sector if passed.
Notes
The '2025' dates in some analysis sources reflect the current legislative session where the crypto bill is being debated. The 'Gray-Zone' status is heavily influenced by the banking sector's refusal to service crypto clients, despite the activity being technically legal.
Remaining Uncertainties
- The exact timeline for the final approval and enactment of Bill 23.415.
- Whether the new law will force existing 'registered' entities to re-apply for a full license.
- The extent to which the Central Bank will relax banking restrictions once the new law is passed.
Full Analysis Report
Full Analysis Report
Costa Rica's regulatory status for cryptocurrency is best classified as 'Gray-Zone' due to the combination of legal tolerance for individual use, strict prohibitions on the banking sector, and a pending legislative framework. While citizens are free to buy, sell, and hold crypto assets under the principle of private autonomy, the Central Bank of Costa Rica (BCCR) has explicitly stated that crypto is not legal tender and has barred supervised financial entities from offering crypto-related services such as custody or direct exchange. This creates a 'partial ban' effect where the traditional financial system is walled off from the crypto economy, forcing users to rely on offshore platforms or peer-to-peer markets.
The primary compliance requirement currently in force stems from the general Anti-Money Laundering (AML) law (Law 7786). The General Superintendency of Financial Entities (SUGEF) requires entities performing 'designated non-financial activities' to register as 'obligated subjects' (Article 15 bis). While some crypto exchanges register under this provision to demonstrate compliance, it does not constitute a full 'licensing regime' with consumer protections or capital requirements. Reports from 2025 indicate that authorities acknowledge a 'lack of control' over Virtual Asset Service Providers (VASPs) and are urging the passage of specific legislation to close this gap.
The legislative solution, known as the 'Cryptoassets Market Law' (Expediente 23.415), was introduced in late 2022 and has seen legislative debate throughout 2025. This bill aims to establish a formal licensing system, clarify the tax treatment of crypto assets, and potentially allow VASPs access to the national payment system (SINPE). Until this bill is enacted, the sector operates in a legal limbo where activities are not illegal but lack clear regulatory certainty and banking support.
Taxation is another critical area where rules have been clarified via rulings rather than law. The Ministry of Finance (Hacienda) treats cryptocurrencies as virtual intangible assets. Gains from the sale of these assets are subject to the Tax on Capital Income and Capital Gains (typically 15%), or Corporate Income Tax if the activity is habitual and professional. Despite this tax clarity, the operational friction caused by the banking sector's de-risking policies remains the most significant hurdle for retail traders and businesses.
Costa Rica's regulatory status for cryptocurrency is best classified as 'Gray-Zone' due to the combination of legal tolerance for individual use, strict prohibitions on the banking sector, and a pending legislative framework. While citizens are free to buy, sell, and hold crypto assets under the principle of private autonomy, the Central Bank of Costa Rica (BCCR) has explicitly stated that crypto is not legal tender and has barred supervised financial entities from offering crypto-related services such as custody or direct exchange. This creates a 'partial ban' effect where the traditional financial system is walled off from the crypto economy, forcing users to rely on offshore platforms or peer-to-peer markets. The primary compliance requirement currently in force stems from the general Anti-Money Laundering (AML) law (Law 7786). The General Superintendency of Financial Entities (SUGEF) requires entities performing 'designated non-financial activities' to register as 'obligated subjects' (Article 15 bis). While some crypto exchanges register under this provision to demonstrate compliance, it does not constitute a full 'licensing regime' with consumer protections or capital requirements. Reports from 2025 indicate that authorities acknowledge a 'lack of control' over Virtual Asset Service Providers (VASPs) and are urging the passage of specific legislation to close this gap. The legislative solution, known as the 'Cryptoassets Market Law' (Expediente 23.415), was introduced in late 2022 and has seen legislative debate throughout 2025. This bill aims to establish a formal licensing system, clarify the tax treatment of crypto assets, and potentially allow VASPs access to the national payment system (SINPE). Until this bill is enacted, the sector operates in a legal limbo where activities are not illegal but lack clear regulatory certainty and banking support. Taxation is another critical area where rules have been clarified via rulings rather than law. The Ministry of Finance (Hacienda) treats cryptocurrencies as virtual intangible assets. Gains from the sale of these assets are subject to the Tax on Capital Income and Capital Gains (typically 15%), or Corporate Income Tax if the activity is habitual and professional. Despite this tax clarity, the operational friction caused by the banking sector's de-risking policies remains the most significant hurdle for retail traders and businesses.
Source Evidence
Primary and secondary sources cited in this analysis
"Although their use is permitted in Costa Rica, those who wish to acquire these assets do so at their own risk... financial entities are not authorized to offer services related to cryptoassets."
"The purpose of this law is to regulate the market of cryptoassets... and the providers of services related to them."
"Obligated subjects that carry out activities described in articles 15 and 15 bis of Law 7786 must register."
"As of now, Costa Rica does not have a distinct crypto licensing regime as of 2025; in practice, crypto companies are regulated in accordance with general financial laws."
"The lack of control over Virtual Asset Service Providers (VASPs)... requires an urgent response, with specific legislation."
Web Sources (2)
Sources discovered via web search grounding
Search queries used (8)
- Banco Central de Costa Rica criptomonedas comunicado oficial
- Costa Rica crypto tax regulation Hacienda
- Costa Rica cryptocurrency regulation status 2024 2025
- SUGEF Costa Rica crypto assets registration requirements
- Expediente 23.415 Costa Rica estado actual
- Banco Central de Costa Rica prohibición bancos criptoactivos
- Costa Rica Law 7786 Article 15 bis virtual assets
- SUGEF Acuerdo 11-18 criptomonedas
https://coingeek.com/costa-rica-wants-crypto-taxes-removed-as-it-eyes-transformation-into-digital-asset-hub/
https://www.sugef.fi.cr/sujetos%20inscritos%20ley%207786%20-%20(%20apnfds)/informacion%20apnfd/Capacitacion%20Sugef%2011-18%20del%2018-03-2025.pdf