Ecuador
Retail_Trading_Status
- Analysis ID
- #649
- Version
- Archived
- Created
- 2025-12-12 04:08
- Run
- ee9e2190...
- History
- View all versions
- Workflow Stage
- Step 1
Executive Summary
Retail cryptocurrency trading is legal in Ecuador for individuals, but the sector operates in a regulatory gray zone. While the U.S. dollar remains the sole legal tender, a landmark 'Decreto-Ley' passed in late 2024 amended the Monetary Code to theoretically allow 'Virtual Asset Service Providers' (VASPs) to operate as authorized means of payment if licensed by the Superintendency of Banks. However, as of late 2025, no domestic licensing regime is fully operational with active licensees, and the Central Bank continues to restrict traditional financial institutions from interacting directly with crypto assets.
Key Pillars
Superintendencia de Bancos (SB): Mandated by the 2024 reform to license and supervise VASPs; currently issues warnings against unauthorized financial entities.
Banco Central del Ecuador (BCE): Sets monetary policy; explicitly states crypto is not legal tender and restricts banks from processing crypto payments.
Unidad de Análisis Financiero y Económico (UAFE): Enforces AML/CFT rules; VASPs are designated as 'obligated subjects' required to report suspicious transactions.
Junta de Política y Regulación Monetaria (JPRM): Issues resolutions defining authorized means of payment and monetary prohibitions.
Landmark Laws
Decreto-Ley Orgánica para la Mejora Recaudatoria a través del Combate de Lavado de Activos (Decreto-Ley (Reformatory to COMF)) - Enacted: 2024-08-10
- Amended Article 99 of the Organic Monetary and Financial Code (COMF) to include 'Providers of Virtual Assets' (VASPs) as recognized means of payment, subject to Superintendency of Banks licensing.
- Source
Organic Monetary and Financial Code (COMF) (COMF Art. 94, 98) - Enacted: 2014-09-12
- Establishes the U.S. dollar as the sole legal tender and prohibits the circulation of alternative currencies, though 2024 amendments created an exception for licensed VASPs.
- Source
Fintech Law (Ley Fintech) (Ley Orgánica para el Desarrollo de Servicios Financieros Tecnológicos) - Enacted: 2022-12-22
- Created a general framework for fintech companies and 'specialized electronic deposit and payment societies', laying the groundwork for future crypto regulation.
- Source
Considerations
Banking Restriction: Despite the 2024 law, traditional banks remain effectively barred from processing direct crypto transactions under prior JPRM resolutions.
No Legal Tender: Crypto cannot be used to discharge debts or pay taxes; it is considered a private asset/investment.
AML Reporting: The UAFE requires crypto exchanges (even if offshore/unlicensed) to be treated as high-risk for AML monitoring by local banks.
Enforcement: The Superintendency of Banks actively publishes 'blacklists' of unauthorized financial entities, creating risk for unregulated local platforms.
Notes
The 2025 context shows a clear transition period. The law is 'on the books' (Allowed-Regulated in theory) but the market reality is 'Gray-Zone' (unlicensed operation). The analysis assumes the 'Decreto-Ley' of late 2024 is the governing statute, superseding the strict 2014 ban.
Remaining Uncertainties
- Has the Superintendency of Banks issued any VASP licenses as of late 2025, or is the application process still stalled?
- Will the secondary norms (normativa secundaria) explicitly force international exchanges to register locally or face blocking?
- How does the tax authority (SRI) treat crypto gains in the absence of a specific tax form for VASPs?
Full Analysis Report
Full Analysis Report
As of December 2025, Ecuador's cryptocurrency landscape is characterized by a significant divergence between legislative intent and operational reality, placing it firmly in the 'Gray-Zone'. While the purchase, sale, and holding of crypto assets by private individuals are legal and constitutionally protected as private property, the financial infrastructure remains heavily restricted. The U.S. dollar is the only legal tender, and the Central Bank of Ecuador (BCE) has repeatedly emphasized that crypto assets cannot be used as a substitute for currency in the general economy.
A pivotal shift occurred in late 2024 with the enactment of the 'Decreto-Ley Orgánica para la Mejora Recaudatoria', which amended the Organic Monetary and Financial Code (COMF). Specifically, it modified Article 99 to recognize 'Providers of Virtual Assets' (VASPs) as legitimate payment service providers, provided they obtain a license from the Superintendency of Banks. This legislation was intended to bring the thriving peer-to-peer (P2P) market under state supervision and tax authority control.
However, the practical implementation of this regime has lagged. By late 2025, while the legal path to licensing exists, the Superintendency of Banks has focused primarily on enforcement against unauthorized entities rather than issuing licenses to new crypto exchanges. Consequently, no domestic 'white list' of authorized VASPs exists, and Ecuadorian traders continue to rely on international platforms like Binance, Kraken, and OKX, which operate cross-border without local establishment.
The banking sector remains cautious, bound by JPRM resolutions that prohibit financial institutions from investing in or holding crypto assets. While the 2024 law theoretically allows banks to partner with licensed VASPs, the lack of secondary regulations and the BCE's conservative stance mean that direct crypto-banking integration is virtually non-existent. Users typically must use P2P markets to convert fiat to crypto, as direct bank transfers to exchanges are often flagged or blocked.
As of December 2025, Ecuador's cryptocurrency landscape is characterized by a significant divergence between legislative intent and operational reality, placing it firmly in the 'Gray-Zone'. While the purchase, sale, and holding of crypto assets by private individuals are legal and constitutionally protected as private property, the financial infrastructure remains heavily restricted. The U.S. dollar is the only legal tender, and the Central Bank of Ecuador (BCE) has repeatedly emphasized that crypto assets cannot be used as a substitute for currency in the general economy. A pivotal shift occurred in late 2024 with the enactment of the 'Decreto-Ley Orgánica para la Mejora Recaudatoria', which amended the Organic Monetary and Financial Code (COMF). Specifically, it modified Article 99 to recognize 'Providers of Virtual Assets' (VASPs) as legitimate payment service providers, provided they obtain a license from the Superintendency of Banks. This legislation was intended to bring the thriving peer-to-peer (P2P) market under state supervision and tax authority control. However, the practical implementation of this regime has lagged. By late 2025, while the legal path to licensing exists, the Superintendency of Banks has focused primarily on enforcement against unauthorized entities rather than issuing licenses to new crypto exchanges. Consequently, no domestic 'white list' of authorized VASPs exists, and Ecuadorian traders continue to rely on international platforms like Binance, Kraken, and OKX, which operate cross-border without local establishment. The banking sector remains cautious, bound by JPRM resolutions that prohibit financial institutions from investing in or holding crypto assets. While the 2024 law theoretically allows banks to partner with licensed VASPs, the lack of secondary regulations and the BCE's conservative stance mean that direct crypto-banking integration is virtually non-existent. Users typically must use P2P markets to convert fiat to crypto, as direct bank transfers to exchanges are often flagged or blocked.
Source Evidence
Primary and secondary sources cited in this analysis
"El Banco Central del Ecuador recuerda que los criptoactivos no son una moneda de curso legal, ni un medio de pago autorizado en Ecuador."
"La reforma sustituye el artículo 99... Ahora, los Proveedores de Activos Virtuales (PAV) podrán operar bajo la supervisión de la Superintendencia de Bancos."
"La Superintendencia de Bancos alerta sobre nuevas entidades No autorizadas detectadas... 56 entidades en 2025."
"While the Central Bank (BCE) allows citizens to buy or sell digital assets online, they repeatedly stress that crypto is not legal tender."
"With no local crypto laws [fully operational], Ecuador favors trusted global exchanges."
Web Sources (12)
Sources discovered via web search grounding
Search queries used (9)
- Junta de Política y Regulación Monetaria Ecuador criptoactivos
- legalidad bitcoin Ecuador 2024
- Ecuador cryptocurrency regulation status 2024 2025
- Ley Fintech Ecuador criptoactivos regulación
- Banco Central del Ecuador comunicado criptomonedas 2023 2024
- Are there licensed crypto exchanges in Ecuador 2025
- "Decreto-Ley" lavado de activos Ecuador criptomonedas artículo 99
- Junta de Política y Regulación Monetaria resolución activos virtuales 2025
- Superintendencia de Bancos Ecuador lista proveedores activos virtuales autorizados 2025
https://blog.ueex.com/best-crypto-exchanges-in-ecuador/
https://www.cryptowinrate.com/best-crypto-exchanges-ecuador
https://www.dentons.com/es/insights/alerts/2022/december/28/puntos-clave-de-la-ley-fintech-en-ecuador
https://revistas.uteq.edu.ec/index.php/csye/article/view/983/1014
https://www.superbancos.gob.ec/bancos/superintendencia-de-bancos-alerta-sobre-entidades-no-autorizadas/
https://publications.iadb.org/publications/spanish/document/Regulacion-de-blockchain-e-identidad-digital-en-America-Latina-El-futuro-de-la-identidad-digital.pdf
https://corralrosales.com/ley-fintech/
https://www.openbankproject.com/blog/la-ley-fintech-de-ecuador/
https://www.bitrawr.com/ecuador
https://www.onesafe.io/blog/crypto-exchange-in-ecuador
https://derecho.ec/normativa-legal-para-el-comercio-p2p-de-criptomonedas-en-ecuador/
https://ocedic.com/_lawcedic/files/v2/Gu%C3%ADa%20para%20la%20regulaci%C3%B3n%20ALACFT%20AV-PSAV.pdf