Gambia

The regulatory status of cryptocurrency in The Gambia is best classified as 'Allowed-UnRegulated'. There is no specific legislation that explicitly bans the buying, selling, or holding of cryptocurrencies by retail investors. The Central Bank of The Gambia (CBG) has not issued any public circulars strictly prohibiting commercial banks from processing crypto-related transactions, distinguishing it from other West African nations with explicit banking bans. Consequently, Gambian residents can access international crypto exchanges and utilize peer-to-peer (P2P) markets to facilitate trades using local bank accounts and mobile money services.

Despite the lack of prohibition, the sector operates in a legal gray area regarding oversight. The Financial Intelligence Unit (FIU) of The Gambia acknowledges that virtual assets fall under the broad definition of 'property' within the 2012 Anti-Money Laundering Act, implying that AML/CFT obligations could theoretically apply. However, the FATF's 2022 Mutual Evaluation Report highlighted that The Gambia had not yet conducted a risk assessment for virtual assets or implemented a licensing regime for Virtual Asset Service Providers (VASPs). This absence of regulation means there are no licensed local exchanges, and consumer protection mechanisms are non-existent.

The Gambia Revenue Authority (GRA) currently does not tax cryptocurrency gains. The existing Income and Value Added Tax Act of 2012 does not explicitly define digital assets as taxable property, and there have been no recent amendments to close this gap. This effectively creates a tax-free environment for retail traders, although this is likely due to a lag in legislative updates rather than a deliberate policy choice. Traders should remain aware that general tax principles on 'income' could legally be applied if the GRA decides to enforce them.

Operational evidence supports the 'Allowed-UnRegulated' status. Major global platforms like Binance are accessible without VPNs, and their P2P markets list local Gambian banks (such as Ecobank and Bloom Bank) as valid payment methods. This indicates that the banking sector has not been ordered to systematically block all crypto-linked transfers. However, the Central Bank has recently emphasized that the Dalasi is the only legal tender for goods and services, warning against the dollarization of the economy. While this targets foreign fiat currencies, it reinforces that crypto cannot be used for direct payments for goods and services within the country.