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Mauritania

Retail_Trading_Status

Gray-Zone High Confidence
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Status Changed

Previous status: Allowed-Unregulated

Reconciled from live analysis after human review confirmed status as Gray-zone. Original new analysis incorrectly classified as Allowed-UnRegulated. The 'gray-zone' status more accurately reflects the absence of both explicit prohibition and a dedicated regulatory framework, as detailed in the source-of-truth Live analysis. New information from the Latest analysis regarding the National Blockchain Policy and mining legality was incorporated as it describes ongoing exploratory developments that do not change the fundamental unregulated nature of retail crypto trading, thus supporting the 'gray-zone' classification.

Analysis ID
#857
Version
Latest
Created
2025-12-13 07:15
Workflow Stage
Reconciled

Executive Summary

As of Dec 2025, Mauritania's regulatory landscape for retail cryptocurrency trading is best described as a 'gray-zone.' There are no explicit laws banning the use or trading of cryptocurrencies, but a comprehensive legal framework directly governing crypto exchanges or retail activities has not been established. The Central Bank of Mauritania (BCM) has not issued specific regulations for private cryptocurrencies but is actively exploring a Central Bank Digital Currency (CBDC). Cryptocurrencies are classified as intangible assets for tax purposes under existing general tax laws. By late 2025, the government initiated a 'National Blockchain Policy,' signaling continued exploration of digital asset frameworks, but this does not yet constitute a specific regulatory regime for private crypto assets.

Key Pillars

  • Absence of Specific Prohibition: There are no explicit laws or decrees that forbid individuals from holding, buying, or selling cryptocurrencies.
  • Lack of Dedicated Regulatory Framework: No specialized legislation or regulatory body has been established to oversee cryptocurrency exchanges or related activities, leading to an unregulated market for retail trading.
  • General Financial Oversight: The Central Bank of Mauritania (BCM) remains the primary financial sector regulator, supervising traditional financial institutions. While not directly regulating private cryptocurrencies, its strategic discussions around digital currencies signal potential future involvement.
  • Taxation Principles: Existing general tax laws are applied to cryptocurrency transactions, classifying them as intangible assets.
  • Emerging Policy Initiatives: The Ministry of Digital Transformation, Innovation, and Modernization of the Public Sector (MTNIMA) initiated a 'National Blockchain Policy' in late 2025, aiming to create a framework for blockchain adoption in public services and finance, indicating a forward-looking but not yet implemented regulatory approach.

Landmark Laws

General Tax Laws (Income Tax Code and Capital Gains Tax Law)
- Authority: Mauritanian Tax Authorities
- Date: Ongoing, as these are existing general tax codes. The classification of cryptocurrencies as intangible assets for tax purposes was provided as guidance.
- Summary: These laws dictate that income derived from cryptocurrency activities, such as mining, is subject to income tax, and capital gains from the sale or exchange of cryptocurrencies are subject to capital gains tax. This establishes a precedent for taxation despite the lack of specific crypto regulation.

Ordinance No. 020/2007 on the regulation of credit institutions
- Authority: Mauritanian government
- Date: 2007 (with its predecessors like Law No. 95-011)
- Summary: While not directly related to crypto, this ordinance governs the broader financial and banking system. Any future crypto regulations would likely interact with or be built upon this existing framework.

Law No. 048-2005 on Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT)
- Authority: Mauritanian government, with the Central Bank of Mauritania overseeing compliance.
- Date: 2005 (with subsequent amendments, e.g., Law No. 036-2018).
- Summary: Although not explicitly mentioning cryptocurrencies, these laws aim to prevent illicit financial activities within the financial system. As cryptocurrency adoption grows, the principles of AML/CFT are expected to apply, potentially requiring future regulatory clarity on how virtual asset service providers (VASPs) would comply. A December 2025 FATF report noted that many jurisdictions, including Mauritania, are only partially compliant with Recommendation 15 concerning new technologies, including virtual assets.

Law No. 2021-017 on Electronic Payment Services
- Authority: Mauritanian government
- Date: Enacted 2021-06-01
- Summary: Establishes the legal framework for electronic payment services and non-bank payment providers. While focused on fiat and mobile money, it lays the groundwork for digital financial services and is part of the broader digital transformation context in which crypto exists.

National Blockchain Policy (Initiative)
- Authority: Ministry of Digital Transformation, Innovation, and Modernization of the Public Sector (MTNIMA)
- Date: Initiated 2025-11-23
- Summary: A government initiative to create a national framework for blockchain adoption in public services and finance. It aims to attract investment and foster a digital economy but is a policy initiative, not a law, and does not specifically regulate private cryptocurrency retail trading.

Considerations

  • Asset Classification: Mauritania's tax authorities classify cryptocurrencies as 'intangible assets,' akin to stocks or bonds. This means they are not recognized as legal tender or official currency within the country. This classification influences how they are treated for accounting and taxation purposes.
  • Taxation: As intangible assets, cryptocurrencies are subject to existing tax laws. Income generated from activities like crypto mining is taxed under the general income tax regime (ranging from 0% to 35% for individuals, 25% for corporations), and capital gains from crypto sales are subject to a 20% capital gains tax. Taxpayers are obliged to report all cryptocurrency transactions and maintain proper documentation.
  • Consumer Protection & Investor Safeguards: The absence of a dedicated regulatory framework means there are limited, if any, specific consumer protection mechanisms or investor safeguards in place for retail crypto traders. Users engage in the market at their own risk.
  • Exchange Controls: While general exchange-control regulations exist for foreign financial transactions in Mauritania, with foreign currencies transferred freely in or out, there is no specific guidance on how these apply to cross-border cryptocurrency transactions.
  • Banking Access: Banking access for crypto exchanges is not guaranteed; some local banks may block transactions to foreign exchanges at their discretion under general AML/CFT compliance, as there is no formal licensing regime for Virtual Asset Service Providers (VASPs).
  • Mining Status: Cryptocurrency mining is considered legal, as there are no laws prohibiting it, and it is being integrated into some government-supported development hubs, consistent with the broader digital transformation agenda.

Notes

  • Central Bank Digital Currency (CBDC) Exploration: The Central Bank of Mauritania is actively engaged in designing and exploring a potential Central Bank Digital Currency (CBDC), referred to as the 'digital Ouguiya.' This initiative, in partnership with German security technology group Giesecke+Devrient (G+D) beginning April 2024, aims to complement cash, enhance financial inclusion, and support the country's digital transformation agenda. The BCM views this as a strategic positioning for the future of digital currency, but it has not yet committed to full development.
  • National Blockchain Policy: In November 2025, the Ministry of Digital Transformation (MTNIMA) initiated a 'National Blockchain Policy' to create a framework for blockchain adoption in public services and finance, indicating a government-led exploration of the technology. This policy initiative, while not specific to private cryptocurrency regulation, signals a forward-looking approach to digital assets within the context of national digital transformation.
  • Digital Transformation Agenda: The broader context for Mauritania's evolving stance on digital assets is its national digital transformation strategy, which seeks to leverage digital technologies for economic development and financial participation. This includes efforts to improve access to digital financial services and mobile banking.
  • Regional Context: Mauritania is part of a region where many central banks are exploring or piloting digital national currencies. Experts in Africa are increasingly emphasizing the need for strengthened regulations to combat crypto-fueled financial crimes as cryptocurrency adoption grows across the continent.

Remaining Uncertainties

  • Will the upcoming National Blockchain Policy introduce a specific licensing regime for crypto exchanges?
  • Do local banks consistently process transfers to major international crypto exchanges, or are there widespread ad-hoc blocks?
  • How does the tax authority (Direction Générale des Impôts) treat capital gains from crypto trading in the absence of specific guidance?

Detailed Explanation

As of December 2025, Mauritania's regulatory environment for retail cryptocurrency trading is unequivocally a 'gray-zone,' characterized by an absence of explicit prohibition alongside a lack of a dedicated legal framework. There are no specific laws that ban individuals from holding, buying, or selling cryptocurrencies; however, no specialized legislation or regulatory body has been established to oversee cryptocurrency exchanges or related retail activities. This results in an unregulated market where participants operate without clear guidelines. The Central Bank of Mauritania (BCM), the primary financial sector regulator, has not issued regulations for private cryptocurrencies but is actively exploring a Central Bank Digital Currency (CBDC) in partnership with Giesecke+Devrient since April 2024. For taxation, the existing general tax laws, including the Income Tax Code and Capital Gains Tax Law, are applied, with cryptocurrencies classified as intangible assets, making income from activities like mining subject to income tax and capital gains from sales subject to a 20% tax. While not explicitly mentioning crypto, broader financial laws such as Law No. 048-2005 on Anti-Money Laundering and Counter-Terrorist Financing and Law No. 2021-017 on Electronic Payment Services provide a contextual legal backdrop that may influence future regulations. The regulatory void means there are no specific consumer protection mechanisms or investor safeguards for retail traders, who engage in the market entirely at their own risk. The government's forward-looking but non-regulatory approach is evidenced by the 'National Blockchain Policy' initiative launched by the Ministry of Digital Transformation, Innovation, and Modernization of the Public Sector (MTNIMA) on November 23, 2025, which aims to create a framework for blockchain adoption in public services and finance but does not constitute specific regulation for private crypto assets. Cryptocurrency mining is considered legal and is being integrated into some government-supported development hubs, consistent with the national digital transformation agenda. Overall, the landscape is defined by permissibility under general law but a significant lack of tailored oversight and protection.

Summary Points

I. Regulatory Status
* Gray-zone: No explicit laws ban cryptocurrency trading, but there is no comprehensive legal framework specifically governing crypto exchanges or retail activities.
* The market for retail trading is unregulated.

II. Key Regulatory Bodies
* Central Bank of Mauritania (BCM): The primary financial sector regulator. It supervises traditional financial institutions and is exploring a CBDC but does not directly regulate private cryptocurrencies.
* Mauritanian Tax Authorities: Enforce the application of general tax laws to cryptocurrency transactions.
* Ministry of Digital Transformation, Innovation, and Modernization of the Public Sector (MTNIMA): Leads policy initiatives like the National Blockchain Policy.

III. Important Legislation
* General Tax Laws (Income Tax Code and Capital Gains Tax Law)
* Authority: Mauritanian Tax Authorities
* Date: Ongoing (existing codes)
* Summary: Cryptocurrencies are classified as intangible assets. Income from mining is subject to income tax, and capital gains from sales are subject to capital gains tax.
* Law No. 048-2005 on Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT)
* Authority: Mauritanian government, with BCM oversight.
* Date: 2005 (amended, e.g., Law No. 036-2018).
* Summary: Does not explicitly mention cryptocurrencies, but its principles are expected to apply as adoption grows. A December 2025 FATF report noted Mauritania is only partially compliant with Recommendation 15 on virtual assets.
* Law No. 2021-017 on Electronic Payment Services
* Authority: Mauritanian government
* Date: Enacted June 1, 2021
* Summary: Establishes a legal framework for digital financial services, providing context for the ecosystem in which crypto exists.
* National Blockchain Policy (Initiative)
* Authority: MTNIMA
* Date: Initiated November 23, 2025
* Summary: A policy initiative to create a framework for blockchain adoption; it is not a law and does not regulate private cryptocurrency retail trading.

IV. Compliance Requirements
* Tax Compliance: Taxpayers are obliged to report all cryptocurrency transactions and maintain proper documentation. Income and capital gains are taxable under general laws.
* General Legal Compliance: Participants must operate within the bounds of existing general laws, such as those against fraud.

V. Notable Restrictions or Limitations
* Consumer/Investor Protection: There are limited, if any, specific consumer protection mechanisms or investor safeguards for retail crypto traders.
* Banking Access: Banking access for crypto exchanges is not guaranteed. Local banks may block transactions to foreign exchanges at their discretion under general AML/CFT compliance.
* Exchange Controls: There is no specific guidance on how general exchange-control regulations apply to cross-border cryptocurrency transactions.
* Legal Tender Status: Cryptocurrencies are not recognized as legal tender or official currency.

VI. Recent Developments or Notes
* CBDC Exploration: The BCM is actively exploring a 'digital Ouguiya' CBDC in partnership with Giesecke+Devrient (starting April 2024) to enhance financial inclusion.
* National Blockchain Policy: The government's November 2025 initiative signals a forward-looking approach to digital assets within the national digital transformation strategy.
* Mining Status: Cryptocurrency mining is considered legal and is being integrated into some government-supported development hubs.

Full Analysis Report

Report on the Current Status of Retail Cryptocurrency Trading in Mauritania

Date: 2025-12-12 (Updated)

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.

1. Current Status: Gray-zone

2. Detailed Narrative Explanation:

As of December 2025, with subsequent developments through late 2025, retail cryptocurrency trading in Mauritania exists in a gray-zone. There are no specific laws that explicitly prohibit individuals from buying, selling, or holding cryptocurrencies. However, the Mauritanian government has not established a comprehensive legal framework or designated a regulatory body to oversee cryptocurrency exchanges or retail trading activities. This creates an environment where the activity is not illegal but operates without formal oversight, specific consumer protections, or a clear licensing regime for service providers.

The Central Bank of Mauritania (BCM) has not issued regulations for private cryptocurrencies like Bitcoin. Instead, the BCM's digital currency strategy has focused on exploring a Central Bank Digital Currency (CBDC), the 'digital Ouguiya,' in partnership with Giesecke+Devrient since April 2024. This indicates an official interest in digital currency technology but a distinction between state-backed and private digital assets.

Despite the regulatory vacuum, cryptocurrency transactions are subject to existing general tax laws. The Mauritanian tax authorities have provided guidance classifying cryptocurrencies as 'intangible assets.' Therefore, income from activities like mining is subject to income tax, and capital gains from trading are subject to capital gains tax. Taxpayers are required to report such transactions.

In November 2025, the Ministry of Digital Transformation, Innovation, and Modernization of the Public Sector (MTNIMA) initiated a 'National Blockchain Policy.' This policy aims to create a framework for blockchain adoption in public services and finance to attract investment and boost the digital economy (source: Ecofin Agency, November 2025). While this signals a forward-looking government approach to blockchain technology, it is a policy initiative and does not establish immediate regulations for private cryptocurrency retail trading.

International cryptocurrency exchanges are accessible to Mauritanian residents, and these platforms typically enforce their own KYC/AML procedures. However, the lack of local regulation means users have no statutory recourse in case of disputes, scams, or exchange failures. Furthermore, while not officially banned, banking access for crypto-related transactions is not guaranteed, as local banks may block transfers to foreign exchanges under general anti-money laundering compliance.

Cryptocurrency mining is considered legal and is reportedly being integrated into some government-supported development hubs, consistent with the broader digital transformation agenda.

In summary, Mauritania's retail crypto trading landscape is defined by the absence of explicit prohibition coupled with the absence of a dedicated regulatory framework. This 'gray-zone' status reflects a cautious, evolving approach where activities are tolerated but not formally regulated or protected, fitting a gradual transition in the country's stance on digital assets.

3. Specific, Relevant Text Excerpts:
* UPay Blog (December 8, 2024): "Mauritania currently has no formal laws regulating cryptocurrency, leaving the market unregulated but not banned."
* UEEx Technology (April 29, 2025): "Yes, cryptocurrency exchanges are legal in Mauritania... However, it's important to note that Mauritania's regulatory framework for cryptocurrencies is still developing."
* Heavnn University (March 28, 2024): "Mauritania's tax authorities have provided some guidance on the matter, classifying cryptocurrencies as intangible assets for tax purposes."
* Ecofin Agency (November 23, 2025): "The ministry said blockchain adoption 'will contribute to the protection of rights... while creating an attractive investment environment for domestic and international investors in digital finance and innovation.'"
* Giesecke+Devrient (April 22, 2024): "The Banque Centrale de Mauritanie has strategically positioned itself for the potential launch of a digital currency."

4. Direct, Accessible URL Links to Sources:
* UPay Blog: https://upay.co.uk/blog/crypto-adoption-around-the-world-mauritania
* UEEx Technology: https://ueex.com/en/blog/best-crypto-exchange-in-mauritania-in-2025-b0001
* Heavnn University: https://heavnn.university/mauritania/cryptocurrency-taxes-in-mauritania/
* Ecofin Agency: https://www.ecofinagency.com/telecom/2511-46123-mauritania-advances-blockchain-policy-to-modernize-digital-public-services
* Giesecke+Devrient: https://www.gi-de.com/en/press/press-releases/gd-partners-with-central-bank-of-mauritania-to-design-a-digital-cbdc
* UNCDF Policy Accelerator: https://www.uncdf.org/article/6938/congratulations-to-mauritania-on-adopting-a-new-regulatory-framework-for-e-payment-services
* MEXC Wiki: https://www.mexc.com/learn/article/17827791509939
* TechAfrica News: https://techafricanews.com/2025/11/25/mauritania-sets-sights-on-blockchain-to-boost-transparency-and-digital-governance/

Source Evidence

Primary and secondary sources cited in this analysis

UPay Blog - Crypto Adoption in Mauritania secondary (analysis)
2024-12-08

"Mauritania currently has no formal laws regulating cryptocurrency, leaving the market unregulated but not banned."

UEEx Technology - Best Crypto Exchange in Mauritania secondary (analysis)
2025-04-29

"Yes, cryptocurrency exchanges are legal in Mauritania... However, it's important to note that Mauritania's regulatory framework for cryptocurrencies is still developing."

Heavnn University - Cryptocurrency Taxes in Mauritania secondary (analysis)
2024-03-28

"Mauritania's tax authorities have provided some guidance on the matter, classifying cryptocurrencies as intangible assets for tax purposes."

Mauritania Advances Blockchain Policy to Modernize Digital Public Services primary (official_government)
2025-11-23

"The ministry said blockchain adoption 'will contribute to the protection of rights... while creating an attractive investment environment for domestic and international investors in digital finance and innovation.'"

G+D partners with Central Bank of Mauritania to design a digital CBDC primary (regulator)
2024-04-22

"The Banque Centrale de Mauritanie has strategically positioned itself for the potential launch of a digital currency."

UNCDF Policy Accelerator - Mauritania E-Payment Law primary (analysis)
2021-07-12

"In June 2021, the Mauritanian Parliament adopted the draft law related to electronic payment services."

Is Crypto Mining Legal In Mauritania? | MEXC Wiki secondary (analysis)
2025-12-01

"As of 2025, cryptocurrency mining is legal in Mauritania. The Mauritanian government has not enacted any specific laws that prohibit the mining of cryptocurrencies."

Mauritania Sets Sights on Blockchain to Boost Transparency secondary (news)
2025-11-25

"The Ministry of Digital Transformation... has taken a major step toward advancing digital governance by initiating preparations for a national blockchain policy."

Web Sources (3)

Sources discovered via web search grounding

Search queries used (9)
  • Mauritania cryptocurrency regulation status
  • legal status of bitcoin in Mauritania
  • Banque Centrale de Mauritanie crypto currency statement
  • Mauritania central bank warning cryptocurrency
  • Mauritania digital asset regulation
  • Mauritania crypto mining legal status
  • Mauritania "Blockchain Hub" Nouakchott
  • Mauritania Law No. 2021-017 electronic payment services crypto
  • "Banque Centrale de Mauritanie" bitcoin warning
mexc.com

https://blog.mexc.com/wiki/is-crypto-mining-legal-in-mauritania/

wearetech.africa

https://www.wearetech.africa/en/fils-uk/news/tech/mauritania-takes-mining-sector-digital-in-bid-to-boost-transparency-and-investment

techafricanews.com

https://techafricanews.com/2025/11/25/mauritania-sets-sights-on-blockchain-to-boost-transparency-and-digital-governance/

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