Algeria and Cryptocurrency

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Algeria and Cryptocurrency

Cryptocurrencies are currently banned under Algerian law. The 2018 Financial Law of Algeria has prohibited the use of any cryptocurrencies. It stipulates:

The purchase, sale, use, and possession of so-called virtual currency are prohibited. A virtual currency is one used by Internet users over the Internet. It is characterized by the absence of physical support such as coins, paper money, or payments by check or credit card.

Any violation of this provision is punishable in accordance with the laws and regulations in force.[1]

Is cryptocurrency legal in Algeria?

Do you have questions about Algeria’s cryptocurrency, digital currencies, or blockchain technology? Freeman Law can help with digital currencies, tax planning, and tax compliance. Contact us now or Schedule a consultation or call (214) 984-3410 to discuss your Algeria cryptocurrency and blockchain technology concerns.

P.S. Insights on Cryptocurrency Legal Issues

Most jurisdictions and authorities have yet to enact laws governing cryptocurrencies, meaning that, for most countries, the legality of crypto mining remains unclear.

Under the Financial Crimes Enforcement Network (FinCEN), crypto miners are considered money transmitters, so they may be subject to the laws that govern that activity. In Israel, for instance, crypto mining is treated as a business and is subject to corporate income tax. In India and elsewhere, regulatory uncertainty persists, although Canada and the United States are relatively friendly to crypto mining.

However, apart from jurisdictions that have specifically banned cryptocurrency-related activities, very few countries prohibit crypto mining.

Our Freeman Law Cryptocurrency Law Resource page provides a summary of the legal status of cryptocurrency for each country across the globe with statutory or regulatory provisions governing cryptocurrency. The globe below provides links to country-by-country summaries:

Other Cryptocurrency and Blockchain Resources:

[1] Law No. 17-11 of 1917 (Dec. 27, 2017) art. 117, Official Gazette No. 76 of 2017 (Dec. 28, 2017), https://www.joradp.dz/FTP/JO-ARABE/2017/A2017076.pdf (in Arabic), archived athttps://perma.cc/JE65-VFFF (translation by author). French translation of the Law available at https://www.mfdgi.gov.dz/images/pdf/ lois_de_finances/LF2018F.pdf, archived athttps://perma.cc/XP6A-8Q4A.