Angola and Cryptocurrency
Angola Cryptocurrency Laws
Regulation of Digital Currencies: Cryptocurrency, Bitcoins, Blockchain Technology
The Angolan response to cryptocurrency is currently being considered by the Angolan Central Bank, according to a statement by José de Lima Massano.[1]
According to a 2018 study conducted by Ecobank, neither the Angolan Central Bank nor the Government of Angola have issued guidance or regulations addressing the legality and use of cryptocurrency.[2] Generally, although the use of cryptocurrency is not illegal, the Government in Angola advises against its use due to the financial risk of insecurity.[3]
More recently, however, the Governor of the Angolan Central Bank José de Lima Massano on September 30, 2020, indicated that the Central Bank would assess the risks of embracing cryptocurrency.[4] The announcement follows an October 2019 Request for Information by the National Bank about Blockchain solutions to the Angolan financial system.[5]
Speaking at a “Financial Inclusion and Globalization” webinar, Masson explained, “[The Central Bank] still [has] to see if this is an acceptable modality. We are in the early stage.”[6]
According to an IMF Report, Angola is slowly incorporating mobile banking, and at this time, there are three mobile money providers in the market.[7] Moving forward, studies by the Angolan Central Bank will be informative in strengthening the legal framework for payment systems and mobile money and encouraging more participants.
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:
Countries with National or Regional Cryptocurrencies Global Cryptocurrency Regulations Countries with National or Regional Cryptocurrencies.
[1] Portal Deti Blockchain
[2] Middle Africa Briefing Note | Digital | African crypto regulation | 1 August 2018, EcoBank.
[3] BITCOINS – Especialistas desaconselham en Angola, TPA Online.
[4] National Bank of Angola assesses risk of joining “Blockchain,” Further Africa.
[5] National Bank of Angola assesses risk of joining “Blockchain,” Further Africa.
[6] National Bank of Angola assesses risk of joining “Blockchain,” Further Africa.
[7] Fintech: The Experience So Far, International Monetary Fund (June 2019).
