Gambia and Cryptocurrency

Gambia Cryptocurrency Laws
Regulation of Digital Currencies: Cryptocurrency, Bitcoins, Blockchain Technology

Gambia has not currently enacted regulations or legislation specifically regulating digital currency yet. Neither the Central Bank of  Gambia, nor the Government of The Gambia have made a statement or have publicly presented a stance with regards to cryptocurrencies and their legality. According to Cointobuy’s analysis, the crypto-related activity in this country has a 2.0/10 safety rank, the main ranking factor for Gambia is that 2 ICOs have forbidden Gambia dwellers to take part in their crowdfunding venture. Also, Cointobuy has ranked Gambia in the position 178 out of 249 countries in terms of cryptocurrency safety. [1]

Despite the Gambia’s lack of digital currency regulation, SafeMoon, an altcoin and a blockchain-based digital currency broadly similar to Bitcoin, plans to implement a new project in the Gambia, known as Operation Phoenix. [2] [1] Cryptocurrency Analysis, “Ultimate crypto investment safety rankings”, (Jun. 2, 2021). https://cointobuy.io/countries/gambia

[2] Cryptocurrency – SafeMoon to Implement Operation Phoenix in Gambia. (May 18, 2021). https://www.gambia.com/cryptocurrency-safemoon-to-implement-operation-phoenix-in-gambia/

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:

Podcast:

The Freeman Law Project – Cryptocurrency Regulation and Taxation: A Brief Primer

Is cryptocurrency legal in Gambia?

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

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