Haiti and Cryptocurrency
Haiti Cryptocurrency Laws
Regulation of Digital Currencies: Cryptocurrency, Bitcoins, Blockchain Technology
Haiti has not currently enacted regulations or legislation specifically regulating cryptocurrency yet. Therefore, the legal status of cryptocurrency in Haiti is controversial. Cointobuy’s analysis tool has ranked Haiti 212 out of 249 countries in terms of cryptocurrency safety, also the crypto-related action in this country has a 1.4 /10 safety rank. [1]
Despite the unfavorable scenario, Haiti is enjoying a real blockchain boom generated by the business ideas of cryptocurrency startup entrepreneurs. Startups are trying to shape the future of agriculture, production, and other spheres. For example, “AgriLedger” is a project that will enable users to trace the food supply chain and find out how products are grown or transported. [2] In addition, the “Blockchain Cotton Project” (BCP) works in a similar way: it will endorse smallholder cotton farmers that provide cotton for US clothing producers. Farm locations will be tracked by GPS and BCP will also verify whether the cotton is organic or fair-trade and guarantee the farmers a fair price for their cotton. [3]
Haiti became the homeland of groundbreaking educational projects. The “Cryptocurrency for Haiti” and the “Haiti Blockchain Alliance” are extraordinary examples. Both projects help common people understand the potential of blockchain. In 2019, The Haitian Central Bank announced at the Haiti Tech Summit that it will be launching its own digital currency. However, until now no action was taken to reach release its own cryptocurrency.
[1] Cryptocurrency Analysis, “Ultimate crypto investment safety rankings”. (Jun. 2, 2021). https://cointobuy.io/countries/
[2] Cryptocurrency Regulation in the Caribbean: Is it the Perfect Sandbox? (Feb. 2, 2020). https://coincentral.com/cryptocurrency-regulation-in-the-caribbean-is-it-the-perfect-sandbox/
[3] . 2018). https://static1.1.sqspcdn.com/static/f/1740404/27802879/1516200937980/Concept+Note+for+Blockchain+Cotton+Project+in+Haiti+-+January+2018.pdf?token=0GbGpiyEtwLwIJ9k71x0s5bV8HI%3D
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:
Is cryptocurrency legal in Haiti?
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.
