Myanmar and Cryptocurrency

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

In 2020, the Central Bank of Myanmar (CBM) announced that it does not recognize cryptocurrencies as an official currency, and anyone caught trading digital assets can be imprisoned or fined. In addition, the country’s central bank issued an announcement stating that financial institutions are not allowed to accept or facilitate transactions using digital currencies. [1] However, there’s no official law in the country that forbids the use and trade of cryptocurrencies. The CBM has not prohibited the use of under the law, it has just issued an announcement. [2]

Myanmar has not currently enacted regulations or legislation specifically regulating cryptocurrency yet. Cointobuy’s analysis tool has ranked Myanmar in the position 244 out of 249 countries in terms of cryptocurrency safety, also the crypto-related action in this country has a 0.7/10 safety rank. [3]

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 Myanmar?

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.


[1] Myanmar Central Bank Claim Crypto is Banned, Users Disagree, (May 22, 2020). https://cointelegraph.com/news/myanmar-central-bank-claims-crypto-is-banned-users-disagree

[2] Id.

[3] Cryptocurrency Analysis, “Ultimate crypto investment safety rankings”, (Jun. 2, 2021).

https://cointobuy.io/countries/myanmar

Schedule a consultation
close slider

    Schedule a Consultation

    captcha