Sudan Cryptocurrency Laws Regulation of Digital Currencies: Cryptocurrency, Bitcoins, Blockchain Technology
Sudan has not currently enacted regulations or legislation specifically regulating digital currency yet. Sudan’s current legislation addresses electronic payments in general. However, it does not cover cryptocurrencies because the “Electronic Transactions Act, 2007” [1] was enacted before the rise of these virtual currencies. Despite of that, there are still many strong measures in this Act, such as protecting the secrecy of information and detailing the electronic contracting process. [2]
In June 2020, Sudan joined the “Better Than Cash Alliance”, as a step in line with the government Digital Transformation Agency, which aims to modernize the government services and payment system. This new digital environment and shift in the culture may help in any future adoption of cryptocurrency at the state level. [3]
According to Cointobuy’s analysis, the crypto-related activity in this country has a 0.2/10 safety rank, the main ranking factor for Sudan is that 77 ICOs have banned Sudan dwellers to take part in their crowdfunding venture. Also, Cointobuys has ranked Sudan in the position 247 out of 249 countries in terms of cryptocurrency safety. [4 ] Regulation of cryptocurrencies in Sudan would ensure more security for all stakeholders, also it would protect the country from harmful use and illegal activities.
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:
[1] The Electronic Transactions Act, 2007. Available at https://cbos.gov.sd/en/content/electronic-transactions-act-2007=
[2] Sudan Need a Legal Framework for Cryptocurrency, (Sep. 2, 2020). Available at https://globalvoices.org/2020/09/02/sudan-needs-a-legal-framework-for-cryptocurrency/
