Andorra vs Senegal
Crypto regulation comparison
Andorra
Senegal
Legal
No Regulation
Andorra enacted the Digital Assets Act (Law 24/2022) providing a comprehensive framework for crypto. The AFA licenses exchanges, custodians, and stablecoin issuers. Aligning with EU MiCA.
Senegal has no specific national cryptocurrency legislation. As a WAEMU member, the BCEAO does not recognize crypto as legal tender and has issued warnings about risks. Crypto is not illegal but operates without legal protection. BCEAO tightened foreign exchange controls in 2024, and fintech firms now require licenses under BCEAO Instruction 001-01-2024.
Tax Type
Unclear
Tax Type
None
Tax Rate
N/A
Tax Rate
N/A
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
Andorran Financial Authority (AFA)
Regulator
BCEAO (Central Bank of West African States)
Stablecoin Rules
Regulated under Digital Assets Act with specific stablecoin licenses
Stablecoin Rules
No stablecoin regulation
Key Points
- Digital Assets Act (Law 24/2022) effective Oct 2022
- AFA licenses and regulates all digital asset service providers
- Three categories of stablecoins with specific licensing requirements
- Low electricity costs make mining attractive
- Aligning regulations with EU MiCA framework
Key Points
- No specific national cryptocurrency legislation
- Crypto not illegal but BCEAO has issued warnings about risks
- Part of the WAEMU monetary zone using the CFA franc
- BCEAO tightened foreign exchange controls and AML requirements in 2024
- Fintech firms now require BCEAO licenses under Instruction 001-01-2024