Bangladesh vs Myanmar
Crypto regulation comparison
Bangladesh
Myanmar
Banned
Banned
Bangladesh effectively bans cryptocurrency. Bangladesh Bank issued warnings in 2017 citing anti-money laundering laws, and the Foreign Exchange Regulation Act 1947 prohibits unapproved digital currency transactions. Violations can result in imprisonment up to 12 years.
Myanmar's Central Bank issued Notification No. 9/2020 prohibiting the sale, purchase, and exchange of unregulated digital currencies. Violations are prosecuted under the Anti-Money Laundering Law and Financial Institutions Law with penalties including imprisonment and fines. Despite the ban, underground stablecoin usage persists, particularly USDT.
Tax Type
Unclear
Tax Type
None
Tax Rate
N/A
Tax Rate
N/A
Exchanges
No
Exchanges
No
Mining
No
Mining
No
Regulator
Bangladesh Bank
Regulator
Central Bank of Myanmar
Stablecoin Rules
Not applicable; all crypto transactions are prohibited
Stablecoin Rules
No stablecoin regulation
Key Points
- Bangladesh Bank issued a 2017 notice warning against crypto transactions
- Foreign Exchange Regulation Act 1947 used to prohibit crypto dealings
- Money Laundering Prevention Act 2012 applies to crypto-related activities
- Penalties can include up to 10 years imprisonment and fines up to 3 million BDT
- Despite the ban, some peer-to-peer trading occurs underground
Key Points
- CBM Notification No. 9/2020 prohibits sale, purchase, and exchange of digital currencies
- Violations prosecuted under Anti-Money Laundering Law and Financial Institutions Law
- Financial institutions banned from dealing in digital currencies
- CBM is exploring a central bank digital currency (digital kyat)
- Underground stablecoin (USDT) usage persists despite ban