Benin vs Ecuador
Crypto regulation comparison
Benin
Ecuador
No Regulation
Partially Regulated
Benin has no specific cryptocurrency regulation. As a WAEMU member, it falls under BCEAO oversight. The BCEAO has warned against crypto but there is no formal ban.
Ecuador has a complex relationship with cryptocurrency. A 2014 National Assembly resolution banned Bitcoin as legal tender, and the Central Bank prohibits financial institutions from dealing in crypto. However, private ownership and trading of crypto are not explicitly illegal, and peer-to-peer usage exists.
Tax Type
None
Tax Type
Unclear
Tax Rate
N/A
Tax Rate
N/A
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
BCEAO (Central Bank of West African States)
Regulator
Banco Central del Ecuador, Superintendencia de Bancos
Stablecoin Rules
No stablecoin regulation
Stablecoin Rules
No specific stablecoin regulation
Key Points
- No specific national cryptocurrency legislation
- BCEAO provides regional monetary and regulatory oversight
- Part of the WAEMU monetary zone using the CFA franc
- Limited crypto adoption
- No licensing framework for crypto businesses
Key Points
- 2014 resolution prohibits crypto from being used as legal tender
- Central Bank bans financial institutions from facilitating crypto transactions
- Private ownership and P2P trading exist in a legal gray area
- Ecuador uses the US dollar as its official currency, limiting monetary policy tools
- No comprehensive crypto regulatory framework in place