Brunei vs Latvia
Crypto regulation comparison
Brunei
Latvia
Restricted
Legal
Brunei has no specific cryptocurrency legislation. The BDCB (formerly AMBD) stated in 2017 that crypto is not legal tender and not regulated, warning the public about risks. Crypto is not banned but has no legal protection. No tax guidelines address crypto specifically.
Cryptocurrency is legal in Latvia and regulated under the EU MiCA framework. Since 2023, the financial regulator FKTK merged into Latvijas Banka, which now oversees VASP registration and AML compliance. Capital gains from crypto are taxed at 20%. Latvia has been proactive in implementing EU-wide crypto standards.
Tax Type
None
Tax Type
Capital gains
Tax Rate
N/A
Tax Rate
20%
Exchanges
No
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
Brunei Darussalam Central Bank (BDCB, formerly AMBD)
Regulator
FKTK (Finanšu un kapitāla tirgus komisija) / Latvijas Banka
Stablecoin Rules
No stablecoin regulation
Stablecoin Rules
Regulated under EU MiCA framework
Key Points
- BDCB stated in 2017 that crypto is not legal tender and not regulated
- Crypto not recognized as legal tender
- No specific cryptocurrency legislation
- Financial institutions discouraged from dealing in crypto
- No tax guidelines specifically address cryptocurrency
Key Points
- VASPs must register with Latvijas Banka and comply with AML/CFT requirements
- Capital gains from crypto taxed at 20% personal income tax rate
- MiCA framework applies from December 2024, transitioning existing registrations
- Latvia transposed the 5th Anti-Money Laundering Directive for crypto oversight
- Latvijas Banka absorbed FKTK regulatory functions in January 2023