Bahamas vs Egypt
Crypto regulation comparison
Bahamas
Egypt
Legal
Restricted
The Bahamas enacted the Digital Assets and Registered Exchanges (DARE) Act in 2020, creating a comprehensive regulatory framework. The SCB oversees digital asset businesses. The Bahamas also launched the Sand Dollar CBDC.
Egypt heavily restricts cryptocurrency. The Central Bank of Egypt prohibits banks from dealing in or facilitating crypto transactions, and a 2018 Dar al-Ifta fatwa declared crypto trading haram. However, Egypt's 2020 banking law created a framework that could eventually allow regulated crypto under CBE licensing.
Tax Type
No tax
Tax Type
Unclear
Tax Rate
0%
Tax Rate
N/A
Exchanges
Yes
Exchanges
No
Mining
No
Mining
No
Regulator
Securities Commission of the Bahamas (SCB)
Regulator
Central Bank of Egypt (CBE), Dar al-Ifta
Stablecoin Rules
Regulated under DARE Act 2024; algorithmic stablecoins banned
Stablecoin Rules
Not applicable under current restrictions
Key Points
- DARE Act (2020) provides comprehensive regulation for digital assets and exchanges
- Securities Commission of the Bahamas licenses and supervises digital asset businesses
- No income tax, capital gains tax, or crypto-specific taxes
- Sand Dollar CBDC launched in 2020 as one of the world's first
- FTX collapse in 2022 led to enhanced scrutiny and regulatory updates
Key Points
- CBE prohibits banks and financial institutions from dealing in cryptocurrency
- Dar al-Ifta issued a 2018 religious ruling (fatwa) against crypto trading
- 2020 Central Bank and Banking Sector Law requires CBE approval for any crypto activity
- Creating or operating a crypto platform without CBE license is illegal
- Despite restrictions, Egypt has significant peer-to-peer crypto activity