Botswana vs Jamaica
Crypto regulation comparison
Botswana
Jamaica
Legal
No Regulation
Botswana passed the Virtual Assets Act in 2022, first African country to issue crypto licenses. NBFIRA supervises VASPs. 4 licensed entities as of 2024. Penalties up to P250,000 or 5 years imprisonment.
Jamaica has no specific cryptocurrency legislation. The Bank of Jamaica does not regulate or endorse crypto but has not banned it. Jamaica launched its own CBDC, JAM-DEX, in 2022 through the National Commercial Bank. Crypto exists in a legal gray area with no dedicated framework.
Tax Type
None
Tax Type
Unclear
Tax Rate
N/A
Tax Rate
N/A
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
Non-Bank Financial Institutions Regulatory Authority (NBFIRA)
Regulator
BOJ (Bank of Jamaica), FSC
Stablecoin Rules
No stablecoin regulation
Stablecoin Rules
BOJ launched JAM-DEX CBDC; no private stablecoin regulation
Key Points
- Virtual Assets Act enacted in 2022, effective Feb 22, 2022
- First African country to issue crypto licenses via NBFIRA
- 4 licensed VASPs as of December 2024
- Bank of Botswana assesses domestic crypto risks as minimal
- Unregistered crypto dealers face fines up to P250,000 or imprisonment
Key Points
- No specific cryptocurrency legislation or regulatory framework
- BOJ does not recognize crypto as legal tender but has not banned it
- Jamaica launched the JAM-DEX CBDC in 2022
- FSC Jamaica has not issued specific guidance on crypto asset regulation
- Tax treatment of crypto gains is unclear due to lack of specific guidance