Central African Republic vs Saudi Arabia
Crypto regulation comparison
Central African Republic
Saudi Arabia
Legal
Restricted
The Central African Republic briefly adopted Bitcoin as legal tender in 2022 under the 'Sango' project, but this was struck down by the Constitutional Court. Crypto remains legal but the legal tender status was reversed.
Saudi Arabia has an ambiguous but generally restrictive approach to cryptocurrency. SAMA has not licensed any crypto exchanges, and financial institutions are warned against dealing in crypto. However, crypto is not explicitly banned by law, and Saudi Arabia has participated in blockchain initiatives (Project Aber with the UAE central bank). No personal income or capital gains tax exists in Saudi Arabia.
Tax Type
None
Tax Type
None
Tax Rate
N/A
Tax Rate
0%
Exchanges
Yes
Exchanges
No
Mining
Yes
Mining
Yes
Regulator
BEAC (Bank of Central African States)
Regulator
SAMA (Saudi Arabian Monetary Authority), CMA Saudi Arabia
Stablecoin Rules
No specific stablecoin regulation
Stablecoin Rules
No regulation; crypto trading not authorized
Key Points
- Bitcoin was briefly adopted as legal tender in 2022 via the Sango Act
- Constitutional Court struck down the legal tender provision
- Crypto trading and holding remain legal
- BEAC opposed the Bitcoin legal tender move
- Sango crypto hub project launched but has faced significant challenges
Key Points
- SAMA has not authorized or licensed any cryptocurrency exchanges
- Financial institutions warned against crypto transactions
- Crypto not explicitly banned but not regulated; exists in a legal gray area
- No personal income or capital gains tax in Saudi Arabia
- Saudi Arabia participated in CBDC experiments (Project Aber with UAE)