Costa Rica vs Rwanda
Crypto regulation comparison
Costa Rica
Rwanda
No Regulation
Restricted
Costa Rica has no specific cryptocurrency legislation. The Central Bank has stated crypto is not legal tender and not backed by the government, but has not prohibited its use. Some businesses accept Bitcoin, and there is a growing crypto community, particularly in tech-focused areas.
Rwanda is developing a comprehensive crypto regulatory framework. The NBR and Capital Markets Authority are drafting a law requiring VASPs to obtain CMA licenses. The draft law prohibits crypto as legal tender, bans mining and crypto ATMs, and imposes fines up to 30M RWF and imprisonment for unlicensed operators.
Tax Type
Unclear
Tax Type
None
Tax Rate
N/A
Tax Rate
N/A
Exchanges
Yes
Exchanges
No
Mining
Yes
Mining
No
Regulator
BCCR (Banco Central de Costa Rica), SUGEF
Regulator
National Bank of Rwanda (NBR), Capital Markets Authority (CMA)
Stablecoin Rules
No stablecoin-specific regulation
Stablecoin Rules
Draft law prohibits crypto as payment; mining and crypto ATMs banned
Key Points
- No specific cryptocurrency legislation exists
- BCCR does not recognize crypto as legal tender but has not banned it
- Crypto businesses operate in a legal gray area without formal licensing
- A Bitcoin and crypto community has emerged, especially around tech hubs
- Tax obligations on crypto gains are unclear due to lack of specific guidance
Key Points
- Draft law requires VASPs to obtain licenses from Capital Markets Authority
- Crypto prohibited as legal tender or payment method under draft law
- Crypto mining, crypto ATMs, and mixer/tumbler services banned
- Penalties include fines up to 30M RWF and up to 5 years imprisonment
- Framework driven by FATF compliance on AML requirements