Dominican Republic vs Marshall Islands
Crypto regulation comparison
Dominican Republic
Marshall Islands
Restricted
Legal
The Dominican Republic has no specific cryptocurrency legislation. The central bank (BCRD) issued statements in 2017 and 2021 warning that crypto is not legal tender and prohibiting regulated financial institutions from dealing in digital assets under Monetary Law No. 183-02. Individual use is not criminalized but operates in a restricted gray area.
The Marshall Islands passed the Sovereign Currency Act in 2018 to create the SOV, a blockchain-based national digital currency. No income or capital gains tax.
Tax Type
Unclear
Tax Type
No tax
Tax Rate
N/A
Tax Rate
0%
Exchanges
No
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
Banco Central de la República Dominicana (BCRD), SIMV
Regulator
Banking Commission of the Marshall Islands
Stablecoin Rules
No stablecoin regulation
Stablecoin Rules
No specific stablecoin regulation
Key Points
- No specific cryptocurrency legislation exists
- BCRD prohibits regulated financial institutions from dealing in crypto
- Crypto is not recognized as legal tender
- No licensing framework for crypto exchanges
- Crypto gains treated as taxable income when converted to Dominican pesos
Key Points
- Sovereign Currency Act (2018) created SOV digital currency
- No income or capital gains tax
- Has been a popular jurisdiction for DAO registration
- Banking Commission provides oversight
- Limited domestic crypto adoption