Estonia vs Tajikistan
Crypto regulation comparison
Estonia
Tajikistan
Legal
Restricted
Estonia was an early mover in crypto regulation, offering licenses since 2017. However, a 2022 overhaul significantly tightened requirements, revoking hundreds of licenses and imposing stricter capital and compliance standards. Crypto gains are taxed at 20% (rising to 22% from 2025).
Tajikistan has restricted cryptocurrency activities. The National Bank has warned against crypto use and financial institutions are prohibited from dealing in digital currencies.
Tax Type
Capital gains
Tax Type
None
Tax Rate
20-22%
Tax Rate
N/A
Exchanges
Yes
Exchanges
No
Mining
Yes
Mining
No
Regulator
Finantsinspektsioon (EFSA), Rahapesu Andmebüroo (FIU)
Regulator
National Bank of Tajikistan
Stablecoin Rules
Regulated under EU MiCA framework
Stablecoin Rules
No stablecoin regulation
Key Points
- Estonia issued crypto licenses since 2017 but drastically tightened rules in 2022
- Hundreds of crypto licenses were revoked in 2020-2022 due to AML concerns
- New requirements include higher share capital (€100,000-€250,000) and local management
- Crypto gains taxed at 20% personal income tax (22% from 2025)
- MiCA framework applicable from December 2024
Key Points
- National Bank has warned against cryptocurrency use
- Financial institutions prohibited from dealing in crypto
- No specific comprehensive crypto legislation
- Crypto not recognized as legal tender
- Limited crypto infrastructure