Egypt vs Jamaica
Crypto regulation comparison
Egypt
Jamaica
Restricted
No Regulation
Egypt heavily restricts cryptocurrency. The Central Bank of Egypt prohibits banks from dealing in or facilitating crypto transactions, and a 2018 Dar al-Ifta fatwa declared crypto trading haram. However, Egypt's 2020 banking law created a framework that could eventually allow regulated crypto under CBE licensing.
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
Unclear
Tax Type
Unclear
Tax Rate
N/A
Tax Rate
N/A
Exchanges
No
Exchanges
Yes
Mining
No
Mining
Yes
Regulator
Central Bank of Egypt (CBE), Dar al-Ifta
Regulator
BOJ (Bank of Jamaica), FSC
Stablecoin Rules
Not applicable under current restrictions
Stablecoin Rules
BOJ launched JAM-DEX CBDC; no private stablecoin regulation
Key Points
- CBE prohibits banks and financial institutions from dealing in cryptocurrency
- Dar al-Ifta issued a 2018 religious ruling (fatwa) against crypto trading
- 2020 Central Bank and Banking Sector Law requires CBE approval for any crypto activity
- Creating or operating a crypto platform without CBE license is illegal
- Despite restrictions, Egypt has significant peer-to-peer crypto activity
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