Egypt vs Tonga
Crypto regulation comparison
Egypt
Tonga
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.
Tonga has no specific cryptocurrency regulation. There has been legislative interest in adopting Bitcoin as legal tender but no legislation has been enacted.
Tax Type
Unclear
Tax Type
None
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
National Reserve Bank of Tonga
Stablecoin Rules
Not applicable under current restrictions
Stablecoin Rules
No 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
- Legislative interest in Bitcoin legal tender discussed
- National Reserve Bank provides monetary oversight
- Limited crypto infrastructure
- No licensing framework for crypto services