Micronesia vs Myanmar
Crypto regulation comparison
Micronesia
Myanmar
No Regulation
Banned
Micronesia has no specific cryptocurrency regulation. Uses the US dollar as its official currency.
Myanmar's Central Bank issued Notification No. 9/2020 prohibiting the sale, purchase, and exchange of unregulated digital currencies. Violations are prosecuted under the Anti-Money Laundering Law and Financial Institutions Law with penalties including imprisonment and fines. Despite the ban, underground stablecoin usage persists, particularly USDT.
Tax Type
None
Tax Type
None
Tax Rate
N/A
Tax Rate
N/A
Exchanges
Yes
Exchanges
No
Mining
Yes
Mining
No
Regulator
Department of Finance and Administration
Regulator
Central Bank of Myanmar
Stablecoin Rules
No stablecoin regulation
Stablecoin Rules
No stablecoin regulation
Key Points
- No specific cryptocurrency legislation
- Uses the US dollar as official currency
- Very limited financial infrastructure
- Minimal crypto adoption
- No licensing framework for crypto services
Key Points
- CBM Notification No. 9/2020 prohibits sale, purchase, and exchange of digital currencies
- Violations prosecuted under Anti-Money Laundering Law and Financial Institutions Law
- Financial institutions banned from dealing in digital currencies
- CBM is exploring a central bank digital currency (digital kyat)
- Underground stablecoin (USDT) usage persists despite ban