Guinea-Bissau vs Venezuela
Crypto regulation comparison
Guinea-Bissau
Venezuela
No Regulation
Legal
Guinea-Bissau has no specific cryptocurrency regulation. As a WAEMU member, it falls under BCEAO oversight.
Venezuela has a unique crypto history. The government launched the Petro (PTR) state cryptocurrency in 2018, backed by oil reserves, though it was widely considered a failure and discontinued. SUNACRIP regulates crypto activities and has licensed mining operations. Venezuelans have high crypto adoption due to hyperinflation, with USDT widely used as a de facto currency. Crypto mining requires a SUNACRIP license.
Tax Type
None
Tax Type
Income
Tax Rate
N/A
Tax Rate
Up to 34%
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
BCEAO (Central Bank of West African States)
Regulator
SUNACRIP (Superintendencia Nacional de Criptoactivos)
Stablecoin Rules
No stablecoin regulation
Stablecoin Rules
Government launched Petro (PTR) state crypto (discontinued); SUNACRIP regulated stablecoins
Key Points
- No specific national cryptocurrency legislation
- BCEAO provides regional monetary oversight
- Part of the WAEMU monetary zone using the CFA franc
- Very limited crypto adoption
- No licensing framework for crypto businesses
Key Points
- SUNACRIP regulates crypto exchanges, mining, and service providers
- Government-backed Petro cryptocurrency launched in 2018, largely discontinued
- Crypto mining requires SUNACRIP license and registration
- Very high crypto adoption driven by hyperinflation; USDT widely used
- Income from crypto subject to progressive tax rates up to 34%