Kuwait vs Senegal
Crypto regulation comparison
Kuwait
Senegal
Kuwait has taken a restrictive approach to cryptocurrency. The Central Bank of Kuwait and the Capital Markets Authority have prohibited banks and financial institutions from processing crypto transactions. There is no licensing framework for crypto exchanges. However, owning crypto is not explicitly illegal, and there is no personal income tax in Kuwait, so no crypto-specific tax applies.
Senegal has no specific national cryptocurrency legislation. As a WAEMU member, the BCEAO does not recognize crypto as legal tender and has issued warnings about risks. Crypto is not illegal but operates without legal protection. BCEAO tightened foreign exchange controls in 2024, and fintech firms now require licenses under BCEAO Instruction 001-01-2024.
Key Points
- CBK prohibits banks and financial institutions from dealing in virtual currencies
- No licensing framework exists for crypto exchanges or VASPs
- Personal ownership of crypto is not explicitly criminalized
- No personal income or capital gains tax in Kuwait applies to crypto
- CMA has warned investors about the risks of cryptocurrency
Key Points
- No specific national cryptocurrency legislation
- Crypto not illegal but BCEAO has issued warnings about risks
- Part of the WAEMU monetary zone using the CFA franc
- BCEAO tightened foreign exchange controls and AML requirements in 2024
- Fintech firms now require BCEAO licenses under Instruction 001-01-2024