Marshall Islands vs Senegal
Crypto regulation comparison
Marshall Islands
Senegal
Legal
No Regulation
The Marshall Islands passed the Sovereign Currency Act in 2018 to create the SOV, a blockchain-based national digital currency. No income or capital gains tax.
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.
Tax Type
No tax
Tax Type
None
Tax Rate
0%
Tax Rate
N/A
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
Banking Commission of the Marshall Islands
Regulator
BCEAO (Central Bank of West African States)
Stablecoin Rules
No specific stablecoin regulation
Stablecoin Rules
No stablecoin regulation
Key Points
- Sovereign Currency Act (2018) created SOV digital currency
- No income or capital gains tax
- Has been a popular jurisdiction for DAO registration
- Banking Commission provides oversight
- Limited domestic crypto adoption
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