BTC $66,928.00 (-0.34%)
ETH $1,940.32 (-1.86%)
XRP $1.41 (-3.32%)
BNB $603.75 (-2.29%)
SOL $81.41 (-1.25%)
TRX $0.28 (+0.92%)
DOGE $0.10 (-2.42%)
BCH $555.10 (-1.19%)
ADA $0.27 (-3.32%)
LEO $8.69 (+1.95%)
HYPE $28.45 (-1.22%)
XMR $331.42 (-1.47%)
LINK $8.50 (-2.61%)
CC $0.16 (-5.65%)
XLM $0.16 (-3.20%)
RAIN $0.01 (-0.76%)
ZEC $261.72 (-6.18%)
HBAR $0.10 (-3.66%)
LTC $52.34 (-3.57%)
AVAX $8.89 (-1.96%)

Namibia vs Somalia

Crypto regulation comparison

← Back to map | Namibia | Somalia
Namibia

Namibia

Somalia

Somalia

Legal
No Regulation

Namibia enacted the Virtual Assets Act (Act 10 of 2023) establishing a comprehensive licensing framework for VASPs. The Bank of Namibia is designated as regulator. Crypto is legal but not legal tender. No specific crypto tax framework yet.

Somalia has no specific cryptocurrency regulation. The fragmented governance structure makes unified regulation extremely difficult. Mobile money dominates the financial landscape.

Tax Type No framework
Tax Type None
Tax Rate N/A
Tax Rate N/A
Exchanges Yes Yes
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator Bank of Namibia
Regulator Central Bank of Somalia
Stablecoin Rules Regulated under Virtual Assets Act
Stablecoin Rules No stablecoin regulation
Key Points
  • Virtual Assets Act (Act 10 of 2023) signed into law July 2023
  • VASPs must obtain licenses from Bank of Namibia to operate
  • Provisional licenses granted to first two exchanges in 2025
  • Non-compliance penalties up to NAD 10 million and 10 years imprisonment
  • Crypto is not legal tender but merchants may accept at their discretion
Key Points
  • No specific cryptocurrency legislation
  • Fragmented governance limits regulatory development
  • Mobile money dominates informal financial system
  • Very limited formal financial infrastructure
  • No licensing framework for crypto services
Sources
Sources