Senegal vs Vanuatu
Crypto regulation comparison
Senegal
Vanuatu
No Regulation
Legal
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.
Vanuatu has become a popular jurisdiction for crypto businesses due to its tax-free environment. The VFSC has developed a regulatory framework for digital assets.
Tax Type
None
Tax Type
No tax
Tax Rate
N/A
Tax Rate
0%
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
BCEAO (Central Bank of West African States)
Regulator
Vanuatu Financial Services Commission (VFSC)
Stablecoin Rules
No stablecoin regulation
Stablecoin Rules
No specific stablecoin regulation
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
Key Points
- VFSC regulates digital asset businesses
- No income, corporate, or capital gains tax
- Popular jurisdiction for crypto business registration
- Citizenship by investment program exists
- Developing digital asset regulatory framework