Somalia vs Tanzania
Crypto regulation comparison
Somalia
Tanzania
No Regulation
Partially Regulated
Somalia has no specific cryptocurrency regulation. The fragmented governance structure makes unified regulation extremely difficult. Mobile money dominates the financial landscape.
Tanzania's regulatory stance on crypto is evolving. The Bank of Tanzania warned against crypto in 2019, but the 2024 Finance Act introduced a 3% withholding tax on digital asset transactions — Tanzania's first legal recognition of crypto. A December 2024 High Court ruling held that taxed crypto transactions cannot be deemed unlawful. No comprehensive regulatory framework exists yet.
Tax Type
None
Tax Type
Income
Tax Rate
N/A
Tax Rate
3% withholding tax
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
No
Regulator
Central Bank of Somalia
Regulator
Bank of Tanzania
Stablecoin Rules
No stablecoin regulation
Stablecoin Rules
No stablecoin regulation
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
Key Points
- Bank of Tanzania warned against crypto trading in 2019 public notice
- Finance Act 2024 introduced 3% withholding tax on digital asset transactions
- December 2024 High Court ruled taxed crypto transactions are not unlawful
- An estimated 2.3 million Tanzanians own cryptocurrency
- Bank of Tanzania exploring central bank digital currency (CBDC)