Stablecoin issuer / redeemer in Burkina Faso

Neither exists for crypto-specific activities. There is no framework for either registration or licensing of VASPs in Burkina Faso. Entities operating in this space are therefore in a legal grey area, highly exposed to risks, and generally lack regulatory recognition.

No specific regulatory framework for VASPs.

Exchanges (Fiat-to-Crypto, Crypto-to-Crypto): No specific license exists. Any attempt to operate a fiat-to-crypto exchange would necessitate a payment institution or banking license, which would then be rejected by BCEAO-supervised entities due to their crypto prohibition. Crypto-to-crypto exchanges, while not directly touching fiat, would still face banking access issues for operational needs and are considered unregulated.

Implication for VASPs: This means that entities wishing to operate as crypto exchanges, custody providers, or payment processors in Burkina Faso (or any UEMOA country) will face significant challenges, primarily the inability to obtain banking services from regulated financial institutions within the UEMOA zone. This effectively makes it extremely difficult, if not impossible, to operate legally and effectively.

The BCEAO has, on several occasions, issued communications (e.g., in 2018 and subsequent updates) warning the public and financial institutions about the risks associated with cryptocurrencies. These communications generally declare that cryptocurrencies are not legal tender in the UEMOA zone and prohibit regulated financial institutions (banks, microfinance institutions, payment service providers) from engaging in transactions related to, or facilitating, the use of virtual assets.

BCEAO's 15 New Instructions on External Financial Relations (implementing Regulation No. 06/2024/CM/UEMOA), effective August 1, 2025

Entities operating in this space do so in a legal grey area, exposed to regulatory risks, potential legal challenges, and lack of consumer protection.

Regulation N°06/2018/CM/UEMOA on the Organization of the Financial Market in the UEMOA: This regulation defines what constitutes a "financial instrument" in the UEMOA zone.

Instruction N°01/2019/CREPMF on Public Offers of Financial Instruments: This instruction details the conditions under which an offer of financial instruments to the public requires CREPMF authorization.

Burkina Faso has been removed from the FATF increased monitoring list as of October 2025 and continues to work with GIABA to sustain improvements in its AML/CFT/CPF systems.

Local Presence: Any legally registered business in Burkina Faso would require a local presence and incorporation under Burkinabe law.

Capital Requirements: No specific capital requirements for a crypto license as none exists. General business registration might have minimal capital requirements.

AML/KYC: Burkina Faso is a member of the Intergovernmental Action Group against Money Laundering in West Africa (GIABA), a FATF-style regional body. Thus, it is committed to implementing FATF recommendations. While there's no specific crypto AML/KYC framework, any entity dealing with funds or assets would be expected to comply with general AML/CFT obligations.

BCEAO (Central Bank of West African States): Responsible for monetary policy, financial stability, and regulating banks in the UEMOA zone.

CREPMF (Regional Council for Public Savings and Financial Markets): The regional securities regulator for the UEMOA financial market.

Law N°024-2016/AN of 20 May 2016 on the fight against money laundering and financing of terrorism. This law transposed the recommendations of the FATF and GIABA into national law. While it predates explicit FATF guidance on VASPs, its broad scope regarding "financial institutions" and "designated non-financial businesses and professions (DNFBPs)" is often interpreted to cover entities dealing with virtual assets if they perform similar functions to traditional financial services.

VASPs are obligated to report any transaction or activity that they suspect to be related to money laundering or terrorist financing, regardless of the amount.

Centrale Nationale de Traitement des Informations Financières (CENTIF): This is Burkina Faso's Financial Intelligence Unit (FIU). CENTIF is the body to which all suspicious transaction reports are submitted, and it is responsible for analyzing these reports and disseminating intelligence to law enforcement agencies. CENTIF also plays a key role in ensuring compliance with AML/CFT obligations across various sectors.

AML-related identification and verification of identity generally requires collecting and verifying key personal data (such as full name, date of birth, and address) and confirming it through reliable sources, which may include a single government‑issued photo ID or a mix of documentary and electronic methods; a rigid requirement for two physical forms of identification is not a universal or current standard.

For natural persons in the US: Full name, date of birth, place of birth, address, nationality, and official identification document number(s) from reliable, independent sources (such as state-issued driver's license, passport, or Social Security number). Verification must use reliable, independent source documents. Note: The US has no national ID card; verification relies on a decentralized system of state and federal documents. Validity period requirements vary by document type and regulatory context.

For legal entities: Name, legal form, address (registered office and current operational address if different), registered office, official registration number, constitutional documents (e.g., articles of incorporation, bylaws, memorandum and articles of association), and identification of individuals authorized to act on behalf of the entity.

Beneficial Ownership Identification: Identify and take reasonable measures to verify the identity of the beneficial owner(s) of the customer. This includes understanding the ownership and control structure of legal persons and arrangements.

Ongoing Monitoring: Conduct ongoing due diligence on the business relationship and scrutiny of transactions undertaken throughout the course of that relationship to ensure that the transactions are consistent with the VASP's knowledge of the customer, their business, and risk profile.

Risk-Based Approach: Apply enhanced due diligence (EDD) for high-risk customers or transactions (e.g., Politically Exposed Persons - PEPs, complex transactions, transactions from high-risk jurisdictions). Simplified due diligence (SDD) may be applied in low-risk scenarios, but not to the extent of foregoing identification entirely.

All necessary records of transactions, both domestic and international, to enable their reconstruction.

Records of the information obtained through CDD measures (copies of identification documents, account files, business correspondence).

Records pertaining to suspicious transaction reports filed.

"Tipping off" (informing the customer or a third party that an STR has been filed or that an investigation is underway) is strictly prohibited.

In Burkina Faso, VASP employees are not shielded from liability for breaching disclosure restrictions, even when reporting suspicions in good faith; unauthorized disclosures remain punishable under Law No. 001-2021.