Gabon

**Investment Tokens (Jetons d'Investissement):** These are crypto-assets that "represent financial instruments within the meaning of Article 3 of Regulation No. 01/00-CM-UMAC of December 21, 2000, relating to the harmonization of financial instruments in the CEMAC zone." **These are explicitly considered securities.** The classification hinges on whether the token confers rights associated with traditional financial assets.

**Utility Tokens (Jetons d'Usage):** These are crypto-assets whose primary purpose is to provide access to a good or service, and which are not acquired with the primary intention of investment. The regulation explicitly states that **these are generally not considered financial instruments (securities)**, unless they subsequently acquire characteristics that make them fall under the definition of financial instruments.

**Payment Tokens (Jetons de Paiement):** These are crypto-assets generally accepted by the community as a means of payment. These fall primarily under the jurisdiction of the BEAC, particularly if they function as electronic money (e.g., certain stablecoins). **These are not considered securities** but are subject to electronic money and payment services regulations.

**Tokenized Shares:** Tokens representing ownership in a company, conferring voting rights, dividend rights, etc.

**Tokenized Bonds:** Tokens representing debt instruments, offering interest payments and repayment of principal.

**Tokenized Units of Collective Investment Schemes:** Tokens representing units or shares in investment funds.

**Tokenized Derivatives:** Tokens linked to underlying assets, whose value is derived from those assets (e.g., tokenized futures, options, swaps).

**Any crypto-asset designed or marketed with an expectation of profit from the efforts of others and conferring rights typical of traditional financial instruments.**

**Authorization Requirement:** Any public offering of investment tokens requires prior authorization from COSUMAF (Article 5).

**Legal Structure:** The issuer must be a legal entity (e.g., a company) established in a CEMAC member state.

**Fit and Proper Requirements:** Directors and managers of the issuer must meet "fit and proper" criteria.

**Minimum Capital:** Issuers must meet minimum capital requirements specified by COSUMAF.

**Custody:** Arrangements for the custody of the underlying assets or the tokens themselves must be robust and secure, often requiring a licensed custodian.

**Anti-Money Laundering (AML) / Counter-Financing of Terrorism (CFT) Compliance:** Issuers must implement robust KYC/AML/CFT procedures.

The nature of investors (e.g., offers exclusively to qualified investors).

**Authorized Platforms:** Trading of investment tokens must occur on digital asset trading platforms licensed and supervised by COSUMAF (Article 10). These platforms are considered Digital Asset Service Providers (DASPs).

**DASP Authorization:** Entities operating such platforms must obtain prior authorization from COSUMAF, meeting criteria related to capital, governance, cybersecurity, risk management, and investor protection.

**Market Integrity:** Platforms must implement rules to ensure fair and orderly trading, prevent market manipulation, and manage conflicts of interest.

**Transparency:** Trading data may be subject to reporting requirements to COSUMAF.

**Investor Protection:** Platforms are responsible for implementing KYC/AML/CFT measures, safeguarding client assets, and providing clear information to investors.

**Warnings and Orders:** COSUMAF can issue warnings, injunctions, and orders to cease activities to unauthorized entities or those in non-compliance (Article 21).

**Fines:** Monetary penalties can be imposed for violations of the regulation (Article 21).

**Withdrawal of Authorization:** For licensed entities, COSUMAF can suspend or withdraw their authorization in cases of serious or repeated non-compliance (Article 21).

**Criminal Sanctions:** The regulation also stipulates that violations are subject to criminal penalties as provided by national law of CEMAC member states, in addition to administrative sanctions (Article 21).

**COSUMAF Regulation No. 01/22-COSUMAF-CM (Crypto-Assets):**

This is the primary regulation. You would typically find it on the official COSUMAF website:

Navigate to "Textes réglementaires" or "Réglementations." Search for documents issued in 2022. The exact URL for the PDF may change.

**CEMAC Regulation No. 01/00-CM-UMAC (Financial Instruments):**

This is the foundational definition of financial instruments. It should also be available on the COSUMAF or CEMAC commission websites.

CEMAC Commission Official Website (French)

Look under legal texts or regulations.

**BEAC Regulation No. 02/2022/CMAC/UMAC/CM (Electronic Money & Payment Services - relevant for payment tokens):**

This regulation covers electronic money and payment services, which might overlap with certain crypto-assets (e.g., stablecoins).

Navigate to "Textes réglementaires," "Réglementations," or "Publications." Search for documents issued in 2022.

**Banque des États de l'Afrique Centrale (BEAC)**: The central bank of the CEMAC zone, responsible for monetary policy, financial stability, and issuing currency (the Central African CFA franc). It is the primary body that has issued directives concerning virtual assets.

**Commission Bancaire de l'Afrique Centrale (COBAC)**: The banking supervisory authority for the CEMAC region, responsible for the prudential supervision of banks and financial institutions. COBAC enforces BEAC directives among regulated financial entities.

**Commission de Surveillance du Marché Financier de l'Afrique Centrale (COSUMAF)**: The financial markets regulatory body for CEMAC, overseeing securities markets. While less directly involved in the current crypto ban (as it primarily targets monetary and banking aspects), it would be relevant if crypto assets were to be regulated as securities in the future.

**BEAC Circular No. 001/GR/2022 relating to the Prohibition of the Use of Cryptocurrencies and other Digital Assets in the CEMAC Zone, dated December 14, 2022.**

This circular explicitly prohibits financial institutions (banks, microfinance institutions, payment service providers, etc.) operating in the CEMAC zone from engaging in, facilitating, or having exposure to crypto-asset-related activities.

The circular was a reiteration and strengthening of previous warnings issued by the BEAC and COBAC regarding the risks associated with cryptocurrencies. It formalized the prohibition against their use within the regulated financial system.

*Note: While the direct PDF of the circular in English may not be readily available on the BEAC's public English site, its existence and content are widely reported by financial news and legal analyses covering the CEMAC region.*

**Prohibited for Regulated Entities:** The BEAC Circular effectively **prohibits** regulated financial institutions (banks, payment service providers, etc.) in Gabon (and other CEMAC countries) from:

Providing banking services to crypto businesses or exchanges.

Engaging in crypto trading themselves.

**Impact on Individuals:** While the circular primarily targets regulated financial institutions, its practical effect is to make formal crypto trading and the operation of crypto exchanges extremely difficult or impossible within Gabon's official financial system.

Individuals may still engage in peer-to-peer (P2P) trading, but this operates outside the regulated financial system and carries significant risks, with no legal recourse or protection.

There are no officially licensed or recognized cryptocurrency exchanges operating legally in Gabon.

**CEMAC Regulation No. 01/16-CEMAC-UMAC-CM on the Prevention and Repression of Money Laundering and Terrorist Financing (2016)**: This is the cornerstone legislation for AML/CFT in the CEMAC zone, which Gabon has adopted. It sets out the general obligations for all financial institutions and designated non-financial businesses and professions (DNFBPs), including those that might offer virtual asset services, to prevent and combat money laundering and terrorist financing.

*Note:* While this regulation predates FATF's specific guidance on virtual assets (Recommendation 15 and its Interpretative Note from 2018), its broad scope often means VASPs are expected to comply as "financial institutions" or similar entities if they perform functions akin to traditional financial services.

*General search term for official document:* "Règlement n°01/16-CEMAC-UMAC-CM relatif à la prévention et à la répression du blanchiment de capitaux et du financement du terrorisme"

**Individuals:** Obtain and verify identity using reliable, independent source documents (e.g., national ID cards, passports, driver's licenses) for name, date of birth, place of birth, address, and nationality.

**Legal Entities (Companies):** Obtain and verify information such as the company's name, legal form, address of registered office, names of directors, and provisions governing the power to bind the company. Identify and verify the identity of the beneficial owners (individuals who ultimately own or control the company) and persons acting on behalf of the company.

**Purpose and Nature of the Business Relationship:** Understand the purpose and intended nature of the business relationship or the specific transaction.

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.

Keep customer identification data up-to-date.

**Enhanced Due Diligence (EDD):** Apply EDD in situations identified as higher risk, including:

Relationships with Politically Exposed Persons (PEPs).

Complex, unusually large transactions, or unusual patterns of transactions that have no apparent economic or visible lawful purpose.

For virtual assets, this could involve deeper scrutiny of the source of funds/wealth, understanding the origin and destination of virtual assets, and the underlying purpose of transactions.

**Obligation to Report:** Any VASP that suspects or has reasonable grounds to suspect that funds (fiat or virtual assets) are the proceeds of a criminal activity, or are related to terrorist financing, must report its suspicions.

**Recipient:** Reports must be made promptly to Gabon's Financial Intelligence Unit (FIU).

**No Tipping-Off:** VASPs and their employees are prohibited from disclosing to the customer or to third parties that an STR has been filed.

**Duration:** Records must typically be retained for at least **five (5) years** after the business relationship has ended or after the date of the occasional transaction.

Copies of documents used for identification and verification of customers and beneficial owners.

Account files and business correspondence.

Records of transactions, including the amount, currency (fiat and/or virtual asset type and quantity), date, and the identity of the parties involved.

Records of suspicious transaction reports filed.

**Purpose:** These records must be sufficient to permit the reconstruction of individual transactions and provide evidence for prosecution of criminal activity. They must be made available to competent authorities upon request.

**Name:** Agence Nationale d'Investigation Financière (ANIF) - Gabon

**Role:** ANIF is the central national authority responsible for receiving, analyzing, and disseminating suspicious transaction reports (STRs) and other information regarding money laundering and terrorist financing. It collaborates with other national and international law enforcement agencies.

**Name:** Banque des États de l'Afrique Centrale (BEAC)

**Role:** As the central bank for the CEMAC region, BEAC sets monetary policy and often issues regulations and guidance for financial institutions within the zone. While ANIF handles STRs, BEAC could potentially issue specific licensing or prudential guidelines for entities dealing with virtual assets if they are deemed to operate within the financial sector under its purview.

**Evolving Landscape:** The regulatory landscape for virtual assets is rapidly evolving globally and in Africa. While specific "crypto laws" might not be fully developed, VASPs are expected to interpret and apply existing AML/CFT frameworks to their operations, guided by FATF standards.

**FATF Standards:** Gabon, through CEMAC, is committed to implementing FATF Recommendations. FATF Recommendation 15 specifically addresses new technologies and the risks of virtual assets, requiring countries to ensure VASPs are regulated for AML/CFT purposes, licensed or registered, and subject to effective systems for monitoring compliance. This includes the "Travel Rule" for VASPs.

**Professional Advice:** Given the complexity and evolving nature of these regulations, any VASP operating or planning to operate in Gabon should seek specific legal and compliance advice from professionals with expertise in Gabonese and CEMAC AML/CFT laws and virtual asset regulations.

**BEAC Prohibition:** The Bank of Central African States (BEAC) has consistently maintained a highly restrictive stance on cryptocurrencies. In December 2021, the BEAC issued a communiqué reiterating its ban on cryptocurrencies and crypto-assets across the CEMAC region (which includes Gabon, Cameroon, Central African Republic, Republic of Congo, Equatorial Guinea, and Chad). The BEAC considers crypto-assets as "financial assets not permitted in the CEMAC region" and has warned financial institutions against engaging in related activities. This effectively makes the operation of legitimate Virtual Asset Service Providers (VASPs) within Gabon highly problematic, if not impossible.

**Legal Reference:** While a specific direct link to the *original* BEAC Communiqué might be difficult to find in English directly from the BEAC website, its existence and implications are widely reported by financial news and regulatory bodies.

*Indirect Reference:* Africanews report confirming the BEAC's stance in December 2021: https://www.africanews.com/2021/12/28/cemac-central-bank-bans-cryptocurrencies/

*BEAC website (French - relevant section on financial stability, though explicit crypto ban may be in a specific press release not always archived centrally):* https://www.beac.int/

**UN Sanctions:** Gabon is obligated to implement targeted financial sanctions mandated by the UN Security Council, primarily against individuals and entities involved in terrorism financing and proliferation of weapons of mass destruction. These include asset freezes and prohibitions on providing financial services to designated parties.

**Compliance for Financial Institutions (including hypothetical VASPs):** Would require screening clients and transactions against the UN Consolidated Sanctions List.

**Legal Reference:** UN Security Council Resolutions, accessible via the UN website: https://www.un.org/securitycouncil/sanctions/information

**OFAC (U.S. Office of Foreign Assets Control) Sanctions:** OFAC sanctions apply extraterritorially to:

U.S. persons (citizens, residents, entities, wherever located).

Transactions involving the U.S. financial system or U.S.-origin goods/technology.

Non-U.S. persons engaging in transactions that cause a U.S. person to violate OFAC sanctions.

**Implications for Entities in Gabon:** If a Gabonese entity (or individual) were to engage in crypto transactions with U.S. persons, use U.S. dollar stablecoins, or interact with U.S.-based crypto exchanges, they would fall under OFAC's jurisdiction. OFAC has been aggressive in sanctioning crypto addresses and entities involved in illicit finance.

**Compliance:** Requires robust Know Your Customer (KYC), transaction monitoring, and screening against the Specially Designated Nationals (SDN) and Blocked Persons List, and other OFAC sanctions lists.

**Legal Reference:** OFAC's main sanctions list and program information: https://ofac.treasury.gov/sanctions-programs-data/sanctions-programs-and-country-information

**EU (European Union) Sanctions:** EU sanctions apply to:

Within the territory of the EU.

On board vessels and aircraft under the jurisdiction of an EU Member State.

To some extent, non-EU entities if their actions facilitate breaches by EU persons.

**Compliance:** Requires screening against the EU Sanctions Map and adherence to EU AML/CFT directives.

**Legal Reference:** EU Sanctions Map: https://www.sanctionsmap.eu/

Regulate VASPs for AML/CFT purposes.

Impose customer due diligence (CDD), record-keeping, and suspicious transaction reporting (STR) obligations on VASPs.

Implement the "Travel Rule" for virtual asset transfers.

**Legal Reference:** FATF Recommendations (updated June 2019 Guidance for a Risk-Based Approach to Virtual Assets and VASPs): https://www.fatf-gafi.org/publications/fatfrecommendations/documents/guidance-rba-virtual-assets-2019.html

**UN Consolidated Sanctions List:** Individuals and entities designated by the UN Security Council.

**OFAC SDN and Other Sanctions Lists:** For any U.S. nexus.

**EU Consolidated List of Persons, Groups, and Entities Subject to EU Financial Sanctions:** For any EU nexus.

**Gabonese/CEMAC AML/CFT Watchlists:** Gabon has a national financial intelligence unit, the **Cellule Nationale de Traitement des Informations Financières (CENAREF)**. While CENAREF primarily deals with AML/CFT, it may maintain lists of individuals or entities deemed high-risk or involved in financial crime. GABAC also provides regional guidance and lists.

**Legal Reference:** CENAREF's general mandate is under Gabonese AML/CFT legislation, typically found within the country's penal code or specific financial laws. Information regarding CENAREF is often found on Gabonese government or GABAC websites.

**Gabon/CEMAC Region:** The primary geographic restriction is that cryptocurrencies are generally prohibited for legitimate use within Gabon due to the BEAC ban.

**International Sanctioned Jurisdictions:** Transactions with persons or entities located in, or associated with, countries under comprehensive international sanctions regimes are prohibited or heavily restricted. These typically include:

Russia/Ukraine (specific regions like Crimea, Donetsk, Luhansk, and certain individuals/entities)

**Violation of BEAC Prohibition/Gabonese Law:** Engaging in cryptocurrency activities contrary to the BEAC's directive could lead to:

Imprisonment (under general financial crime or unauthorized banking activity statutes).

Revocation of financial licenses (if applicable to a regulated entity engaging in unauthorized crypto activity).

**Legal Reference:** These penalties would stem from Gabonese banking laws, financial regulations (including those of CEMAC and BEAC), and the Gabonese Penal Code concerning financial offenses and money laundering. Specific articles would depend on the nature of the violation (e.g., unauthorized financial operations, AML/CFT breaches).

**Violation of International Sanctions (UN, OFAC, EU):**

**For Gabonese Entities/Individuals with a U.S. Nexus:** Significant monetary penalties (civil and criminal), imprisonment for individuals, reputational damage, and loss of access to the U.S. financial system.

**For Gabonese Entities/Individuals with an EU Nexus:** Fines, imprisonment, and asset freezes.

**For Violations of UN Sanctions:** Enforcement would be through Gabonese national law, which is obligated to implement UN resolutions. This would also involve fines and imprisonment.

**Legal Reference:** Penalties are detailed within the specific sanctions programs of OFAC and EU regulations, as well as the national laws implementing UN Security Council Resolutions.

**Gabon does not have its own country-specific sanctions list specifically targeting cryptocurrency entities or wallets.** The overarching BEAC prohibition makes such a list largely redundant for *licit* operations.

Any "sanctions" would derive from the general AML/CFT framework (managed by CENAREF) and its watchlists, which are not crypto-specific but target individuals/entities involved in financial crimes, regardless of the asset type.

The primary "restriction" is the outright ban itself, imposed by the BEAC.

Gabonese national laws and CEMAC/BEAC regulations, with penalties for violating the crypto ban and general AML/CFT provisions.

Extraterritorial sanctions regimes from the UN, OFAC (U.S.), and EU, particularly if there is a nexus to these jurisdictions, requiring compliance with their respective sanctions lists (UN Consolidated List, OFAC SDN List, EU Sanctions Map) and geographic restrictions.

Gabon does not maintain a specific country-level sanctions list for crypto, but its national financial intelligence unit (CENAREF) contributes to broader AML/CFT efforts.