Crypto ATM / kiosk operator in Gabon

Instruction n°001/GR/2021 relating to the ban on crypto-assets in the CEMAC zone.

No specific custodial license for digital assets has been established in Gabon.

The absence of specific regulations, leading to a legal grey area.

The potential for future regulatory changes, which could include outright bans, strict licensing, or a more facilitative framework.

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.

No specific rules. Without a dedicated licensing and regulatory framework for digital asset custodians, there are no explicit mandates for the segregation of client digital assets from the custodian's proprietary assets.

No specific requirements. Given the absence of a licensing regime, there are no mandated insurance or bonding requirements for digital asset custodians.

No specific mandates. There are no explicit regulatory requirements for digital asset custodians to use cold storage or specific security protocols for digital assets.

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.

Identification and Verification:

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.

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.

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

Relationships with Politically Exposed Persons (PEPs).

Transactions involving high-risk jurisdictions.

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

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.

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.

While global trends (e.g., FATF recommendations) push countries to regulate VASPs, specific implementation in CEMAC countries has been slow regarding a facilitative rather than prohibitory approach.