DeFi protocol frontend in Gabon

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

Reference: While a direct official BEAC publication link for this specific instruction can be hard to find publicly, its existence and content are widely reported by regional news outlets and financial sector analyses. This instruction effectively prohibits financial institutions under BEAC supervision from engaging in crypto-asset-related activities.

Impact: This means that traditional banks and financial institutions in Gabon (and other CEMAC countries) are generally prohibited from offering crypto custody services.

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

Due to the BEAC's prohibitive stance, financial institutions cannot obtain such a license. For non-financial entities, there's no defined licensing regime for crypto custody. Operating a crypto custody service would likely be in an unregulated space, which can expose the entity to future enforcement actions or an inability to access traditional banking services.

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.

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.

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.

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

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.

Identification and Verification:

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.

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.

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

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.

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CENAREF Website: While CENAREF's website might not specifically mention "virtual assets" or "VASPs" in its publicly available texts, it is responsible for implementing AML/CFT laws that are generally aligned with FATF recommendations.