Stablecoin issuer / redeemer in Comoros

No Official Classification: There is no specific legislation that classifies stablecoins as e-money, payment tokens, or securities in Comoros.

Potential Interpretation: In the absence of specific rules, a stablecoin could potentially be viewed by the Central Bank under existing general financial laws depending on its specific design and use case.

If it functions purely as a medium of exchange backed by fiat, it might implicitly fall under broad concepts related to payment services or e-money, though this would require an official interpretation or directive from the BCC.

If it represents an ownership stake or a claim on future profits, it might be interpreted as a security, but again, without specific guidance, this is speculative.

No Specific Requirements: Since there are no specific stablecoin regulations, there are no prescribed reserve requirements for stablecoin issuers in Comoros.

No Specific Licensing: There is no specific licensing regime for stablecoin issuers.

General Financial Licenses: If a stablecoin issuer were to engage in activities that are already regulated under existing financial laws (e.g., operating as a bank, money transmitter, or e-money institution), they would likely be required to obtain those general financial licenses from the Central Bank of Comoros. However, these licenses are designed for traditional financial services and might not fully address the unique risks of stablecoins.

No Specific Rights: As there are no specific stablecoin regulations, there are no legally defined redemption rights specifically for stablecoin holders under Comorian law.

Contractual Basis: Any redemption rights would solely depend on the terms and conditions set by the stablecoin issuer in their user agreement, which may or may not be legally enforceable in the absence of specific regulatory oversight.

Anjouan Offshore Finance Authority (AOFA): This is the primary authority responsible for licensing offshore financial services, including what are often adapted for cryptocurrency businesses.

Instead, virtual asset businesses seeking to operate from Comoros (via Anjouan) typically apply for a general financial services license or a Money Service Business (MSB) license under the AOFA framework. These licenses are then interpreted and adapted to cover crypto-related activities.

Required Licenses for Specific Providers (via AOFA):

Exchanges (Spot, Derivatives): Would typically require an AOFA Financial Services License or MSB license. This allows for the facilitation of transactions, trading, and conversion of virtual assets.

Custody Providers: Would also fall under the broader Financial Services License, as they manage and secure virtual assets on behalf of clients. Specific conditions regarding security, insurance, and segregation of assets might be imposed.

Payment Processors (Fiat-to-Crypto, Crypto-to-Fiat, Crypto-only): An MSB license is the most common route for these entities, as they facilitate money transfers and currency exchange, which crypto payments are increasingly seen to represent.

The capital requirement is typically modest compared to many other jurisdictions. For a general Financial Services or MSB license from AOFA, the minimum paid-up capital requirement can be around USD 10,000 to USD 50,000, though this can vary. It's often required to be deposited in a local bank account or an account approved by the AOFA.

Comoros is currently on the FATF (Financial Action Task Force) "grey list" (Jurisdictions under increased monitoring). This means it is actively working with the FATF to address strategic deficiencies in its AML/CFT regimes.

Despite this, licensed entities under AOFA are required to implement robust Anti-Money Laundering (AML) and Know Your Customer (KYC) policies and procedures, including:

Customer Due Diligence (CDD): Verification of identity for all clients (individuals and corporate).

Enhanced Due Diligence (EDD): For high-risk clients or transactions.

Monitoring: Ongoing monitoring of transactions for suspicious activities.

Reporting: Reporting of suspicious transactions (STRs) to the local Financial Intelligence Unit (FIU), which is likely the National Financial Intelligence Processing Unit (Unité Nationale de Traitement des Renseignements Financiers - UNTRF).

Compliance Officer: Appointment of a qualified AML/CFT Compliance Officer.

Record Keeping: Maintaining records of transactions and client identification for a prescribed period.

Registered Office: All licensed entities must have a registered office address in Anjouan.

Local Agent/Representative: It's common to require a local registered agent or representative who acts as a liaison with the AOFA.

Ordinance No. 19-001/PR of 26 July 2019 on the Fight Against Money Laundering and Terrorist Financing: This is the most recent foundational AML/CFT law in Comoros. It replaced previous legislation (like Law No. 11-002/AF of 29 March 2011) and aims to align the Comorian framework with international standards set by FATF.

Identification and Verification:

Beneficial Ownership: Identify and take reasonable measures to verify the identity of the beneficial owner(s) of the customer, including for legal persons and arrangements.

Ongoing Monitoring: Conduct ongoing due diligence on the business relationship and scrutinize transactions undertaken throughout the course of that relationship to ensure that the transactions are consistent with the obliged entity's knowledge of the customer, their business, and risk profile, including, where necessary, the source of funds.

Enhanced Due Diligence (EDD): Apply EDD measures to higher-risk situations, which may include:

Source of Funds/Wealth: For high-risk clients or transactions, VASPs should take reasonable measures to establish the source of funds or source of wealth.

Obligation to Report: VASPs are obligated to report any transaction (or attempted transaction), regardless of the amount, where there are reasonable grounds to suspect that the funds are the proceeds of a crime or are related to terrorist financing.

Reporting Authority: All STRs must be submitted to the National Financial Information Processing Unit (Cellule Nationale de Traitement des Informations Financières - CNTIF), which is Comoros' 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 or that an investigation is underway.

Customer Identification Data: All documents and information used for CDD, including verification records.

Account Files: Records related to customer accounts and business relationships.

Transaction Records: Records of all transactions (date, type, amount, currency, parties involved, payment methods, digital wallet addresses, transaction hashes).

STRs and Internal Reports: Copies of all STRs filed and any internal reports related to suspicious activities.

No Specific Crypto Capital Gains Tax: Comoros does not have a distinct capital gains tax regime specifically for cryptocurrencies.

Application of General Principles: Gains derived from the sale of assets, including potentially virtual assets, may be subject to taxation under the general income tax framework, particularly if the activities are deemed regular or constitute a business.

No Specific Crypto VAT Rules: There are no specific VAT rules for cryptocurrencies in Comoros.

No Crypto-Specific Reporting: There are no specific reporting requirements solely for cryptocurrency holdings or transactions in Comoros.

None Specific: There are no specific licensing requirements for cryptocurrency custodians in Comoros as there is no specific legal definition or framework for such entities. Entities operating in the crypto space would likely fall into an unregulated category or might be subject to existing general financial services laws if their activities could be broadly interpreted as such (though this is unlikely for pure crypto custody without specific legal amendments).