Centralized exchange in Mauritania

Absence of Specific Legislation: Mauritania has not enacted specific laws or decrees to regulate virtual assets, blockchain technology, or cryptocurrency service providers. Unlike many countries that have adopted or are in the process of adopting bespoke crypto regulations, Mauritania has not yet done so.

Central Bank Stance: The Banque Centrale de Mauritanie (BCM) – the country's central bank and primary financial regulator – has generally taken a cautious stance. While there hasn't been an outright ban, the BCM has historically issued warnings regarding the risks associated with cryptocurrencies, including their volatility, potential for fraud, and use in illicit activities. These warnings serve to inform the public and financial institutions of the risks rather than establishing a regulatory framework.

No Specific Licenses: Consequently, there are no specific licenses or registration requirements for cryptocurrency exchanges, custody providers, or payment processors.

Cryptocurrency Exchanges: No specific license for operating a cryptocurrency exchange. Any entity attempting to operate might fall under general business registration laws, but without specific financial services oversight for crypto.

Custody Providers: No specific license for providing crypto custody services.

Legal Uncertainty: Operating a virtual asset business in a jurisdiction without clear regulations carries significant legal and operational risks. There is no legal certainty regarding the status of contracts, consumer protection, tax implications, or the legality of operations.

Risk of Future Regulation: The absence of regulation does not mean permissibility. Mauritania could, at any time, introduce new laws, including bans, strict licensing requirements, or even retroactive measures.

Custodial License Requirements: There are no specific licenses for digital asset custodians because cryptocurrencies are not permitted for use as legal tender or for financial transactions. Offering such services would likely fall outside the bounds of permitted financial activities.

Communiqué from the Banque Centrale de Mauritanie (BCM):

Ban on Financial Institutions Dealing with Cryptocurrencies:

Law N° 2013-030 of 17 July 2013 on Combating Money Laundering and Terrorist Financing (Loi n° 2013-030 du 17 juillet 2013 relative à la lutte contre le blanchiment de capitaux et le financement du terrorisme).

Cellule Nationale de Traitement du Renseignement Financier (CENTRIF) - The Financial Intelligence Unit (FIU):

Whether Adopted: No, the FATF Travel Rule has not been adopted or implemented in Mauritania. Instead, the country has opted for a prohibition of virtual asset transactions.

Effective Date: The prohibition on virtual asset transactions was communicated by the Banque Centrale de Mauritanie (BCM) on February 16, 2022. This communiqué effectively put in place the ban.

Communiqué de la Banque Centrale de Mauritanie sur les Monnaies Virtuelles (Cryptomonnaies)

Legal Basis (Indirect): The relevant legislation would be Loi N° 2013-057 portant sur les systèmes et moyens de paiement en République Islamique de Mauritanie (Law N° 2013-057 on payment systems and means in the Islamic Republic of Mauritania), and subsequent implementing regulations or circulars from the BCM regarding payment service providers and e-money. This law defines and regulates various payment instruments and services.