Tunisia -- Custody Regulations Regulatory Overview

Tunisia currently lacks a comprehensive and dedicated regulatory framework specifically for cryptocurrency and digital asset custody. The general stance of the Tunisian authorities, particularly the Central Bank of Tunisia (Banque Centrale de Tunisie - BCT), has been cautious and, at times, restrictive regarding cryptocurrencies.

Instead of specific custody regulations, the environment is characterized by:

1. Absence of a Legal Framework: There is no specific law or regulation defining cryptocurrencies, digital assets, or the services related to them (including custody).
2. Official Warnings: The BCT has issued several warnings against the use of cryptocurrencies, citing their speculative nature, lack of legal tender status, volatility, and risks associated with money laundering and terrorist financing. These warnings generally discourage engagement with these assets rather than regulate their operation.
3. No Licensing Regime for VASPs: Without a defined legal framework, there are no specific licensing requirements for Virtual Asset Service Providers (VASPs), including those offering custody services.

Given this context, the specific aspects you inquired about largely do not exist as dedicated regulations:

Custodial License Requirements

• None. There are no specific licenses required for providing cryptocurrency custody services in Tunisia, primarily because the activity itself is not formally recognized or regulated under a specific framework. Engaging in such activities might fall into a legal grey area, and entities doing so would not be formally licensed by Tunisian financial authorities for crypto-related services.

Segregation of Client Assets Rules

• None. As there is no specific regulatory framework for crypto custodians, there are no specific rules mandating the segregation of client digital assets from the custodian's own assets.

Insurance/Bonding Requirements

• None. There are no specific insurance or bonding requirements for cryptocurrency custodians in Tunisia.

Cold Storage Mandates

• None. Tunisian regulations do not include specific mandates for cold storage or any other particular security measures for digital assets, as there is no framework regulating digital asset custody.

Qualified Custodian Definitions

• None. There is no legal or regulatory definition of a "qualified custodian" in the context of digital assets in Tunisia. The existing financial regulations apply to traditional financial institutions and services, not to unregulated crypto entities.

Pending Custody Legislation

• No specific custody legislation is publicly pending. While there have been discussions and initiatives regarding blockchain technology and digital transformation within the BCT (e.g., the concept of an e-dinar or exploring central bank digital currencies), these are distinct from regulating private cryptocurrencies or their custody. There are no known specific bills or regulatory drafts focused on establishing a licensing regime or specific rules for cryptocurrency custody services.

The BCT's general stance strongly discourages dealing with cryptocurrencies. For instance, in a press release, the BCT warned the public about the risks of using virtual currencies:

• Banque Centrale de Tunisie (BCT) Communiqué de presse sur les monnaies virtuelles (November 10, 2020):
  • The BCT reiterated its warnings about the risks associated with virtual currencies, emphasizing their speculative nature, the absence of an issuer, legal guarantee, or supervision from any authority. It also highlighted the risks of money laundering and terrorist financing. The BCT stated that "dealing with virtual currencies exposes users to risks of fraud and theft, and does not benefit from any legal protection or recourse to local or foreign financial authorities."
  • Unfortunately, the BCT website's direct link to this specific press release might change or be archived. You would typically find such communiqués in the "Press Releases" or "Communications" section of their official website. A general search on the BCT website (www.bct.gov.tn) for "monnaies virtuelles" or "cryptomonnaies" often leads to these warnings.

In summary, entities operating or wishing to operate cryptocurrency custody services in Tunisia face a highly uncertain and unregulated environment, with official authorities largely discouraging such activities due to perceived risks and the absence of a legal framework. There are no specific regulations, licenses, or requirements for crypto custody as seen in more developed crypto jurisdictions.