Cryptocurrency Regulations in Comoros Prior to 2023

As of the period leading up to 2023, the legislative landscape for cryptocurrencies in Comoros was characterized by a notable absence of specific laws or regulatory frameworks governing the use, trading, or mining of digital currencies.

Absence of Specific Cryptocurrency Laws: In Comoros, there was no specific law that either legalized or criminalized the use of cryptocurrency. This situation placed cryptocurrency activities in a legal grey area where citizens could technically use digital currencies like Bitcoin, Ethereum, Litecoin, Dogecoin, and others, but without any regulatory protection or oversight​​.

Lack of Penalties or Enforcement Measures: Due to the absence of dedicated cryptocurrency regulations, there were no known penalties for using cryptocurrencies in Comoros. However, the lack of current penalties did not rule out the possibility of the government imposing such penalties in the future. Consequently, it was crucial for cryptocurrency users and traders to stay informed about potential changes in the legal landscape​​.

General Financial Laws and Regulations Apply: Despite the absence of cryptocurrency-specific regulations, users in Comoros were not completely exempt from legal obligations. They were still subject to general financial laws and regulations, particularly those against fraud and money laundering. In this regulatory vacuum, the safest course of action for cryptocurrency users was to comply with existing financial laws and practices​​.

Cryptocurrency Trading in a Grey Area: Similar to the broader use of cryptocurrencies, trading in these digital assets also existed in a legal grey area. There were no specific laws in Comoros either allowing or prohibiting cryptocurrency trading, leading to a situation where such activities were neither officially sanctioned nor explicitly illegal​​.

Uncertainty Around Cryptocurrency Gambling: The legality of cryptocurrency gambling in Comoros was unclear, given the general absence of specific laws regarding cryptocurrencies. However, it was important to note that gambling laws in Comoros were generally strict, and these laws could potentially be interpreted to apply to cryptocurrency gambling as well. Thus, caution and legal advice were recommended for those considering engaging in such activities​​.

No Governmental Statements or Guidelines: As of the time leading up to 2023, the government of Comoros had not issued any statements or guidelines regarding the use, trading, or mining of cryptocurrencies. Consequently, it was important for cryptocurrency users in Comoros to stay updated on global cryptocurrency trends and regulations, which could often serve as precursors to changes in domestic policy​​.

In summary, the regulatory environment for cryptocurrencies in Comoros prior to 2023 was marked by a lack of specific legislation or guidelines, placing cryptocurrency activities in a grey area of legality. Users of digital currencies in Comoros had to navigate this uncertain landscape cautiously, adhering to general financial laws while remaining alert to potential future regulatory developments.