Cryptocurrency Regulations in Equatorial Guinea Prior to 2023

As of the period leading up to 2023, the legislative landscape for cryptocurrencies in Equatorial Guinea was marked by a significant lack of specific laws or regulations governing the sector.

Legal Status of Cryptocurrencies: Cryptocurrencies were not illegal in Equatorial Guinea, but they were not officially recognized as legal tender by the government. This meant that while individuals could own and trade cryptocurrencies like Bitcoin, Ethereum, and others, they did not have legal protection in cases of losses or fraud​​.

Absence of Specific Laws and Regulations: There were no specific laws, penalties, or law enforcement practices related to cryptocurrency in the country. Equatorial Guinea’s legal system did not recognize or regulate cryptocurrencies, leaving any issues related to cryptocurrency, such as fraud or theft, unaddressed by the existing laws and regulations​​.

Regulatory Void for Cryptocurrency Exchanges and Businesses: The Central Bank of Equatorial Guinea had not issued any guidelines or regulations concerning cryptocurrencies. As a result, cryptocurrency exchanges and other related businesses operated in a legal gray area, functioning without specific regulations to guide their operations​​.

Cryptocurrency Trading: While cryptocurrency trading was not explicitly illegal, it was also not regulated by the government. Individuals engaging in cryptocurrency trading were doing so at their own risk, without legal protections​​.

Cryptocurrency Gambling: Similar to trading, cryptocurrency gambling was not explicitly illegal, but it was unregulated. Individuals participating in cryptocurrency gambling activities were also operating at their own risk, without legal safeguards​​.

Lack of Government Intervention: The government of Equatorial Guinea had not established any laws, regulations, or official statements related to cryptocurrency. This lack of regulation meant that individuals and businesses involved in the cryptocurrency sector were operating without specific rules or protections​​.

In summary, prior to 2023, Equatorial Guinea’s approach to cryptocurrency was characterized by an absence of regulatory frameworks and government intervention. This lack of specific legislation created a scenario where cryptocurrency activities existed in a legal gray area, with users and businesses operating without formal guidance or protection under the law.

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