Cryptocurrency Regulations in Myanmar Prior to 2024

As of the years leading up to 2024, Myanmar’s stance on cryptocurrencies was marked by caution and a lack of comprehensive legal frameworks. The Central Bank of Myanmar (CBM) had not recognized cryptocurrencies as legal tender, leading to a somewhat ambiguous regulatory environment.

Legal Status and Regulatory Approach

Legal Status of Cryptocurrencies: Cryptocurrency was not considered legal tender in Myanmar, and the CBM issued several warnings against its use, particularly citing concerns about volatility and potential use in illegal activities. However, there was no explicit law banning the ownership or trade of cryptocurrencies, allowing individuals to engage in such activities at their own risk​​​​.

Absence of Specific Regulations: Myanmar had not established specific regulations governing the use of cryptocurrencies. The CBM’s warnings primarily focused on the risks associated with cryptocurrency investment and trading, leading many banks and financial institutions in the country to refrain from facilitating transactions involving cryptocurrencies​​.

Cryptocurrency Trading and Usage

Trading and Popularity: Despite the lack of formal recognition as legal tender, trading in cryptocurrencies was not explicitly prohibited. Individuals in Myanmar could trade digital currencies, albeit at their own risk. Popular cryptocurrencies in the country included Bitcoin, Ethereum, Litecoin, Dogecoin, Tether, Cardano, USDT, XRP, and Monero, often traded on international platforms​​​​.

Cryptocurrency Gambling: Gambling with cryptocurrencies fell into a legal gray area. While there were no specific laws addressing cryptocurrency gambling, it’s important to note that gambling in general is heavily restricted in Myanmar. These general restrictions could potentially apply to gambling activities involving cryptocurrencies as well​​.

Resources and Information

Staying Informed: For those interested in cryptocurrency in Myanmar, staying updated on the latest news and regulations was crucial. The Central Bank of Myanmar’s official website and the Myanmar Law Library were key resources for information on financial regulations and laws in the country. Additionally, various cryptocurrency forums and news sites discussed developments in cryptocurrency laws and regulations globally, including Myanmar​​.


The cryptocurrency landscape in Myanmar prior to 2024 was characterized by an evolving legal status, absence of specific regulatory frameworks, and growing interest among the population. While the use of cryptocurrencies was not illegal, the CBM’s stance and the lack of clear guidelines created a cautious environment. Individuals and businesses dealing with cryptocurrencies had to navigate this uncertain landscape while staying informed about potential changes in regulations and legal implications.

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