Legislative Landscape for Cryptocurrencies in Samoa Prior to 2024

As of the years leading up to 2024, the legislative landscape for cryptocurrencies in Samoa reflected a cautious approach by the authorities, marked by a lack of specific regulations but also a growing interest among the population.

Legal Status of Cryptocurrencies

In Samoa, cryptocurrencies were not considered legal tender, and their legal status was somewhat ambiguous. The Central Bank of Samoa (CBS) issued warnings against the use of digital currencies like Bitcoin, Ethereum, Litecoin, Dogecoin, Tether, Cardano, USDT, XRP, and Monero. While the CBS advised against their use, it’s important to note that there were no laws in Samoa that explicitly prohibited the use or trading of cryptocurrencies​

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Absence of Specific Laws or Penalties

Samoa did not have specific laws or penalties associated with cryptocurrency use or trading. The focus of the CBS was mainly on educating the public about the potential risks and dangers of using cryptocurrencies, such as their susceptibility to fraud and cybercrime. This approach indicated a preference for caution over outright prohibition​

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Warnings and Advisories by the Central Bank

The CBS issued warnings and advisories against the use of cryptocurrencies, highlighting that they were not recognized as legal tender in Samoa. The CBS pointed out the potential financial, legal, and security risks associated with cryptocurrencies. Businesses and individuals were warned against using cryptocurrencies for transactions due to their lack of regulation and high volatility​

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Growing Interest in Cryptocurrencies

Despite the warnings from the CBS, there was a growing interest in cryptocurrencies in Samoa. Bitcoin, Ethereum, and Litecoin were among the most popular, with increasing interest in other cryptocurrencies as well. This indicated a strong demand for crypto assets in the country​

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Cryptocurrency Trading and Gambling

While the CBS warned against the use of cryptocurrencies, there were no laws in Samoa prohibiting their trading. Consequently, cryptocurrency trading was not illegal, but those engaging in it did so at their own risk. Cryptocurrency gambling also fell into a grey area, with no specific laws or regulations addressing it. However, any form of gambling using cryptocurrencies was likely to be discouraged by the CBS, reflecting the general caution towards digital currencies​

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Government’s Educational Efforts

The Samoan government, through the CBS, focused on educating the public about the risks associated with cryptocurrencies. Several public advisories were issued, highlighting issues such as high volatility, potential for fraud, and the lack of regulation. The CBS made resources available on its website to educate the public about cryptocurrencies, as well as general information on financial literacy and stability​

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In conclusion, prior to 2024, Samoa’s approach to cryptocurrency regulation was characterized by caution and an absence of specific laws. While the use and trading of cryptocurrencies were not prohibited, the CBS’s advisories and educational efforts highlighted the risks and uncertainties associated with these digital assets. As the global acceptance of cryptocurrencies increased, Samoa’s stance on these digital currencies remained focused on public awareness and risk management.