Key Takeaways
- It is now illegal in Algeria to own, trade, and use digital assets.
- Violators of the new crypto ban face up to one year in jail and fines of up to one million dinars.
Share this article
Algeria has officially banned all crypto-related activities, from ownership and trading to mining and promotion, under an amended law, according to a new report from Algerian news and information portal Fibladi.
Enacted on July 24, Law No. 25-10 bans the issuance, sale, purchase, possession, use, and promotion of all crypto assets, including Bitcoin, Tether, and others. The law also criminalizes mining, the use of digital wallets, and the operation of crypto exchanges.
A key objective of the law is to strengthen Algeria’s financial system against crime and terrorism, align with global standards, in particular those set by the Financial Action Task Force (FATF), and address the growing use of crypto among tech-savvy youth and off-grid miners in southern Algeria who take advantage of low electricity costs.
Crypto use in Algeria is now officially treated as a financial crime under anti-money laundering and anti-terrorism laws. The law categorizes crypto-assets as “property, income, funds, or financial assets” regardless of their use cases.
Violators face criminal penalties ranging from 2 months to 1 year in prison and fines between 200,000 and 1,000,000 dinars ($1,540 to $7,700). Penalties may be enhanced if the violations are connected to organized crime networks or financial criminal activities.
The move will impact Algerian users of major crypto exchanges like Binance, OKX, and Bybit, who often access these platforms through VPNs. Enforcement will involve increased digital and physical monitoring by the judicial, financial, and security authorities, including the Bank of Algeria and the Banking Commission.
Share this article
Other Articles
No Comment! Be the first one.