In Benin, there are no specific rules or regulations governing cryptocurrencies, and digital currencies are not recognized as legal tender. The country's exchange control regime, overseen by the Central Bank of West African States and the Ministry of Economy and Finance, does not explicitly address cryptocurrency transactions (1). As a member of the West African Economic and Monetary Union, Benin uses the CFA franc as its official currency, and any promotion of cryptocurrencies as a substitute for traditional money is considered illegal.
Benin has taken early regulatory steps toward addressing virtual assets through Law No. 2024-01, passed in February 2024, which aligns with WAEMU's anti-money laundering and counter-terrorism financing directives. This law targets Virtual Asset Service Providers and mandates that they obtain preliminary authorization from relevant authorities before providing services in Benin (2). The legislation requires these providers to meet qualifications on transparency, security, and adherence to AML/CFT laws to protect citizens against risks associated with virtual assets while ensuring a secure environment for trading and investing in cryptocurrencies.
"In Benin, the regulation of cryptocurrencies is an evolving subject. There are no specific rules for cryptocurrencies."
The Ministry of Economy and Finance has issued public warnings advising citizens about the risks of unregulated cryptocurrency investments, particularly cautioning against fraudsters who promise impressive returns from highly volatile virtual assets. Despite the absence of comprehensive cryptocurrency regulations, the government's approach through Law No. 2024-01 demonstrates Benin's commitment to maintaining financial integrity within WAEMU while exploring potential benefits of the digital economy (2). The regulatory framework continues to develop as authorities balance innovation with consumer protection and financial stability in the cryptocurrency space.
Source:
https://wts.com/global/publishing-article/20250402-benin-exchange-control-insights~publishing-article
https://techcabal.com/2025/08/06/crypto-licensing-in-africa/
Last updated: 18-10-2025 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.
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