Is Crypto Legal in Cameroon?

Cameroon has not yet enacted any specific legislation governing cryptocurrencies, and digital assets are not recognized as legal tender under national law (1). Despite growing interest among businesses and individuals, there remains no formal regulatory framework to oversee the issuance, exchange, or use of cryptocurrencies in the country (2).

In the public sector, cryptocurrencies which are not legal tender in Cameroon pose threats to compulsory State levies, in particular VAT, IRPP, and tax on transfers (2). The absence of clear rules also exposes users to unregulated Ponzi schemes and market volatility, with limited legal recourse in cases of fraud or loss (2).

"In Cameroon where the use of cryptocurrency is not yet regulated, it would be appropriate for the supervision of this type of currency to be a prerequisite for its use. This approach has already been adopted by the countries of the European Union and the United States." (2)

Moreover, because Cameroon is part of the CEMAC monetary union, the Banking Commission of Central Africa (COBAC) has formally prohibited banks and payment institutions from dealing in, exchanging, or settling transactions in crypto-assets to preserve monetary stability (1). This regional ban effectively bars any institutionally supported crypto services within Cameroon’s financial system (1).

Source:
https://tile.loc.gov/storage-services/service/ll/llglrd/2021687419/2021687419.pdf
https://minfi.gov.cm/wp-content/uploads/2024/04/2_SECOND_QUARTER_2023_ECONOMIC_OUTLOOK_BULLETIN.pdf

Last updated: 16-05-2025 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.