Is Crypto Legal In Cape Verde?

Cryptocurrency is legal in Cape Verde following the enactment of Law No. 30/X/2023 on June 21, 2023, which regulates the provision of services with virtual assets and the establishment of digital banks. Prior to this legislation, entities engaging in activities with virtual assets were not regulated or supervised by any authority within the national financial system (1). The new law requires all entities conducting business activities with virtual assets to register with Banco de Cabo Verde, the central bank, which serves as the national authority responsible for ensuring compliance with anti-money laundering and counter-terrorism financing obligations (1).

The regulatory framework established by Law No. 30/X/2023 addresses significant concerns about financial system integrity by subjecting virtual asset service providers to comprehensive oversight. Entities engaging in virtual asset activities must implement programs to prevent and combat money laundering and terrorist financing, identify suspicious transactions, and comply with preventive duties established under existing legislation (1). Banco de Cabo Verde continuously monitors and evaluates digital business models while maintaining the authority to issue specific standards without hindering technological innovation (1).

"Entities that intend to engage in activities with assets in Cape Verde have not been regulated or supervised, up to now, by any regulatory and supervisory authority of the national financial system."

Cape Verde's approach aligns with Recommendation 15 of the Financial Action Task Force, which mandates identification and assessment of risks associated with new technologies. The government recognizes that technological progress has transformed economic and financial sectors, fostering new services and business models alongside emerging risks (1). The Banco de Cabo Verde has expressed commitment to digital transformation through its strategic plan, with government officials stating goals to achieve 60% digital public services by 2026 and 80% by 2030, though the central bank emphasizes careful analysis of monetary policy impacts before implementing any digital currency initiatives (2).

Source:
https://www.vpqadvogados.com/xms/files/RECURSOS/Newsletters/2023/Provision_of_virtual_asset_and_digital_banking_services_-_Regulation_and_incorporation_-_Legal_Alert_VPQ_-EN-.pdf
https://www.bcv.cv/SiteCollectionDocuments/2021/Cabo%20Verde's%20Payment%20System%20Report%202019.pdf

Last updated: 18-10-2025 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.