Cryptocurrency is not legal in Libya, as the Central Bank of Libya declared virtual currencies illegal in 2018. The Central Bank announced that no legal protection will be afforded to anyone using or trading digital currencies (1). The ban was justified on grounds that virtual currencies may be used to carry out criminal activities and violations of laws such as money laundering and financing of terrorism (1). Anyone planning to use virtual currencies must obtain a license and prior authorization to carry out banking or financial services activities (1).
Despite the official ban, Libya led the Arab world in Bitcoin mining in 2022 according to the Cambridge Bitcoin Electricity Consumption Index (2). The 2021 Cybercrime Law defines electronic money as prepaid monetary value stored on an electronic device not linked to a bank account, but it does not explicitly prohibit cryptocurrency mining or trading (2). Dr. Magdy Al-Shabani, a law professor and member of the Scientific Council at the Criminal Studies and Research Centre, explained that Libyan law does not explicitly criminalize mining or cryptocurrency transactions (2).
"These currencies may be used to carry out criminal activities and violations of laws such as money laundering and financing of terrorism."
Libyan security forces have conducted multiple operations targeting illegal mining networks, with raids in Tripoli, Misrata, and Zliten revealing large-scale operations (2). In June 2023, investigations uncovered a crypto mining operation involving 50 Chinese nationals and Libyan partners (2). Libya's House of Representatives is working on regulations to address the crypto industry, though no comprehensive framework has been implemented (2). A study by the South Policy Centre estimated that 1.3 percent of Libyans—approximately 54,000 people—owned cryptocurrencies in 2022 (2).
Source:
https://www.bakermckenzie.com/-/media/files/insight/publications/2019/02/report_blockchainandcryptocurrencyreg_feb2019.pdf
https://libyareview.com/53283/libya-leads-arab-world-in-bitcoin-mining-despite-legal-uncertainty/
Last updated: 19-10-2025 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.
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