Cryptocurrency is not legal in Myanmar, as the Central Bank of Myanmar has issued multiple prohibitions against all cryptocurrency activities. According to Section 40 (e) and Section 62 of the Central Bank of Myanmar Law, the Central Bank is the sole legal entity authorized to issue and administer the local currency (2). On May 24, 2024, the CBM issued a public notice warning individuals against participating in the sale, purchase, exchange, or transfer of unregulated digital currencies (1).
With directive 9/2020 released on May 15, 2020, the Central Bank announced that digital currencies such as cryptocurrency, Bitcoin, Litecoin, Ethereum and Perfect Money are not designated as legal currencies, and financial institutions are not allowed to sell or buy them using personal Facebook accounts and web pages (2). The CBM indicated its readiness to enforce regulations by closing bank accounts and pursuing legal action, which may result in imprisonment, fines, or both, in accordance with the Central Bank of Myanmar Law, the Anti-Money Laundering Law, and the Financial Institutions Law (1).
"People should refrain from violating the prohibitions and if they are found to be in violation, their accounts will be closed, as well as imprisonment or fine or both under the Anti-Money Laundering Law and the Financial Institutions Law."
Illegal virtual currency conversion and illegal hundi money transfers involving USDT cryptocurrency were found, with legal action taken against those involved in accordance with the provisions of the Anti-Money Laundering Law and the Financial Institutions Law (2). The CBM does not recognize digital currencies as official currency, nor has it granted permission to financial institutions within Myanmar to trade them (1). Since issuing the 2020 notification, the CBM has pursued legal action against persons involved in illegal currency conversion, including shutting down bank accounts and initiating legal proceedings (1).
Source:
https://www.tilleke.com/insights/myanmars-central-bank-issues-further-warning-against-crypto-trading/
https://www.moi.gov.mm/moi:eng/news/14062
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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