Is Crypto Legal in Senegal?

Senegal uses the West African CFA franc as its sole legal tender under the West African Economic and Monetary Union (WAEMU). Cryptocurrencies are not recognized by the WAEMU and therefore have no legal status within Senegal’s monetary framework (1).

The Central Bank of West African States (BCEAO) has noted that, while there is global interest in virtual currencies, no private virtual‐currency activity has been officially recorded in the WAEMU to date. As such, cryptocurrencies remain unregulated and unsupported by any central bank guarantees in Senegal (2).

"La troisième raison est que les crypto-monnaies n'ont pas cours légal. Elles peuvent être refusées comme moyen de paiement, en raison du caractère généralement décentralisé de ces instruments et de l'absence de cadre réglementaire adéquat."

Without specific domestic legislation, individuals in Senegal may buy, sell, or hold cryptocurrencies at their own risk, but such transactions carry no legal protections. Anyone considering crypto activities should be aware of potential financial and legal uncertainties.

Source:
https://cofeb.bceao.int/sites/default/files/2022-05/COFEB-Precis_LES%20CRYPTO-MONNAIES.pdf
https://www.bceao.int/fr/documents/5-quelle-est-la-situation-des-fintech-dans-lumoa

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