Algeria Enacts Sweeping Ban on All Crypto Activities Under New Law
Main Idea
Algeria has enacted a comprehensive ban on all cryptocurrency-related activities, including transactions and mining, with severe penalties for violations.
Key Points
1. Algeria's new law (Law No. 25-10) criminalizes all aspects of cryptocurrency engagement, including transactions, mining, and operating platforms.
2. Violators face penalties of up to 1 year in prison and fines of 1,000,000 dinars, with stricter penalties for financial crimes like money laundering.
3. The ban aims to protect Algeria's financial sector from risks associated with crypto-assets, aligning with global financial regulations like those from the FATF.
4. Algeria's stance contrasts with global trends, as other countries, including the U.S., are advancing crypto-friendly legislation.
5. The law explicitly prohibits cryptocurrency mining, which was previously growing in Algeria due to low electricity costs.
Description
Algeria has enacted a new legislation that makes all activities related to digital assets illegal under national law. Key Takeaways: Algeria has criminalized all crypto-related activities, including mining and trading. Offenders face prison sentences and heavy fines under the new law. The legislation aims to protect the financial system and aligns with global anti-money laundering standards. The move is aimed at shielding the financial system and bolstering the fight against money laundering and...
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