Cryptocurrencies are unregulated in Madagascar. The Banky Foiben'i Madagasikara (BFM) has issued public caution warnings citing AML/CFT and volatility risks but has enacted no binding rules. No law prohibits purchase, holding, or mining. No crypto-specific licensing regime exists. A CBDC pilot (eAriary) launched in October 2025 and is currently running.
| Status | Restricted |
| Risk Score | 55/100 (High Risk) |
| Region | africa east |
| Currency | MGA |
| Capital Gains (Personal) | No specific guidance |
| Capital Gains (Corporate) | No specific guidance |
| VAT on Crypto | No |
| Staking Tax | No specific guidance |
| Airdrop Tax | No specific guidance |
No crypto-specific tax guidance.
| Required | No |
| Regulator | BFM |
| Framework | No crypto framework |
No crypto licensing framework exists.
No known enforcement actions.
| Status | Research |
| Name | e-Ariary |
| Issuing Authority | Banky Foiben'i Madagasikara |
| Model | retail |
| Technology | eCurrency |
| KYC Required | No |
| Travel Rule | No |
| FATF Member | No |
| FATF Status | non_compliant |
| FATF Body | ESAAMLG |
| Suspicious-Activity Reporting | No |
Status: Unclear
No regulation.
Status: no_rules
No framework.
Status: no_rules
No regulation.
| Legal | Yes |
| Electricity Cost | $0.12/kWh |
| Renewable Energy | 35% |
| Infrastructure | fair |
Electricity cost relatively high; infrastructure developing but limited data center capacity; tropical climate increases cooling costs.
| Stability | moderate |
| Sanctions | No |
| Corruption Index | 25/100 |
| Banking Access | restricted |
| Sanctions Program Active | No |
Risk Factors
Madagascar faces moderate political instability and infrastructure challenges; banking access for crypto firms is restricted; no major international sanctions.
Cryptocurrencies are unregulated in Madagascar. The Banky Foiben'i Madagasikara (BFM) has issued public caution warnings citing AML/CFT and volatility risks but has enacted no binding rules. No law prohibits purchase, holding, or mining. No crypto-specific licensing regime exists. A CBDC pilot (eAriary) launched in October 2025 and is currently running.
Madagascar is classified by FATF as: non_compliant.
KYC is not universally mandated.
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Explore IT Services →Last reviewed: 2026-09-18 · Data source: Soken Crypto Legal Map
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