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.
| 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 is relatively high but a significant portion of energy comes from renewables. Infrastructure is moderate, with tropical climate affecting cooling costs.
| Stability | moderate |
| Sanctions | No |
| Corruption Index | 25/100 |
| Banking Access | restricted |
Risk Factors
Madagascar faces moderate political stability with some governance challenges. Banking access for crypto companies is limited, and infrastructure constraints pose risks for crypto operations.
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.
Soken combines Web3 security engineering and crypto-legal counsel — two specialised tracks, one team. Pick the side that matches your need.
VASP licensing, jurisdiction analysis, AML/KYC, legal opinions, company registration and banking access.
Explore Legal Services → IT & SecuritySmart-contract audits, penetration testing, Web3 development, AI/LLM security audits.
Explore IT Services →Last reviewed: 2026-06-01 · Data source: Soken Crypto Legal Map
← Back to Crypto Map