Is crypto legal in Madagascar? Regulation & rules (2026)

The Banky Foiben'i Madagasikara published a formal public notice warning of crypto risks — volatility, AML/TF exposure, lack of consumer protection — while stopping short of prohibition. Crypto is neither issued nor supervised by the BFM and has no legal-tender status.

There is no crypto-specific legislation in force. Service providers engaged in crypto investment, exchange, or commercialisation are explicitly unregulated under existing financial sector laws.

BFM partnered with eCurrency Mint to launch a 10-month CBDC pilot (eAriary) from May 23 2025, using eCurrency DSC3 technology. Distribution is handled by commercial banks, e-money providers, microfinance institutions, and fintechs. This is state-issued digital currency, distinct from private crypto.

Law No. 2018-043 and its December 2024 implementing Decree No. 2024-1352 govern AML/CFT obligations via SAMIFIN. Madagascar's 2024 FATF follow-up report shows progress on several Recommendations, including R.16 (wire transfers/travel rule), but VASP-specific obligations remain underdeveloped in practice.

Madagascar has issued no official guidance on the tax treatment of crypto gains, staking, airdrops, or mining. Corporate profits from crypto activity would fall under the default 20% Corporate Income Tax by general principle, but no specific authority has addressed digital-asset transactions.

Madagascar has issued no rules governing private stablecoins, token offerings, ICOs, STOs, DeFi protocols, or crypto custody. These areas remain entirely unaddressed by law or regulation.