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Is crypto legal in Madagascar? Rules & regulation (2026)

Crypto is unclear in Madagascar.

Madagascar has no dedicated legal framework for cryptocurrencies or digital assets: they are neither authorized as legal tender nor formally banned. The BFM has issued public warnings about crypto risks while launching a CBDC pilot (eAriary) in May 2025, signalling state engagement with digital finance, but no exchange licensing, stablecoin rules, token-offering regime, custody framework, or crypto tax guidance exists.

Last verified Official sources first · MethodologyCompare Madagascar with other countries

Legal framework

No dedicated crypto legislation. Overarching AML/CFT Law No. 2018-043 and implementing Decree No. 2024-1352 (SAMIFIN); BFM (Banky Foiben'i Madagasikara) public notices; CBDC eAriary pilot in progress.

Status by sub-area

  • Stablecoins

    None

    No stablecoin framework exists in Madagascar. Private stablecoin issuance is entirely unaddressed; the BFM's only digital-currency initiative is the state-issued eAriary CBDC pilot.

  • Exchanges / VASP

    None

    No licensing or registration regime exists for crypto exchanges or VASPs. Service providers engaged in crypto exchange operate entirely outside any regulatory framework.

  • Token Offerings

    None

    No rules govern token sales, ICOs, or STOs in Madagascar. No securities-law classification of tokens or prospectus/disclosure requirement has been issued by any authority.

  • Custody

    None

    No custody rules for digital assets exist in Madagascar. There are no segregation, proof-of-reserves, insurance, or qualified-custodian requirements for entities holding client crypto.

  • DeFi

    None

    DeFi is entirely unaddressed by Madagascar's regulatory framework. No authority has articulated any enforcement posture toward decentralized protocols, DAOs, or front-end operators.

  • Tax

    Unclear

    Madagascar has no published crypto-specific tax rules. Corporate profits from crypto activity would in principle be subject to the standard 20% CIT, but no official guidance addresses capital gains, staking, airdrop, mining income, or individual crypto taxation.

Key points: crypto & digital assets in Madagascar

  1. BFM warning, not a ban

    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.

    banky-foibe.mg actu.orange.mg

  2. Legal gray area, no dedicated law

    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.

    freemanlaw.com

  3. eAriary CBDC pilot launched May 2025

    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.

    prnewswire.com ecurrency.net

  4. AML/CFT framework updated; VASP coverage nascent

    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.

    fatf-gafi.org samifin.gov.mg

  5. No crypto-specific tax rules

    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.

    taxsummaries.pwc.com

  6. No stablecoin, DeFi, or token-offering regime

    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.

    freemanlaw.com cbdctracker.hrf.org

Sources

  1. banky-foibe.mg/communique/avis-au-public-sur-les-cryptomonnaies
  2. actu.orange.mg/emergence-de-la-cryptomonnaie-la-bfm-met-en-garde/
  3. prnewswire.com/news-releases/ecurrency-cbdc-technology-in-madagascar-for-eariary-pro
  4. ecurrency.net/post/cbdc-pilot-launch-for-the-e-ariary-project-in-madagascar
  5. fatf-gafi.org/en/publications/Mutualevaluations/fur-madagascar-2024.html
  6. samifin.gov.mg/sites/default/files/2025-01/DECRET-2024-1352-(application%20loi%20LBC
  7. freemanlaw.com/cryptocurrency/madagascar/
  8. taxsummaries.pwc.com/madagascar/corporate/income-determination
  9. cbdctracker.hrf.org/currency/madagascar

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Orientation, not legal advice: verify against the primary sources linked above. Last verified 25 May 2026. Methodology & how to cite · State of Technology Regulation 2026