How are crypto assets defined in your jurisdiction?
In our jurisdiction, the Bank of Tanzania (BoT) does not recognize crypto assets.
TerraLex Cross-Border Guide to Crypto Assets
Welcome to the Terralex cross-border guide to crypto assets
Crypto assets have come to the forefront of society quickly. In an area where technology has surpassed the law in many jurisdictions, this guide aims to provide a current snapshot of the legal status of crypto assets around the world, current regulations, and forthcoming or proposed legislation.
Special thanks to Martin Sloan (Brodies) as well as the leaders of the TerraLex Technology & Digital Business Industry Sector Team and Finance & Banking Practice Group for developing the questions for this guide.
How to Use: You can use the tools below to create bespoke reports for the jurisdiction(s) and topic(s) covered. Click into single jurisdiction for one location or use the compare tool to compare multiple jurisdictions. Select the jurisdictions and topics of interest to create your unique report. You also have the option to print or download using the ellipsis button in the top right corner.
Tanzania TerraLex Cross-Border Guide to Crypto Assets Guide
- Firms:
- KW Kapinga & Partners
- Authors:
- Kamanga Kapinga
- Date posted:
- 21/07/2022
- Last update:
- 02/11/2022
Guidance
What is the legal status of crypto assets in your jurisdiction?
Under the National Payments System Act No. 4 of 2015, prohibiting digital payments, Section 15 provides that a person shall not issue an electronic payment system without a license or approval from BoT.
Are crypto assets regulated in your jurisdiction?
Tanzania does not regulate crypto assets.
If crypto assets are regulated in your jurisdiction, which key regulatory authorities are responsible for the regulations and their enforcement in your jurisdiction? How are they regulated?
N/A.
Have specific anti-money laundering measures been introduced in relation to crypto asset activities in your jurisdiction?
N/A.
How is the use of blockchain in the financial services sector regulated in your jurisdiction?
N/A.
How are crypto assets taxed in your jurisdiction?
N/A.
Are crypto assets recognized as a type of property in your jurisdiction?
N/A.
How does your jurisdiction deal with the application of property laws to intangible assets and conflicts of laws with other jurisdictions
N/A.
can smart contracts transferring ownership on a crypto asset be treated as legally binding in your jurisdiction?
N/A.
Is it possible to take security over a crypto asset in your jurisdiction? If so, please provide a brief overview.
The Bank of Tanzania banned the use of cryptocurrencies, stating through Notices that people who use them will not be assisted if something happens.
Does inheritance tax relief exist in your jurisdiction for situations where fluctuations in the market result in a beneficiary paying disproportionate tax?
The tax system does not recognize the beneficiary paying disproportion tax.
Is there any forthcoming or proposed legislation in your jurisdiction relating to crypto assets?
N/A.
Is there a supranatorial view on crypto assets in your region and if so, what is it?
N/A.
Is there anything else that you think is unusual or different about how your jurisdiction treats crypto assets or dealings in crypto assets?
Tanzania has not currently enacted regulations or legislation specifically regulating digital currency yet. However, we encourage that our jurisdiction regulate legislation specific for cryptocurrencies.
Disclaimer: This guide contains summaries of general principles of law. It is not a substitute for specific legal advice and should not be relied upon in relation to the application of the law or subject matter covered.