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Papua New Guinea’s Cryptocurrency Compliance Issues Spark Concerns

The use of cryptocurrency in Papua New Guinea has sparked concerns over compliance issues, with the Bank of Papua New Guinea (BPNG) issuing a public notice reminding the public that it does not issue or regulate digital currencies. The notice highlights that virtual currencies lack legal tender status and are not accepted as currency in the country.

Government’s Stance on Blockchain Technology

Despite this, the government appears open to adopting blockchain technology as a platform for promoting financial inclusion. In 2017, Minister Francis Maneke praised the potential of blockchain technologies, stating that they could “change people’s lives” - particularly in a nation where 85% of the population is outside the banking system.

Legality of Cryptocurrency Mining

However, the legality of cryptocurrency mining remains unclear in most jurisdictions, including Papua New Guinea. Under the Financial Crimes Enforcement Network (FinCEN), crypto miners are considered money transmitters and may be subject to laws governing that activity. In some countries, such as Israel, crypto mining is treated as a business and is subject to corporate income tax.

Regulatory Uncertainty

Despite regulatory uncertainty, very few countries prohibit crypto mining. The Freeman Law Cryptocurrency Law Resource page provides a summary of the legal status of cryptocurrency for each country across the globe with statutory or regulatory provisions governing cryptocurrency.

Promoting Financial Inclusion through Blockchain Technology

The use of blockchain technology has been hailed as having the potential to promote financial inclusion in Papua New Guinea, but the lack of clear regulations surrounding its use is sparking concerns over compliance issues. Freeman Law can help individuals and businesses navigate these complexities and ensure they are in compliance with relevant laws and regulations.

Contact Us for Assistance

Contact us now to schedule a consultation or call (214) 984-3410 to discuss your cryptocurrency and blockchain technology concerns.

Public Notice Highlights Need for Regulatory Clarity

The public notice issued by the BPNG serves as a reminder that virtual currencies lack legal tender status and are not accepted currency in Papua New Guinea. It is unclear what implications this has for individuals and businesses using cryptocurrencies in the country, but it highlights the need for greater clarity on the regulatory framework surrounding their use.