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Cryptocurrencies and Financial Crime on the Rise in Gambia, Experts Warn

Despite lacking specific regulations, Gambia has become a hotbed for cryptocurrencies and blockchain-based projects, raising concerns about financial crime and lack of oversight.

Safety Concerns

According to Cointobuy’s analysis, Gambia’s crypto-related activity has a 2.0/10 safety rank, with two Initial Coin Offerings (ICOs) banning Gambian residents from participating in their crowdfunding ventures. The country ranks 178 out of 249 countries in terms of cryptocurrency safety.

Lack of Regulations

The lack of regulations and laws governing cryptocurrencies is creating an environment ripe for financial crime. Gambia’s central bank and government have yet to make a statement on the legality of cryptocurrencies, leaving the industry largely unregulated.

SafeMoon’s Operation Phoenix

In the midst of this uncertainty, SafeMoon, an altcoin and blockchain-based digital currency similar to Bitcoin, has announced plans to implement Operation Phoenix in Gambia. However, experts warn that it could lead to further complications in the country’s already murky regulatory landscape.

Global Regulatory Landscape

Globally, many jurisdictions have yet to enact laws governing cryptocurrencies, leaving the legality of crypto mining unclear. In some countries, such as Israel, crypto mining is treated as a business and is subject to corporate income tax, while in others, regulatory uncertainty persists. Canada and the United States are relatively friendly to crypto mining, but very few countries prohibit it outright.

Concerns About Financial Crime

The lack of regulations in Gambia is particularly concerning, as it creates an environment where financial crime and money laundering can thrive. Experts warn that the country’s failure to regulate cryptocurrencies could have serious consequences, including the loss of investor confidence and potential economic instability.

Solution

As the use of cryptocurrencies continues to grow, it is essential that governments take steps to ensure the integrity of these systems and prevent financial crime.

Freeman Law is offering consultations on digital currencies, tax planning, and tax compliance for individuals and businesses. For more information, call (214) 984-3410 or visit our website at [website URL].