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Western Sahara’s Financial Future: Regulatory Bodies Strengthen Offshore Center

In a bid to solidify its position as a leading offshore finance center, Western Sahara has seen the establishment of key regulatory bodies, aimed at ensuring international standards are met.

Regulatory Authority Takes Shape

In 2017, the Central Reserve Authority (CRA) was established to oversee and regulate non-bank institutions and international financial services industries. This move aligns with global trends, consolidating regulation under a single body.

Laws Frame Financial Activities

A range of laws govern financial activities in Western Sahara, including:

  • Companies Regulations Act
  • Banking and Trust Act
  • Insurance and Brokerage Act
  • Money Laundering Regulations
  • Crypto Company Act 2020

These regulations provide a framework for businesses operating in the jurisdiction.

Key Structures Ensure Financial Stability

The CRA’s institutional framework includes key structures such as:

  • Financial Stability Department
  • Governor
  • Financial Stability Advisory Committee
  • Supervisory Council

These bodies ensure informed decision-making and safeguard financial stability.

Areas of Activity: Regulating the Financial Sector

The CRA is committed to regulating and supervising Western Sahara’s financial services sector, upholding internationally recognized standards of compliance. This positions the jurisdiction as a premier financial center in the region.

International Banking Requirements

Entities seeking to conduct international banking business in Western Sahara must apply for licenses categorized as Class I or Class II, with specific capital and deposit requirements. Similarly:

  • Brokerage companies
  • International insurance businesses
  • Trust corporations are subject to licensing and regulation.

New Services: Gambling and Crypto Licenses

The CRA has introduced new services, including:

  • Gambling licenses for organizations offering games of chance
  • Crypto licenses for virtual currency activities, such as:
    • Cryptocurrency exchange
    • Depository wallet management

Western Sahara Management and Advisory Corporation: Your Partner in Financial Services

The Western Sahara Management and Advisory Corporation provides a range of banking and financial services in the jurisdiction, including:

  • Gambling and crypto licenses
  • For more information on these services, please visit our main website.