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Despite the global rise of cryptocurrency, several nations continue to impose strict regulations or outright bans. While some governments cite financial stability and fraud prevention, others raise concerns about money laundering and economic control. Here are ten countries where cryptocurrency remains restricted or prohibited in 2025.
- China
China has maintained strict cryptocurrency restrictions since 2017, initially banning exchanges before extending prohibitions to mining and financial institutions handling crypto transactions. Authorities justify the ban by pointing to risks such as financial instability, capital flight, and fraudulent activities.
Despite heavy enforcement, underground crypto trading remains active, with China ranking 20th in the 2024 Chainalysis Global Crypto Adoption Index. At the same time, the Chinese government continues to push forward with its central bank digital currency (CBDC), expanding its digital yuan pilot programs.
- Egypt
While not entirely banned, cryptocurrency regulation in Egypt remains highly restrictive. The Central Bank of Egypt (CBE) has reinforced warnings against crypto transactions, though some exchanges continue to operate within a complex legal landscape.
Key concerns driving Egypt’s stance include:
- Volatility: The rapid price fluctuations of digital assets pose risks to investors.
- Money laundering: The semi-anonymous nature of crypto transactions raises concerns about illicit financial activities.
- Lack of oversight: The absence of a clear regulatory framework makes fraud prevention difficult.
Additionally, religious interpretations influence Egypt’s policies. Some Islamic scholars classify cryptocurrencies as haram (forbidden) due to their speculative nature, though these opinions remain non-binding. Despite restrictions, peer-to-peer crypto trading remains widespread, illustrating the challenges of regulating decentralized assets.
- Algeria
Algeria enforces a strict ban on cryptocurrency, citing threats to financial security and economic stability. The government prohibits ownership and transactions while warning against risks such as money laundering and terrorist financing. Despite these restrictions, unofficial crypto trading continues.
- Bangladesh
Bangladesh follows a similarly strict anti-crypto stance, with the Bangladesh Bank banning digital assets in 2017 due to concerns over financial stability and illicit activities. Authorities later reinforced the ban, making violations punishable by fines and imprisonment.
However, despite these measures, cryptocurrency adoption persists, with Bangladesh ranking 35th in the 2024 Global Crypto Adoption Index.
- Nepal
Nepal has taken an aggressive approach against cryptocurrency, declaring it illegal and citing risks to financial stability. The Nepal Rastra Bank prohibits trading and usage, arguing that crypto transactions expose the economy to fraud. Authorities continue to crack down on traders and unauthorized exchange operators, making Nepal one of the most hostile environments for digital assets.
- Afghanistan
Afghanistan reintroduced a cryptocurrency ban in 2022 under Taliban rule, citing financial instability and fraud concerns. Authorities shut down exchanges in Herat and arrested multiple operators, making crypto-related activities highly risky.
Before the ban, digital assets served as a crucial financial tool for many Afghans, helping facilitate remittances and wealth preservation amid ongoing economic crises.
- Morocco
Morocco has officially banned cryptocurrency transactions since 2017, citing concerns over financial crimes and economic stability. However, despite this restriction, the country has seen significant underground adoption, consistently ranking among Africa’s top nations for peer-to-peer Bitcoin trading.
Recognizing the persistence of crypto usage, Moroccan authorities are reconsidering their approach. The Bank Al-Maghrib, Morocco’s central bank, has drafted legislation to regulate digital assets, signaling a possible shift toward legalization.
- Bolivia
Since 2014, Bolivia’s central bank prohibited cryptocurrency usage, citing risks related to monetary stability and financial crimes. However, in June 2024, authorities reversed this stance, allowing regulated financial institutions to process crypto transactions through approved electronic channels.
This policy shift reflects a regional trend favoring regulation over prohibition, meaning Bolivia no longer enforces a strict ban but maintains heavy oversight over crypto activities.
- Iraq
Iraq’s central bank issued a cryptocurrency ban in 2017, citing risks such as financial crime, volatility, and consumer protection concerns. Banks, financial institutions, and payment service providers remain prohibited from handling digital assets, making crypto transactions inaccessible through official channels.
In 2018, Iraq’s Kurdistan Regional Government Supreme Fatwa Board issued a ruling against OneCoin, reinforcing the country’s cautious stance on digital assets. However, despite restrictions, informal crypto trading continues, as enforcement against individuals remains unclear.
- Russia
In 2022, the Central Bank of Russia (CBR) proposed a complete ban on cryptocurrency transactions and mining, though the government ultimately opted for regulation instead. While crypto mining has since been legalized, restrictions remain on domestic crypto payments.
By 2024, President Vladimir Putin signed new laws regulating cross-border cryptocurrency transactions. The legislation, taking effect between September and November, established a framework for businesses to use digital assets in international trade while maintaining a ban on domestic crypto payments. The CBR oversees these transactions, ensuring that only approved exchanges operate within state-controlled guidelines.
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