X @BSCN

Regulatory Landscape - Algeria has declared a total ban on cryptocurrency, encompassing ownership, trading, mining, and promotion, under a new AML law passed on July 24 [1] - The law classifies crypto assets as financial property, criminalizing their use under anti-money laundering and counter-terrorism regulations [1] - Violators could face up to one year in prison and fines of nearly $7,700, impacting platforms, wallet providers, and promoters [2] - The ban aims to protect financial stability, reduce crime, and align with global standards like those set by FATF [3] Market Impact - The crackdown follows years of unofficial resistance to crypto, despite initial restrictions in 2018 [2] - The sweeping ban could stifle innovation, reversing Algeria's position as one of the fastest-growing crypto markets in the MENA region [3] - Monitoring will intensify, with Algeria's financial and security agencies coordinating enforcement both online and offline [3] - Algeria joins a shrinking list of nations opting for total bans, rejecting the regulatory approach many others are moving toward [4]