X @BSCN

Regulatory Action - Algeria has declared a total crypto ban, encompassing ownership, trading, mining, and promotion [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] Market Impact - The ban aims to protect financial stability and reduce crime, aligning with FATF global standards [3] - Critics suggest the ban could stifle innovation, impacting Algeria's once fast-growing crypto market in the MENA region [3] - Algeria joins a shrinking list of nations opting for total bans, diverging from the regulatory approach adopted by many others [4] Enforcement - Monitoring will intensify, with Algeria's financial and security agencies coordinating enforcement both online and offline [3] - The ban follows prior restrictions in 2018, despite which citizens continued using peer-to-peer methods and foreign exchanges [2]