Madagascar Stablecoin Regulation — No Framework/Banned

Stablecoin Regulation Tracker

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Madagascar Stablecoin RegulationStage: No Framework/BannedRegulator: Banky Foiben'i Madagasikara (BFM – Central Bank of Madagascar)Madagascar has no framework governing the issuance of private stablecoins. Cryptocurrencies operate in a legal gray area; BFM has warned they lack legal-tender status and are unregulated but has not banned them. Law 2023-026 added VA/VASP definitions for AML purposes only. The 2016 e-money law and eAriary CBDC pilot do not regulate private stablecoin issuance.

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Regulated Stablecoin Types Supported

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Timeline