Although many countries have moved toward regulating digital assets, a number still maintain complete or near-complete bans on cryptocurrency trading, payments, or mining.
They shape where global crypto firms and investors can operate, influencing market access and innovation.
They reflect how governments see crypto risks: financial instability, capital flight, fraud, money laundering.
They illustrate how regulatory fragmentation remains: even in 2025, some jurisdictions treat crypto as taboo, others as strategic asset.
According to a global comparison, about 12 % of emerging-market jurisdictions still maintain full or partial bans or extremely heavy restrictions on crypto as of 2025.
Here are some of the key jurisdictions where crypto faces strong regulatory barriers in 2025:
China stands as one of the most stringent jurisdictions. Trading, exchange operations and mining have been essentially banned for domestic individuals since 2021. Even as China experiments with its digital currency (the e-CNY), private-sector crypto remains effectively closed.
Algeria prohibits all crypto transactions and ownership, citing national financial stability and anti-fraud concerns.
Bangladesh bans digital assets under its central bank’s directive. Trading and possession of crypto can lead to legal action.
Nepal treats cryptocurrency as illegal for domestic use—trading, mining and exchange operations are all banned.
Under Taliban control, Afghanistan has banned cryptocurrency transactions, with no formal regulated framework for trading or mining.
Morocco has prohibited digital-asset transactions since about 2017. Although underground usage remains, the legal framework remains restrictive.
Egypt forbids cryptocurrency transactions under both banking law and religious-finance considerations; crypto is not legally recognised as tender.
Iraq’s central bank has banned banking participation in crypto, and many crypto activities are prohibited.
Tunisia prohibits cryptocurrencies outright; the central bank has issued rules banning use of crypto for payments.
Qatar restricts crypto by banning banks and financial institutions from engaging with digital assets; although not a full ban on ownership, the ecosystem is heavily limited.
A key point: “banned” doesn’t always mean the same thing across countries. There are three broad regulatory models:
Full ban – No trading, no mining, no exchanges (e.g., some of the countries above).
Restricted usage – Ownership may be permitted but payment, exchange, or banks are forbidden.
Banking/exchange prohibition – Private ownership ok but banks/exchanges can’t facilitate crypto services.
Even where a ban exists, enforcement can vary: underground peer-to-peer trading often continues in grey markets.
There are several recurring themes:
Risk of financial/political instability: Governments fear crypto could undermine their monetary policy or facilitate capital flight.
Consumer protection: Volatility and scams remain a concern, especially in less developed financial markets.
Crime & AML concerns: Crypto can be used for illicit flows, money-laundering or terrorism financing, so bans serve as a preventive measure.
Energy/technical infrastructure: Mining can consume large electricity resources; some states restrict mining for this reason. (See e.g. mining bans in certain regions of Russia.)
Regulatory capacity: Some jurisdictions lack frameworks to supervise crypto markets, so they choose prohibition instead of regulation.
Even in 2025, the landscape is evolving:
Some countries previously banned are reconsidering. For example, emerging regulation in Africa & the Middle East shows countries shift from blanket bans toward licensing models.
Mining bans are becoming more targeted—rather than full prohibition, certain regions limit energy-intensive operations.
International coordination (e.g., by the Financial Action Task Force) is increasing pressure on jurisdictions to align regulation rather than simply ban.
For investors and firms: knowing your jurisdiction’s regime is critical. Operating in a “barred” country may mean regulatory risk, enforcement action, or no access to banks and payment systems.
For 2025, the list of countries maintaining full or near-full crypto bans remains significant. Nations such as China, Algeria, Bangladesh, Nepal, Egypt, Iraq and others continue to prohibit or heavily restrict crypto trading, payments or mining. At the same time, many other states are moving toward regulation rather than prohibition. For crypto participants—investors, businesses, miners—understanding local law, enforcement practices and the direction of policy is essential. Even if trading is technically banned, informal markets may persist—but such activity carries clear legal and regulatory risk.