Brunei and Cryptocurrency

Key Points

• Cryptocurrencies are not legal tender in Brunei and are not regulated by the Autoriti Monetari Brunei Darussalam (AMBD), the Central Bank of Brunei.
• The AMBD has warned the public to exercise extreme caution when dealing with cryptocurrencies.

Detailed Summary

• Brunei has issued minimal guidance on cryptocurrencies, primarily focusing on warnings about their risks.
• The AMBD has emphasized that cryptocurrencies are privately issued and lack the regulatory oversight of legal tender.
• The AMBD has expressed concerns about the susceptibility of cryptocurrencies to misuse in illegal activities and cybersecurity risks.
• Due to the high speculation surrounding cryptocurrencies and the lack of clear fundamental value, the AMBD has warned of the risk of losing value with no regulatory safeguards.
• The AMBD has advised the public to conduct thorough due diligence and understand financial products before participating in cryptocurrency-related activities.

Conclusions

• Cryptocurrency usage in Brunei is not legally recognized or regulated.
• The AMBD has strongly advised caution and vigilance when dealing with cryptocurrencies.