Country overview

#126
Syria

Country stats

Rating Points
50
This indicator describes the overall rating of a given jurisdiction on several parameters according to cryptocurrency operations - market volume, crypto regulation, business climate, taxation framework.
Crypto Penetration
3%
Estimated percentage of crypto users out of the country's total population based on public data.
Legal Entities
0
Number of crypto companies registered in the country based on regulator data if available or other types of public data.
Regulation Points
0
An overall assessment of the granularity of crypto regulation in a given country. A high score is also given to countries where cryptocurrency transactions are highly regulated.
Amount of crypto users
700 000
Total amount of crypto users out of the country's total population based on public data.
Taxation points
10
This figure, according to our analysts' calculations, indicates the overall level of tax burden for cryptocurrency transactions in a given country. The higher the indicator, the lower the burden.
Market volume points
0
A rough estimate of this jurisdiction's retail crypto market relative to the rest of the world. The higher the indicator, the higher the market potential.
Status of crypto
No info
General status of cryptocurrency regulation in this jurisdiction.
Crypto payments
No regulation
The legal status of cryptocurrency payments for goods and services in a given country based on information from regulators, public data and feedback from our community.
Security Level
High danger
The overall level of security in a given country based on open data.
Crypto Salaries
No info
The legal status of cryptocurrency salaries to employers in a given country based on information from regulators, public data and feedback from our community.
Business Climate
No info
Overall assessment of the friendliness of this country for crypto-business. This indicator takes into account the cost of obtaining a license and the attitude towards crypto entities in the country.
Stablecoin Regulation
No info
This indicator is evaluating the regulation of stablecoins in a given country. Complex regulation means that it is possible to issue steiblcoins and obtain a license for this activity. Basic regulation means that the issuance of stablecoins is possible, but not all legal aspects are defined in the law. Standard regulation means that there is a legal practice of steylcoin circulation in a given country.
Bad Factors
No
This section describes the unfavorable economic factors for crypto-business in a given country. These are countries that are under sanctions or on the FATF grey list and other factors.
Types of licenses
No licenses exist
Good
Medium
Bad
intro

This is general info about crypto regulation in Syria. A more precise overview will be published later. However, if you find any inaccuracy or have other feedback - please write us in telegram @ilya_ii or by e-mail - editor@cryptopenetration.com

Syria is a state in Western Asia. According to Wikipedia (1), its area is 185,000 km2, and its population is 23,000,000 people.

There has been a civil war in Syria since 2011. However, currently, the war is not in an active phase, and the country is visited by tourists. To get to Syria, a visa is required. There are mainly two options for tourists: get a visa in advance from the Syrian embassy or get an arrival visa. However, you won’t get an arrival visa if you have visited Israel. According to Passport Health (2), you may at least be detained for questioning in this case.

Security level

Syria has a high danger security level according to our rating. Jurisdiction has 30.9 points (from 100) for safety level in Numbeo crime rating (3). The homicide level (4) is 2.1 per 100,000 inhabitants a year.

Crypto Payments

No regulation. However, stablecoins are used in the country as a form of dollar payments. Also recently, Syria and Turkey got about $12,5 mln (5) of aid in cryptocurrency after earthquake. Based on Fintechtimes (6) Syria is the one of crypto loving countries with 36% of crypto adoption - we prefer to estimate this number more conservative as at least 3% of crypto penetration in Syria with at least 700,000 of crypto users in the country.

Crypto Salaries

No regulation.

Legal

Сurrently there is no crypto regulation in Syria. Although crypto currencies are really popular in the country because of high inflation and sanctions against Syria, which make international money transfers in fiat almost inaccessible for local individuals. Global crypto exchanges that circumvent sanctions got in trouble. For instance, Bittrex was fined (7) in $29 mln penalty by US OFAC and FINCen for operations with Syrian clients.

According to our information Bashar Assad government hadn’t implied any official actions in the field of crypto regulation. Based on The Edinburg Reporter (8) there is no crypto regulation in Syria. However, crypto owners must declare their gains and pay tax. Please contact with us, if you have any information about crypto tax framework in Syria.

However, the Syrian Islamic Council (SIC) formed by local opposition issued (9) a fatwa prohibiting cryptocurrencies in November 2019. In any case, in reality, this ban does not apply in the territory of the country controlled by the official government.

Taxation

Based on Syrian Law Journal (10) PIT rate is between 10% to 28% and corporate tax - 22%. Please contact with us, if you have any information about crypto taxation in Syria.

Links

1)👉🏻Syria. Wikipedia

2)👉🏻Visa in Syria

3)👉🏻Crime Index by Country 2023 Mid-Year

4)👉🏻List of countries by intentional homicide rate

5)👉🏻 Turkey and Syria earthquake… Elliptic

6)👉🏻 Top 10 crypto loving countries Fintechtimes

7)👉🏻Crypto exchange Bittrex to pay $29 mln penalty… Reuters

8)👉🏻Trading Crypto in the Middle East – Advantages and challenges

9)👉🏻Fatwās on Cryptocurrency: The Syrian Islamic Council and the International Union of Muslim Scholars’ al-Qaradaghi

10)👉🏻Taxation in Syria