Country overview

#129
Dominican Republic

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
2.15%
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
20
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
0
Total amount of crypto users out of the country's total population based on public data.
Taxation points
20
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
De facto
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
Considerable danger
The overall level of security in a given country based on open data.
Crypto Salaries
No regulation
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
None
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 Dominican Republic. 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.

Dominican Republic is a sovereign state located in the Carribean. It’s located on the island Hispaniola and the island has only 2 states located on it: Haiti and Dominicana. Based on Wikipedia (1) Dominican Republic has an area 48,671 km2 and 11,4 million of people live here. According to Visaguide (2) citizens of 81 countries don’t need a visa to enter Dominican Republic, this includes the EU, USA, most Latin America and Carribean. It’s also possible to get a digital nomad visa (3) up to 18 months in the country, if you can prove that you work remotely and get a regular income.

Security level

  According to our rating, Dominican Republic may be qualified as a jurisdiction with a considerable danger security level. The country has 39.5 points (from 100) for safety level in Numbeo crime rating (4). Level of firearm-related death (5) 6,22 per 100,000 a year.  

Crypto Payments

  There is no regulation for crypto payments in the country. Moreover, local media (6) claims that crypto payments are prohibited in the country, but it’s possible to find a counterparty to provide a real estate purchase by crypto. Also it’s possible to buy Bitcoin Cash in Transak Wallet (7) by Dominican Peso.  

Crypto Salaries

No regulation.

Legal

  In 2021 the Central Bank of Dominican Republic has published a warning (8) about use of crypto currencies in the country, indicating that crypto doesn’t have any regulation framework to be used as a payment method. At the same time in 2022 Master Card has published report (9), according to which 54% of consumers in the country are interested in educational workshops on crypto. So crypto is popular in the country, but it still has no legal status. At the same time there are 17 Bitcoin ATM in this jurisdiction according to CoinATM Radar (10). Based on Tripple A crypto ownership database (11) there are 243,632 crypto users in the country with 2,15% crypto penetration rate.         

Taxation

According to Tradewise community (12) local regulator DGII ( Dirección General de Impuestos Internos) defines cryptocurrencies as assets for tax purposes and there is 27% CGT tax rate for any crypto gains after conversion into fiat. The personal income tax has a progressive rate from 15% to 25%. There is an official document (13) in Spanish from DGII, which defines crypto taxation in the country in details.

Links

1)👉🏻Dominican Republic Wikipedia

2)👉🏻Dominican Republic Visa Guide

3)👉🏻How to Enjoy the Dominican Republic as a Digital Nomad — A Comprehensive Guide to Paradise Medium

4)👉🏻Numbeo Crime Rating

5)👉🏻List of countries by firearm related death rate Wikipedia

6)👉🏻La guía definitiva para la compra de criptomonedas y bienes raíces en la República Dominicana y Las Terrenas

7)👉🏻Dominican Republic Transak

8)👉🏻Comunicado sobre criptomonedas y monedas y activos virtuales Banco Central Republica Dominicana

9)👉🏻Regulation of Cryptocurrencies and Blockchain in the Dominican Republic: Caution and Challenges Latin Counsel

10)👉🏻Bitcoin ATM Dominican Republic CoinATM Radar

11)👉🏻Digital Currency Ownership Data Triple A

12)👉🏻Navigating Crypto Tax Regulations In The Dominican Republic Trade Wise

13)👉🏻Official document from DGII