Country overview

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

Lebanon is a sovereign state located in the Middle East region on the coast of the Mediterranean Sea. Based on Wikipedia (1) Lebanon has an area of 10,452 km2  and a population of about 5,300,000 people. The political system of Lebanon is based on agreement between different confessional groups and four main groups:

-Maronite Christians

-Sunni Muslims

-Shia Muslims

-Orthodox Christians

Based on Just in Travel (2) there are 2 main types of visas to move in Lebanon: C type and D type. C visa lasts 180 days maximum or less. D type visa is a long term. It’s possible to get one based on the grounds of a work permit, student visa, or entrepreneurship. According to journalist Adil Gherib (3) Lebanon tourist visa is maximum 3 months and mostly - 1 month. If you want to get a residence permit by work, in this case, a working contract is essential.

According to the Tinkoff journal (3), for foreigners, it’s possible to get a residence permit for three years in Lebanon by marriage. However, there is no official marriage registration in the country; instead, marriage takes the form of a wedding in religious institutions. But since the price of this procedure is quite high - $2000-5000, locals prefer to get married in other countries - like Cyprus. In this case, marriage is officially recognized in Lebanon too. 

Lebanon has several exchange rates and the difference between the official and actual exchange rate of the local currency to the dollar is even higher than in Argentina before the reforms. The official exchange rate is 1500 per 1 USD and the non-official is more than 20,000 per 1 USD. This is one of the reasons why cryptocurrencies are popular in this country. Another reason is the relatively low cost of electricity, which is why it is possible to realize mining projects in Lebanon.

Because the territory of the state of Lebanon is divided into groups into several parts in different parts of this country, the level of security will differ. Still, in general, order is maintained in most areas by local authorities. Despite great poverty and tense relations with Israel, Lebanon can be considered a relatively safe country where the risk of fraud, theft, or harassment on the streets of beggars is higher than outright robbery. Based on this, the country's rating can be assigned the value of Moderate danger. It has 53.6 points (from 100) for safety in Numbeo crime rating (4). The homicide level (5) is 2.3 per 100,000 a year. 

Cryptocurrencies (6) are not legal tender, bitcoins are still accepted by small businesses and merchants. The government of Lebanon has issued a warning discouraging the use of Bitcoin and other similar systems.

No regulation.

On December 19, 2013, the Banque du Liban (7) (BDL), the Lebanese Central Bank, issued a warning of danger to use cryptocurrencies and stated that cryptocurrencies have no regulation in the country. So formally there is no crypto regulation or even ban on crypto. Based on Forbes (8) local currency Lebanese pound has very high inflation rate, crypto is really popular as a hedge against inflation.

The tax system in Lebanon (9) is progressive: the higher the salary, the higher the tax rate, the maximum being 20%. There are tax deductions, they depend on the number of children in the family and whether the spouse works. Based on PWC tax summaries (10) CIT rate is 17%, and the headline corporate capital gains tax rate is 15%.

1) 👉🏻Lebanon. Wikipedia

2) 👉🏻THE COMPLETE LEBANON DIGITAL NOMAD VISA GUIDE (UPDATED 2024)

3) 👉🏻Ultimate Digital Nomad Guide to Lebanon

4) 👉🏻Numbeo crime rating

5) 👉🏻List of countries by intentional homicide rate

6) 👉🏻Legality of cryptocurrency by country or territory

7) 👉🏻Regulation of Cryptocurrency Around the World: November 2021 Update

8) 👉🏻Lebanon’s economic rebirth through Bitcoin Forbes 

9) 👉🏻EMPLOYEES PERSONAL INCOME TAX 

10) 👉🏻Lebanon. Overview