Regulation has appeared relatively recently, but the details of legal practice could be more precise. As a country that borders the Russian Federation and China, Mongolia is used for cross-border transactions, and miners are very interested in it. The government is quite open to relocation and foreigners.
Country overview
#76
MongoliaCountry stats
Rating Points
184
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
1.4%
Estimated percentage of crypto users out of the country's total population based on public data.
Legal Entities
2
Number of crypto companies registered in the country based on regulator data if available or other types of public data.
Regulation Points
120
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
46 200
Total amount of crypto users out of the country's total population based on public data.
Taxation points
25
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
39.1
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
Legally allowed
General status of cryptocurrency regulation in this jurisdiction.
Crypto payments
No info
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 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 data
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 data
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
Crypto-to-crypto
This license type allows VASP to provide legal exchange from one cryptocurrency to another.
Crypto-to-fiat
This type of license regulates the exchange from cryptocurrency to fiat.
Wallet/Custody
This country has a legal licensing procedure for companies that store cryptocurrency - - crypto wallet providers and custodians.
ICO/STO
This indicator describes legal procedures for token sales and security token issuance. This country has a clear regulation framework and licensing procedures for entities that provide this activity.
Good
Medium
Bad
Mongolia has a considerable danger security level according to our rating. Jurisdiction has 46.5 points (from 100) for safety level in Numbeo crime rating (1). Homicide level (2) is 6.2 per 100,000 inhabitants a year.
According to current legislation ‘Virtual asset’ means(3) an intangible digital representation of value that can be digitally traded or transferred and used for payment or investment purposes.
We need to get information about crypto salaries in Mongolia. If you have this information, don't hesitate to contact us.
The law (4) was adopted in 2021. Crypto payments are formally allowed (5). The National Bank and FCR (analogous to the SEC) are the regulators (6).
In 2021, there were (7)12 legal entities operating in the country: DAX Crypto Exchange, Coinhub Exchange, Trade Exchange, Complex Exchange, Corex Exchange, Capex Exchange, National Crypto Exchange, Ebit Exchange, Stock Exchange, Retex Exchange, My Coin Exchange, and Coinsea Exchange. Currently, according to reports for 2023, only two legal entities are audited as VASP, including iDAX.
| Tax name | Index |
| PIT tax Min | 20 |
| PIT tax Max | 20 |
| Corporate tax (CIT) | 25 |
| Min Individual CGT (for crypto) | 10 |
| Max Individual CGT (for crypto) | 20 |
| Wealth tax Min | 0 |
| Wealth tax Max | 0 |
There are no trust sources specifically for the taxation of cryptocurrencies. The individual tax rate is introductory (8), which applies to exchange -20 % and corporate tax -25 %. PIT rate is 20% and CGT between 10-20%.