Costa Rica Cryptocurrency Regulations: Requirements for Exchanges & Startups 

• Costa Rica Cryptocurrency Licensing has become an interesting area for many entrepreneurs and companies engaged in the cryptocurrency industry due to its flexibility and potential for fostering innovations and scaling crypto services to other countries. As blockchain-based technologies and virtual currency have become more widespread, Costa Rica remains popular among startup founders, investors, and fintechs who want to position themselves in Central America. 

• When considering how to set up a company in Costa Rica and launch crypto-related operations, one should think about acquiring the Costa Rica Crypto License, which can help with enhancing the trust and credibility of the organization and scaling operations in the region. 

• We, at Tetra Consultants, offer our professional legal assistance in setting up your company in Costa Rica in a way that would suit the nature of your cryptocurrency business. 

Key Costa Rica cryptocurrency regulations in 2026 

VASPs Compulsory Registration with SUGEF 

• Registration is compulsory for all virtual asset service providers (VASPs), as per Bill No. 22,837, enacted in its second reading in May 2026. This process results in the creation of a public database for VASPs but does not represent any kind of operational license or permission from the government to conduct business operations.  

• It includes exchanges, custodians, transfers, and issuers of cryptocurrencies, which will allow the General Superintendency of Financial Institutions (SUGEF) to oversee the proper implementation of AML/CFT. 

No special crypto operational license required 

• Costa Rica requires no special cryptocurrency operational license for VASPs, differentiating it from the rest of the countries that provide offshore business solutions. Businesses can operate using normal registration requirements along with AML/KYC requirements without any additional hurdles of obtaining any licenses or permits. 

Not legal tender 

• According to the BCCR, cryptocurrency is not considered legal tender, monetary currency, nor a foreign currency. With the new law having come into force, the definition of cryptocurrency still stands as a digital representation of value that can be exchanged in payment or as an investment, but not as an official currency.  

• None of the parties involved have a legal obligation to accept cryptocurrencies for paying for goods and services. This territorial model allows private cryptocurrency transactions while the colón stays the only official currency. 

Requirements for due diligence and KYC procedures 

• Due diligence procedures should comprise identifying, assessing, and recording money laundering, terrorism financing, and proliferation threats, along with regularly updating the assessments. Specialized measures must be developed for PEPs and high-risk jurisdictions. 

Compulsory report of suspicious transactions 

• Any transaction that is either executed or attempted should be reported immediately and confidentially to the Financial Intelligence Unit of the Costa Rican Drug Institute (ICD). Providers should keep records of the origin and destination of any transaction and cooperate with the investigation process.  

• Mandatory reporting applies to the process of transfer monitoring in particular when it concerns transactions made with banks from high-risk nations. Non-reporting is a major compliance violation that carries severe repercussions. 

Penalties in cases of substantial non-compliance 

• Sanctions applied to the violations of regulatory requirements vary from 2 to 100 base salaries and amount to roughly ₡924,400 to ₡46.2 million (US$1,800 S$90,000) as of now. The maximum penalties in some cases could equal up to 50% of the value of any transaction carried out.  

• Regulatory breaches consist of non-registration, insufficient internal controls, failure to fulfill any reporting obligations, inadequate customer verification procedures, and incomplete records of any transaction. 

Taxation of crypto transactions under territorial principle 

• The territory principle implies that income sourced solely in Costa Rica should be taxed. Capital gains from personal crypto transactions would be taxed with 15% of gain sourced in Costa Rica, whereas company profits should be taxed at a rate of 30%.  

• Cryptocurrency gains sourced abroad might be non-taxable, but no special crypto regulations have been issued by DGT (tax authority). VAT is not charged on cryptocurrency transactions. 

Requirement for transaction documentation 

• It is crucial to keep records of all transactions carried out, including details about the origin and destination of each transfer. Such record-keeping is necessary for further regulatory compliance and investigation.  

• It means keeping documentation related to client identification, beneficial ownership, and transactional monitoring information. 

Ban on Transactions with Unregistered VASPs 

• Dealing with any unregistered VASP is prohibited for financial institutions and other registered entities within the country. This helps ensure that the entire crypto ecosystem is operating under regulations and does not allow any unregistered entity to access the financial system.  

• This prohibition complies with the FATF guidelines related to the special measures to apply to transfers of crypto assets internationally. 

Alignment with OECD CARF for Tax Transparency 

• Bill 24,811 has helped in aligning Costa Rica with the Crypto-Asset Reporting Framework (CARF), which was developed by the Organization for Economic Cooperation and Development (OECD).  

• The OECD adopted this framework in 2022 across all countries. This framework is related to the automatic exchange of tax-related information in relation to customers of crypto assets. 

Data protection and confidentiality obligations 

• The reform also entails confidentiality and data protection obligations per the personal data law of Costa Rica. Companies that provide crypto-related services have to control information concerning compliance while securing their clients’ data and preventing any unauthorized releases.  

• Thus, this aspect ensures the responsible approach of VASPs toward their sensitive customer data. A violation of the data protection law is also considered an offense and can be penalized. 

Cryptoassets market law proposal 

• Bill 23,415 (Cryptoassets Market Law) was still being discussed by the legislative branch of Costa Rica in May 2026, but it had not been passed yet. It is expected that the law will address the regulation of mining, trading, commerce, exchanges, and custody services related to cryptoassets, along with the introduction of new taxation policies in the field. Among other things, the bill implies tax exemptions for personal cryptoasset operations. 

Conclusion 

• Costa Rica cryptocurrency regulations have helped to maintain Costa Rica’s image as an appealing market for blockchain businesses, crypto exchanges, fintech firms, and digital asset service companies aiming to expand internationally. 

• Understanding the complexities involved in setting up a cryptocurrency-oriented business can become very challenging without expert help. This is where Tetra Consultants can come in handy; our highly knowledgeable experts will ensure that all requirements associated with starting a crypto business will be covered through the provision of full services in this regard. 

• We help with company formation, corporate banking account opening, compliance, nominee directors and shareholders services, accounting and taxation, business documents, and corporate maintenance services.  

• In addition, we also help you structure your business operations to meet global standards and objectives. With us, you will not have any difficulty in expanding into this innovative field. 

• Contact us and we will respond within 24 hours.