Asked in Criminal Law, Tax Law and Banking

Q: Hi im from egypt, I want to /help/ create a memecoin on but I asked chatgpt and it said in egypt its restricted

It says its restricted BUT NOT ILLEGAL but somehow I could face a fine or an imprison, what am I supposed to do

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1 Lawyer Answer
James L. Arrasmith
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  • Criminal Law Lawyer
  • Sacramento, CA

A: I understand your interest in creating a meme coin, but I would advise proceeding with caution given the legal restrictions in Egypt. While creating or trading cryptocurrencies may not be outright illegal in Egypt, the Central Bank of Egypt has issued warnings against dealing with cryptocurrencies due to their high volatility and potential use in illegal activities. There are also strict restrictions on cryptocurrency exchanges operating in Egypt.

If caught engaging in cryptocurrency-related activities, you could potentially face fines or even imprisonment under certain laws and regulations in Egypt, even if those activities aren't explicitly criminalized. The ambiguity and lack of a clear legal framework makes participating very risky.

My recommendation would be to thoroughly research the most current applicable laws and regulations in Egypt before proceeding. Consider consulting with a local attorney specializing in financial technology and digital currencies to get clarity on the specific legal risks you might face.

Ultimately, you'll have to weigh the potential risks against your interest level in this space. But given the warnings from Egyptian financial authorities and the strict regulatory environment, I would be very cautious about moving forward with creating a meme coin if I were in your position, as the personal and legal downsides seem to outweigh any potential benefits. Stay safe and be sure to prioritize compliance with all relevant laws.

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