Central Bank and Banking Sector Law No. 194 of 2020

The monetary and banking system of Egypt is regulated by the Central Bank and Banking Sector Act No. 194 of 2020 that ensures the autonomy of the Central Bank of Egypt and sets much higher capital requirements. Moreover, the act contributes to the modernization of the financial industry by providing regulation of the process of issuing licenses for digital banks and introducing a prohibition on unlicensed cryptocurrency business. For additional information concerning Egyptian banking law, refer to the website of the Central Bank of Egypt.