Since there is a statutorily prohibition to issue, transact or operate using ICO, tokens, or any other form of electronic currency, such issue, transaction and operation is illegal in the Dominican Republic.
The issuance of currency is a monopoly of the Dominican State, therefore ICO and issuance of virtual currencies are considered as unlawful (articles 228 and 230 of the Dominican Constitution; article 25 of Law 183-02, Monetary and Finance Code).
In 29 June 2017, both the Monetary Board and the Central Bank of the Dominican Republic reiterated that local regulated financial institutions are not allowed to invest or perform operations using virtual currency.
José Cruz Campillo
Santo Domingo, Dominican Republic