Direct answer
In Ecuador bitcoin is almost always bought on international exchanges, buying USDT via P2P with a bank transfer in dollars or with a card. The Banco Central del Ecuador has said that crypto-assets are not legal tender or an authorised means of payment in the country and that using unauthorised means of payment is prohibited, although its 2018 notice clarified that buying and selling over the internet is not prohibited. Before you deposit, read those notices and check which entity of the exchange serves you.
What the regulator publishes
In January 2018 the Banco Central del Ecuador (BCE) published an official notice stating that "bitcoin is not an authorised means of payment for use in the country", that bitcoin transactions are not controlled, supervised or regulated by any Ecuadorian entity and that using it is a financial risk for the user; the same notice states that "the purchase and sale of cryptocurrencies such as bitcoin over the Internet is not prohibited".
In August 2024 the BCE reiterated, citing articles 94, 98 and 99 of the Código Orgánico Monetario y Financiero and the resolutions of the Junta de Política y Regulación Monetaria, that crypto-assets are not legal tender or an authorised electronic means of payment, that the use or simulation of unauthorised means of payment is expressly prohibited, and that it will inform the Fiscalía if it detects their use as a means of payment. It also warned that trading crypto-assets can cause heavy losses because of their volatility.
There is no register of authorised cryptocurrency exchanges in Ecuador. The Superintendencia de Bancos publishes a list of entities not authorised to carry out financial activities and alert notices; if a platform says it is "authorised by the Superintendencia", check there and in its list of supervised entities what is actually true.
Tax authority
The tax authority is the Servicio de Rentas Internas (SRI). We did not find an SRI guide dedicated to crypto-assets; gains from selling them may form part of your income taxed under the Impuesto a la Renta according to the general rules of the Ley de Régimen Tributario Interno, and payments abroad may be subject to the Impuesto a la Salida de Divisas, whose current rate you should verify on the SRI portal.
Keep your transaction history in dollars and confirm with an accountant how to declare your case before filing your annual return.
How people usually fund an account
The most common route is P2P: you pay another user in dollars by bank transfer or wallet and receive USDT, which you then exchange for BTC. The banks and wallets accepted are shown in each listing inside the app and change over time. Direct USD deposits from Ecuadorian banks are not common on the large exchanges; if your app shows one, confirm it in the official help centre.
Visa and Mastercard cards usually work with higher fees, and purchases from foreign issuers may trigger the Impuesto a la Salida de Divisas. To withdraw dollars via P2P you need an account in your own name.
Rules that do not change with the country: always pay and receive from accounts in your own name (platforms reject third-party payments, and a request for one is the first sign of fraud); in a P2P purchase the seller must not release the crypto until the money shows as credited in their bank, and you must not mark the order as paid without having paid; and when you deposit or withdraw crypto, the network you choose must be the same at origin and destination, because a transfer over the wrong network is normally lost for good. Make a small test transaction before moving larger amounts.
Check before you start
- Read the Banco Central del Ecuador notices of 2018 and 2024 on crypto-assets.
- Check the Superintendencia de Bancos list of unauthorised entities if a platform claims to be "regulated".
- Identify in the terms of use which entity of the exchange serves you in Ecuador.
- Have a valid cédula or passport ready for identity verification (KYC).
- Confirm in the app whether you only have P2P and card or also direct USD deposits.
- Keep the dollar history of each transaction for your return to the SRI.
- Be wary of "investments" offered over WhatsApp, fixed-return schemes, and screenshots as proof of payment.
Related guides and tools
Official sources
This page summarizes what official bodies publish as of the date shown. It is not legal or tax advice and does not say that any exchange is licensed in this country.
