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You can buy cryptocurrency if you live in Puerto Rico. Like other countries and US states, buying cryptocurrency requires a few simple steps, choosing a storage method and making decisions based on what you believe is a good investment.
How to buy cryptocurrency in Puerto Rico
Residents of Puerto Rico can buy and sell cryptocurrencies with fiat currency. Not all the regulations for the US apply to Puerto Rico — it’s not a state, but an unincorporated territory.
In the US, you’re required to report your crypto earnings to pay taxes because cryptocurrency is considered taxable income. However, residents of Puerto Rico don’t have to pay taxes on interest, dividends and capital gains from cryptocurrency earnings.
To buy crypto in Puerto Rico, there are three basic steps and a few things to understand before you get started.
Step 1: Compare exchanges
No matter where you live, ensure the cryptocurrency exchange you want to use is licensed to operate where you’re located.
Gemini is a top cryptocurrency exchange and is licensed to operate in Puerto Rico by the Puerto Rico Office of the Commissioner of Financial Institutions. Gemini lists 96 cryptocurrencies for Puerto Rico, including Bitcoin (BTC), ether (ETH), Shiba Inu (SHIB), Solana (SOL) and many others.
Established crypto exchange that's served customers for over a decade
Supports over 200 crypto assets
Provides resources for both beginner and advanced traders
Registered as a Money Service Business (MSB) and is FinCEN compliant
Offers futures contracts and margin for trades
Not available to residents of New York and Washington state
No longer offers its staking service to US residents
Kraken is an established cryptocurrency exchange that offers features for beginner and advanced crypto investors alike.
If you're new to crypto investing, Kraken's simple and intuitive user interface makes it easy for you to open an account and make your first crypto purchase. And Kraken's Learn center helps you better understand the complex terminology that surrounds crypto.
If you're a seasoned crypto investor, you'll benefit from using Kraken Pro — the exchange's advanced trading platform, which lets you trade over 200 crypto assets with low trading fees and a customizable trading interface. Kraken Pro also offers futures contracts as well as up to 5x leverage for trades.
Deposit Methods
Bank transfer Credit card Cryptocurrency Debit card Apple Pay Google Pay SWIFT ACH online banking
Deposit Fees
ACH deposit - Fees vary ($10 minimum deposit) Credit and debit card - Fees vary ($10 minimum deposit) Apple Pay or Google Pay - Fees vary ($10 minimum deposit) Crypto - Free
Withdrawal Fees
FedWire withdrawal - $4-$35 Crypto - Fees vary depending on coin or token
Trading Fees
Maker: 0-0.16% Taker: 0.1-0.26%
While residents of Puerto Rico have access to numerous exchanges, a handful aren’t available — such as Coinmama, for example. Always check that the exchange you want to use is licensed in Puerto Rico before buying cryptocurrency on the platform. Signing up with an unlicensed exchange could result in legal troubles and losing your digital assets.
Once you’ve settled on an exchange, general steps to sign up with the platform include:
Create an account.
Verify your identity, usually with a government-issued ID.
Connect a digital wallet.
Deposit funds.
With crypto exchanges, you’re required to complete the know your consumer (KYC) requirements, which involves verifying your identity. Have a valid government ID ready and be prepared to send in a photo.
Step 2: Choose a digital wallet
Crypto wallets — also called digital wallets — is software or hardware that you use to store your digital assets, such as cryptocurrency and nonfungible tokens (NFTs).
Many people use software wallets, also called hot wallets. These are installed on your computer and used as a browser extension. Some popular examples of hot wallets include MetaMask, WalletConnect and Trust Wallet.
There are also hardware wallets that plug into your computer, such as Trezor and Ledger. Hardware crypto wallets are also called cold storage, since these devices aren’t online (hot) all the time they are generally considered a safer method of storing digital assets.
Nearly all software crypto wallets are free to install and use, and typically require a simple account setup that goes like this:
Create an account.
Record the generated seed phrase — this acts as a master password.
Connect your wallet to the network as required by the crypto exchange.
Step 3: Research coins
With an exchange picked out that’s licensed in Puerto Rico and a crypto wallet at the ready, you can start looking at what crypto coins you want to buy.
Three things to know when choosing a coin to buy:
Cryptocurrency is a speculative investment and there’s no guarantee of earnings.
All coins aside from Bitcoin are considered “alternative coins” or altcoins.
Research the market, security and accessibility of a coin before buying.
Popular coins around the world include BTC, ETH, SOL, SHIB, MATIC, DOGE and ADA.
Where do I buy crypto in Puerto Rico?
If you’re a resident of Puerto Rico, you must use a cryptocurrency exchange that has its money transmitter license (MTL), licensed by the Puerto Rico Office of the Commissioner of Financial Institutions.
Compare these popular crypto exchanges to find one that suits your needs:
Crypto.com bills itself as the world's fastest-growing app and includes a large selection of cryptocurrencies. The exchange launched under the name Monaco in 2016 and changed to crypto.com in 2018. Its native token, Crypto.com Coin (CRO), can be used to lower fees on the exchange.
Crypto.com charges maker and taker fees for cryptocurrency trades. The fees vary depending on customer tier levels. Tiers are adjusted daily and are based on a customer's individual trading volumes incurred over the past 30 days.
Based in Silicon Valley and founded in 2013, boasts 7M+ users and serves 150+ countries. Trade between cryptocurrencies, precious metals and national currencies. Offers 76 currencies that include BTC, BCH, ADA, ETH and DOGE. Supports account funding from banks, cards and other crypto wallets. Deposit fee only on bank transfer wires — $20 for deposits of up to $5,000.
Pros
$0 fee for funding with bank account
Free to open and maintain account
$0 fee commissions on trades
$0 fee withdrawal
Cons
3.99% fee for debit or credit card funding
Some coins restricted for US customers
Deposit method
Bank transfer,Credit card,Debit card,Bank transfer (SEPA),Apple Pay,Google Pay
Deposit Fees
Bank transfer: None Credit card: 3.99% Debit card: 2.49% Google Pay: None
Withdrawal Fees
Cryptocurrency: $2.99 + coin fees Bank transfer: $3.99 Google Pay: None
Founded in 2012, Coinbase lists more than 50 coins that include BTC, ETH and DOGE. Its conversion fee ranges from 0.50% to 2.0% and is calculated based on when you place your order, your payment method and market conditions, according to Coinbase's pricing and fee disclosures. You must have at least $2 in your account to buy.
Pros
Reputable exchange
50+ coins available
NFT marketplace to launch soon
Cons
Transaction fees of 0.50% to 2.0%
$2 minimum balance
Deposit method
Bank transfer (ACH),Debit card,PayPal,Wire transfer,Apple Pay,Google Pay
Yes, you can use Binance.us in Puerto Rico with the same access as the 46 permitted US states.
However, the exchange Binance is not legal in the US or Puerto Rico, so be sure to use the branch Binance.us.
Can I buy Bitcoin in Puerto Rico?
Yes, Bitcoin (BTC) can be purchased in Puerto Rico. Most mainstream cryptocurrency exchanges list BTC, including Gemini, Coinbase and Binance.
Can I buy Dogecoin in Puerto Rico?
Yes, you can buy Dogecoin (DOGE) in Puerto Rico. While DOGE is considered an altcoin, it’s available on many cryptocurrency exchanges.
Regulations around cryptocurrency in Puerto Rico
Puerto Rico’s residents are not subject to the US federal income taxes on income derived from sources within the territory.
In January 2012, Puerto Rico enacted Act No. 22, known as the Individual Investors Act. In a nutshell, this act means that people who live in Puerto Rico are exempt from taxes on interests, dividends and capital gains — and this includes earnings from cryptocurrency. Those that reside in Puerto Rico for at least 183 days each year are also exempt from taxes on capital gains.
Know before you buy crypto
There is never a guarantee that you can come out on top when investing in cryptocurrency. For this reason, it’s often recommended to avoid investing more than you can afford to lose.
Other things to keep in mind when investing in cryptocurrency include:
Keep your wallet secure. Crypto wallets are protected by a master password, known as a seed phrase. Never give out this information to anyone. If someone were to get this master password, they could take your digital assets.
Exchanges typically aren’t liable for losses. If your crypto wallet is hacked while using an exchange, know that the exchange may not do anything to recover lost assets as both crypto wallets and exchanges act as third parties. Read the fine print and policies of cryptocurrency exchanges before signing up.
KYC requirements. Lying about your credentials or skipping KYC requirements can mean consequences, and legitimate crypto exchanges should require you to verify your identity.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
Bethany Hickey is a personal finance writer at Finder, specializing in banking, lending, insurance, and crypto.
Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt.
Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others.
Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine.
New York has regulations surrounding crypto, but you can still buy cryptocurrency.
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