Bitcoin is legal in the United States, partially
The US has adopted a positive stance in regards to Bitcoin. Meanwhile, it also has ordered several government bodies to assure that transactions in Bitcoin are carried out only in legal terms.
In fact, the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) has been issued special guidance on the digital currency since 2013. It has classified the Bitcoin as a money services business (MSB). Moreover, the Bitcoin has made it to the US derivatives markets.
Bitcoin is legal in CanadaCanada’s relationship with Bitcoin is similar to that of the US. The country’s Canada Revenue Agency (CRA) has classified this digital currency as a commodity. This implies that transactions in Bitcoin are perceived as barter transactions. The income generates by these transactions is considered to be the business income. The taxation of Bitcoin is depending on its nature.
Bitcoin exchanges in Canada are also subject to the anti-money laundering (AML) laws. Moreover, the exchanges are obliged to register with Financial Transactions and Reports Analysis Centre (FINTRAC).
Australia calls Bitcoin a non-harmful mean of the transactionAustralia continues our list of top countries where Bitcoin is legal. Australian authorities perceive Bitcoin as a non-harmful mean of the transaction, thus allowing trading, mining and buying Bitcoin across the country. The Australian Taxation Office (ATO) is classifying Bitcoin transactions as a barter ones. Therefore, they are subject to related taxation law.
Regards:-
inbound call center services India