Bitcoin legality across the globe - page 2.

jedunnigan

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Quote from: fattypig on October 02, 2013, 04:50:28 AM

Quote from: jedunnigan on October 01, 2013, 11:04:51 PM

Quote from: fattypig on October 01, 2013, 10:49:55 PM

Well, I don't think its consider legal in the US. If so please explain the close down of https://btct.co/ and mtgox getting their bank frozen.

Mtgox didn't follow regulatory guidance put in place by FinCEN. That is why they had their accounts frozen. BTCT is an entirely differnt conversation, as they were concerned with regulatory pressure from the SEC. Nothing to do with Bitcoin directly per se. It was the issuance and distribution of unregulated securities. That is why they shut down.

Thanks for the explanation, what do you think about bitfunder? I am quite dilemma after what had happen to BTCT.

From the perspective of a US official, Bitfunder is breaking the law. Whether or not they will comply with those laws in the future is yet to be seen. At the very least they would have to deny US customers access to their listed securities.

fattypig

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Quote from: jedunnigan on October 01, 2013, 11:04:51 PM

Quote from: fattypig on October 01, 2013, 10:49:55 PM

Well, I don't think its consider legal in the US. If so please explain the close down of https://btct.co/ and mtgox getting their bank frozen.

Mtgox didn't follow regulatory guidance put in place by FinCEN. That is why they had their accounts frozen. BTCT is an entirely differnt conversation, as they were concerned with regulatory pressure from the SEC. Nothing to do with Bitcoin directly per se. It was the issuance and distribution of unregulated securities. That is why they shut down.

Thanks for the explanation, what do you think about bitfunder? I am quite dilemma after what had happen to BTCT.

jedunnigan

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Quote from: fattypig on October 01, 2013, 10:49:55 PM

Well, I don't think its consider legal in the US. If so please explain the close down of https://btct.co/ and mtgox getting their bank frozen.

Mtgox didn't follow regulatory guidance put in place by FinCEN. That is why they had their accounts frozen. BTCT is an entirely differnt conversation, as they were concerned with regulatory pressure from the SEC. Nothing to do with Bitcoin directly per se. It was the issuance and distribution of unregulated securities. That is why they shut down.

fattypig

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Well, I don't think its consider legal in the US. If so please explain the close down of https://btct.co/ and mtgox getting their bank frozen.

NewLiberty

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Gresham's Lawyer

It might be useful to look for some statistics, and measure things other than our opinions, or even measuring the opinions might be good...

How many Bitcoin businesses are there in each country?
How many Bitcoin Businesses are harassed by the government of that country?
How many are shut down?

We will still get sampling errors from places where folks are not allowed to speak ill of their wicked overlords but at least we would have something.

joesmoe2012

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Ching-Chang;Ding-Dong

The US should not be green. Even though its technically legal, bitcoin businesses there are constantly being harassed by the government right now.

FeedbackLoop

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Great topic dree12!

Maybe further split the Green into two levels according to level of friendliness?

It seems obvious that TPTB in Germany and Sweden are far friendlier to Bitcoin than in the US (for example) and that could translate into different legislation in the future.

Gofio

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Quote from: dree12 on July 29, 2013, 01:08:05 PM

Legality of Bitcoin, across the globe
With the recent news of potential illegality in Thailand, I decided to start a list of countries and Bitcoin's legal status within them. This list was last updated July 31, 2013, 01:56:05 PM.

Table of Contents

Table of Contents
Disclaimer
Amendment
License
Map
Countries in which Bitcoin is legal
Countries in which Bitcoin's legality is contentious
- CN (China, People's Republic of)
- TH (Thailand, Kingdom of)
Countries in which Bitcoin is illegal
References
Credits

Disclaimer
Although the author makes every attempt to ensure factual accuracy, no responsibility is taken for any damages which occur based on factual inaccuracies associated with this article.

Amendment
The author encourages corrections and additions. These may be posted as replies to this topic.

License
This document, including any illustrations attached to it, is licenced under any licence of your choosing.

Map

　 Legal
　 Contentious legality
　 Illegal
　 Unknown legality

+1 interesting post!!!!

dree12

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I'm swamped today... will do so once the weekend comes.

klaus

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Quote from: binaryFate on September 11, 2013, 11:28:36 AM

Maybe Belgium deserves a color now (green?):

http://www.coindesk.com/belgiums-finance-minister-has-no-objection-to-bitcoin/

1+

NewLiberty

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Gresham's Lawyer

Quote from: caveden on July 31, 2013, 04:22:17 AM

Please. If it's not explicitly forbidden, it is legal. The entire globe should be green.

If you want to make some distinctions, you could distinguish those countries whose governments have already started attacking Bitcoin business through regulations (like US) of those who haven't done anything yet.

Do regulations make it more legal or less legal? (the list is inconsistent on this treatment, some places regulation is praised, some places it is condemned)

Everywhere there are laws, there are illegal things you can do with bitcoins, there are also legal things you can do with them.

To say Bitcoin itself is illegal would be only geographies that have classified it as "contraband" (seize it regardless of any action or intent). That would put it in the same category as illegal drugs, child pornography, or bibles (in some places).

SO... No where on the planet is Bitcoin illegal, nor is it likely to ever be.

Either green up the map, or change the categories to match the way that laws work. (Regulated, unregulated, taxable, etc)

binaryFate

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Still wild and free

Maybe Belgium deserves a color now (green?):

http://www.coindesk.com/belgiums-finance-minister-has-no-objection-to-bitcoin/

jedunnigan

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Quote from: caveden on July 31, 2013, 04:22:17 AM

Please. If it's not explicitly forbidden, it is legal. The entire globe should be green.

If you want to make some distinctions, you could distinguish those countries whose governments have already started attacking Bitcoin business through regulations (like US) of those who haven't done anything yet.

I agree with this.

Someone like the US should be bright yellow: legal but huge barriers to entry because of regulatory compliance. EU and CA on the other hand, should be green because of limited compliance oversight.

WiW

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"The public is stupid, hence the public will pay"

The Bar Association in Israel has made clear that lawyer's fees can be paid in bitcoin.
https://bitcointalksearch.org/topic/2013-07-30-haaretz-israeli-lawyers-may-be-paid-bitcoin-says-ethics-committee-264755

Banks on the other hand have decided that they won't touch it with a ten foot pole and won't let you touch it if they can.
http://www.coindesk.com/israel-banks-resisting-bitcoin-exchanges/

The central bank has said that it has not so far guided banks to promote or avoid bitcoin. Both the Bank of Israel (the central bank) and the Ministry of Finance have said that the subject "being studied".
http://glz.co.il/1189-15597-HE/Galatz.aspx

Edit: I have never heard of a politician or policy maker in Israel utter anything about crypto.

elux

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Trade with Bitcoin remains legal and unregulated in Norway, pending future regulation, should the need arise.

Quote from: Norwegian Minister of Finance, Sigbjørn Johnsen

...Bitcoins falls outside the scope of the Norwegian rules on payment services and e-money in Financial Contracts and Financial Institutions.
The provisions implementing the EEA law, respectively Payment Services and Electronic Money Directive. Trade with Bitcoins are not covered by these directives.

Trade with Bitcoins are basically not reportable under the Money Laundering Act, but reportable entity will be required to also report on Bitcoin transactions.
I point out that involvement in money laundering is a criminal offense under the Criminal Code § 317 regardless of the statutory regulations governing the business.

I will monitor developments and consider the need to regulate activities relating to the trading of virtual currencies like Bitcoin.
[The] Ministry of Finance participates in discussions at European level on the need for regulation of such activities.

A common international approach to virtual currencies, in my view the most appropriate.

Source: Written questions from Ketil Solvik Olsen (FrP) to the Minister of Finance - Document No. 15:1153 (2012-2013)
http://www.stortinget.no/no/Saker-og-publikasjoner/Sporsmal/Skriftlige-sporsmal-og-svar/Skriftlig-sporsmal/?qid=57052

stenkross

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In Sweden we have an online exchage called kapiton.se.
It is registered at "finansinspektionen" (Financial Supervisory Authority)
That should make bitcoin legal in Sweden as well.

Also, according to Svenska Dagbladet (Swedish newspaper), the central bank has stated that they don't see bitcoin as a threat to our financial stability in Sweden.

Link to central bank statement in Svenska Dagbladet: http://www.svd.se/naringsliv/nyheter/varlden/riksbanken-bitcoin-ingen-systemrisk_8057040.svd
Link to finansinspektionen on wikipedia: http://en.m.wikipedia.org/wiki/Financial_Supervisory_Authority_(Sweden)
Link to kapiton on finansinspektionens site: http://fi.se/Register/Foretagsregistret/Foretagsregistret-Detaljerad-information/?idx=116009

Otoh

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Typo in the OP

US (America, United States of)

Although Bitcoin is recognized legally by FINCEN,[8] the United States has demonstrated friendliness towards most Bitcoin merchants. The State of California, for example, issued the Bitcoin Foundation a cease and desist letter.[9]

Since when has a cease and desist letter demonstrated friendliness, unfriendliness surely?

caveden

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Please. If it's not explicitly forbidden, it is legal. The entire globe should be green.

If you want to make some distinctions, you could distinguish those countries whose governments have already started attacking Bitcoin business through regulations (like US) of those who haven't done anything yet.

mrb

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Quote from: ?? on ??

That will not be anytime soon but thank you for at least taking that troll's blog post with a grain of salt.

Chaang Noi, the post by Bitcoin Co. Ltd. is not a troll. Bitcoin Co. Ltd. merely reports word for word what they were told by the Bank of Thailand. Yes the BoT used the word "illegal" but I am sure that, just like you and I, Bitcoin Co. Ltd. knows that the BoT has no authority to declare Bitcoin illegal. That's why Bitcoin Co. Ltd. carefully titled the post "Trading suspended due to Bank of Thailand advisement" without trying to imply anything else.

The trolls are those on Hacker News and elsewhere who fail to interpret the meaning of that post, and who shout "Bitcoin is illegal!"

dree12

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Quote from: bitfreak! on July 30, 2013, 02:29:43 AM

Bitcoin is not a legal tender of any nation, meaning it's also not a "foreign currency". No government controls bitcoin or claims to use it as a legal tender and there is no central bank for bitcoin. If anything bitcoin is a "global currency" which can be used by anyone with internet access. The way the Act is written doesn't appear to cover bitcoin, because it specifically talks about foreign currencies but doesn't deal with currencies which have no connection to a single government.

I'll bump Thailand up to contentious legality until we get clarification from the Bank.

Topic: Bitcoin legality across the globe - page 2. (Read 31040 times)