Topic: Bitcoin legality across the globe (Read 31090 times)
This is an awesome website! Glad to see this data growing above and beyond a BitcoinTalk thread.
I'll probably still update this thread, but that's on the backburner as I'm extremely busy right now. From what I can tell, BitLegal has already incorporated all the content of this thread, so that makes it very low-priority.
Of all those governments, the US has custody of the most coins due to the Silk Road forfeiture.
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.
I disagree.
The powers that be in germany don't know what to think.
It's simply their minions applying existing regulation.
Here`s the link for India and RBI from Bitcoin Magazine and Economic Times (India`s leading business daily)
http://bitcoinmagazine.com/6378/india-takes-a-hands-off-approach-towards-bitcoin/
http://economictimes.indiatimes.com/news/economy/finance/reserve-bank-of-india-wont-regulate-virtual-currency-bitcoin-yet/articleshow/21814624.cms
You can clarify this with Benson Samuel, who`s the India forum moderator , to confirm the details of his conversation with the RBI. Hope this helps !
https://bitcointalk.org/index.php?topic=305902.0;wap2
http://bitcoinmagazine.com/6378/india-takes-a-hands-off-approach-towards-bitcoin/
http://economictimes.indiatimes.com/news/economy/finance/reserve-bank-of-india-wont-regulate-virtual-currency-bitcoin-yet/articleshow/21814624.cms
You can clarify this with Benson Samuel, who`s the India forum moderator , to confirm the details of his conversation with the RBI. Hope this helps !
https://bitcointalk.org/index.php?topic=305902.0;wap2
Please add India. 
Denmark added. I'm waiting for further confirmation before Switzerland and China.
Well almost all the superpower countries are taken a negative stance against bitcoins mostly cause alot of people use them to buy drugs
What do you see negative about the data in the firsts posts?
By the same reasoning you could say that those countries have a negative stance about cars cause they limit the speed to 60kmh in cities or they require you to have a driver license.
Well almost all the superpower countries are taken a negative stance against bitcoins mostly cause alot of people use them to buy drugs
I live in Canada, and I never knew the government took bitcoin as an actual currency o.O
Legal =/= Legal tender.The legal tender laws are not such a great thing for all people.
It is how refunds may be given in the local legal tender instead of the original payment currency that was tendered in accepting the offer. (The legal tender are good for all debts public and private)
The point here being that "legal tender" is a characteristic of the more rude currencies. It means that you are forced to accept it in payment of a debt, and reduces your choice. A legal characteristic that Bitcoin neither needs nor ought desire.
Will go around making changes in the coming days. This thread is far easier to update than my other thread because there are more posts, and therefore more space .
.Thanks for your work. It is good to have a short summary to share with skeptical people.
It seems Cyprus is moving forward thanks to Neo&Bee http://www.youtube.com/watch?v=HBwZO1-5pV0&feature=youtu.be
Will go around making changes in the coming days. This thread is far easier to update than my other thread because there are more posts, and therefore more space .
. 
Unknown legality... Or they (the rest of the world) just don't give a f***? 
I live in Canada, and I never knew the government took bitcoin as an actual currency o.O
Legal =/= Legal tender.The legal tender laws are not such a great thing for all people.
It is how refunds may be given in the local legal tender instead of the original payment currency that was tendered in accepting the offer. (The legal tender are good for all debts public and private)
I live in Canada, and I never knew the government took bitcoin as an actual currency o.O
The US should not be green. Even though its technically legal, bitcoin businesses there are constantly being harassed by the government right now.
Sure, it is just not because they are using bitcoin, it would be similar for other currency exchanges. There are regulations for money transfer for all currencies, that the US has given bitcoin currency status makes it "legal", though being "legal" is not necessarily always "better" depending on what that means for regulatory issues.
The geographies where the law is silent on the matter may have an easier time with start-ups, but possibly a harder time dealing with more mature businesses.
All these "is it legal" questions when brought to authorities on the matter, are essentially begging for more regulation. Maybe you feel Bitcoin is big enough for more regulation?
A good rule to apply is, "if the site had dealt with fiat instead of Bitcoin, would it still have been shut down?". In the cases mentioned thus far, the answer to this would be yes. I see no reason to call Bitcoin illegal in the US based on these shutdowns. They were shut down not because Bitcoin is illegal, but rather because the commerce they engaged in is illegal.
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.
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.
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.
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.
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.
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.
The US should not be green. Even though its technically legal, bitcoin businesses there are constantly being harassed by the government right now.
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.
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.
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
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
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
- 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!!!!
I'm swamped today... will do so once the weekend comes.
Maybe Belgium deserves a color now (green?):
http://www.coindesk.com/belgiums-finance-minister-has-no-objection-to-bitcoin/
http://www.coindesk.com/belgiums-finance-minister-has-no-objection-to-bitcoin/
1+
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.
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)
Maybe Belgium deserves a color now (green?):
http://www.coindesk.com/belgiums-finance-minister-has-no-objection-to-bitcoin/
http://www.coindesk.com/belgiums-finance-minister-has-no-objection-to-bitcoin/
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.
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.
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.
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.
Trade with Bitcoin remains legal and unregulated in Norway, pending future regulation, should the need arise.
...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
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
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
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
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?
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?
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.
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.
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!"
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.
Btc is not illegal in thailand. Just cuz one suspected scam site said so does not mean it is law...
Come on. We have to have some red on the map somewhere!
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.
Are you sure about this? I reread the Exchange Control Act, and it seems to authorize the Bank to do what it did. But IANAL, so I may be wrong on this.
Quote
Foreign currency means legal tender in any country other than Thailand including foreign exchange;
Is Bitcoin legal tender in any country? As far as I know, the answer is no, so how does a law defining "Foreign currency" as "legal tender in any country other than Thailand" have anything to do with Bitcoin?
Apparently Bitcoin was okay when it was not considered a currency, but has now been recognized as one.
Quote
Initially the Bank of Thailand had bypassed the company’s money exchange license on the basis that Bitcoin was not a currency, however the company was invited back, on July 29th, 2013, to participant in a conference about how Bitcoin works in general, and business operations of Bitcoin Co. Ltd. The conference was held with about 15 members of the Bank of Thailand in attendance. During this conference, managing director of Bitcoin Co. Ltd. gave a presentation about the workings of Bitcoin, the benefits of Bitcoin, incite into the company’s operations and future implications of Bitcoin.
Are you sure about this? I reread the Exchange Control Act, and it seems to authorize the Bank to do what it did. But IANAL, so I may be wrong on this.
Quote
Foreign currency means legal tender in any country other than Thailand including foreign exchange;
Is Bitcoin legal tender in any country? As far as I know, the answer is no, so how does a law defining "Foreign currency" as "legal tender in any country other than Thailand" have anything to do with Bitcoin?
surely UK counts as legal, what with HMRC telling you how to deal with tax etc
http://www.coindesk.com/hmrc-uk-bitcoin-exchanges-dont-have-to-register-under-money-laundering-regulations/
http://stirling-westrup-tt.blogspot.com/2011/06/tt-ns-2815-future-of-money-series.html
https://bitcointalksearch.org/topic/m.1827953
http://www.coindesk.com/hmrc-uk-bitcoin-exchanges-dont-have-to-register-under-money-laundering-regulations/
http://stirling-westrup-tt.blogspot.com/2011/06/tt-ns-2815-future-of-money-series.html
https://bitcointalksearch.org/topic/m.1827953
Thank you, added.
BOT merely provides "suggestions", or "advises" the government. See http://www.bot.or.th/English/AboutBOT/index/Pages/RolesAndResponsibilities.aspx
You made a nice map and you may feel good about using the full palette of colors of your legend, but until the Exchanges Currencies Act of Thailand is updated or superseded by another Act to prohibit Bitcoin, your map is spreading misinformation.
You made a nice map and you may feel good about using the full palette of colors of your legend, but until the Exchanges Currencies Act of Thailand is updated or superseded by another Act to prohibit Bitcoin, your map is spreading misinformation.
+1
It's not illegal until we hear it first hand from an authoritative source of the law.
Can you review this? My reading seems to suggest that the bank does indeed have the power to enact these regulations. However, I am terrible at reading legalese. I have heard two versions of the story: the Bank is only advisory and the Minister must carry out the regulation, or the Bank is entrusted by the Minister to carry out regulation.
BOT merely provides "suggestions", or "advises" the government. See http://www.bot.or.th/English/AboutBOT/index/Pages/RolesAndResponsibilities.aspx
You made a nice map and you may feel good about using the full palette of colors of your legend, but until the Exchanges Currencies Act of Thailand is updated or superseded by another Act to prohibit Bitcoin, your map is spreading misinformation.
You made a nice map and you may feel good about using the full palette of colors of your legend, but until the Exchanges Currencies Act of Thailand is updated or superseded by another Act to prohibit Bitcoin, your map is spreading misinformation.
+1
It's not illegal until we hear it first hand from an authoritative source of the law.
surely UK counts as legal, what with HMRC telling you how to deal with tax etc
http://www.coindesk.com/hmrc-uk-bitcoin-exchanges-dont-have-to-register-under-money-laundering-regulations/
http://stirling-westrup-tt.blogspot.com/2011/06/tt-ns-2815-future-of-money-series.html
https://bitcointalksearch.org/topic/m.1827953
http://www.coindesk.com/hmrc-uk-bitcoin-exchanges-dont-have-to-register-under-money-laundering-regulations/
http://stirling-westrup-tt.blogspot.com/2011/06/tt-ns-2815-future-of-money-series.html
https://bitcointalksearch.org/topic/m.1827953
The Bank of Thailand does not correspond to the Bank of America. It is actually closer in meaning to the Bank of Canada, which is the central bank, owned by the government, and is responsible for monetary policy and payment systems. See wikipedia for more information.
BOT merely provides "suggestions", or "advises" the government. See http://www.bot.or.th/English/AboutBOT/index/Pages/RolesAndResponsibilities.aspx
You made a nice map and you may feel good about using the full palette of colors of your legend, but until the Exchanges Currencies Act of Thailand is updated or superseded by another Act to prohibit Bitcoin, your map is spreading misinformation.
Are you sure about this? I reread the Exchange Control Act, and it seems to authorize the Bank to do what it did. But IANAL, so I may be wrong on this.
Quote
Foreign currency means legal tender in any country other than Thailand including foreign exchange;
After the Minister has entrusted the Bank of Thailand with the execution of this Act, the Governor of the Bank of Thailand shall be empowered to appoint the officers of the Bank to be the Competent Officers under this Act...
Competent Officer means a person appointed for the execution of this Act...
The Minister is empowered to issue Ministerial Regulations controlling, restricting, or prohibiting the execution of all exchange or other operations in which foreign currency is concerned in whatever form and is also empowered to issue Ministerial Regulations as regards the following:
(1) the purchase, sale and loan of foreign currency or gold;
(2) the exportation of currency, bank notes, money orders, securities, foreign currency, or gold;
(3) the transfer of securities out of Thailand;
(4) the drawing or negotiation of bills of exchange or promissory notes, the transfer of securities, or the acknowledgement of any debt so that a right to receive payment in Thailand is created or transferred as consideration:
(a) for receiving a payment or acquiring property outside Thailand
(b) for a right to receive a payment or to acquire property outside...
Any person who contravenes or fails to comply with the Ministerial Regulations, Notifications, or Directions issued under this Act shall be liable to a fine not exceeding Baht 20,000 or to imprisonment not exceeding 3 years or both.
After the Minister has entrusted the Bank of Thailand with the execution of this Act, the Governor of the Bank of Thailand shall be empowered to appoint the officers of the Bank to be the Competent Officers under this Act...
Competent Officer means a person appointed for the execution of this Act...
The Minister is empowered to issue Ministerial Regulations controlling, restricting, or prohibiting the execution of all exchange or other operations in which foreign currency is concerned in whatever form and is also empowered to issue Ministerial Regulations as regards the following:
(1) the purchase, sale and loan of foreign currency or gold;
(2) the exportation of currency, bank notes, money orders, securities, foreign currency, or gold;
(3) the transfer of securities out of Thailand;
(4) the drawing or negotiation of bills of exchange or promissory notes, the transfer of securities, or the acknowledgement of any debt so that a right to receive payment in Thailand is created or transferred as consideration:
(a) for receiving a payment or acquiring property outside Thailand
(b) for a right to receive a payment or to acquire property outside...
Any person who contravenes or fails to comply with the Ministerial Regulations, Notifications, or Directions issued under this Act shall be liable to a fine not exceeding Baht 20,000 or to imprisonment not exceeding 3 years or both.
The Bank of Thailand does not correspond to the Bank of America. It is actually closer in meaning to the Bank of Canada, which is the central bank, owned by the government, and is responsible for monetary policy and payment systems. See wikipedia for more information.
BOT merely provides "suggestions", or "advises" the government. See http://www.bot.or.th/English/AboutBOT/index/Pages/RolesAndResponsibilities.aspx
You made a nice map and you may feel good about using the full palette of colors of your legend, but until the Exchanges Currencies Act of Thailand is updated or superseded by another Act to prohibit Bitcoin, your map is spreading misinformation.
FUD flag thrown on Thailand: https://bitcointalksearch.org/topic/bitcoin-is-legal-in-thailand-264389
The Bank of Thailand does not correspond to the Bank of America. It is actually closer in meaning to the Bank of Canada, which is the central bank, owned by the government, and is responsible for monetary policy and payment systems. See wikipedia for more information.
FUD flag thrown on Thailand: https://bitcointalksearch.org/topic/bitcoin-is-legal-in-thailand-264389
References
Credits
Thanks to Stephen Gornick, whose List of court cases, complaints, regulatory actions, etc. proved instrumental in seeding this list. Additionally, thanks goes to Vitalik Buterin, whose recaps on Bitcoin regulation greatly simplified this research. The blank world map is courtesy of Wikimedia Commons, licensed under the public domain.
Additional credit goes to the following people who helped build this list:
- [1]: Vitalik Buterin, “Regulatory Responses to Bitcoin: 2013 Edition”.
- [2]: Katie Walsh and Jason Murphy, “ATO targets Bitcoin users”.
- [3]: Danny Bradbury, “Belgium’s finance minister has no objection to bitcoin”
- [4]: John Law, “The worst swear word, a risky business, and playing by the numbers”
- [5]: Pokerati, “Canada becomes bitcoin-friendly”.
- [6]: Payment Magnates, “Denmark declares Bitcoin legal for trade”.
- [7]: Vitalik Buterin, “A Recap of Mega-Corporate and Government Attention on Bitcoin This Past Year”.
- [8]: Timothy B. Lee, “Bitcoin going mainstream? Exchange approved to operate as a bank”.
- [9]: Emily Spaven, “HMRC: UK bitcoin exchanges don’t have to register under money laundering regulations”.
- [10]: “Buying and selling Bitcoins using your own money definitely comes under capital gains tax”, via BitcoinTalk user “camem”.
- [11]: (Norwegian) “Skriftlig spørsmål fra Ketil Solvik-Olsen (FrP) til finansministeren”.
- [12]: Rich McCormick, “Norway's government says Bitcoin isn't real money”.
- [13]: (Norwegian) “Skatteetaten har bestemt seg: Handler du bitcoins må du ut med både skatt og moms”.
- [14]: (Polish) Kup Licencję, “MinFin: Bitcoin nie jest nielegalny”
- [15]: (Norwegian) Stine Barstad and Frank Lynum, “Svenske myndigheter advarer mot nettvalutaen bitcoins”.
- [16]: Vitalik Buterin, “FINCEN: Bitcoin Users Not Regulated, Exchanges Are”.
- [17]: Jon Matonis, “Bitcoin Foundation Receives Cease And Desist Order From California”.
- [18]: The Genesis Block, “Bitcoin: The Newest Tool In China’s Currency War Chest”.
- [19]: Stephen Gornick.
- [20]: “Trading suspended due to Bank of Thailand advisement”.
- [21]: Wikipedia article on Bank of Thailand.
Credits
Thanks to Stephen Gornick, whose List of court cases, complaints, regulatory actions, etc. proved instrumental in seeding this list. Additionally, thanks goes to Vitalik Buterin, whose recaps on Bitcoin regulation greatly simplified this research. The blank world map is courtesy of Wikimedia Commons, licensed under the public domain.
Additional credit goes to the following people who helped build this list:
- binaryFate @BitcoinTalk
- camem @BitcoinTalk
- elux @BitcoinTalk
- Otoh @BitcoinTalk
- stenkross @BitcoinTalk
- blahbob @Reddit
- is4k @Reddit
Countries in which Bitcoin is legal
AU (Australia, Commonwealth of)
Australia, although it has not officially vindicated Bitcoin's legality, assented to its legal usage by providing tax guidance.[1] Bitcoin is subject to taxation in Australia similar to any other commodity. Australia has also likened Bitcoin as “just a new medium of exchange and similar to any kind of currency”.[2]
BE (Belgium, Kingdom of)
The finance minister of Belgium, Koen Geens, agreed that there was little evidence Bitcoin is used for money laundering and that consequently the Belgian National bank has little reason to object to the use of Bitcoin.[3]
A noted business based in Belgium, the Kraken Bitcoin exchange, has been noted for its existence and relative safety from regulatory pressure despite lack of compliance with local laws.[4]
CA (Canada)
Not only is use of Bitcoin in Canada legal, but the Canadian financial regulation agency has taken a Bitcoin-friendly stance.[5] However, the province of Quebec has its own financial regulation agency, which has thus far not issued a statement about Bitcoin.
Taxation of Bitcoin in Canada is similar to that of any other currency or commodity: income tax and capital gains tax both apply.[1]
DE (Germany)
The German financial regulatory agency, BaFin, has effectively classified Bitcoin as a commodity.[7] Consequently, Bitcoin transactions are considered barter, and are taxable as barter.
DK (Denmark, Kingdom of)
Denmark's financial supervisory committee, Finanstilsynet, issued a statement condemning Bitcoin for its volatility and risk but nonetheless allowing its legal trade.[6] A full statement of how regulation and taxation will work with Bitcoin is expected in January 2014.
FI (Finland, Republic of)
The Finnish Central Bank confirmed the legality of Bitcoin, citing that “people can invest in and use any money they prefer. Finland is a free country, after all.” However, the bank has also warned of the dangers of using unregulated virtual currencies.[7]
FR (French Republic)
The French Republic has confirmed Bitcoin services' legal status on two occasions: the first, when it ruled Mt. Gox was allowed to operate within its borders, and the second, when Bitcoin Central was allowed to operate as a bank in France.[8] However, on both occasions France was careful not to vindicate Bitcoin itself.
GB (United Kingdom)
HMRC has stated that Bitcoin exchanges need not register to comply with regulations.[9] The agency has also stated that Bitcoin is taxable under standard capital gains taxation.[10]
NO (Norway, Kingdom of)
The Norwegian Secretary of the Treasury has confirmed that Bitcoin falls under no existing monetary laws, because Bitcoin does not meet the current Norwegian definition of “money”.[11] Consequently, Bitcoin trade is legal and unregulated.
Norway has continued this stance in recent times, refusing to describe Bitcoin as real money.[12] However, VAT must be paid when acquiring bitcoins, meaning liquid trade is effectively impossible.[13]
NL (Netherlands)
Although the Netherlands has not officially vindicated the legality of Bitcoin, it has assented to its legal usage by providing tax guidance. Income in bitcoins is taxable as income in any other currency is.[1]
PL (Poland, Republic of)
The Polish government has issued a statement confirming Bitcoin's legality; however, it currently is recognized neither as legal tender nor as electronic money.[14] Consequently, VAT may apply to Bitcoin purchases and sales, though the government has yet to clarify the tax requirements.
SE (Sweden, Kingdom of)
The Swedish government has warned against the use of Bitcoin, citing money laundering concerns. Thus, it has required registration for any money-transmitting Bitcoin services under the Finansinspektionen, the Swedish financial regulatory agency.[15]
US (America, United States of)
Although Bitcoin is recognized legally by FINCEN,[16] the United States has demonstrated unfriendliness towards most Bitcoin merchants. The State of California, for example, issued the Bitcoin Foundation a cease and desist letter.[17]
Countries in which Bitcoin's legality is contentious
CN (China, People's Republic of)
The legality of Bitcoin in China is contentious. Whereas the state media has promoted Bitcoin,[18] other virtual currencies in the past have been declared illegal.[19]
TH (Thailand, Kingdom of)
The Foreign Exchange Administration and Policy Department of Thailand found illicit most Bitcoin-related activities, including commerce, exchange, and remittance.[20] Although a bank would not usually be authorized to make currencies illicit, the Department is not simply a private institution. It is indeed a part of Thailand's central bank and some argue that it can enact policies banning the use of Bitcoin.[21] Others argue that because a higher level of government has not confirmed the law, the bank's role is only advisory.
Countries in which Bitcoin is illegal
AU (Australia, Commonwealth of)
Australia, although it has not officially vindicated Bitcoin's legality, assented to its legal usage by providing tax guidance.[1] Bitcoin is subject to taxation in Australia similar to any other commodity. Australia has also likened Bitcoin as “just a new medium of exchange and similar to any kind of currency”.[2]
BE (Belgium, Kingdom of)
The finance minister of Belgium, Koen Geens, agreed that there was little evidence Bitcoin is used for money laundering and that consequently the Belgian National bank has little reason to object to the use of Bitcoin.[3]
A noted business based in Belgium, the Kraken Bitcoin exchange, has been noted for its existence and relative safety from regulatory pressure despite lack of compliance with local laws.[4]
CA (Canada)
Not only is use of Bitcoin in Canada legal, but the Canadian financial regulation agency has taken a Bitcoin-friendly stance.[5] However, the province of Quebec has its own financial regulation agency, which has thus far not issued a statement about Bitcoin.
Taxation of Bitcoin in Canada is similar to that of any other currency or commodity: income tax and capital gains tax both apply.[1]
DE (Germany)
The German financial regulatory agency, BaFin, has effectively classified Bitcoin as a commodity.[7] Consequently, Bitcoin transactions are considered barter, and are taxable as barter.
DK (Denmark, Kingdom of)
Denmark's financial supervisory committee, Finanstilsynet, issued a statement condemning Bitcoin for its volatility and risk but nonetheless allowing its legal trade.[6] A full statement of how regulation and taxation will work with Bitcoin is expected in January 2014.
FI (Finland, Republic of)
The Finnish Central Bank confirmed the legality of Bitcoin, citing that “people can invest in and use any money they prefer. Finland is a free country, after all.” However, the bank has also warned of the dangers of using unregulated virtual currencies.[7]
FR (French Republic)
The French Republic has confirmed Bitcoin services' legal status on two occasions: the first, when it ruled Mt. Gox was allowed to operate within its borders, and the second, when Bitcoin Central was allowed to operate as a bank in France.[8] However, on both occasions France was careful not to vindicate Bitcoin itself.
GB (United Kingdom)
HMRC has stated that Bitcoin exchanges need not register to comply with regulations.[9] The agency has also stated that Bitcoin is taxable under standard capital gains taxation.[10]
NO (Norway, Kingdom of)
The Norwegian Secretary of the Treasury has confirmed that Bitcoin falls under no existing monetary laws, because Bitcoin does not meet the current Norwegian definition of “money”.[11] Consequently, Bitcoin trade is legal and unregulated.
Norway has continued this stance in recent times, refusing to describe Bitcoin as real money.[12] However, VAT must be paid when acquiring bitcoins, meaning liquid trade is effectively impossible.[13]
NL (Netherlands)
Although the Netherlands has not officially vindicated the legality of Bitcoin, it has assented to its legal usage by providing tax guidance. Income in bitcoins is taxable as income in any other currency is.[1]
PL (Poland, Republic of)
The Polish government has issued a statement confirming Bitcoin's legality; however, it currently is recognized neither as legal tender nor as electronic money.[14] Consequently, VAT may apply to Bitcoin purchases and sales, though the government has yet to clarify the tax requirements.
SE (Sweden, Kingdom of)
The Swedish government has warned against the use of Bitcoin, citing money laundering concerns. Thus, it has required registration for any money-transmitting Bitcoin services under the Finansinspektionen, the Swedish financial regulatory agency.[15]
US (America, United States of)
Although Bitcoin is recognized legally by FINCEN,[16] the United States has demonstrated unfriendliness towards most Bitcoin merchants. The State of California, for example, issued the Bitcoin Foundation a cease and desist letter.[17]
Countries in which Bitcoin's legality is contentious
CN (China, People's Republic of)
The legality of Bitcoin in China is contentious. Whereas the state media has promoted Bitcoin,[18] other virtual currencies in the past have been declared illegal.[19]
TH (Thailand, Kingdom of)
The Foreign Exchange Administration and Policy Department of Thailand found illicit most Bitcoin-related activities, including commerce, exchange, and remittance.[20] Although a bank would not usually be authorized to make currencies illicit, the Department is not simply a private institution. It is indeed a part of Thailand's central bank and some argue that it can enact policies banning the use of Bitcoin.[21] Others argue that because a higher level of government has not confirmed the law, the bank's role is only advisory.
Countries in which Bitcoin is illegal
Dear reader
This thread is a bit out of date. For up to date data, see BitLegal, an amazing website that already contains all content listed below and more.
But if you insist...
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 December 20, 2013, 04:26:18 PM.
Table of Contents
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 licensed under any licence of your choosing.
Map
Legal
Contentious legality
Illegal
Unknown legality
This thread is a bit out of date. For up to date data, see BitLegal, an amazing website that already contains all content listed below and more.
But if you insist...
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 December 20, 2013, 04:26:18 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
- 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 licensed under any licence of your choosing.
Map
Legal
Contentious legality
Illegal
Unknown legality
Jump to: