In the Philippines, BTC was categorized as neither legal nor illegal but it is subject to the regulation of our Securities and Exchange Commission. However, our Bangko Sentral ng Pilipinas (BSP). One of the famous cryptocurrencies here called 'Axie Infinity' (Mine coin) was strictly regulated by the SEC as it did not consider the popular Axie Infinity as a virtual asset service provider (VASP) and is critically monitoring how players are using and exchanging tokens or cryptocurrency assets known as Smooth Love Potion (SLP) as a form of payment and the extent of its merchant network. 1
In addition, BTC has been regulated strictly by our local exchange where large transactions have been closely monitored. There have been reports of some accounts getting flagged by our local exchange- that is why I am somehow nervous to withdraw my coins and convert it to fiat.
1 https://mb.com.ph/2021/08/30/bsp-closely-watching-axie-infinity/
Topic: Countries Where Bitcoin Is legal or banned. (Read 370 times)
I think we should hear from government first before the post can be updated, let's wait and see what the government will do on or before three month's.
As soon as i get any news or order from the court / government, i will share it here.
I am grateful that my country is included in the category of a country (legal) towards crypto, it is used as a basis for trade, yes it is something to be proud of for now.
In the past our country was always pro and contra towards crypto especially Bitcoin, but over time starting from the government, religious leaders and the public already know a lot about the real work of crypto and for now it can be accepted well, including several crypto trading exchanges that are currently recognized by the state government in relation to it's law, to run it is legal.
In the past our country was always pro and contra towards crypto especially Bitcoin, but over time starting from the government, religious leaders and the public already know a lot about the real work of crypto and for now it can be accepted well, including several crypto trading exchanges that are currently recognized by the state government in relation to it's law, to run it is legal.
If you country have recently legalized crypto, You can share the country name and also the legal documents which support this change, so that it is updated by the OP.
I am grateful that my country is included in the category of a country (legal) towards crypto, it is used as a basis for trade, yes it is something to be proud of for now.
In the past our country was always pro and contra towards crypto especially Bitcoin, but over time starting from the government, religious leaders and the public already know a lot about the real work of crypto and for now it can be accepted well, including several crypto trading exchanges that are currently recognized by the state government in relation to it's law, to run it is legal.
In the past our country was always pro and contra towards crypto especially Bitcoin, but over time starting from the government, religious leaders and the public already know a lot about the real work of crypto and for now it can be accepted well, including several crypto trading exchanges that are currently recognized by the state government in relation to it's law, to run it is legal.
- Pakistan: Although investigating cryptocurrencies for the potential of tax evasion and money laundering, Bitcoin and other cryptocurrencies are not recognized.
We have some latest developments in making crypto currencies a legal tender in Pakistan. High court in Pakistan has asked the authorities to look into this matter and take ever possible step to regulate crypto and for this they have given three months time.
Pakistani high court orders government to regulate crypto in three months
You may update this status in the OP post.
- Pakistan: Although investigating cryptocurrencies for the potential of tax evasion and money laundering, Bitcoin and other cryptocurrencies are not recognized.
We have some latest developments in making crypto currencies a legal tender in Pakistan. High court in Pakistan has asked the authorities to look into this matter and take ever possible step to regulate crypto and for this they have given three months time.
Pakistani high court orders government to regulate crypto in three months
You may update this status in the OP post.
Issa56, thanks for correcting the incorrect data for Croatia.
I understand that you were very busy and could not immediately verify my allegations.
You have accepted a very big task, and in stating such important information you should be careful and check everything well.
There is a lot of misinformation on the Internet, so I suggest that you ask local members to confirm the accuracy of the information you post here.
In this way, this topic can become a source of very important information for the entire bitcoin community.
Just keep up the great work.
I understand that you were very busy and could not immediately verify my allegations.
You have accepted a very big task, and in stating such important information you should be careful and check everything well.
There is a lot of misinformation on the Internet, so I suggest that you ask local members to confirm the accuracy of the information you post here.
In this way, this topic can become a source of very important information for the entire bitcoin community.
Just keep up the great work.
---snipped---
Where is Nigeria? I could not see Nigeria. Bitcoin and other decentralized currencies are banned by the CBN in Nigeria but not by any of the three arms of government (legislative, executive and judiciary), especially the legislative arm. The rate of bitcoin and other crypto adoption in Nigeria was never negatively affect by the CBN ban.Poland also seems to be missing, while there is quite some activity suggesting that it might not be too illegal: https://wymianakrypto.pl/bitomaty
Issa56, I see that you still haven't corrected the wrong information for Croatia, 2 weeks after I warned you of the mistake.
It is clear to me that you came to the information through the Google search engine, but almost all results on Google in English give outdated data for Croatia, and the sources of information are not reliable either.
Given this, I bring you the answer of the Croatian tax service to my direct inquiry about the crypto tax in Croatia, since the search results in English do not give accurate data for Croatia Therefore, this is an official response from the state administration office responsible for taxes in Croatia.
https://bitcointalksearch.org/topic/odgovor-porezne-o-cryptu-5331847
The answer is, of course, in Croatian, but it is not difficult to understand the content through the Google translate tool.
I would ask you to change the errors in the report for Croatia now.
Thank you for understanding.
It is clear to me that you came to the information through the Google search engine, but almost all results on Google in English give outdated data for Croatia, and the sources of information are not reliable either.
Given this, I bring you the answer of the Croatian tax service to my direct inquiry about the crypto tax in Croatia, since the search results in English do not give accurate data for Croatia Therefore, this is an official response from the state administration office responsible for taxes in Croatia.
https://bitcointalksearch.org/topic/odgovor-porezne-o-cryptu-5331847
The answer is, of course, in Croatian, but it is not difficult to understand the content through the Google translate tool.
I would ask you to change the errors in the report for Croatia now.
Thank you for understanding.
What about the status of Paraguay?
Source 1: https://www.indiatoday.in/technology/news/story/paraguay-becomes-second-country-to-propose-a-bill-to-make-bitcoin-legal-tender-1819142-2021-06-25
I haven't seen Singapore in the list as well, but lately they were being restricted by Binance due to the ongoing country regulations issue.
Source 2: https://www.reuters.com/business/finance/binance-stop-singapore-users-buying-or-trading-crypto-main-platform-2021-09-27/
Maybe you should update the list with these countries I've mentioned and see where they would end up in the respective categories you've mentioned in the thread. Thanks!
Source 1: https://www.indiatoday.in/technology/news/story/paraguay-becomes-second-country-to-propose-a-bill-to-make-bitcoin-legal-tender-1819142-2021-06-25
I haven't seen Singapore in the list as well, but lately they were being restricted by Binance due to the ongoing country regulations issue.
Source 2: https://www.reuters.com/business/finance/binance-stop-singapore-users-buying-or-trading-crypto-main-platform-2021-09-27/
Maybe you should update the list with these countries I've mentioned and see where they would end up in the respective categories you've mentioned in the thread. Thanks!
Even the countries that ban Bitcoin, a clear and explicit lawsuit has not been submitted to arrest a person because he owns Bitcoin, and many countries do not have clear laws and penalties for anyone who trades or buys and sells.
In general, it is too early to describe the legal situation because if one or two of the G20 countries were to be established, Bitcoin would become legal currency in many countries in a short time.
In general, it is too early to describe the legal situation because if one or two of the G20 countries were to be established, Bitcoin would become legal currency in many countries in a short time.
Low chances for someone to go for a prison just because they are holding cryptos but in very few countries like Bangladesh they announced there will be huge penalty as well as prison sentence for who violates it.
Even now many countries allowed bitcoin to operate under digital asset class but they never going to allow it as legal tender for sure.
Even the countries that ban Bitcoin, a clear and explicit lawsuit has not been submitted to arrest a person because he owns Bitcoin, and many countries do not have clear laws and penalties for anyone who trades or buys and sells.
In general, it is too early to describe the legal situation because if one or two of the G20 countries were to be established, Bitcoin would become legal currency in many countries in a short time.
In general, it is too early to describe the legal situation because if one or two of the G20 countries were to be established, Bitcoin would become legal currency in many countries in a short time.
Issa56, Lucius and I are local Croatian members and believe me, we know all the information about taxes in Croatia since we live here.
When searching for data for a country, be aware that the data is changing rapidly, so please look for more recent data, starting this year.
Crrypto tax of 10% is valid from this year and last year it was 12%.
I suggest that you include local forum members in the data collection and ask for their help to make the data more accurate.
When searching for data for a country, be aware that the data is changing rapidly, so please look for more recent data, starting this year.
Crrypto tax of 10% is valid from this year and last year it was 12%.
I suggest that you include local forum members in the data collection and ask for their help to make the data more accurate.
This is a reason why I'm not really fan of this kind topic because there are a lot countries in this world and it's hard to gather all informations in a single time.
I tend to agree because there's an update from time to time when it comes to legal status on each country but I believe that this article from Wikipedia is about " Legality of bitcoin by country or territory " was always updated regularly as per see.Quote
-Russia: Crypto is legal in Russia but is restricted.
A clarification to OP, it is only restricted to the Banking system but it is legal to use and also in mining, that is why mining is most common in Russia since they had cheap electricity bills and had a cold season which is perfect for Bitcoin mining.Before I created the topic I know their is always change in government decision at any moment, which I have the intention on making changes if there is any new update I will always do my research and make updates.
And you thing there is mistake is your country you can just let me know atleast I can do more research and make changes thanks. Am still going to add more countries with time.
Where is Nigeria? I could not see Nigeria. Bitcoin and other decentralized currencies are banned by the CBN in Nigeria but not by any of the three arms of government (legislative, executive and judiciary), especially the legislative arm. The rate of bitcoin and other crypto adoption in Nigeria was never negatively affect by the CBN ban.
Is the Nigerian situation considered as ban or total ban for that matter. I'm beginning to see it as restriction but not absolute ban. Just the accounts linked with exchanges that are actually affected because if it were total ban, I think the government will take more steps to go after some more people including cryptocurrency analyst on the Nigeria television stations that are creating more awareness. This is the reason that I'm thinking this way, it is still having media attention as television stations have crypto analyst come to there stations.
Cryptocurrency is not legal and not also illegal in Nigeria because Nigeria is my country.
I'm sorry but you have the wrong information for Croatia.
Croatia: There is a tax-free threshold of 3800 HRK and a capital gains tax of 12%-18%. The government warns of the high risk nature of crypto.
There is no non-taxable threshold of 3800 kn, where did you get this information?
Capital gains tax is only 10 %, and if you have held the funds for more than 2 years and traded with them, you are exempt from paying taxes.
The Croatian government has never issued a statement on the risks of investing in cryptocurrencies.
Such a statement was issued by the Croatian National Bank and HANFA, the Croatian financial market regulator.
Please correct all these mistakes.
Croatia: There is a tax-free threshold of 3800 HRK and a capital gains tax of 12%-18%. The government warns of the high risk nature of crypto.
There is no non-taxable threshold of 3800 kn, where did you get this information?
Capital gains tax is only 10 %, and if you have held the funds for more than 2 years and traded with them, you are exempt from paying taxes.
The Croatian government has never issued a statement on the risks of investing in cryptocurrencies.
Such a statement was issued by the Croatian National Bank and HANFA, the Croatian financial market regulator.
Please correct all these mistakes.
Pls if you think their is mistake in your country you can late me know and I will do my own research and I will update it thanks.
[moderator's note: consecutive posts merged]
The Croatian government has never issued a statement on the risks of investing in cryptocurrencies.
Such a statement was issued by the Croatian National Bank and HANFA, the Croatian financial market regulator.
Please correct all these mistakes.
Such a statement was issued by the Croatian National Bank and HANFA, the Croatian financial market regulator.
Please correct all these mistakes.
It is true that the government has never given its position when it comes to cryptocurrencies, but the Central Bank and HANFA are just an extended arm of the government where mostly people who are politically eligible work. I would say that therefore their position is actually the official position of the government. Given that the attitudes of the Croatian government are mainly formed in Brussels, it is not surprising that the Croatian National Bank and other financial supervisory agencies have a very negative attitude towards cryptocurrencies - remember what comrade Zigman said not so long ago
Where is Nigeria? I could not see Nigeria. Bitcoin and other decentralized currencies are banned by the CBN in Nigeria but not by any of the three arms of government (legislative, executive and judiciary), especially the legislative arm. The rate of bitcoin and other crypto adoption in Nigeria was never negatively affect by the CBN ban.
Is the Nigerian situation considered as ban or total ban for that matter. I'm beginning to see it as restriction but not absolute ban. Just the accounts linked with exchanges that are actually affected because if it were total ban, I think the government will take more steps to go after some more people including cryptocurrency analyst on the Nigeria television stations that are creating more awareness. This is the reason that I'm thinking this way, it is still having media attention as television stations have crypto analyst come to there stations.
This is a reason why I'm not really fan of this kind topic because there are a lot countries in this world and it's hard to gather all informations in a single time.
I tend to agree because there's an update from time to time when it comes to legal status on each country but I believe that this article from Wikipedia is about " Legality of bitcoin by country or territory " was always updated regularly as per see.Quote
-Russia: Crypto is legal in Russia but is restricted.
A clarification to OP, it is only restricted to the Banking system but it is legal to use and also in mining, that is why mining is most common in Russia since they had cheap electricity bills and had a cold season which is perfect for Bitcoin mining. only a handful of them is totally baning BTC. that's a really good adoption rate after just a decade.
it's only Bolivia among the countries in South America that bans BTC and its reason is that BTC unregulated nature are the people in that country banned to look up the internet? the countries surrounding them are already using cryptocurrency besides Bitcoin, their government will make them poorer.
I'm sorry but you have the wrong information for Croatia.
This is a reason why I'm not really fan of this kind topic because there are a lot countries in this world and it's hard to gather all informations in a single time. I believe there's another country didn't included in this thread and even it's already completed, it doesn't mean all informations are correct since their government could change the legality of Bitcoin everytime if they want.Just like how China and India start to accept Bitcoin and Ban it, then accept it, later ban again repeat.
I'm sorry but you have the wrong information for Croatia.
Croatia: There is a tax-free threshold of 3800 HRK and a capital gains tax of 12%-18%. The government warns of the high risk nature of crypto.
There is no non-taxable threshold of 3800 kn, where did you get this information?
Capital gains tax is only 10 %, and if you have held the funds for more than 2 years and traded with them, you are exempt from paying taxes.
The Croatian government has never issued a statement on the risks of investing in cryptocurrencies.
Such a statement was issued by the Croatian National Bank and HANFA, the Croatian financial market regulator.
Please correct all these mistakes.
Croatia: There is a tax-free threshold of 3800 HRK and a capital gains tax of 12%-18%. The government warns of the high risk nature of crypto.
There is no non-taxable threshold of 3800 kn, where did you get this information?
Capital gains tax is only 10 %, and if you have held the funds for more than 2 years and traded with them, you are exempt from paying taxes.
The Croatian government has never issued a statement on the risks of investing in cryptocurrencies.
Such a statement was issued by the Croatian National Bank and HANFA, the Croatian financial market regulator.
Please correct all these mistakes.
Interesting to see that crypto is being illegal mostly in what we would call 'third world countries. Can't really say why that would be, but it is a pattern that El Salvador broke, and that might nudge other countries of similar status to rethink their legal positions on crypto. China and Hong Kong, that really is political than anything else.
Jump to: