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.
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.
There it isCountries where Bitcoin is neither legal nor illegal
- Nigeria: In Nigeria banks and other financial agencies are not allowed to deal with cryptocurrency but bitcoin have not been targed legal or illegal in Nigeria.
- Nigeria: In Nigeria banks and other financial agencies are not allowed to deal with cryptocurrency but bitcoin have not been targed legal or illegal in Nigeria.
We can still imply that cryptocurrencies are banned in Nigeria, but banned by the CBN while its use is not restricted, even the CBN governor says CBN did not ban crypto use, that only direct bank to crypto transactions are banned, but yet the CBN do not even have such power to banned bitcoin and other crypto P2P transactions. So I think what Issa56 wrote and posted about it just now is correct, but I do not think it is from the article, also was after I mentioned about Nigeria not included as I checked all through like three times or more.
From the original article, Nigeria not included, and this was all that was posted before, before the edit.
https://cryptonews.com/guides/countries-in-which-bitcoin-is-banned-or-legal.htm
Countries where Bitcoin is neither legal nor illegal
Some countries still haven’t made their minds what to do with Bitcoin. In such cases, the usage of BTC is legal in the sense that you can own it, but there are no clear rules or legal protection concerning its status. These countries are either already creating a legal framework for Bitcoin and cryptocurrencies, or have taken a wait-and-see approach.
These “undecided” countries include:
Albania. Warns citizens to use cryptocurrency responsibly.
Afghanistan. The Ministry of Health plans to use blockchain to identify fraud in medicine. Still, crypto’s legal status is unclear.
Angola. There is no legislation on it.
Anguilla. They have policies regulating ICOs but make no mention of banning cryptocurrencies outright.
Argentina. Specified that their Central Bank is the only one that can issue legal currency and emphasizes that citizens treat crypto responsibly.
Belize. Belize has no crypto regulations to this date.
British Virgin Islands. They have been regarded as ICO-friendly but nothing official on cryptocurrencies is available. The government is on standby with cryptocurrency policies, wanting to see how the crypto scene plays out first before further action.
Brunei. There is an emphasis on cryptocurrency not being legal tender. The government urges caution.
Cambodia. Although the government is developing its own currency backed by blockchain, cryptocurrencies are still a gray area legally, with the government warning of the potential risks involved with cryptocurrencies.
Costa Rica. Cryptocurrencies are emphasized as the individual’s risk and responsibility and are not recognized as legal tender.
Cuba. There is no overarching framework to operate crypto under the government. An exchange, however, has still propped up with no domestic backlash.
Guatemala. Citizens are warned about the decentralized nature of cryptocurrency. It is not recognized as domestic or foreign tender.
Haiti. No framework is given for crypto to operate on.
India. Although there was a fear of a ban earlier in 2021, the government is going to create a board that will decide how to handle cryptocurrency.
Honduras. Bitcoin and other cryptocurrencies are not backed by the country’s Central Bank. The individual is solely responsible for its risks.
Kenya. The government has issued warnings of crypto’s volatile nature, lack of regulation, susceptibility to criminal activity and urges caution to the citizens who want to engage in it.
Jamaica. The government urges caution when handling crypto.
Latvia. Although crypto is subject to personal and corporate income tax, cryptocurrencies are still in a gray area legally in Latvia.
Lesotho. Discouraging cryptocurrency practices, Lesotho does not allow the operation of cryptocurrencies that are unlicensed.
Macau. The Monetary Authority of Macau discourages cryptocurrency participation.
Malaysia. Bitcoin and other cryptocurrencies are not legal tender and the Malaysian government advises citizens to use them with caution. Using Bitcoin and cryptocurrency with transparency is heavily emphasized.
Mexico. There is an emphasis for financial institutions to relay the risk of cryptocurrencies to citizens. It is not backed by the Central Bank and not considered legal currency.
Moldova. The National Bank of Moldova suggests to tread cautiously.
Montenegro. Crypto is regarded as the individual’s risk. Given their desire to join the European Union, and using the euro as legal tender, the government is treading cautiously with crypto.
Pakistan. Although investigating cryptocurrencies for the potential of tax evasion and money laundering, Bitcoin and other cryptocurrencies are not recognized.
Tajikistan. Although the Central Bank wants to make its own digital currency, it is one of the least cyber-secure places in the world, making crypto operate through means that are neither legal nor illegal.
Tanzania. The Tanzanian shilling is the only one that is described as legal tender and crypto is legal but discouraged.
Samoa. Crypto is not considered legal tender and is discouraged by the Central Bank for now because of its risky and speculative nature. Anyone wanting to conduct business with cryptocurrencies needs a business license. The Central Bank acknowledges the potential of blockchain.
Zimbabwe. Cryptocurrencies are unregulated but the government cautions individuals about their use, citing its possibilities of terrorism financing and fraud.
Fears of widespread cryptocurrency crackdowns have had a long-standing effect on Bitcoin.
Because of that, many people are still wary of the trustless systems and rely on traditional banks instead.
Regardless, a growing number of governments choose to embrace digital innovation and play a role in the industry. At the same time jurisdictions which oppose the emerging industry are at risk of being left behind. Ironically, these countries already are some of the poorest nations in the world, and widespread Bitcoin and cryptocurrency crackdowns seem to yield no favorable results to improve the situation. Quite the contrary; embracing the cryptocurrency businesses with favorable regulations present an excellent opportunity to bring in innovation, capital, tax revenue and improve the living standard for the whole population.
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.
There it is, i don't know how you missed it. Still baffles me though that Bitcoin has such an undefined status in Nigeria despite the popularity, unfortunately, instead using this to improve your country and maybe attract more capital with favorable crypto laws.Countries where Bitcoin is neither legal nor illegal
- Nigeria: In Nigeria banks and other financial agencies are not allowed to deal with cryptocurrency but bitcoin have not been targed legal or illegal in Nigeria.
- Nigeria: In Nigeria banks and other financial agencies are not allowed to deal with cryptocurrency but bitcoin have not been targed legal or illegal in Nigeria.
Edit: OP beat me to it by 20 seconds
Bitcoin has a total quantity of 21 million and is mined, stored, and exchanged on the internet.
This makes bitcoin to be deflationary, appreciative in design, which is also helping in its adoption as the supply is limited.Because of bitcoin's nature and character, several nations have not embraced it because, for various reasons stated by their governments, they feel bitcoin may be used for various criminal actions by fraudsters to steal cash and by terrorists to obtain weapons, narcotics, and potentially dangerous substances.
Do not mind what some governments are saying about bitcoin, some of the wrong information are said by the central bank of such country because they are affraid bitcoin not to take their place and let their fiat to become useless, but bitcoin is not a substitute but just an alternative. It is even because fiat is inferior is the reason why bitcoin is superior, if nothing to compare bitcoin with, then bitcoin will not be appreciated.Before Bitcoin was created, some terrorists in the world were already deadly and making use of fiat, criminals are also making use of fiat very well. Yet, bitcoin blockchain is available to the public which has been even used to track down some illicit transactions. But people should know that Bitcoin transaction is irreversible and to be careful of scammers.
The government does not have control over bitcoin since it is decentralized, therefore they do not want to embrace it like fiat money, which is controlled by the central bank and can still be used to destroy fiat currency through monetary policy.
But some people are making use of centralized wallets and exchanges while the government are enforcng also other centralized services to make kyc mandatory. But you are not wrong, bitcoin was designed to give freedom and privacy means of using money (bitcoin) but most people using bitcoin now even while using custodial wallets are using it in a way they are not conscious of privacy. ---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.Bitcoin has a total quantity of 21 million and is mined, stored, and exchanged on the internet.
This makes bitcoin to be deflationary, appreciative in design, which is also helping in its adoption as the supply is limited.Because of bitcoin's nature and character, several nations have not embraced it because, for various reasons stated by their governments, they feel bitcoin may be used for various criminal actions by fraudsters to steal cash and by terrorists to obtain weapons, narcotics, and potentially dangerous substances.
Do not mind what some governments are saying about bitcoin, some of the wrong information are said by the central bank of such country because they are affraid bitcoin not to take their place and let their fiat to become useless, but bitcoin is not a substitute but just an alternative. It is even because fiat is inferior is the reason why bitcoin is superior, if nothing to compare bitcoin with, then bitcoin will not be appreciated.Before Bitcoin was created, some terrorists in the world were already deadly and making use of fiat, criminals are also making use of fiat very well. Yet, bitcoin blockchain is available to the public which has been even used to track down some illicit transactions. But people should know that Bitcoin transaction is irreversible and to be careful of scammers.
The government does not have control over bitcoin since it is decentralized, therefore they do not want to embrace it like fiat money, which is controlled by the central bank and can still be used to destroy fiat currency through monetary policy.
But some people are making use of centralized wallets and exchanges while the government are enforcng also other centralized services to make kyc mandatory. But you are not wrong, bitcoin was designed to give freedom and privacy means of using money (bitcoin) but most people using bitcoin now even while using custodial wallets are using it in a way they are not conscious of privacy. ---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.
Bitcoin, the first digital currency, was created in 2009 by Satoshi Nakamoto, whose identity is still unknown to this day. Bitcoin has a total quantity of 21 million and is mined, stored, and exchanged on the internet. Unlike other government-issued currencies, Bitcoin was designed to keep internet transaction costs as low as possible.
Because of bitcoin's nature and character, several nations have not embraced it because, for various reasons stated by their governments, they feel bitcoin may be used for various criminal actions by fraudsters to steal cash and by terrorists to obtain weapons, narcotics, and potentially dangerous substances.
The government does not have control over bitcoin since it is decentralized, therefore they do not want to embrace it like fiat money, which is controlled by the central bank and can still be used to destroy fiat currency through monetary policy.
Sources link: https://cryptonews.com/guides/countries-in-which-bitcoin-is-banned-or-legal.htm
Source: Daniel91
Because of bitcoin's nature and character, several nations have not embraced it because, for various reasons stated by their governments, they feel bitcoin may be used for various criminal actions by fraudsters to steal cash and by terrorists to obtain weapons, narcotics, and potentially dangerous substances.
The government does not have control over bitcoin since it is decentralized, therefore they do not want to embrace it like fiat money, which is controlled by the central bank and can still be used to destroy fiat currency through monetary policy.
Quote
Different countries are having their crypto regulations which are as follows;
- some countries bitcoin are completely ban
- Some countries use of bitcoin is legally restricted
- Some countries where Bitcoin are legal
- A country that Bitcoin is Official a Legal Tender
- Countries where Bitcoin are neither legal or ban.
If you are planning to buy bitcoin or any cryptocurrency in your county check it out if it is legal or illegal. Different countries have different crypto regulations. In some countries you having even cryptocurrency app can get you jailed so you have to be careful.
- El Salvador. This is the only country that accept Bitcoin as legal tender. Before this action, it was recognized as the risk of the investor. Bitcoin investors should rejoice. Bitcoin as legal tender in any country is a huge event, one that deserves all the press it has been getting. El Salvador’s move could be a notable precedent in history if more and more countries begin to adopt Bitcoin in the future.
- United States: Crypto is subject to tax laws in the United States. It is regulated if the sale of securities involves cryptocurrencies.
- Antigua and Barbuda. A bill was passed to protect exchanges and crypto users. Bitcoin could become legal tender soon in the country as you can use Bitcoin to pay for citizenship.
- Australia: Bitcoin and other cryptocurrencies have been legal in the country since 2017 and are subject to Capital Gains Tax.
- Barbados. Cryptocurrencies operate legally in Barbados. Barbados has its own digital currency, DCash, that has been active in 2021.
-Belgium: Cryptocurrencies are a ‘miscellaneous income tax’. Crypto is not considered legal tender, even though it is recognized as a possible ‘alternative to money’.
- Bulgaria: Licenses are not required to engage in crypto businesses and they are treated as income from sale of financial assets.
- Cayman Islands: New laws have been passed regulating cryptocurrencies. They have favorable tax laws for businesses, including cryptocurrency businesses.
- Chile: Cryptocurrencies are under the country’s money policies. There are protections for cryptocurrency exchanges in Chile.
- Croatia: 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
- Dominica: Planning to test out a cryptocurrency, DCash, crypto outlook is positive in the country. There was a project to hand out Bitcoin to the population but had been canceled.
- Estonia: Crypto is considered virtual currency and have digital value as a payment method, although it is not considered legal tender.
- Finland: Crypto is legal and regarded as virtual currency. The Financial Supervisory Authority is the authority on virtual currencies.
- Germany: Crypto assets are allowed to be bought, sold and held as long as they are from a licensed institution.
- Indonesia: Cryptocurrencies have been legal in Indonesia since 2019. It is regarded as a commodity when trading and not as a payment method.
- Italy: Regarded as a virtual currency, cryptocurrencies are subject to corporate and personal income tax.
- Ireland: Crypto is regarded as virtual currency and is taxed differently based on several scenarios.
- Japan: Crypto assets are under the ‘miscellaneous income’ category.
- Lithuania: Lithuania became one of the first countries to have a framework regarding cryptocurrencies and taxation, with earnings up to 2500 euro considered tax free.
- Malta: Malta is known for being the home to some of the biggest cryptocurrency exchanges like Binance and OKEx because of their open stance when it comes to crypto.
- Mauritius: Their regulations are under the category of Digital Asset.
- Marshall Islands: The SOV, or sovereign, is the legal currency of the Marshall Islands and it’s powered by blockchain.
- New Zealand: Cryptocurrencies are compared to gold and subject to taxes.
- Norway: Cryptocurrencies are considered assets and taxed.
- Philippines: Cryptocurrencies are in the security and investment contract categories and are subject to regulations by the SEC. Any financial services that are related to cryptocurrencies, like exchanges, are subject to the guidelines of the Philippines Central Bank.
- Serbia: Crypto is regarded as a digital asset for taxes. Crypto services need a license.
- South Korea: Crypto is legal and subject to anti-money laundering laws while being closely regulated by the government. Financial institutions are required to report cryptocurrency transactions.
- Sweden: Trade in Bitcoin is regarded as a financial service. Gains are taxed as business income.
- Switzerland: As early as 2017, crypto was being accepted as payment by the Commercial Register Office. Institutions need licenses in order to operate cryptocurrencies. There are extensive regulations implemented with a very positive outlook on crypto as a whole.
- Ukraine: Crypto is classified as property in the country. It is the growing destination to several crypto businesses.
- United Kingdom: Exchanges need to fit certain FCA requirements. Bitcoin is ‘private money.’
- United Arab Emirates: Considered a crypto-friendly country, UAE has its own Emirates Blockchain Strategy 2021, to move a majority of their transactions to blockchain and becoming a government powered by blockchain.
- Uzbekistan: Crypto is now legal in the country. Income gained from cryptocurrencies is not taxed and exchanges need specific requirements and licensing to be in operation.
- Venezuela: Having created its own petroleum-backed cryptocurrency in 2017, Venezuela seemed like a prime candidate for widespread crypto adoption. It was declared illegal in 2018 and efforts to make it legal again came about in January 2020. Mining, which had been illegal and those who did it were charged, have had their charges dismissed. Cryptocurrency activities are now legal in Venezuela.
- Nigeria: In Nigeria banks and other financial agencies are not allowed to deal with cryptocurrency but bitcoin have not been targed legal or illegal in Nigeria.
- Albania: Warns citizens to use cryptocurrency responsibly.
- Afghanistan: The Ministry of Health plans to use blockchain to identify fraud in medicine. Still, crypto’s legal status is unclear.
-Angola: There is no legislation on it.
- Anguilla: They have policies regulating ICOs but make no mention of banning cryptocurrencies outright.
-Argentina: Specified that their Central Bank is the only one that can issue legal currency and emphasizes that citizens treat crypto responsibly.
- Belize: Belize has no crypto regulations to this date.
- British Virgin Islands: They have been regarded as ICO-friendly but nothing official on cryptocurrencies is available. The government is on standby with cryptocurrency policies, wanting to see how the crypto scene plays out first before further action.
-Brunei: There is an emphasis on cryptocurrency not being legal tender. The government urges caution.
-Cambodia: Although the government is developing its own currency backed by blockchain, cryptocurrencies are still a gray area legally, with the government warning of the potential risks involved with cryptocurrencies.
-Costa Rica: Cryptocurrencies are emphasized as the individual’s risk and responsibility and are not recognized as legal tender.
-Cuba: There is no overarching framework to operate crypto under the government. An exchange, however, has still propped up with no domestic backlash.
-Guatemala: Citizens are warned about the decentralized nature of cryptocurrency. It is not recognized as domestic or foreign tender.
- Haiti: No framework is given for crypto to operate on.
- India: Although there was a fear of a ban earlier in 2021, the government is going to create a board that will decide how to handle cryptocurrency.
- Honduras: Bitcoin and other cryptocurrencies are not backed by the country’s Central Bank. The individual is solely responsible for its risks.
- Kenya: The government has issued warnings of crypto’s volatile nature, lack of regulation, susceptibility to criminal activity and urges caution to the citizens who want to engage in it.
- Jamaica: The government urges caution when handling crypto.
- Latvia: Although crypto is subject to personal and corporate income tax, cryptocurrencies are still in a gray area legally in Latvia.
- Lesotho: Discouraging cryptocurrency practices, Lesotho does not allow the operation of cryptocurrencies that are unlicensed.
- Macau: The Monetary Authority of Macau discourages cryptocurrency participation.
- Malaysia: Bitcoin and other cryptocurrencies are not legal tender and the Malaysian government advises citizens to use them with caution. Using Bitcoin and cryptocurrency with transparency is heavily emphasized.
- Mexico: There is an emphasis for financial institutions to relay the risk of cryptocurrencies to citizens. It is not backed by the Central Bank and not considered legal currency.
- Moldova: The National Bank of Moldova suggests to tread cautiously.
- Montenegro: Crypto is regarded as the individual’s risk. Given their desire to join the European Union, and using the euro as legal tender, the government is treading cautiously with crypto.
- Pakistan: Although investigating cryptocurrencies for the potential of tax evasion and money laundering, Bitcoin and other cryptocurrencies are not recognized.
- Tajikistan: Although the Central Bank wants to make its own digital currency, it is one of the least cyber-secure places in the world, making crypto operate through means that are neither legal nor illegal.
- Tanzania: The Tanzanian shilling is the only one that is described as legal tender and crypto is legal but discouraged.
- Samoa: Crypto is not considered legal tender and is discouraged by the Central Bank for now because of its risky and speculative nature. Anyone wanting to conduct business with cryptocurrencies needs a business license. The Central Bank acknowledges the potential of blockchain.
- Zimbabwe: Cryptocurrencies are unregulated but the government cautions individuals about their use, citing its possibilities of terrorism financing and fraud.
- Algeria: Arguing that they are not backed by anything physical, Algeria has banned cryptocurrencies.
- Bolivia: The Central Bank has prohibited the use of cryptocurrencies because of their unregulated nature.
- Bangladesh: Citing possibilities for money laundering and being unauthorized by the Bangladesh bank, Bitcoin and other cryptocurrencies are illegal.
- Dominican Republic: Citing that they are not legal tender, cryptocurrencies are illegal in the Dominican Republic.
- Ghana: Although cryptocurrencies are regarded as illegal in Ghana, the Bank of Ghana sees blockchain’s potential and are assessing how to fit it into their financial structure.
- Nepal: Nepal’s central bank has banned Bitcoin because it is not a legal currency.
- The Republic of Macedonia: Citizens are warned that they cannot have crypto securities abroad. Crypto is still illegal.
- Quatar: Citing price volatility, possibility of financial crimes and lack of central government support, cryptocurrency activity is banned.
- Vanuatu: Several news outlets broke the story that Vanuatu accepted Bitcoin in exchange for citizenship. The country’s Citizenship Office, however, denied this. The country claims to accept only USD in exchange for citizenship.
- Bahrain: You need a license in order to use crypto-asset services in Bahrain.
- China: China’s digital Yuan has issued on-chain wages, a first for the country. Although having researched cryptocurrencies for many years, China is treading cautiously in the market, listing a whole gamut of rules in terms of restricting Initial Coin Offerings (ICOs). China had the resources to operate with 70% of Bitcoin mining facilities, but that has been regulated by officials for environmental reasons.
- Hong Kong: A law may be enacted that might restrict crypto trading to individuals who have over $1 million in their investment portfolio. Other than this, Hong Kong emphasizes certain regulations when it comes to ICOs. Exchanges also need regulations in order to be enacted.
- Iran: Financial institutions are not permitted to handle cryptocurrencies.
- Kazakhstan: There are heavy cryptocurrency restrictions by the National Bank with exchanges and mining banned. A complete ban of cryptocurrency has been contemplated.
- Russia: Crypto is legal in Russia but is restricted. Banks and exchanges have to be registered by the Central Bank and crypto cannot be used as a payment method.
- Saudi Arabia: Once banned, Bitcoin is now legal in the country. Banks, however, are banned from participating.
- Turkey: Cryptocurrencies are not allowed as financial assets in banks. They also cannot be classified as payment tools.
- Vietnam: Although Bitcoin is still prohibited in trade relations by the State Bank, possession and trade in crypto is a tolerated occurrence for the average user. Research in the country is being done to further understand cryptocurrency and its implications.
- some countries bitcoin are completely ban
- Some countries use of bitcoin is legally restricted
- Some countries where Bitcoin are legal
- A country that Bitcoin is Official a Legal Tender
- Countries where Bitcoin are neither legal or ban.
If you are planning to buy bitcoin or any cryptocurrency in your county check it out if it is legal or illegal. Different countries have different crypto regulations. In some countries you having even cryptocurrency app can get you jailed so you have to be careful.
Countries Where Bitcoin is Official Legal Tender
- El Salvador. This is the only country that accept Bitcoin as legal tender. Before this action, it was recognized as the risk of the investor. Bitcoin investors should rejoice. Bitcoin as legal tender in any country is a huge event, one that deserves all the press it has been getting. El Salvador’s move could be a notable precedent in history if more and more countries begin to adopt Bitcoin in the future.
Countries where Bitcoin is legal.
- United States: Crypto is subject to tax laws in the United States. It is regulated if the sale of securities involves cryptocurrencies.
- Antigua and Barbuda. A bill was passed to protect exchanges and crypto users. Bitcoin could become legal tender soon in the country as you can use Bitcoin to pay for citizenship.
- Australia: Bitcoin and other cryptocurrencies have been legal in the country since 2017 and are subject to Capital Gains Tax.
- Barbados. Cryptocurrencies operate legally in Barbados. Barbados has its own digital currency, DCash, that has been active in 2021.
-Belgium: Cryptocurrencies are a ‘miscellaneous income tax’. Crypto is not considered legal tender, even though it is recognized as a possible ‘alternative to money’.
- Bulgaria: Licenses are not required to engage in crypto businesses and they are treated as income from sale of financial assets.
- Cayman Islands: New laws have been passed regulating cryptocurrencies. They have favorable tax laws for businesses, including cryptocurrency businesses.
- Chile: Cryptocurrencies are under the country’s money policies. There are protections for cryptocurrency exchanges in Chile.
- Croatia: 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
- Dominica: Planning to test out a cryptocurrency, DCash, crypto outlook is positive in the country. There was a project to hand out Bitcoin to the population but had been canceled.
- Estonia: Crypto is considered virtual currency and have digital value as a payment method, although it is not considered legal tender.
- Finland: Crypto is legal and regarded as virtual currency. The Financial Supervisory Authority is the authority on virtual currencies.
- Germany: Crypto assets are allowed to be bought, sold and held as long as they are from a licensed institution.
- Indonesia: Cryptocurrencies have been legal in Indonesia since 2019. It is regarded as a commodity when trading and not as a payment method.
- Italy: Regarded as a virtual currency, cryptocurrencies are subject to corporate and personal income tax.
- Ireland: Crypto is regarded as virtual currency and is taxed differently based on several scenarios.
- Japan: Crypto assets are under the ‘miscellaneous income’ category.
- Lithuania: Lithuania became one of the first countries to have a framework regarding cryptocurrencies and taxation, with earnings up to 2500 euro considered tax free.
- Malta: Malta is known for being the home to some of the biggest cryptocurrency exchanges like Binance and OKEx because of their open stance when it comes to crypto.
- Mauritius: Their regulations are under the category of Digital Asset.
- Marshall Islands: The SOV, or sovereign, is the legal currency of the Marshall Islands and it’s powered by blockchain.
- New Zealand: Cryptocurrencies are compared to gold and subject to taxes.
- Norway: Cryptocurrencies are considered assets and taxed.
- Philippines: Cryptocurrencies are in the security and investment contract categories and are subject to regulations by the SEC. Any financial services that are related to cryptocurrencies, like exchanges, are subject to the guidelines of the Philippines Central Bank.
- Serbia: Crypto is regarded as a digital asset for taxes. Crypto services need a license.
- South Korea: Crypto is legal and subject to anti-money laundering laws while being closely regulated by the government. Financial institutions are required to report cryptocurrency transactions.
- Sweden: Trade in Bitcoin is regarded as a financial service. Gains are taxed as business income.
- Switzerland: As early as 2017, crypto was being accepted as payment by the Commercial Register Office. Institutions need licenses in order to operate cryptocurrencies. There are extensive regulations implemented with a very positive outlook on crypto as a whole.
- Ukraine: Crypto is classified as property in the country. It is the growing destination to several crypto businesses.
- United Kingdom: Exchanges need to fit certain FCA requirements. Bitcoin is ‘private money.’
- United Arab Emirates: Considered a crypto-friendly country, UAE has its own Emirates Blockchain Strategy 2021, to move a majority of their transactions to blockchain and becoming a government powered by blockchain.
- Uzbekistan: Crypto is now legal in the country. Income gained from cryptocurrencies is not taxed and exchanges need specific requirements and licensing to be in operation.
- Venezuela: Having created its own petroleum-backed cryptocurrency in 2017, Venezuela seemed like a prime candidate for widespread crypto adoption. It was declared illegal in 2018 and efforts to make it legal again came about in January 2020. Mining, which had been illegal and those who did it were charged, have had their charges dismissed. Cryptocurrency activities are now legal in Venezuela.
Countries where Bitcoin is neither legal nor illegal
- Nigeria: In Nigeria banks and other financial agencies are not allowed to deal with cryptocurrency but bitcoin have not been targed legal or illegal in Nigeria.
- Albania: Warns citizens to use cryptocurrency responsibly.
- Afghanistan: The Ministry of Health plans to use blockchain to identify fraud in medicine. Still, crypto’s legal status is unclear.
-Angola: There is no legislation on it.
- Anguilla: They have policies regulating ICOs but make no mention of banning cryptocurrencies outright.
-Argentina: Specified that their Central Bank is the only one that can issue legal currency and emphasizes that citizens treat crypto responsibly.
- Belize: Belize has no crypto regulations to this date.
- British Virgin Islands: They have been regarded as ICO-friendly but nothing official on cryptocurrencies is available. The government is on standby with cryptocurrency policies, wanting to see how the crypto scene plays out first before further action.
-Brunei: There is an emphasis on cryptocurrency not being legal tender. The government urges caution.
-Cambodia: Although the government is developing its own currency backed by blockchain, cryptocurrencies are still a gray area legally, with the government warning of the potential risks involved with cryptocurrencies.
-Costa Rica: Cryptocurrencies are emphasized as the individual’s risk and responsibility and are not recognized as legal tender.
-Cuba: There is no overarching framework to operate crypto under the government. An exchange, however, has still propped up with no domestic backlash.
-Guatemala: Citizens are warned about the decentralized nature of cryptocurrency. It is not recognized as domestic or foreign tender.
- Haiti: No framework is given for crypto to operate on.
- India: Although there was a fear of a ban earlier in 2021, the government is going to create a board that will decide how to handle cryptocurrency.
- Honduras: Bitcoin and other cryptocurrencies are not backed by the country’s Central Bank. The individual is solely responsible for its risks.
- Kenya: The government has issued warnings of crypto’s volatile nature, lack of regulation, susceptibility to criminal activity and urges caution to the citizens who want to engage in it.
- Jamaica: The government urges caution when handling crypto.
- Latvia: Although crypto is subject to personal and corporate income tax, cryptocurrencies are still in a gray area legally in Latvia.
- Lesotho: Discouraging cryptocurrency practices, Lesotho does not allow the operation of cryptocurrencies that are unlicensed.
- Macau: The Monetary Authority of Macau discourages cryptocurrency participation.
- Malaysia: Bitcoin and other cryptocurrencies are not legal tender and the Malaysian government advises citizens to use them with caution. Using Bitcoin and cryptocurrency with transparency is heavily emphasized.
- Mexico: There is an emphasis for financial institutions to relay the risk of cryptocurrencies to citizens. It is not backed by the Central Bank and not considered legal currency.
- Moldova: The National Bank of Moldova suggests to tread cautiously.
- Montenegro: Crypto is regarded as the individual’s risk. Given their desire to join the European Union, and using the euro as legal tender, the government is treading cautiously with crypto.
- Pakistan: Although investigating cryptocurrencies for the potential of tax evasion and money laundering, Bitcoin and other cryptocurrencies are not recognized.
- Tajikistan: Although the Central Bank wants to make its own digital currency, it is one of the least cyber-secure places in the world, making crypto operate through means that are neither legal nor illegal.
- Tanzania: The Tanzanian shilling is the only one that is described as legal tender and crypto is legal but discouraged.
- Samoa: Crypto is not considered legal tender and is discouraged by the Central Bank for now because of its risky and speculative nature. Anyone wanting to conduct business with cryptocurrencies needs a business license. The Central Bank acknowledges the potential of blockchain.
- Zimbabwe: Cryptocurrencies are unregulated but the government cautions individuals about their use, citing its possibilities of terrorism financing and fraud.
Countries where Bitcoin is banned
- Algeria: Arguing that they are not backed by anything physical, Algeria has banned cryptocurrencies.
- Bolivia: The Central Bank has prohibited the use of cryptocurrencies because of their unregulated nature.
- Bangladesh: Citing possibilities for money laundering and being unauthorized by the Bangladesh bank, Bitcoin and other cryptocurrencies are illegal.
- Dominican Republic: Citing that they are not legal tender, cryptocurrencies are illegal in the Dominican Republic.
- Ghana: Although cryptocurrencies are regarded as illegal in Ghana, the Bank of Ghana sees blockchain’s potential and are assessing how to fit it into their financial structure.
- Nepal: Nepal’s central bank has banned Bitcoin because it is not a legal currency.
- The Republic of Macedonia: Citizens are warned that they cannot have crypto securities abroad. Crypto is still illegal.
- Quatar: Citing price volatility, possibility of financial crimes and lack of central government support, cryptocurrency activity is banned.
- Vanuatu: Several news outlets broke the story that Vanuatu accepted Bitcoin in exchange for citizenship. The country’s Citizenship Office, however, denied this. The country claims to accept only USD in exchange for citizenship.
Countries where use of Bitcoin is legally restricted
- Bahrain: You need a license in order to use crypto-asset services in Bahrain.
- China: China’s digital Yuan has issued on-chain wages, a first for the country. Although having researched cryptocurrencies for many years, China is treading cautiously in the market, listing a whole gamut of rules in terms of restricting Initial Coin Offerings (ICOs). China had the resources to operate with 70% of Bitcoin mining facilities, but that has been regulated by officials for environmental reasons.
- Hong Kong: A law may be enacted that might restrict crypto trading to individuals who have over $1 million in their investment portfolio. Other than this, Hong Kong emphasizes certain regulations when it comes to ICOs. Exchanges also need regulations in order to be enacted.
- Iran: Financial institutions are not permitted to handle cryptocurrencies.
- Kazakhstan: There are heavy cryptocurrency restrictions by the National Bank with exchanges and mining banned. A complete ban of cryptocurrency has been contemplated.
- Russia: Crypto is legal in Russia but is restricted. Banks and exchanges have to be registered by the Central Bank and crypto cannot be used as a payment method.
- Saudi Arabia: Once banned, Bitcoin is now legal in the country. Banks, however, are banned from participating.
- Turkey: Cryptocurrencies are not allowed as financial assets in banks. They also cannot be classified as payment tools.
- Vietnam: Although Bitcoin is still prohibited in trade relations by the State Bank, possession and trade in crypto is a tolerated occurrence for the average user. Research in the country is being done to further understand cryptocurrency and its implications.
Sources link: https://cryptonews.com/guides/countries-in-which-bitcoin-is-banned-or-legal.htm
Source: Daniel91
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