I feel that my country does not prohibit with the development of bitcoin, it's just a warning to the people to be careful and alert when investing in crypto.
The Indonesian state has allowed an Indonesian forum to discuss bitcoin. This makes Indonesian crypto lovers begin to grow and have a community.
Topic: Legalities of Bitcoin (Read 361 times)
Nice work OP but you may make the post on thsittle perfect. I see you have mentioned that Malaysia two times and it will be need to correct as a single time to mentioned there.
Hopefully my country's name also will be listed out here soon. Please use this thread and update it carefully.
Hopefully my country's name also will be listed out here soon. Please use this thread and update it carefully.
You should tweak your post a little bit and maybe erase the European countries under Legal but Unregulated as they are somehow regulated with the latest news I have read. If they are having AML regulation under cryptocurrency then cryptocurrencies in European countries are somehow regulated as they are monitored by the European Union. If you read the news you will see that this directive is towards to stopping the use of cryptocurrencies in criminal activities particularly in money laundering.
It is actually sad to know that in my country bitcoin is illegal and banned. I interest on regulating the crypto currency just like in many other country which already legalized bitcoin, even they have different restriction. I still don't get it, but I hope the government will start to concern and legalized crypto currencies.
Really? then how did you get your weekly payment in bustadice if you've not used bitcoin which is illegal and banned in your country?But, luckily in my place bitcoin is not legal and also it is not illegal. Our government is friendly with Bitcoin they did not put any law on this besides the warned people that be careful about the possible hacking of your fund.
It is actually sad to know that in my country bitcoin is illegal and banned. I interest on regulating the crypto currency just like in many other country which already legalized bitcoin, even they have different restriction. I still don't get it, but I hope the government will start to concern and legalized crypto currencies.
The list of also available in wikipedia so don't want to talk about the list, but I want to point out that how the mentality of a government can ruin a nation and at the same time can set forward for prosperity.
As you can see a majority of the countries in this list are considered as the first world country. They have a progressive mentality and that is directly reflecting in their GDP or financial prowess. Now look at the second list.
You will also see some financial superpowers in this list but the majority of them are still considered as a third world country with no significant GDP contribution. Also majority of the countries in the second list are the lowest scorer of "Human Development index". So there is no holistic growth due to the backward thinking governments. India needs a special mention here because a major percent of wealth is controlled by only 0.9% of the citizens and 72% of Indians are still falls below the poverty line! They fear the opportunities while opportunity comes knocking at the door!
I didn't knew that India banned bitcoin or they make bitcoin illegal on their country since i knew many Indian people who uses this cryptocurrency. Well this is a very informative thread. Good job.Quote
Legal and regulated countries:
France
Chile
Brazil
Denmark
Malaysia
Poland
Switzerland
Italy
Denmark
Turkey
Japan
Ireland
Venezuela
Hungary
Malaysia
Mexico
Ukraine.
France
Chile
Brazil
Denmark
Malaysia
Poland
Switzerland
Italy
Denmark
Turkey
Japan
Ireland
Venezuela
Hungary
Malaysia
Mexico
Ukraine.
As you can see a majority of the countries in this list are considered as the first world country. They have a progressive mentality and that is directly reflecting in their GDP or financial prowess. Now look at the second list.
Quote
China
Egyot
Morocco
Iran
Taiwan
Nepal
Indonesia
Pakistan
Columbia
Bolivia
Algeria
India
Egyot
Morocco
Iran
Taiwan
Nepal
Indonesia
Pakistan
Columbia
Bolivia
Algeria
India
You will also see some financial superpowers in this list but the majority of them are still considered as a third world country with no significant GDP contribution. Also majority of the countries in the second list are the lowest scorer of "Human Development index". So there is no holistic growth due to the backward thinking governments. India needs a special mention here because a major percent of wealth is controlled by only 0.9% of the citizens and 72% of Indians are still falls below the poverty line! They fear the opportunities while opportunity comes knocking at the door!
Most of well known countries and has a good economical status legalized and regulates not only just bitcoin but crypto currencies as a whole, It is because most of the developers and supporters of digital currencies comes from those countries. I can see that adaptation of other countries lies on how those big countries support cryptos. No wonder in the coming years bitcoin will be more legal and regulated without any restrictions and sooner become one of the major currency circulating around the world.
If the world acceptance as I see it is quite wider there's no doubt the it is the world currency to be and become more popular than dollars and euro, because bitcoin has no boundaries and the cryptocurrency, as long as the there is Internet connectivity it can be reached by anyone.
Most of well known countries and has a good economical status legalized and regulates not only just bitcoin but crypto currencies as a whole, It is because most of the developers and supporters of digital currencies comes from those countries. I can see that adaptation of other countries lies on how those big countries support cryptos. No wonder in the coming years bitcoin will be more legal and regulated without any restrictions and sooner become one of the major currency circulating around the world.
Good to see this list, and its very helpful. Now I know where to go just in case my country banned bitcoin.
Its good to see that my place is in the legal and regulated side. Honestly, we are enjoy cryptocurrency legally and those who wants to invest in this market can invest easily. I just hope this will last for good and more countries will follow those countries who make cryptocurrency as a legal and a good technology.
Its good to see that my place is in the legal and regulated side. Honestly, we are enjoy cryptocurrency legally and those who wants to invest in this market can invest easily. I just hope this will last for good and more countries will follow those countries who make cryptocurrency as a legal and a good technology.
Great list. Some people may think that if bitcoin is unregulated in a certain country, it is considered to be illegal.
That is far from the truth and is a common misconception. If bitcoin is unregulated, it simply means that bitcoin businesses do not have any guidelines to follow, and has nothing to do with the transactions of bitcoin itself on the blockchain.
There are certain countries where there are pretty restrictive measures on buying and selling bitcoin in certain countries, or perhaps even an outright ban on bitcoin transactions. These countries are really shooting themselves in their own foot, in my opinion, as these bans are not even enforceable. In the long run, as cryptocurrencies grow in adoption, countries willing to take a positive stance and regulate bitcoin businesses will reap the benefits.
That is far from the truth and is a common misconception. If bitcoin is unregulated, it simply means that bitcoin businesses do not have any guidelines to follow, and has nothing to do with the transactions of bitcoin itself on the blockchain.
There are certain countries where there are pretty restrictive measures on buying and selling bitcoin in certain countries, or perhaps even an outright ban on bitcoin transactions. These countries are really shooting themselves in their own foot, in my opinion, as these bans are not even enforceable. In the long run, as cryptocurrencies grow in adoption, countries willing to take a positive stance and regulate bitcoin businesses will reap the benefits.
Governments from most nations have had their say on the legality of bitcoin (cryptocurrencies) in their states.
Bitcoin users should be aware of the status of bitcoin in their countries, and also up to date with any changes made.
The status of bitcoin is not always a straightforward option of it being legal or illegal. Countries have different levels of regulation on the circulation and use of bitcoin in their nation;
- Legal and unregulated : This countries has declared bitcoin legal in its states, with no form of regulation;
France
Chile
Brazil
Denmark
Hong Kong
Malaysia
Poland
Switzerland
Italy
Denmark
Turkey
Japan
Ireland
Venezuela
Hungary
Malaysia
Mexico
Ukraine.
Most of this countries advise its citizens on the risk involved in trading, selling and circulation of bitcoin, and advises against it without putting any restrictions.
In Switzerland, bitcoin is wholly accepted and its growth is encouraged by the government.
Portugal has made no announcements and has not acknowledged or restricted bitcoin. It is this far being circulated.
In South Africa, bitcoin is accepted but can not be used as a form of payment.
In Russia, bitcoin was declared 'legal' in 2016, but there is a level of restrictions, and it cannot be used as a form of payment. And bitcoin accounts can be blocked if discovered.
- Legal and subject to taxation: Bitcoin is legal in these countries but different forms of VAT are paid to the government for purchases made.
Isreal
Austria
Germany
Finland
Norway.
- Legal and regulated (also subject to taxation) : This countries have set up bodies to regulate the use of bitcoin in their states, and any establishment utilizing bitcoin has to register under the sector.
United States of America
Canada.
In USA the regulatory body is the https://www.fincen.gov
Thailand
Vietnam (in Vietnam it is legal to trade or hold bitcoin, but illegal to use it as a payment tool
In Philippines, cryptocurrency is also legal but regulated. This is an official publication on the status of VC, virtual currency http://www.bsp.gov.ph/publications/media.asp?id=4575
- Illegal and banned: The sales, purchase and circulation of bitcoin is explicitly banned in this states. And it is a crime to be involved in bitcoin, merchants, traders or investors.
This countries include;
China
Egyot
Morocco
Iran
Taiwan
Nepal
Indonesia
Pakistan
Columbia
Bolivia
Algeria
India (India is trying to curb the circulation of bitcoin, but are interested in the blockchain technology and it's other applications)
Saudi Arabia
Bangladesh.
Any information not available here can be found in https://en.m.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory.
The status of bitcoin in these countries is constantly changing so always stay updated on your governments' stance on bitcoin.
Bitcoin users should be aware of the status of bitcoin in their countries, and also up to date with any changes made.
The status of bitcoin is not always a straightforward option of it being legal or illegal. Countries have different levels of regulation on the circulation and use of bitcoin in their nation;
- Legal and unregulated : This countries has declared bitcoin legal in its states, with no form of regulation;
France
Chile
Brazil
Denmark
Hong Kong
Malaysia
Poland
Switzerland
Italy
Denmark
Turkey
Japan
Ireland
Venezuela
Hungary
Malaysia
Mexico
Ukraine.
Most of this countries advise its citizens on the risk involved in trading, selling and circulation of bitcoin, and advises against it without putting any restrictions.
In Switzerland, bitcoin is wholly accepted and its growth is encouraged by the government.
Portugal has made no announcements and has not acknowledged or restricted bitcoin. It is this far being circulated.
In South Africa, bitcoin is accepted but can not be used as a form of payment.
In Russia, bitcoin was declared 'legal' in 2016, but there is a level of restrictions, and it cannot be used as a form of payment. And bitcoin accounts can be blocked if discovered.
- Legal and subject to taxation: Bitcoin is legal in these countries but different forms of VAT are paid to the government for purchases made.
Isreal
Austria
Germany
Finland
Norway.
- Legal and regulated (also subject to taxation) : This countries have set up bodies to regulate the use of bitcoin in their states, and any establishment utilizing bitcoin has to register under the sector.
United States of America
Canada.
In USA the regulatory body is the https://www.fincen.gov
Thailand
Vietnam (in Vietnam it is legal to trade or hold bitcoin, but illegal to use it as a payment tool
In Philippines, cryptocurrency is also legal but regulated. This is an official publication on the status of VC, virtual currency http://www.bsp.gov.ph/publications/media.asp?id=4575
- Illegal and banned: The sales, purchase and circulation of bitcoin is explicitly banned in this states. And it is a crime to be involved in bitcoin, merchants, traders or investors.
This countries include;
China
Egyot
Morocco
Iran
Taiwan
Nepal
Indonesia
Pakistan
Columbia
Bolivia
Algeria
India (India is trying to curb the circulation of bitcoin, but are interested in the blockchain technology and it's other applications)
Saudi Arabia
Bangladesh.
Any information not available here can be found in https://en.m.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory.
The status of bitcoin in these countries is constantly changing so always stay updated on your governments' stance on bitcoin.
That is a well detailed break down of the different regulations or legalities of crypto generally, with particular effect added to BTC. Thanks for compiling this, I'm sure who ever comes across it will find it somewhat helpful.
The subsistence's of bitcoin occurrence will never desist as long as the community will eager to penetrate, invest ,buy, active on the forum and has an optimize behavior that may help people on motivating for fast development. As far as bitcoin will legalize in all countries in this world, bitcoin will definitely hard to cease. The innovations between patience and belief is the only way for the great thrives on crypto.
And I think the most important thing to evade losses, is having a wise plan for the great determination enduring this bearish scenarios which could create sustainable future for those people who takes gratitude that seeks legality to become widely adaptable around the world.
Governments from most nations have had their say on the legality of bitcoin (cryptocurrencies) in their states.
Bitcoin users should be aware of the status of bitcoin in their countries, and also up to date with any changes made.
The status of bitcoin is not always a straightforward option of it being legal or illegal. Countries have different levels of regulation on the circulation and use of bitcoin in their nation;
- Legal and unregulated : This countries has declared bitcoin legal in its states, with no form of regulation;
France
Chile
Brazil
Denmark
Hong Kong
Malaysia
Poland
Switzerland
Italy
Denmark
Turkey
Japan
Ireland
Venezuela
Hungary
Malaysia
Mexico
Ukraine.
Most of this countries advise its citizens on the risk involved in trading, selling and circulation of bitcoin, and advises against it without putting any restrictions.
In Switzerland, bitcoin is wholly accepted and its growth is encouraged by the government.
Portugal has made no announcements and has not acknowledged or restricted bitcoin. It is this far being circulated.
In South Africa, bitcoin is accepted but can not be used as a form of payment.
In Russia, bitcoin was declared 'legal' in 2016, but there is a level of restrictions, and it cannot be used as a form of payment. And bitcoin accounts can be blocked if discovered.
- Legal and subject to taxation: Bitcoin is legal in these countries but different forms of VAT are paid to the government for purchases made.
Isreal
Austria
Germany
Finland
Norway.
- Legal and regulated (also subject to taxation) : This countries have set up bodies to regulate the use of bitcoin in their states, and any establishment utilizing bitcoin has to register under the sector.
United States of America
Canada.
In USA the regulatory body is the https://www.fincen.gov
Thailand
Vietnam (in Vietnam it is legal to trade or hold bitcoin, but illegal to use it as a payment tool
In Philippines, cryptocurrency is also legal but regulated. This is an official publication on the status of VC, virtual currency http://www.bsp.gov.ph/publications/media.asp?id=4575
- Illegal and banned: The sales, purchase and circulation of bitcoin is explicitly banned in this states. And it is a crime to be involved in bitcoin, merchants, traders or investors.
This countries include;
China
Egyot
Morocco
Iran
Taiwan
Nepal
Indonesia
Pakistan
Columbia
Bolivia
Algeria
India (India is trying to curb the circulation of bitcoin, but are interested in the blockchain technology and it's other applications)
Saudi Arabia
Bangladesh.
Any information not available here can be found in https://en.m.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory.
The status of bitcoin in these countries is constantly changing so always stay updated on your governments' stance on bitcoin.
Bitcoin users should be aware of the status of bitcoin in their countries, and also up to date with any changes made.
The status of bitcoin is not always a straightforward option of it being legal or illegal. Countries have different levels of regulation on the circulation and use of bitcoin in their nation;
- Legal and unregulated : This countries has declared bitcoin legal in its states, with no form of regulation;
France
Chile
Brazil
Denmark
Hong Kong
Malaysia
Poland
Switzerland
Italy
Denmark
Turkey
Japan
Ireland
Venezuela
Hungary
Malaysia
Mexico
Ukraine.
Most of this countries advise its citizens on the risk involved in trading, selling and circulation of bitcoin, and advises against it without putting any restrictions.
In Switzerland, bitcoin is wholly accepted and its growth is encouraged by the government.
Portugal has made no announcements and has not acknowledged or restricted bitcoin. It is this far being circulated.
In South Africa, bitcoin is accepted but can not be used as a form of payment.
In Russia, bitcoin was declared 'legal' in 2016, but there is a level of restrictions, and it cannot be used as a form of payment. And bitcoin accounts can be blocked if discovered.
- Legal and subject to taxation: Bitcoin is legal in these countries but different forms of VAT are paid to the government for purchases made.
Isreal
Austria
Germany
Finland
Norway.
- Legal and regulated (also subject to taxation) : This countries have set up bodies to regulate the use of bitcoin in their states, and any establishment utilizing bitcoin has to register under the sector.
United States of America
Canada.
In USA the regulatory body is the https://www.fincen.gov
Thailand
Vietnam (in Vietnam it is legal to trade or hold bitcoin, but illegal to use it as a payment tool
In Philippines, cryptocurrency is also legal but regulated. This is an official publication on the status of VC, virtual currency http://www.bsp.gov.ph/publications/media.asp?id=4575
- Illegal and banned: The sales, purchase and circulation of bitcoin is explicitly banned in this states. And it is a crime to be involved in bitcoin, merchants, traders or investors.
This countries include;
China
Egyot
Morocco
Iran
Taiwan
Nepal
Indonesia
Pakistan
Columbia
Bolivia
Algeria
India (India is trying to curb the circulation of bitcoin, but are interested in the blockchain technology and it's other applications)
Saudi Arabia
Bangladesh.
Any information not available here can be found in https://en.m.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory.
The status of bitcoin in these countries is constantly changing so always stay updated on your governments' stance on bitcoin.
That is a well detailed break down of the different regulations or legalities of crypto generally, with particular effect added to BTC. Thanks for compiling this, I'm sure who ever comes across it will find it somewhat helpful.
in Indonesia BI (Bank Indonesia) does not stipulate regulations that specifically prohibit the use of Bitcoin. This means that Bitcoin owners can still freely transact with that currency. It's just that, there is no legal protection in case of cases such as theft or fraud involving the virtual currency
This doesn't really matter in my opinion. I think the governments will eventually realize that this is beyond their control uless they want to take a tougher approach.
It makes no sense to ban Cryptocurrency same way it makes no sense to ban Precious Metals like Gold. They cannot successfully ban Cryptocurrency anyway. China have tried it, seems they failed.
I think Legalization of Cryptocurrency will only lead to complacency in Cryptocurrency community, with more dependent on Centralized exchanges and less focus on decentralized ones. Dependent on centralized exchanges means they will have strong control over Cryptocurrency and can manipulate or censor things as they wish.
It makes no sense to ban Cryptocurrency same way it makes no sense to ban Precious Metals like Gold. They cannot successfully ban Cryptocurrency anyway. China have tried it, seems they failed.
I think Legalization of Cryptocurrency will only lead to complacency in Cryptocurrency community, with more dependent on Centralized exchanges and less focus on decentralized ones. Dependent on centralized exchanges means they will have strong control over Cryptocurrency and can manipulate or censor things as they wish.
The list of also available in wikipedia so don't want to talk about the list, but I want to point out that how the mentality of a government can ruin a nation and at the same time can set forward for prosperity.
As you can see a majority of the countries in this list are considered as the first world country. They have a progressive mentality and that is directly reflecting in their GDP or financial prowess. Now look at the second list.
You will also see some financial superpowers in this list but the majority of them are still considered as a third world country with no significant GDP contribution. Also majority of the countries in the second list are the lowest scorer of "Human Development index". So there is no holistic growth due to the backward thinking governments. India needs a special mention here because a major percent of wealth is controlled by only 0.9% of the citizens and 72% of Indians are still falls below the poverty line! They fear the opportunities while opportunity comes knocking at the door!
I didn't knew that India banned bitcoin or they make bitcoin illegal on their country since i knew many Indian people who uses this cryptocurrency. Well this is a very informative thread. Good job. Quote
Legal and regulated countries:
France
Chile
Brazil
Denmark
Malaysia
Poland
Switzerland
Italy
Denmark
Turkey
Japan
Ireland
Venezuela
Hungary
Malaysia
Mexico
Ukraine.
France
Chile
Brazil
Denmark
Malaysia
Poland
Switzerland
Italy
Denmark
Turkey
Japan
Ireland
Venezuela
Hungary
Malaysia
Mexico
Ukraine.
As you can see a majority of the countries in this list are considered as the first world country. They have a progressive mentality and that is directly reflecting in their GDP or financial prowess. Now look at the second list.
Quote
China
Egyot
Morocco
Iran
Taiwan
Nepal
Indonesia
Pakistan
Columbia
Bolivia
Algeria
India
Egyot
Morocco
Iran
Taiwan
Nepal
Indonesia
Pakistan
Columbia
Bolivia
Algeria
India
You will also see some financial superpowers in this list but the majority of them are still considered as a third world country with no significant GDP contribution. Also majority of the countries in the second list are the lowest scorer of "Human Development index". So there is no holistic growth due to the backward thinking governments. India needs a special mention here because a major percent of wealth is controlled by only 0.9% of the citizens and 72% of Indians are still falls below the poverty line! They fear the opportunities while opportunity comes knocking at the door!
A huge number of countries are quickly identifying the potential OK cryptocurrency and the block ledger system.
I believe the most impact is felt by the citizens as it gives them a key to self sustainance and entrepreneurship.
All the gov't has to do is declare it legal.
I believe the most impact is felt by the citizens as it gives them a key to self sustainance and entrepreneurship.
All the gov't has to do is declare it legal.
The ratio of countries that have declared Bitcoin as Legal and unregulated is higher in comparison to Illegal and banned.
The worst part is that all of the South Asian countries have declared Bitcoin as Illegal and banned except India.
In India it is legal to trade and hold bitcoin, but it is illegal to use local Banks to convert Cryptos to Fiat. Indian goverment is interested in the blockchain technology and has also plans to create its own Crypto.
The worst part is that all of the South Asian countries have declared Bitcoin as Illegal and banned except India.
In India it is legal to trade and hold bitcoin, but it is illegal to use local Banks to convert Cryptos to Fiat. Indian goverment is interested in the blockchain technology and has also plans to create its own Crypto.
India (India is trying to curb the circulation of bitcoin, but are interested in the blockchain technology and it's other applications)
It is true that the current government is against Bitcoin and cryptocurrencies but the final decision is to be made by the Supreme Court of India. The case is ongoing and we can expect the decision anywhere within a month, the domestic exchanges are trying their best to explain the side of crypto community in the supreme court.
Also Tunisia don't accept bitcoin and it is ilegal to use it and buy by it anything you want
in my opinion it is one of the big losses for a country that does not accept or legalize bitcoin, in the case that bitcoin can help a country in terms of economy, just an example of a country that accepts bitcoin is definitely a very advanced and developing country in any way because it has been proven up to now if the country accepts bitcoin, the country will certainly advance and develop.
There are really a lot of advantages if a country started to adopt and legalises bitcoin. But the fact that they think that bitcoin is so disruptive, (well that's accdg to them) we might still see some countries who doesn't want it. But for those mentioned above who chooses to regulate and embrace it, sooner or later we will see how those nations slowly grows their economy because of crypto or blockchain technology.
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