Switzerland and Sweden are the most advanced counties that fully legalize cryptos. Unfortunately, the cost of HQ creation and living there are too high.
Bitcoin will soon become less valuable than it has been last 6 years
Topic: Legality of crypto around the world (Read 291 times)
Bitcoin will soon become less valuable than it has been last 6 years
This Wikipedia article: Legality of bitcoin by country or territory, might be of interest to you.
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Indonesia
Status: Not illegal/grey area
Cryptocurrency futures trading is now allowed. Laws are being reviewed to allow governance of wallets, exchanges and mining operations, while trading will be taxed.
Status: Not illegal/grey area
Cryptocurrency futures trading is now allowed. Laws are being reviewed to allow governance of wallets, exchanges and mining operations, while trading will be taxed.
To add to this, using crypto as money in Indonesia is illegal. Pretty much everything else is fair game.
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Vietnam
Status: Illegal
Security-trading firms were asked in January to stop providing cryptocurrency related services, including issuance, transactions and brokering. Credit institutions and intermediary payment services were asked not to conduct transactions related to digital currencies and any payments made in cryptocurrencies in the country are considered illegal. It remains unclear whether cryptocurrencies are considered currency, commodities or payment instruments and therefore if trading services are considered payment services. This casts exchanges and traders in a grey area, because cryptocurrencies wouldn’t be banned from being traded if used as a type of intangible good or commodity.
Status: Illegal
Security-trading firms were asked in January to stop providing cryptocurrency related services, including issuance, transactions and brokering. Credit institutions and intermediary payment services were asked not to conduct transactions related to digital currencies and any payments made in cryptocurrencies in the country are considered illegal. It remains unclear whether cryptocurrencies are considered currency, commodities or payment instruments and therefore if trading services are considered payment services. This casts exchanges and traders in a grey area, because cryptocurrencies wouldn’t be banned from being traded if used as a type of intangible good or commodity.
I don't think it's completely illegal. It seems exchanges are kind of in a gray area at the moment (they're operating anywya), but trading is allowed much like China.
WOW. Good information. Some countries in around the world already legalized bitcoin. But there is a some country will not legalized bitcoin because for their security. To avoid money laundering, terrorist funding, and some thing harmful to their country. But i hope bitcoin can be accepted in all country for rise world economy.
Switzerland and Sweden are the most advanced counties that fully legalize cryptos. Unfortunately, the cost of HQ creation and living there are too high.
what makes you say Sweden and Switzerland? any concrete examples of what they've done well for crypto? you say they're the most advanced countries that legalize cryptos, but legal as in just "being legal"? I think it looks like western Europe, well, west in general, has dropped the ball on crypto: like America's regulations, western Europe just not really doing anything with crypto, Eastern/to an extent southern Europe seems to be using this "opportunity" to get ahead in the space, a good decision! like this: https://venturebeat.com/2018/06/23/whats-behind-eastern-europes-crypto-boom/ (just from google)
I have said about Sweden and Switzerland based on the information provided in article above: https://bitfalls.com/2018/08/31/cryptocurrency-regulation-across-the-world/
Switzerland and Sweden are the most advanced counties that fully legalize cryptos. Unfortunately, the cost of HQ creation and living there are too high.
You don't need to live there to take advantage of that. Bitcoin is more secure because of those two countries because it can't be banned worldwide then. There will be always country where you can store value in BTC (switzerland).So worry not, you not live there but you can benefit from that
Switzerland and Sweden are the most advanced counties that fully legalize cryptos. Unfortunately, the cost of HQ creation and living there are too high.
what makes you say Sweden and Switzerland? any concrete examples of what they've done well for crypto? you say they're the most advanced countries that legalize cryptos, but legal as in just "being legal"? I think it looks like western Europe, well, west in general, has dropped the ball on crypto: like America's regulations, western Europe just not really doing anything with crypto, Eastern/to an extent southern Europe seems to be using this "opportunity" to get ahead in the space, a good decision! like this: https://venturebeat.com/2018/06/23/whats-behind-eastern-europes-crypto-boom/ (just from google)
I believe Switzerland is currently experimenting with the Ethereum blockchain to use if for voting & possibly using it to make the use of taxpayer funds more transparent/( reduce corruption?). Let's see if i can find the article.
This might be it, https://cointelegraph.com/news/blockchain-evolutions-in-switzerland-voting-and-banking
Presently, blockchain is coming into play in this domain. In Crypto Valley, the city of Zug allowed residents to take part in a blockchain-based test vote, between June 25 and July 1, as this Swiss city evaluates whether the technology could be used on a broader scale. In addition to voting on minor municipal matters, citizens were also asked if a blockchain-based electronic ID system should be used for future votes. The test turned out to be a success.
Despite the fact that the vote in Zug was merely a test, with the results being non-binding for city authorities, this initiative demonstrates how blockchain’s security of transactions and traceability could provide benefits, not only to the finance sector but to many other domains, including the public sector.
I have yet to see something like this in any other country. Correct me if i'm wrong.Despite the fact that the vote in Zug was merely a test, with the results being non-binding for city authorities, this initiative demonstrates how blockchain’s security of transactions and traceability could provide benefits, not only to the finance sector but to many other domains, including the public sector.
And ofcourse, Switzerland being Switzerland with extremely lucrative regulations for ICO's and investors of said.
https://cointelegraph.com/news/why-switzerland-is-becoming-a-crypto-nation-with-a-flourishing-ico-market-expert-take
Oh, I seem to have completely missed these! I've really not heard much at all about western Europe(in particular) + crypto, so it's great to see we've got some progress going there aswell. Thanks for sharing those links.
I think that the world will be ready to accept cryptocurrency on the whole planet for near 10 years. Blockchain it is future
Switzerland and Sweden are the most advanced counties that fully legalize cryptos. Unfortunately, the cost of HQ creation and living there are too high.
what makes you say Sweden and Switzerland? any concrete examples of what they've done well for crypto? you say they're the most advanced countries that legalize cryptos, but legal as in just "being legal"? I think it looks like western Europe, well, west in general, has dropped the ball on crypto: like America's regulations, western Europe just not really doing anything with crypto, Eastern/to an extent southern Europe seems to be using this "opportunity" to get ahead in the space, a good decision! like this: https://venturebeat.com/2018/06/23/whats-behind-eastern-europes-crypto-boom/ (just from google)
I believe Switzerland is currently experimenting with the Ethereum blockchain to use if for voting & possibly using it to make the use of taxpayer funds more transparent/( reduce corruption?). Let's see if i can find the article.
This might be it, https://cointelegraph.com/news/blockchain-evolutions-in-switzerland-voting-and-banking
Presently, blockchain is coming into play in this domain. In Crypto Valley, the city of Zug allowed residents to take part in a blockchain-based test vote, between June 25 and July 1, as this Swiss city evaluates whether the technology could be used on a broader scale. In addition to voting on minor municipal matters, citizens were also asked if a blockchain-based electronic ID system should be used for future votes. The test turned out to be a success.
Despite the fact that the vote in Zug was merely a test, with the results being non-binding for city authorities, this initiative demonstrates how blockchain’s security of transactions and traceability could provide benefits, not only to the finance sector but to many other domains, including the public sector.
I have yet to see something like this in any other country. Correct me if i'm wrong.Despite the fact that the vote in Zug was merely a test, with the results being non-binding for city authorities, this initiative demonstrates how blockchain’s security of transactions and traceability could provide benefits, not only to the finance sector but to many other domains, including the public sector.
And ofcourse, Switzerland being Switzerland with extremely lucrative regulations for ICO's and investors of said.
https://cointelegraph.com/news/why-switzerland-is-becoming-a-crypto-nation-with-a-flourishing-ico-market-expert-take
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What's the gain or motivation behind "cracking down on exchanges", if people are still allowed to trade it? isn't it pretty easy to go around it somehow, with a new type of exchange that is p2p
What's the gain or motivation behind "cracking down on exchanges", if people are still allowed to trade it? isn't it pretty easy to go around it somehow, with a new type of exchange that is p2p
Well, some exchanges did just that: China's Bitcoin Exchanges Are Shifting Business Models
But you'll never get the same volume/profit with P2P platform as with centralised exchange, and in many ways P2P is lacking.
China went back and forth with their stance on Bitcoin, but eventually let the trade happen with millions of its citizens got involved in crypto trading. So even if the authorities had another change-of-heart and wanted a complete ban, they had to do it progressively (first we ban exchanges, then p2p trade etc), otherwise it would be a robbery on the traders.
I expect China to either reinstate exchanges, upon introducing heavy regulations, or to quietly go towards absolute ban (less likely imo).
Switzerland and Sweden are the most advanced counties that fully legalize cryptos. Unfortunately, the cost of HQ creation and living there are too high.
what makes you say Sweden and Switzerland? any concrete examples of what they've done well for crypto? you say they're the most advanced countries that legalize cryptos, but legal as in just "being legal"? I think it looks like western Europe, well, west in general, has dropped the ball on crypto: like America's regulations, western Europe just not really doing anything with crypto, Eastern/to an extent southern Europe seems to be using this "opportunity" to get ahead in the space, a good decision! like this: https://venturebeat.com/2018/06/23/whats-behind-eastern-europes-crypto-boom/ (just from google)
Switzerland and Sweden are the most advanced counties that fully legalize cryptos. Unfortunately, the cost of HQ creation and living there are too high.
Your definition of 'illegal':
Illegal – Any use of cryptocurrencies, including purchase and trading, is considered illegal and prosecutions may be applied if discovered.
Then you have:
It's a bit weird to say Bitcoin is illegal in China, when majority of hashpower is located in China. They did crack down on exchanges, but, afaik, peer 2 peer and OTC trading is still allowed, just as possession of cryptos is.
How about tweaking the definition of illegality to include "heavy restrictions" on usage of cryptos, rather than suggesting that it's outright banned?
Illegal – Any use of cryptocurrencies, including purchase and trading, is considered illegal and prosecutions may be applied if discovered.
Then you have:
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China
Status: Illegal
Access to all domestic and foreign cryptocurrency exchanges and ICO websites has been blocked and ICOs are banned.
Status: Illegal
Access to all domestic and foreign cryptocurrency exchanges and ICO websites has been blocked and ICOs are banned.
It's a bit weird to say Bitcoin is illegal in China, when majority of hashpower is located in China. They did crack down on exchanges, but, afaik, peer 2 peer and OTC trading is still allowed, just as possession of cryptos is.
How about tweaking the definition of illegality to include "heavy restrictions" on usage of cryptos, rather than suggesting that it's outright banned?
What's the gain or motivation behind "cracking down on exchanges", if people are still allowed to trade it? isn't it pretty easy to go around it somehow, with a new type of exchange that is p2p
Doing p2p without the authorization of government is more attainable besides only ico are banned and not the usage of bitcoin. OP should amend his article.
I'm quite impress with the article that summarize the regulations of cryptos all over the world. And I'm more interested in Sweden for their legal tender for bitcoin and pushing through their own crypto which I think will help the economy yet centralization will be viable.
And what really intrigues me is Iran for pushing their own coin yet they banned cryptos.
Illegal – Any use of cryptocurrencies, including purchase and trading, is considered illegal and prosecutions may be applied if discovered.
Then you have:
All this points not only to author error but maybe something else. Its hard to define what "bitcoin illegal" is exactly. Some countries have bigger restrictions, others only small ones, but there are also countries with full ban no matter what.Then you have:
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China
Status: Illegal
Access to all domestic and foreign cryptocurrency exchanges and ICO websites has been blocked and ICOs are banned.
Status: Illegal
Access to all domestic and foreign cryptocurrency exchanges and ICO websites has been blocked and ICOs are banned.
In general bitcoin is legal in enough countries (especially huge ones) that makes those ones with bitcoin ban irrevelant. Its my opinion tho.
Your definition of 'illegal':
Illegal – Any use of cryptocurrencies, including purchase and trading, is considered illegal and prosecutions may be applied if discovered.
Then you have:
It's a bit weird to say Bitcoin is illegal in China, when majority of hashpower is located in China. They did crack down on exchanges, but, afaik, peer 2 peer and OTC trading is still allowed, just as possession of cryptos is.
How about tweaking the definition of illegality to include "heavy restrictions" on usage of cryptos, rather than suggesting that it's outright banned?
Illegal – Any use of cryptocurrencies, including purchase and trading, is considered illegal and prosecutions may be applied if discovered.
Then you have:
Quote
China
Status: Illegal
Access to all domestic and foreign cryptocurrency exchanges and ICO websites has been blocked and ICOs are banned.
Status: Illegal
Access to all domestic and foreign cryptocurrency exchanges and ICO websites has been blocked and ICOs are banned.
It's a bit weird to say Bitcoin is illegal in China, when majority of hashpower is located in China. They did crack down on exchanges, but, afaik, peer 2 peer and OTC trading is still allowed, just as possession of cryptos is.
How about tweaking the definition of illegality to include "heavy restrictions" on usage of cryptos, rather than suggesting that it's outright banned?
What's the gain or motivation behind "cracking down on exchanges", if people are still allowed to trade it? isn't it pretty easy to go around it somehow, with a new type of exchange that is p2p
Your definition of 'illegal':
Illegal – Any use of cryptocurrencies, including purchase and trading, is considered illegal and prosecutions may be applied if discovered.
Then you have:
It's a bit weird to say Bitcoin is illegal in China, when majority of hashpower is located in China. They did crack down on exchanges, but, afaik, peer 2 peer and OTC trading is still allowed, just as possession of cryptos is.
How about tweaking the definition of illegality to include "heavy restrictions" on usage of cryptos, rather than suggesting that it's outright banned?
Illegal – Any use of cryptocurrencies, including purchase and trading, is considered illegal and prosecutions may be applied if discovered.
Then you have:
Quote
China
Status: Illegal
Access to all domestic and foreign cryptocurrency exchanges and ICO websites has been blocked and ICOs are banned.
Status: Illegal
Access to all domestic and foreign cryptocurrency exchanges and ICO websites has been blocked and ICOs are banned.
It's a bit weird to say Bitcoin is illegal in China, when majority of hashpower is located in China. They did crack down on exchanges, but, afaik, peer 2 peer and OTC trading is still allowed, just as possession of cryptos is.
How about tweaking the definition of illegality to include "heavy restrictions" on usage of cryptos, rather than suggesting that it's outright banned?
I put together this article on legality of crypto around the world for anyone who is wondering where crypto is legal, illegal or a grey area: https://bitfalls.com/2018/08/31/cryptocurrency-regulation-across-the-world/. Hope it's useful!
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