The legal status of crypto currencies all over the world

zasad@

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Quote from: UmerIdrees on May 17, 2023, 01:44:30 PM

Quote from: UmerIdrees on February 03, 2023, 12:18:40 PM

I just found this global bitcoin adoption country list rankings in 2022. Happy to see that Pakistan is listed at the Number 6 position. Although the legal status area is grey if you ask about the adoption at the government level, but our youth is very much involved in bitcoin.

Look like the government changes in Paksitan in last few months have not been good for the crypto adotption in our country. The minister of state Aisha Pasha has stated in here that Cryptocurrencies in Pakistan willl never be legalized.
Well, she will not going to remain the finance minister forever and the stance can be changed with the passage of time but right now it seems that Pakistan will ban crypto from thier country and they will do it by banning the crypto apps through the Internet.

Quote

The Senate’s Standing Committee on Finance has decided to ban cryptocurrency services in Pakistan from the country’s Internet.

Maybe they do not know that crypto sites can be opened through VPN but by declaring it illegal and banning it, may spread disappointed amoung the crypto investors and they may start to think in investing in something other than crypto.

There are a lot of bans in Russia, and even this forum is banned, so everyone uses VPN, and our community is big. Cryptocurrencies are not prohibited, but they will not be allowed either, and this does not stop anyone from investing and gaining knowledge.
Cryptocurrency is a global trend of the last decade, and you need to invest only in such trends if you want to make good money.
Prohibitions are also different, and the main thing is not to leave your data on centralized services.

UmerIdrees

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Quote from: UmerIdrees on February 03, 2023, 12:18:40 PM

I just found this global bitcoin adoption country list rankings in 2022. Happy to see that Pakistan is listed at the Number 6 position. Although the legal status area is grey if you ask about the adoption at the government level, but our youth is very much involved in bitcoin.

Look like the government changes in Paksitan in last few months have not been good for the crypto adotption in our country. The minister of state Aisha Pasha has stated in here that Cryptocurrencies in Pakistan willl never be legalized.
Well, she will not going to remain the finance minister forever and the stance can be changed with the passage of time but right now it seems that Pakistan will ban crypto from thier country and they will do it by banning the crypto apps through the Internet.

Quote

The Senate’s Standing Committee on Finance has decided to ban cryptocurrency services in Pakistan from the country’s Internet.

Maybe they do not know that crypto sites can be opened through VPN but by declaring it illegal and banning it, may spread disappointed amoung the crypto investors and they may start to think in investing in something other than crypto.

SFR10

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Quote from: UmerIdrees on February 03, 2023, 12:18:40 PM

I just found this global bitcoin adoption country list rankings in 2022.
~Snipped~
https://i.imgur.com/eS6xIAO.png

Just finished checking the source behind that tweet and it appears that it's actually for "cryptocurrencies"... For those who are interested in seeing the ranks for the remaining 133 countries ^{[with sufficient data]}, there's an interactive map in the following link: The 2022 Global Crypto Adoption Index
^{Note: Their methodology isn't the same as the previous two years.}

UmerIdrees

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I just found this global bitcoin adoption country list rankings in 2022. Happy to see that Pakistan is listed at the Number 6 position. Although the legal status area is grey if you ask about the adoption at the government level, but our youth is very much involved in bitcoin.

UmerIdrees

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Quote from: Dr.Bitcoin_Strange on October 22, 2022, 09:59:34 AM

Some factors may really limit the rate of crypto currency adoption in some countries, but citizens of Nigeria did not allow any factor to limit their crypto journey, as Nigeria was able to rank sixth in the 2021 Global Crypto Adoption Index.

Cryptocurrency is not legal in Pakistan too and the banks in Pakistan openly discourage the use of cryptocurrencies and virtual assets. Previously government sized the mining machines and people are afraid to declare their crypto holding. Even with all these sorts of crypto unfriendly environments in our country, we still have some good figures to show on this chart. (this chart is taken from the above link shared by Dr.Bitcoin_Strange).

Dr.Bitcoin_Strange

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Quote from: UmerIdrees on October 21, 2022, 11:24:21 AM

Sometimes we need to see some other global factors which have an impact on crypto adoption. There are some internal factors and some external factors which can lead to make crypto legal in the country.

In a country like Nigeria, whose government has placed a ban on crypto and even the central bank of this country has decided to cut all crypto related transactions from the bank. However, citizens have excellent alternative ways to invest in cryptocurrency.

The central bank ordered banks and other financial institutions to identify persons and entities operating cryptocurrency exchanges and close all such accounts.

In April this year, the apex bank imposed an N800m fine on three Deposit Money Banks in the country for violating regulations barring customers from transacting in cryptocurrencies.

The three banks are Access Bank Plc, Stanbic IBTC, and the United Bank for Africa Plc.
https://www.s/punchng.com/fgs-ban-on-crypto-twitter-crippled-nigerias-fdi-report/%3famp

Some factors may really limit the rate of crypto currency adoption in some countries, but citizens of Nigeria did not allow any factor to limit their crypto journey, as Nigeria was able to rank sixth in the 2021 Global Crypto Adoption Index.

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Quote from: UmerIdrees on October 21, 2022, 11:24:21 AM

FATF removes Pakistan from the grey list just today and it will have a long lasting effect on Pakistan's economy. Although this does not directly impact on crypto adoption but the country gets a lot of freedom financially and they can take more bold decisions. I do hope we start to adopt cryptocurrency legally very soon.

Nothing happens by chance, and it is significant that Pakistan was removed from that list, perhaps for the very reason that politically (military) it aligned itself with the US, the UK and the EU when it comes to Ukraine. As I have already written before, now is the right time to choose a side, and Pakistan has chosen its side, and for that it has obviously been rewarded.

https://eurasiantimes.com/pakistan-is-supplying-weapons-to-ukraine-with-the-help-of-british/

UmerIdrees

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Sometimes we need to see some other global factors which have an impact on crypto adoption. There are some internal factors and some external factors which can lead to make crypto legal in the country.

FATF removes Pakistan from the grey list just today and it will have a long lasting effect on Pakistan's economy. Although this does not directly impact on crypto adoption but the country gets a lot of freedom financially and they can take more bold decisions. I do hope we start to adopt cryptocurrency legally very soon.

dark1234

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Quote from: YOSHIE on January 28, 2022, 11:28:08 AM

Quote from: UmerIdrees on January 25, 2022, 01:15:52 AM

A very detailed list and information is here.
https://propakistani.pk/2022/01/24/heres-the-legal-status-of-cryptocurrencies-all-over-the-world/

I don't see Indonesia on the list regarding the legal status that applies to crypto there, did they forget to include Indonesia.

Singapore, Vietnam, Philippines, Malaysia I see these countries are on the list, although currently Indonesia does not have a clear law against crypto, seems necessary to also know at least have information about (Applications from
APU/PPT Law?).

I'm still curious about Indonesia, even though it doesn't have illegal and legal laws, but crypto users there are quite safe and have full support from the government, for now.

in the article written by op, there are several countries whose legal status is not stated and one of them is Indonesia-I am an Indonesian myself- in my country the government gives an open attitude and provides a trade rule and general income tax whose status is general, because there are no specific rules about crypto issued by the government, so that in In the article, several countries were not mentioned, maybe because there was no firm statement from the government about it, because some countries gave a neutral stance on crypto.

asgru

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In the EU it is necessary to obtain special licenses to conduct crypto-currency activities. For example, about the requirements for obtaining a license in Lithuania, licenses in Estonia.

If you, as an physical person, exchange cryptocurrency for your personal purposes, then no permissions or licenses are required. The only requirement is to pay taxes on the income received.

usekevin

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Some of the country government was not agreed the bitcoin price pump. So they announced of ban or illegal. This wil pannic the new trader of crypto currency. The flow of crypto was be controlled by th demand.It was also controlled by the government by legalization. What ever happens, it doesn't affected the crypto for the long run.Even this was can't to handle by the new traders.Experienced will manage this.

SFR10

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Quote from: yhiaali3 on February 11, 2022, 12:51:26 AM

it is ironic that instead of these developing countries taking advantage of the advantages of Bitcoin to improve their economy, they ban it!

For those governments, BTCitcoin acts as a disadvantage for whatever ^{[e.g. CBDCs]} that they're trying to achieve ^{[they only care about controlling everyone or everything and that's something they can't "fully" achieve with BTCitcoin being in the picture]}.

yhiaali3

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Really useful list, it is good to see the situation of the countries of the world with regard to cryptocurrencies and I hope that there will be an update of this list permanently, it is good to see that most countries in the world do not actually ban Bitcoin, but what surprised me is that most of the countries that ban Bitcoin completely Or implied are third world countries such as Arab and African countries and some other developing countries, it is ironic that instead of these developing countries taking advantage of the advantages of Bitcoin to improve their economy, they ban it!

poldanmig

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Quote from: Jawhead999 on January 29, 2022, 11:22:52 PM

I'm surprised Bangladesh absolute banning cryptocurrencies, so this means their citizens aren't allowed to trading or even holding coins. But I saw their local thread in this forum বাংলাদেশ (Bangladesh) are quite active, does they're illegaly in terms using cryptocurrencies and could be jailed? I know they're not doing it for criminal, but speaking of the law they're broke the law in their jurisdictions.

I also wonder how they can convert their coins to fiat while Bank can froze their funds if they detect the funds come from suspicious activity.

Bangladesh does implement strict rules on the use of crypto in their country, and it is clear that those who trade or invest in crypto is an offense that will be punished in that country, and even bangladesh through the central bank has passed the Anti-Money Laundering Act, and even they apply a fairly severe penalty for those who use it will be subject to a criminal sanction of 12 years in prison, I tried to find information about how crypto lovers in bangladesh exchange bitcoin into fiat currency, but unfortunately I did not get detailed information about it.
Is it possible they use paypal?

SFR10

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Quote from: Jawhead999 on January 29, 2022, 11:22:52 PM

But I saw their local thread in this forum বাংলাদেশ (Bangladesh) are quite active, does they're illegaly in terms using cryptocurrencies and could be jailed?

I had no luck in finding an updated version of their anti-money laundering law ^{[not sure if there's any]} but based on "this old article", those who are dealing with BTCitcoin and cryptocurrencies could face up to 12 years in prison!

Quote from: Jawhead999 on January 29, 2022, 11:22:52 PM

I also wonder how they can convert their coins to fiat while Bank can froze their funds if they detect the funds come from suspicious activity.

Face-to-face deals, decentralized exchanges, or even indirect ways like gift cards ^{[there might be more]}...

Jawhead999

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I'm surprised Bangladesh absolute banning cryptocurrencies, so this means their citizens aren't allowed to trading or even holding coins. But I saw their local thread in this forum বাংলাদেশ (Bangladesh) are quite active, does they're illegaly in terms using cryptocurrencies and could be jailed? I know they're not doing it for criminal, but speaking of the law they're broke the law in their jurisdictions.

I also wonder how they can convert their coins to fiat while Bank can froze their funds if they detect the funds come from suspicious activity.

SFR10

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Quote from: UmerIdrees on January 25, 2022, 01:15:52 AM

A very detailed list and information is here.
https://propakistani.pk/2022/01/24/heres-the-legal-status-of-cryptocurrencies-all-over-the-world/

By omitting the citation column from your table ^{[assuming that you were the one who wrote that article]}, you got rid of the most important part that had all of the necessary links.
^{- Personally, I prefer a table that's ugly and complete, instead of a nice-looking table that's missing some information.}

Quote from: YOSHIE on January 28, 2022, 11:28:08 AM

I don't see Indonesia on the list regarding the legal status that applies to crypto there, did they forget to include Indonesia.

Based on its "original source", it seems that he ^{[unintentionally]} skipped/missed the following countries:

Code:

Indonesia
Iraq
Ireland
Isle of Man
Israel
Italy
Japan

Husires

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Quote from: YOSHIE on January 28, 2022, 11:28:08 AM

I'm still curious about Indonesia, even though it doesn't have illegal and legal laws, but crypto users there are quite safe and have full support from the government, for now.

I noticed that all of the countries on the US Red List (OFAC banned countries Source: https://home.treasury.gov/policy-issues/financial-sanctions/sanctions-programs-and-country-information) not appear on that list. It seems that whoever created it relied on countries that have clarity in the regulations.
Legislation changes dramatically, so if there is a table that manages the community, the data will be more up-to-date.

YOSHIE

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Quote from: UmerIdrees on January 25, 2022, 01:15:52 AM

A very detailed list and information is here.
https://propakistani.pk/2022/01/24/heres-the-legal-status-of-cryptocurrencies-all-over-the-world/

I don't see Indonesia on the list regarding the legal status that applies to crypto there, did they forget to include Indonesia.

Singapore, Vietnam, Philippines, Malaysia I see these countries are on the list, although currently Indonesia does not have a clear law against crypto, seems necessary to also know at least have information about (Applications from
APU/PPT Law?).

I'm still curious about Indonesia, even though it doesn't have illegal and legal laws, but crypto users there are quite safe and have full support from the government, for now.

hugeblack

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The extension of the link (.pk domain) made me question the content of the list and its accuracy, but I know the legal legislation for Bitcoin in several countries (almost seven countries) and it seems that the data is somewhat accurate and up-to-date.

In general, explicitly or implicitly banning Bitcoin is not considered sufficient unless there are penalties for those who own Bitcoin and these penalties have been implemented, then the Bitcoin ban will be effective. Despite that, I do not encourage violating laws, especially if a country bans Bitcoin.

If we assume that the ban is related to the implementation of legal provisions, the number of countries will be reduced to only several countries.

UmerIdrees

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This article will show the legal status of cryptocurrencies all over the world. The data will tell you whether the crypto is ban in a particular country and if the Application of Tax Laws applicable on crypto transactions.

A very detailed list and information is here.
https://propakistani.pk/2022/01/24/heres-the-legal-status-of-cryptocurrencies-all-over-the-world/

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