ShiftyTripster
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March 21, 2018, 11:03:45 AM |
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Argentina – Cryptocurrencies have been flourishing in Argentina and there has been an influx of adoption by the citizens, however, there has still not been very much regulations set up by the government. Most of the information that I could find is a little outdated, but I’m taking that as if there hasn’t been much development on the area.
Australia – Has been putting forth taxation regulation, and as far as I can gather, there are capital gains taxes on cryptocurrencies. Australia has also made some guidelines for its citizens on taxation and usage for both business and citizens. I see this as the government being generally accepting of cryptocurrencies.
Brazil – Generally negative standpoints on cryptocurrencies. It seems like they don’t want their citizens to invest and Brazilian broker’s accounts have been shut down after trading cryptocurrencies.
Canada – has taxation on cryptocurrencies (I think). Canada has issued a helpful guide on digital currencies for its citizens, and generally seems to be more worried about its citizens getting screwed over.
China – Has banned foreign exchanges and ICO’s. I’ve had a hard time figuring out just exactly where China stands on cryptocurrencies as a whole, but from what I’ve been able to gather, it doesn’t look like they’re super excited about it.
France - has created regulation on ICO’s, allowing them to operate in the country. France has been issuing warnings against certain websites, it seems as if they are more worried about their citizens getting duped, and as such have been negative. However, considering their recent regulations on ICO’s, it’s not farfetched to think that they aren’t as negative on cryptocurrencies, as one would think.
Germany – Has begun taxing cryptocurrencies as a private sales transaction, if sold within a year after the original purchase. If purchasing cryptocurrencies with the purpose of profit-making commercial activity, it will be considered as income from business enterprise, and will be taxed as such. Mining costs are a deductible expense (!). As an EU country there are no VAT’s on purchases made with cryptocurrencies. A general neutral standpoint on cryptocurrencies, but with an acceptance of its existence.
India – Does not consider cryptocurrencies to be a valid currency and has been considering whether a ban would be better than imposing regulations. Despite being positive on the technology, they are not positive on the currencies as a whole.
Indonesia – Has been very negative on cryptocurrencies as a whole, warning its citizens not to get involved, however, it does not seem as if they have regulated against its citizens usage of cryptocurrencies, or imposed taxation on the subject.
Italy – still no taxation (as far as I could find out), central banks are currently considering to issue their own cryptocurrencies.
Japan – taxing cryptocurrencies, mass adoption by the citizens and increased recognition by the government.
Mexico – Recently imposing regulation on cryptocurrencies, promoting financial stability and money laundering prevention. They will begin working on further regulations on companies within the crypto-sphere, which will provide certainty to startup companies – maybe concerning ICO’s?
Russia – Getting ready to regulate cryptocurrencies and may be using the outcome of the G20 meeting as a template for their regulations. They are not planning on banning cryptocurrencies (as some people have been speculating) but rather to impose regulations on trading and ICO’s. As far as I could find out, they do not yet tax cryptocurrencies though.
Saudi Arabia – Have been looking at South Korea for inspiration on regulation. They’re in the middle of figuring out how they want to regulate the markets, as well as issuing warnings against ICOs – I think that they will be generally accepting to cryptocurrencies but will consider a ban on ICOs. I’ve also found an article speculating on whether they will be backing up Venezuela’s “Petro”. The Saudi central bank has made a deal with Ripple as well, speeding up cross-border payments – further, the central bank has been working with the UAE to issue a digital currency to be used for cross-border payments.
South Africa – Generally speaking, cryptocurrencies have seen a significant rise in Africa for obvious reasons. South Africa, however, isn’t exactly in the same economic state as many of its northern neighbors though. It seems as if they are starting to open up a discussion on taxation on regulation, but as of right now, they still don’t have any regulations – as far as I could read.
South Korea – As most people already know, cryptocurrencies are quite the craze in South Korea at this point, and the government has issued several regulations on exchanges. However, most of these regulations have been in the favor of investors and the government seems to be most concerned about protecting its citizens, as well as clamping down on anonymized transactions.
Turkey – Is discussing the implementation of a national cryptocurrency, not unlike Venezuela’s “Petro”. If they follow the suit of Venezuela, they may begin accepting cryptocurrencies as valid tender in Turkey (this is just personal speculation though).
United Kingdom – no regulation at this point, and general skepticism towards cryptocurrencies has been expressed by the government. Theresa May has been talking about tight regulations.
USA – already taxing cryptocurrencies, positive viewpoints expressed by the SEC. However, there has been some concerns on the ability to manage and control the markets, but overall the Americans have an accepting view of cryptos.
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