Legalities of Bitcoin

[KenChanYu]

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.

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.

[1715462438]

1715462438

[timerland]

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.

[crzy]

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.

[andreijoaquin]

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.

[Tapyaks72]

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.

[Ridwan Fauzi]

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.

Legal and regulated countries:
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.

China
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!

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.

Prohibited doesn't mean that every person in the country cannot use bitcoin, mainly used for investment or trading place, but for a 100% to be use as payment system in that country there no one will use bitcoin cause it will be seen by the government. However, to be used as a trading place or investing place, both were very easy to did, a platform that is connected to the internet network, everyone can access it. There are many ways to keep bitcoin users in use, I actually live in a country that bans bitcoin, but til now I still use it.

[KorakPawon]

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.

[jhongzjhong]

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.

[Harlot]

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.

[solarion]

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.

[sarfield]

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.