Most Asian countries are lagging behind in legalizing the use of cryptocurrency

[Findingnemo]

Taxing is not actually legalizing, the government should give the proper guidelines for the usage of cryptocurrency and ensure the protection of the tax payers assets in someway then only people will be interested in paying their taxes and also some countries just legalized bitcoin only to collect heavy taxes which is just a way to discourage people from using it.

[YOSHIE]

Most Asian countries are lagging behind in legalizing the use of cryptocurrency

I've asked about situations like this before.

My question to several state officials in the fields of economics and technology...
Why do countries in Asia generally not legalize Bitcoin like European countries and others...?

They answered that the majority of countries in the ASIA region generally have poor people and corrupt officials, they don't want their people to be rich, they don't want their people to no longer submit to their rules and other reasons.

On that basis we can see that Asia generally does not want to legalize Bitcoin, strangely the officials themselves store and use large amounts of Bitcoin, isn't that strange, but that's the fact, they don't want to make rules to make it easier for their people to buy and hold Bitcoin, on the contrary they often scare the public.
For this reason, in general, Asia is not progressing and developing, because it has the nature of male cats, there cannot be other male cats.

[alastantiger]

I think your thread title is misleading because 77.7% of Asian countries recognize cryptocurrencies as legal. Only a few countries don’t, so we can say most of Asia is quite advanced in this area.

Regarding countries that don't legalize them, they have their own considerations, as it's their right to impose bans. Even though cryptocurrencies can contribute to tax income and economic growth, each country has its own perspective.

Reading through this thread, this is the reply that I support the most because I don't understand what he was trying to say when he said Asia does not support cryptocurrency and Bitcoin when all I have known about Asia country is that they are among some of the highest supporters of cryptocurrency. At a time I once heard that you have to trade during the hours when the Asians are trading because they pump the market the more and if the Asians are being considered as some of the best supporters of the market then can we say they don't adopt cryptocurrency in that part of the world. The countries that I can think about that are still toxic to Bitcoin and cryptocurrencies are countries that sees Bitcoin as a threat to their world power agendas but then this won't last as I see Bitcoin dominating the whole world very soon.

[Kelvinid]

You cannot expect such countries to legalize bitcoin just because others are legalizing it, but I don't think they also want to be leave behind when majority are already adopting and legalizing bitcoin. It only takes time and let's see how they shift changes from non-crypto friendly to a country who is crypto-friendly in the next years to come. But for now, its expected that they will restrict or block transactions that are linked to cryptocurrency platforms.

Asian countries where transparency is a big issue will find it hard to legalize bitcoin, it will only be a threat to their personal interest towards the government funds.

[rbynxx]

So the governments of those countries are not thinking much about its legality but most of the people there have Bitcoin in their pockets. To me this is not the right decision of the government rather by declaring the use of crypto legal the government can continue to tax it if it wants. Again, it will create a good source of income for the people living there to make a living.

They are, and most of them are probably just doing it in experimental way or they're just waiting until another country becomes successful on legalizing it before they make a move. I'd that's smart but once they adapt they will probably lagging already or the country that pioneered already developing another stuff on it. In regards to taxation, I do hope that they will not abuse those who got crypto in them unless they really work on it for example those traders and not those who simply holds because we know how volatile it is.

[Z_MBFM]

Other regions in Asia cannot claim such progress and are looking at the emergence of crypto currency with fear. According to Nepal, Bangladesh and Kyrgyzstan, using or trading virtual currencies is highly illegal in Asian countries and there are strict penalties for it. If you search you will find that most people in all these countries are dreaming about crypto or Bitcoin.

So the governments of those countries are not thinking much about its legality but most of the people there have Bitcoin in their pockets. To me this is not the right decision of the government rather by declaring the use of crypto legal the government can continue to tax it if it wants. Again, it will create a good source of income for the people living there to make a living.

Asian countries are economically very weak and there is a lot of corruption here because of which the government does not want to take the risk of legalizing cryptocurrency. Because of this, if crypto is legalized, things like money laundering may happen more and the countries will not be able to protect it because they are very weak in all aspects of economy and technology. I am a citizen of Bangladesh. Crypto is not legal in my country yet but we can easily use and access it. The government is not taking strict action against it but is not officially legalizing it. However, recently, crypto legalization is being discussed in the parliament and its benefits are also being discussed. Maybe soon crypto will be legalized in Bangladesh too.

[arwin100]

Other regions in Asia cannot claim such progress and are looking at the emergence of crypto currency with fear. According to Nepal, Bangladesh and Kyrgyzstan, using or trading virtual currencies is highly illegal in Asian countries and there are strict penalties for it. If you search you will find that most people in all these countries are dreaming about crypto or Bitcoin.

So the governments of those countries are not thinking much about its legality but most of the people there have Bitcoin in their pockets. To me this is not the right decision of the government rather by declaring the use of crypto legal the government can continue to tax it if it wants. Again, it will create a good source of income for the people living there to make a living.

Asian countries are economically very weak and there is a lot of corruption here because of which the government does not want to take the risk of legalizing cryptocurrency. Because of this, if crypto is legalized, things like money laundering may happen more and the countries will not be able to protect it because they are very weak in all aspects of economy and technology. I am a citizen of Bangladesh. Crypto is not legal in my country yet but we can easily use and access it. The government is not taking strict action against it but is not officially legalizing it. However, recently, crypto legalization is being discussed in the parliament and its benefits are also being discussed. Maybe soon crypto will be legalized in Bangladesh too.

This is real situation happening. The weak institution and also the corruption happening make them unaware that there's already great developments happening in cryptocurrency scene. That's why they are late or even think its shady or illegal and they end up banning because they have limited knowledge about this coin. But those negative decision or actions they have done can't stop people to use Bitcoin.

It's so good for government to be innovative since they will get lots of benefits for this industry. They can set their rules and apply taxes which is somehow helpful for the economy. If they will not adopt people will just continue to use it and that's huge loss for them. If they legalize it those politicians can create laws on how to protect their user and maybe those concerns will lessen and illegal schemes might reduced if they apply right actions.

[Orpichukwu]

Each person has their on view and point of interest.  The government that are hostile to Bitcoin have their own reason why they are not accepting Bitcoin.  Most of them don't want to loss monetary control, since Bitcoin is decentralized by nature, no group have authority over it and that is the biggest reason why these Bitcoin-hostile country are banning BTC.  Aside from that most of these countries are stuck  to the idea that Bitcoin is used for illicit activities, thus, they think that they are protecting their citizen by blocking the adoption of Bitcoin.

The major reason is that they don't want what will give their citizens full control over their assets, something which they can't properly tax any way they want. Bitcoin being used for illicit activities is just an excuse to brush off their main agenda. Let's look at the amount of fiat used on illicit activities over the years before crypto came to the picture and the number that have used bitcoin; it will be massive in terms of fiat compared to bitcoin.

[UmerIdrees]

Taxing is not actually legalizing, the government should give the proper guidelines for the usage of cryptocurrency and ensure the protection of the tax payers assets in someway then only people will be interested in paying their taxes and also some countries just legalized bitcoin only to collect heavy taxes which is just a way to discourage people from using it.

It is also the infrastructure and lack of proper knowledge on how to implement and integrate crypto into the system and that tends to delay the crypto adoption by the government not only in Asia but worldwide. Another hurdle is lack of support from financial bodies like IMF for cryptocurrencies as these bodies want the government to stay with the fiat currencies if they want IMF continue to give loans to them.

In short, implementing crypto at a government and national level isn't that easy and it may take another few years for complete adoption.

[kawetsriyanto]

It's undeniable that some things related to something so new take a long time to legalize. This is because there are certainly various pros and cons surrounding it. This will be a long process for certain countries.

Fortunately, I live in Indonesia, where cryptocurrency is already legal, at least as a commodity asset. So, we are free to buy and sell assets for trading, investment, or various other cryptocurrency activities.

What is prohibited in this country is using cryptocurrency for payments. This is illegal. Since the official currency in my country, according to law, is the Rupiah, it means that using cryptocurrency for payments is absolutely prohibited. We will be subject to applicable laws.

Taxing is not actually legalizing, the government should give the proper guidelines for the usage of cryptocurrency and ensure the protection of the tax payers assets in someway then only people will be interested in paying their taxes and also some countries just legalized bitcoin only to collect heavy taxes which is just a way to discourage people from using it.

Here, crypto is legal (as a commodity).
Taxes are applied, especially if we use a local exchange, where taxes are deducted directly from the transaction.
Even exchanges in our country must have legal permits, so they are under the government's jurisdiction. The government, of course, also plays a role.

[BALIK]

Taxing is not actually legalizing, the government should give the proper guidelines for the usage of cryptocurrency and ensure the protection of the tax payers assets in someway then only people will be interested in paying their taxes and also some countries just legalized bitcoin only to collect heavy taxes which is just a way to discourage people from using it.

Many governments in Asia are now trying to kill two bird with one stone. They are imposing a high tax on crypto which is stifling the desire of ordinary people to use crypto while also keeping their own pocket warm. Instead of just collecting taxes like thieves if the rules and regulation were clarified and a legal framework was created it would have been much more useful in my opinion

On that basis we can see that Asia generally does not want to legalize Bitcoin, strangely the officials themselves store and use large amounts of Bitcoin, isn't that strange, but that's the fact, they don't want to make rules to make it easier for their people to buy and hold Bitcoin, on the contrary they often scare the public.

Actually the fact that they do not want to let the people of other country become rich is not the only issue. Real fear of most government is the smuggling of money out of the country, money laundering and losing control over their own currency. The turtle pace at which they are moving is not due to any hostility. But rather an extra precaution to save their own live and the country economy

[TastyChillySauce00]

Each person has their on view and point of interest.  The government that are hostile to Bitcoin have their own reason why they are not accepting Bitcoin.  Most of them don't want to loss monetary control, since Bitcoin is decentralized by nature, no group have authority over it and that is the biggest reason why these Bitcoin-hostile country are banning BTC.  Aside from that most of these countries are stuck  to the idea that Bitcoin is used for illicit activities, thus, they think that they are protecting their citizen by blocking the adoption of Bitcoin.

The major reason is that they don't want what will give their citizens full control over their assets, something which they can't properly tax any way they want. Bitcoin being used for illicit activities is just an excuse to brush off their main agenda. Let's look at the amount of fiat used on illicit activities over the years before crypto came to the picture and the number that have used bitcoin; it will be massive in terms of fiat compared to bitcoin.

In a nutshell, some asian governments don't want people to dump their currency in exchange for bitcoin because that would 100% happen because many of them have a very high inflation national currency.
That happens at the expense of their people not having access to rapidly growing cryptocurrencies that could potentially reduce poverty in many countries.

[DiMarxist]

Well if you ask me this is a government problem because, the direction at which a country follows is dictated by the government of the day. If Asian countries are lagging behind when in come to crypto currency it only means that the governments of the Asian continent is still skeptical about crypto currency and it use in their countries. Until the government approves of it and enact laws that are crypto friendly the few people who are into crypto currency will just have to wait and do their crypto currency activities in silence and secrecy since there are penalties in some countries. The citizens also has a role to play when it comes to this issue because during the times of elections they have to be intentional in making sure that they elect leaders that will be crypto friendly so that, such leaders will pave the way for the legalization of crypto currency.

[Jimmymoriarty]

Isn't it fairly obvious? These filthy governments do not wish to share any of their power with the masses and crypto takes away some of their power thanks to decentralization etc due to which they fear them and either ban them or regulate them through high taxes etc.

There are only a couple of truly crypto friendly governments out there and that fact will probably never change sadly. On the plus side, the crypto world never needed their support to prosper and surge.

[Iamgoat]

Taxing is not actually legalizing, the government should give the proper guidelines for the usage of cryptocurrency and ensure the protection of the tax payers assets in someway then only people will be interested in paying their taxes and also some countries just legalized bitcoin only to collect heavy taxes which is just a way to discourage people from using it.

Imagine the evil of politicians who will legalize bitcoin or cryptocurrency just to impose heavy taxes on people instead of making it easy for them to use it now making it to become more difficult to the people. Many political leaders are just outside there to make their money and for their own selfish interest and do not really give a chance to anyone else's welfare. Hence why they make policies which are not people driven rather selfish driven. I hope people in those countries can still find a way to use their system without passing through the wickedness planned by the political leaders.

[Luzin]

Yes, because it seems that the country's conditions are indeed different, I am not disappointed. I understand how the regulations are. Most of them provide space for crypto as a commodity, not as a means of transaction. So there's no need to imagine something grand, the traditional system still continues. The country gives opportunities for crypto to develop and does not ban it, which still makes me happy. I do not want my country to be like China, where the government prohibits all types of crypto transactions.