Bitcoin as a Legal Tender: What Are the Current Crypto Regulations Around the Globe?
Countries where cryptocurrency is regulated or legal to use
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Countries where cryptocurrencies are mostly illegal
China is the most significant country that imposed outright bans on domestic crypto exchanges and ICOs in 2017. However, the nation’s financial institutions had already been banned from managing Bitcoin transactions beforehand, since 2013. In 2021, the country also cracked down on all local Bitcoin miners and prohibited the use of all crypto exchanges. Besides China, Algeria, Egypt, Morocco, and Bangladesh are other prominent countries with harsh crypto regulations and bans on digital coin transactions and investment.
Such decisions indicate the surging popularity and rolling momentum of the crypto arena, as more and more traders are looking for opportunities to capitalize on these volatile assets. TraderCryptoX, for example, is a reputable brokerage platform where crypto enthusiasts can access the most popular digital coins amid seamless and secure trading conditions.
Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. TheBitcoinNews.com holds several Cryptocurrencies, and this information does NOT constitute investment advice or an offer to invest.
- In the United States, the regulatory framework varies from state to state as the stance of different agencies differs from each other. Briefly said, crypto exchange platforms and crypto money transmissions are legal in the US with proper tax guidance issued by the IRS.
- In the United Kingdom, cryptocurrencies are subject to taxes according to capital gains. Crypto exchanges are also legal but must be registered with the Financial Conduct Authority (FCA).
- In the European Union, cryptocurrencies are considered legal, but regulations vary in member states. Generally, taxation laws are valid on crypto capital gains; however, the fiat to crypto exchange is exempted from VAT.
- In India, cryptocurrencies are on the road to becoming regulated. A recent crypto tax law announced a 30% tax on profits from crypto assets.
- Although cryptocurrencies were previously banned in Russia, according to the January 2021 law, they can now be used for payments and investment.
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Some territories have taken a neutral stance; a few have imposed complete and strict bans, whereas others have issued clear regulations for legalized crypto use. However, the enacted rulings substantially fluctuate per the crypto’s point of use, such as taxes, payments, investments, exchanges, and trading.
Although most countries do not accept cryptocurrency as a legal tender, they have administered several regulations to manage its transactions and combat criminal activities. Here are a few prominent examples:
Bitcoin as a legal tender
Since the introduction of Bitcoin in 2009, the crypto market has constantly been evolving and proliferating. The wide adoption of cryptocurrencies by the general public has stirred virtually every nation in the world, with governments drafting regulations and laws regarding digital assets. However, in most countries, the regulatory structure of cryptocurrency is still ambiguous and puzzling, probably due to the enigmatic nature of this asset class itself.
2021 was a landmark year for the crypto space, with Bitcoin reaching an all-time high, pushing the total value of the crypto market above trillion. Also, in September 2021, El Salvador became the first country to adopt Bitcoin as a legal tender, allowing its use in all transactions along with USD. The Central African Republic (CAR) has also recently announced its decision to endorse Bitcoin as an official currency alongside the CFA Franc, becoming the second country to do so.
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