Cryptocurrency Legal Status and Laws

Finding out the Cryptocurrency Legal Status in a nation where you live, work or wish to do business is an important step in making a financial decision. Whether you are dealing with a few dollars or hundreds of thousands of dollars, it is important to know everything you can about the transaction. The legality of the transaction is right up there with being one of the most important things you should know.

In the most basic sense of the legality of cryptocurrency, it is either illegal or legal. Of course, if a country has no official laws, it would fall under the legal category in almost every scenario. However, this data aims to give you as much information on the specific legal status of cryptocurrency in each nation. There are certain instances where no official legal status is available, other than the basic “Legal” or “Illegal” designation.

You will also find that while a nation has been given an “Illegal” status, there are extenuating circumstances that still allow for cryptocurrencies to remain a factor within the nation’s borders. (For example, it is illegal to use Cryptocurrency as a payment tool in Indonesia, but it is not illegal to mine or trade it. In another example, Argentina has banned cryptocurrencies but does not enforce the law.)

This data should be taken as a starting point in your research. Before making any investments, purchases or transactions in cryptocurrency in a way that falls under the jurisdiction of a nation, you should know the full legal requirements of that jurisdiction.

Cryptocurrency Legal Status

Cryptocurrency Legal Status In The Future

This information includes the location, on the map, of each sovereign nation listed. The reason we have listed this information is not only for geographical reference, there is another purpose, as well. The legal status of cryptocurrency is ever-evolving, just as the entire cryptocurrency universe is ever-evolving. However, unlike the general evolution of cryptocurrency, the legal status of cryptocurrency is now, and will continue to evolve on a per country basis. It is important to know which nations support cryptocurrency and which have made it illegal. Also, being that cryptocurrency is a highly speculative ideology, speculating how nations might react legally in the future.

By understanding a nations regional atmosphere, you can more easily determine if cryptocurrency has a better chance for a favorable outlook or not. While it is true that the region may not influence an independent country’s decisions on cryptocurrency, it provides you a guideline to begin your research.

While some readers may find geography to be more of a common-sense thing, most people, surprisingly have no real knowledge of where a nation is located outside of their own immediate region. The first step to successfully investing in cryptocurrency is having the information needed to effectively do the research. There is never too much information you can have, so this data aims to help educate people on the regional and per nation laws.

Cryptocurrency Legal Status Trends

While not the case in every specific situation, you will find that most nations that are predominantly Muslim tend to be the nations which have banned Cryptocurrencies. The reason is that there is still a debate amongst the Islamic run governments on whether Bitcoin and other cryptocurrencies are halal or haram.

For those who are not familiar with the Muslim religion, we will explain. For those who are of the Muslim faith, my most sincere apologies if this explanation is not 100% accurate.

Halal is what is permissible in traditional Islamic law. Haram, in contrast, are those things which are not permissible according to traditional Islamic law. While this is the very basic sense, it has been further broken down into, what is called, “The Five Decisions.” The Five Decisions are: mandatory, recommended, neutral, reprehensible and forbidden. Until a final determination is made, and agreed upon, within the Islamic faith, the legal status of cryptocurrency will remain in limbo within certain jurisdictions.

Cryptocurrency Legal Status Data

The world of cryptocurrency is constantly changing. This data, while accurate to the best of our knowledge, today, could very well change in 10 minutes time. It is important to check several sources of information to have a clear and concise picture of what the cryptocurrency legal status is in any nation in which you would be affected.

The data below is laid out to tell you the cryptocurrency legal status, the name of the nation, the geographical location of the nation and a comment on the legal status. The comments are by no means complete. They are merely a sample that helps to support the cryptocurrency legal status designation that a nation has been given.

You can search for a nation by name by simply typing the name of the nation into the search bar above the table below. Use the shortened name of the nation, as opposed to the formal name (i.e. Type, “Albania” to search, not, “Republic of Albania”.) All information gathered to determine the cryptocurrency legal status for each nation was obtained from newspapers, government websites or major media news outlets.

Cryptocurrency Legal Status

Legal Status of Cryptocurrency by Nation

Nation Status Location Legal Status Notes
Abkhazia – Republic of Abkhazia Legal Abkhazia  is a territory on the eastern coast of the Black Sea, south of the Greater Caucasus mountains, in northwestern Georgia. It covers 8,660 square kilometres and has a population of around 240,000. Its capital is Sukhumi. In Oct 2017, The Autonomous Republic of Abkhazia has announced a plan to raise a billion dollars worth of cryptocurrency via an ICO.
Afghanistan – Islamic Republic of Afghanistan Legal Afghanistan, is a landlocked country located within South Asia and Central Asia. Afghanistan is bordered by Pakistan in the south and east; Iran in the west; Turkmenistan, Uzbekistan, and Tajikistan in the north; and in the far northeast, China. While it is usually widely reported theat Bitcoin is illegal in afghanistan, this is not the case. While there are no official legal resources available, that I have been able to find, Bitcoin is used openly and publicly by several Afghan Companies, and to pay women who are working in the IT field.
Albania – Republic of Albania Legal Albania is a country in Southeastern Europe. Citing how the absence of rules can result in significant risks, uncertainties, and a lack of protection against losses, the Central Bank of Albania stated that anyone engaged in this kind of activity does so at their own risk.
Algeria – People’s Democratic Republic of Algeria Illegal Algeria is a sovereign state in North Africa on the Mediterranean coast. According to the “”Journal Officiel”” (28 December 2017): Art. 117. — The purchase, sale, use, and holding of so-called virtual currency is prohibited. Virtual currency is that used by internet users via the web. It is characterized by the absence of physical support such as coins, notes, payments by cheque or credit card. Any breach of this provision is punishable in accordance with the laws and regulations in force.
Andorra – Principality of Andorra Legal Andorra is a sovereign landlocked microstate on the Iberian Peninsula, in the eastern Pyrenees, bordered by France in the north and Spain in the south. Andorran legislation doesn’t specifically address Bitcoin or ICOs. However, because of this small country’s economical and political dependencies of Spain and France, local lawmakers are more likely to accept its neighbors’ laws on cryptocurrencies rather than to issue their own.
Angola – Republic of Angola Legal Angola is a country in Southern Africa. It is the seventh-largest country in Africa, bordered by Namibia to the south, the Democratic Republic of the Congo to the north, Zambia to the east, and the Atlantic Ocean to the west. The exclave province of Cabinda borders the Republic of the Congo and the Democratic Republic of the Congo. Angola does not officially regulate cryptocurrencies at the time of this writing. The legality of Cryptocurrencies is determined by the fact that Paxful, a Bitcoin trading platform, specifically targets Angolan customers to purchase Bitcoin with their bank accounts.
Antigua and Barbuda Legal is a sovereign state in the West Indies in the Americas, lying between the Caribbean Sea and the Atlantic Ocean. It consists of two major islands, Antigua and Barbuda, and a number of smaller islands (including Great Bird, Green, Guiana, Long, Maiden and York Islands and further south, the island of Redonda). The government of Antigua and Barbuda has decided to set up a cryptocurrency exchange. Authorities in St. John’s want to generate revenue for the nation’s treasury and place the country “on the cutting edge of the new system of creating wealth”. The local parliament is set to review and adopt the relevant legal framework.
Argentina – Argentine Republic Legal is a federal republic located mostly in the southern half of South America. Sharing the bulk of the Southern Cone with Chile to the west, the country is also bordered by Bolivia and Paraguay to the north, Brazil to the northeast, Uruguay and the South Atlantic Ocean to the east, and the Drake Passage to the south. Argentina is in financial turmoil, as usual, thanks to corruption and outright theft by the governemnet, namely the president. While the government tries to seize American dollars held in savings by its citizens, it has not yet outlawed or even attempted to regulate bitcoin in any serious way. This goes for all other cryptocurrenies, as well. It is most liely a case that the government simply has no clue how they could possibly regulate cryptocurrencies and are just trying to find a way to get that currency, as well, but in either case, it is legal.
Armenia – Republic of Armenia Legal is a country in the South Caucasus region of Eurasia. Located in Western Asia on the Armenian Highlands, it is bordered by Turkey to the west, Georgia to the north, the de factoindependent Republic of Artsakh and Azerbaijan to the east, and Iran and Azerbaijan’s exclave of Nakhchivan to the south. Newly proposed legislation provides the basis for legalizing and regulating cryptocurrency mining in the country. Tax exemptions and other incentives will be offered to miners. If the draft law is adopted, businesses will be able to operate mining facilities without any licensing. This will indirectly legalize cryptocurrency transactions.
Artsakh – Republic of Artsakh Legal Artsakh is a state with limited recognition in the South Caucasus.  It has borders with Armenia to the west and Iran to the south. Being a disputed territory, the governemnt tends to keep with the general laws of Armenia, for the most part. Bitcoin, which is lehgal in Armenia is also legal here, although there is no official laws on the books.
Australia – Commonwealth of Australia Legal is a sovereign country comprising the mainland of the Australian continent, the island of Tasmania and numerous smaller islands. The statutory review of the Anti-Money Laundering and Counter-Terrorism Financing Act, which Mr Keenan tabled in Parliament on April 29, recommends the act be amended to regulate activities relating to digital currency.It also recommends the definition of e-currency be broadened to include digital currencies such as bitcoin that are not backed by a physical asset.
Austria — Republic of Austria Legal is a federal republic and a landlocked country of over 8.8 million people in Central Europe. It is bordered by the Czech Republic and Germany to the north, Hungary and Slovakia to the east, Sloveniaand Italy to the south, and Switzerland and Liechtenstein to the west. Austrian Economists are harsh critics of government central banks (such as the Federal Reserve System of the United States – a name intended to obscure its role as a central bank, unlike the Bank of England). Austrian Economists can also be very critical of fractional reserve banking, the practice of lending money in greater quantity than the amount of deposits. For these reasons, Austrian Economists could be expected to be enthusiastic supporters of Bitcoin.
Azerbaijan — Republic of Azerbaijan Legal is a country in the South Caucasus region of Eurasia at the crossroads of Eastern Europe and Western Asia. It is bounded by the Caspian Sea to the east, Russia to the north, Georgia to the northwest, Armenia to the west and Iran to the south. The exclave of Nakhchivan is bound by Armenia to the north and east, Iran to the south and west, and has an 11 km long border with Turkey in the north west. In September 2015, it was reported by Cointelegraph that Azerbaijan was actively discussing the possibility of creating a “Cryptomanat” coin – the cryptocurrency equivalent of its national currency, the Azerbaijani manat.
Bahamas — Commonwealth of The Bahamas Legal is an archipelagic state within the Lucayan Archipelago. It consists of more than 700 islands, cays, and islets in the Atlantic Ocean, and is located north of Cuba and Hispaniola (Haiti and the Dominican Republic), northwest of the Turks and Caicos Islands, southeast of the United States state of Florida, and east of the Florida Keys. Minister of State for Grand Bahama Kwasi Thompson announced that the The Bahamas Blockchain and Cryptocurrency Conference (BBCC) would take the form of a Venture Conference to establish the Bahamas as a global player in introducing venture investors to Seed Stage and Early Stage companies that are focused on Block-chain, Cryptocurrency, and FinTech solutions.
Bahrain — Kingdom of Bahrain Legal is an Arab constitutional monarchy in the Persian Gulf. It is an island country consisting of a small archipelago centered around Bahrain Island, situated between the Qatar peninsula and the north eastern coast of Saudi Arabia. According to a report in a regional publication, Bahrain is devising a plan to deploy a pilot blockchain project while seeking the expertise of the Monetary Authority of Singapore (MAS), the Asian country’s central bank.
Bangladesh — People’s Republic of Bangladesh Illegal Bangladesh is a country in South Asia. It shares land borders with India and Myanmar. Nepal, Bhutan and China are located near Bangladesh but do not share a border with it. Bangladesh Police have actually hunted down and arested Bitcoin users. The nation does not recognize cryptocurreny as a legal form of tender, but says that it will continue to investigate cryptocurrency in the future and make a determination on whether or not cryptocurrencies will be legal at a point it feels comfortable with the security and cviability of said cryptocurrencies.
Barbados Legal is an island country in the Lesser Antilles of the West Indies, in the Caribbean region of North America. It is situated in the western area of the North Atlantic and 100 km (62 mi) east of the Windward Islands and the Caribbean Sea. Caribbean digital currency exchange Bitt has received $4m in new funding from online retailer Overstock.com. The deal comes after Bitt’s February launch of a blockchain-backed digital version of the Barbados dollar. The startup raised $1.5m in seed funding last March from local VC firm Avatar Capital.
Belarus – Republic of Belarus Legal is a landlocked country in Eastern Europe bordered by Russia to the northeast, Ukraine to the south, Poland to the west, and Lithuania and Latvia to the northwest. The presidential decree “On the Development of the Digital Economy” came into force on March 28. The country aims to become a global IT hub luring entrepreneurs from around the world with a business-friendly environment. Unprecedented freedoms and generous incentives are enticing crypto companies to invest in the former Soviet republic.
Belgium – Kingdom of Belgium Legal  is a country in Western Europe bordered by France, the Netherlands, Germany and Luxembourg. Belgium’s Financial Services and Markets Authority has expanded its list of unauthorized and potentially fraudulent crypto companies operating in the country. The financial watchdog has recently published a new warning noting that “the FSMA is receiving an increasing number of consumer complaints regarding investments in cryptocurrencies [and] once again warns the public about these platforms, often operated by fraudsters who are now resorting to cryptocurrencies to swindle consumers.”
Belize — British Honduras Legal is an independent Commonwealth realm on the eastern coast of Central America. Belize is bordered on the north by Mexico, on the south and west by Guatemala, and on the east by the Caribbean Sea. Cryptocurrencies are not regulated by the government, but are considered currencies. Busienesses can obtain licensing to operate cryptocurrency based operations. The fincial regulations bodies of the government do oversee and help to protect from fraud.
Benin – Republic of Benin Legal Benin is a country in West Africa. It is bordered by Togo to the west, Nigeria to the east, and Burkina Faso and Niger to the north. While no official stance has been taken by the government, the constitution of benin, Article 15 does guarantee the privacy of all correspondances and communications by Benin citizens and this has been interpreted to mean that bitcoin would be legal.
Bhutan – Kingdom of Bhutan Legal Bhutan is a landlocked country in South Asia. Located in the Eastern Himalayas, it is bordered by Tibet Autonomous Region of China in the north, the Sikkim state of India and the Chumbi Valley of Tibet in the west, the Arunachal Pradesh state of India in the east, and the states of Assam and West Bengal in the south. Companies, such as Bit Refill operate in countries where it is legal to use, possess and buy cryptocurrencies. Bhutan is available as a nation where people can top up their mobile phone bills, meaning that while there is little to no real info on the legal status of cryptocurrency, this is a good sign that it is ok.
Bolivia – Plurinational State of Bolivia Illegal Bolivia is a landlocked country located in western-central South America. In 2014, El Banco Central de Bolivia, the central bank of the South American nation, has officially banned any currency or coins not issued or regulated by the government, including bitcoin and a list of other cryptocurrencies. the central bank statement reads: “It is illegal to use any kind of currency that is not issued and controlled by a government or an authorized entity.”
Bosnia and Herzegovina Legal Bosnia and Herzegovina is a country in Southeastern Europe located on the Balkan Peninsula. It is bordered by Croatia to the north and west; Serbia to the east; Montenegro to the southeast; and the Adriatic Sea to the south, with a coastline about 20 kilometres (12 miles) long surrounding the town of Neum. Citizens are free to buy, sell, trade and mine cryptocurrencies without regulation, as long as they stay within the bounds of all other laws regarding finance and security.
Botswana – Republic of Botswana Legal Botswana is a landlocked country located in Southern Africa. Botswana may not be the first country that comes to mind when thinking about bitcoin and blockchain innovation but the Southern African country is home to a small but active bitcoin economy that encompasses startups, meetups, a blockchain hub, and bitcoin trading WhatsApp groups.
Brazil – Federative Republic of Brazil Legal Brazil is the largest country in both South America. Bounded by the Atlantic Ocean on the east, it borders all other South American countries except Ecuador and Chile and covers 47.3% of the continent’s land area. Bitcoin and other cryptocurrencies were never legal currencies under Brazilian law, though a federal law issued a definition of digital currency by declaring it as a resource stored in a device or electronic system. As this definition didn’t capture the nature of cryptocurrencies in general – covering private cryptographic keys instead of ‘digital currency’ itself – their legal status is given by Brazilian Civil Code, which defines them as regular assets. Being a movable asset means that transactions are possible without any kind of restriction – except for the duty of paying taxes and declaring its property to Brazilian IRS.
Brunei – Nation of Brunei, Abode of Peace Legal Brunei is a sovereign state located on the north coast of the island of Borneo in Southeast Asia. Apart from its coastline with the South China Sea, the country is completely surrounded by the Malaysian state of Sarawak. Cryptocurrencies are not legal tender in Brunei and are therefore not regulated by AMBD. The latter is obvious because Bitcoin was made to be decentralised and therefore harder for any one body to regulate. It’s the former that clarifies Brunei’s stance for now.
Bulgaria – Republic of Bulgaria Legal Bulgaria is a country in southeastern Europe. It is bordered by Romania to the north, Serbia and Macedonia to the west, Greece and Turkey to the south, and the Black Sea to the east. The court correctly concludes that the hypothetical exercise of activities by the company related to the offering of financial instruments whose underlying is a currency, such as for example, contracts for difference or contracts with derivative financial instruments that require authorization as an investment firm cannot be an argument for rejecting their application for registration. In the light of the above, it can be assumed that the officials at the Bulgarian Commercial Register are not allowed to refuse registration of companies whose business involves Bitcoin or other crypto currency transactions.
Burkina Faso Legal Burkina Faso is a landlocked country in West Africa. It is surrounded by six countries: Mali to the north; Niger to the east; Benin to the southeast; Togo and Ghana to the south; and Ivory Coast to the southwest. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Burundi – Republic of Burundi Legal Burundi is a landlocked country in the African Great Lakes region of East Africa, bordered by Rwanda to the north, Tanzania to the east and south, and the Democratic Republic of the Congo to the west. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Cambodia – Kingdom of Cambodia Illegal Cambodia is a sovereign state located in the southern portion of the Indochina Peninsula in Southeast Asia. It is bordered by Thailand to the northwest, Laos to the northeast, Vietnam to the east, and the Gulf of Thailand to the southwest. The NBC announced that they would not recognize the use of Crypto currency such as Bitcoin after they witnessed the trading, sale, buy and advertisement of such currency in Cambodia’s market. The National Bank stated that any Cambodians who trade Crypto currency would face unknown risks as they could be associated with terrorism and black market. The Bank urged that all Cambodian citizens including the ones with higher positions in banks and micro-finance institutions would follow this resolution to its fullest extent. If anyone violates this resolution, they will be punished in accordance to the law.
Cameroon – Republic of Cameroon Legal Cameroon is a country in Central Africa. It is bordered by Nigeria to the west; Chad to the northeast; the Central African Republic to the east; and Equatorial Guinea, Gabon and the Republic of the Congo to the south. Cameroon’s coastline lies on the Bight of Biafra, part of the Gulf of Guinea and the Atlantic Ocean. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Canada Legal Canada is a country located in the northern part of North America. The Authorite des Marches Financiers, the regulator in the province of Quebec, has declared that some bitcoin related business models including exchanges and ATMs are regulated under its current MSB Act.

As of April 2018 the Bank of Montreal (BMO) announced that it would ban its credit and debit card customers from participating in cryptocurrency purchases with their cards. This is following another banking ban in Canada from Toronto Dominion (TD.) This ban is expected to be temporary as reported by CBC to evaluate the “evolving market” of bitcoin and other currencies.

Cape Verde – Republic of Cabo Verde Legal Cape Verde is an island country spanning an archipelago of 10 volcanic islands in the central Atlantic Ocean. It forms part of the Macaronesia ecoregion, along with the Azores, Canary Islands, Madeira, and the Savage Isles. As a leading nation for online gambling businesses, it is a supporter of all digital currencies. While there are laws in place for the regulation of online forms of currencies, both digital and fiat, there is no specific regulations regarding cryptocurrencies themselves.
Central African Republic Legal Central African Republic is a landlocked country in Central Africa. It is bordered by Chad to the north, Sudan to the northeast, South Sudan to the east, the Democratic Republic of the Congo to the south, the Republic of the Congo to the southwest and Cameroon to the west. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Chad – Republic of Chad Legal Chad is a landlocked country in Central Africa. It is bordered by Libya to the north, Sudan to the east, the Central African Republic to the south, Cameroon and Nigeria to the southwest, and Niger to the west. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Chile – Republic of Chile Legal Chile is a South American country occupying a long, narrow strip of land between the Andes to the east and the Pacific Ocean to the west. It borders Peru to the north, Bolivia to the northeast, Argentina to the east, and the Drake Passage in the far south. Chilean territory includes the Pacific islands of Juan Fernández, Salas y Gómez, Desventuradas, and Easter Island in Oceania. The first Bitcoin exchange in Chile, where citizens can buy bitcoin with pesos, launched in 2015 with $40,000 in funding from a surprising donor: the Chilean government. SurBTC represents a huge step forward for cryptocurrency in Chile. It’s not just because the exchange exists at all, but because the government has essentially given the exchange its blessing by committing money as well as regulation and oversight in the form of financial audits and anti-money laundering regulation.
China – People’s Republic of China Legal China is a unitary one-party sovereign state in East Asia. While private parties can hold and trade bitcoins in China, regulation prohibits financial firms like banks from doing the same. In early 2018 the People’s Bank of China announced the State Administration of Foreign Exchange led by Pan Gongsheng would crack down on bitcoin mining.
Colombia – Republic of Colombia Legal Colombia is a sovereign state largely situated in the northwest of South America, with territories in Central America. Colombia shares a border to the northwest with Panama, to the east with Venezuela and Brazil and to the south with Ecuador and Peru. Colombian officials reiterated that no digital currency has been recognized as currency by the legislator or the monetary authority. Citing Article 6 of Law 31 of 1992, he said Colombia’s only monetary unit and unit of account is the peso issued by Banco de la Republica. In addition, Article 8 of the same law states that legal currency, which consists of banknotes and coins, must be expressed in the peso and “will be the only legal means of payment.” He described, “bitcoin is not an asset that can be considered a currency because it does not have the support of the central banks of any countries,” affirming that: Bitcoin is not a currency of Colombia and, therefore, does not constitute a means of payment or legal tender
Comoros – Union of the Comoros Legal Comoros is a sovereign archipelago island nation in the Indian Ocean located at the northern end of the Mozambique Channel off the eastern coast of Africa between northeastern Mozambique and northwestern Madagascar. Other countries near the Comoros are Tanzania to the northwest and the Seychelles to the northeast. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Cook Islands Legal Cook Islands is a self-governing island country in the South Pacific Ocean in free association with New Zealand. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Costa Rica – Republic of Costa Rica Legal Costa Rica is a country in Central America, bordered by Nicaragua to the north, Panama to the southeast, the Pacific Ocean to the west, the Caribbean Sea to the east, and Ecuador to the south of Cocos Island. Costa Rica can boast four major reasons why Bitcoin is perfect for this small Central America country. It has the capabilities of becoming the first poster child of Bitcoin and become as natural and popular as eating Gallo Pinto.
Croatia – Republic of Croatia Legal Croatia is a sovereign state situated at the crossroads of Central and Southeast Europe, on the Adriatic Sea. CNB took the very liberal stand that echoes European central bank document on virtual currency schemes from October 2012, noting that Bitcoin is not illegal in Croatia. They said that it is not electronic money since it’s not debt to the issuer (although it has some similarities with electronic money), and that it is not legal tender in Croatia but can be legally used.
Cuba – Republic of Cuba Legal Cuba is a country comprising the island of Cuba as well as Isla de la Juventud and several minor archipelagos. Cuba is located in the northern Caribbean where the Caribbean Sea, the Gulf of Mexico, and the Atlantic Ocean meet. It is south of both the U.S. state of Florida and the Bahamas, west of Haiti, and north of Jamaica. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Cyprus – Republic of Cyprus Legal Cyprus is an island country in the Eastern Mediterranean and the third largest and third most populous island in the Mediterranean. Cyprus is located south of Turkey, west of Syria and Lebanon, northwest of Israel, north of Egypt, and southeast of Greece. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Czech Republic — Czechia Legal Czech Republic is a landlocked country in Central Europe bordered by Germany to the west, Austria to the south, Slovakia to the east and Poland to the northeast. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Democratic Republic of the Congo Legal Democratic Republic of the Congo is a country located in Central Africa. It is sometimes referred to by its former name of Zaire, which was its official name between 1971 and 1997. The DRC borders the Central African Republic and South Sudan to the north; Uganda, Rwanda, Burundi and Tanzania to the east; Zambia to the south; Angola to the southwest; and the Republic of the Congo and the Atlantic Ocean to the west. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Denmark — Kingdom of Denmark Legal Denmark is a Nordic country and a sovereign state. The southernmost of the Scandinavian nations, it is south-west of Sweden and south of Norway, and bordered to the south by Germany. The Kingdom of Denmark also comprises two autonomous constituent countries in the North Atlantic Ocean: the Faroe Islands and Greenland. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Djibouti – Republic of Djibouti Legal Djibouti is a country located in the Horn of Africa. It is bordered by Eritrea in the north, Ethiopia in the west and south, and Somalia in the southeast. The remainder of the border is formed by the Red Sea and the Gulf of Aden at the east. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Dominica – Commonwealth of Dominica Legal Dominica is an island republic in the West Indies. It is part of the Windward Islands in the Lesser Antilles archipelago in the Caribbean Sea. The island is located near Guadeloupe to the northwest and Martinique to the south-southeast. For the first time in history, an entire national population had bitcoin in their hands for use: the people of Dominica, an island republic in the middle of the Caribbean. An event to mark the occasion was held in March 2015, thanks to the goodwill of local authorities and a collaborative initiative from Coinapult, Aspen Assurance, Bitcoin Beauties, and the College Cryptocurrency Network (CCN).
Dominican Republic Legal Dominican Republic is a sovereign state located in the island of Hispaniola, in the Greater Antilles archipelago of the Caribbean region. It occupies the eastern five-eighths of the island, which it shares with the nation of Haiti, making Hispaniola one of two Caribbean islands, along with Saint Martin, that are shared by two countries. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
East Timor – Democratic Republic of Timor-Leste Legal East Timor is a sovereign state in Maritime Southeast Asia. It comprises the eastern half of the island of Timor, the nearby islands of Atauro and Jaco, and Oecusse, an exclave on the northwestern side of the island surrounded by Indonesian West Timor. Australia is the country’s southern neighbor, separated by the Timor Sea. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Ecuador – Republic of Ecuador Illegal Ecuador is a representative democratic republic in northwestern South America, bordered by Colombia on the north, Peru on the east and south, and the Pacific Ocean to the west. Ecuador also includes the Galápagos Islands in the Pacific, about 1,000 kilometres (620 mi) west of the mainland. This law demands Bitcoin businesses “shut down their operations immediately.[…] Those who defy the ban will face prosecution, and all bitcoins circulated and assets in bitcoin trades face confiscation.” The prohibition, however, does not ban digital currency outright.[…] Ecuadorian officials have neglected to punish defiant bitcoin use. A small number of businesses have also taken the risk of establishing bitcoin as an alternative for payment. The national taxation and invoicing system do not integrate these transactions, but they remain an available option.
Egypt – Arab Republic of Egypt Illegal Egypt is a transcontinental country spanning the northeast corner of Africa and southwest corner of Asia by a land bridge formed by the Sinai Peninsula. Egypt is a Mediterranean country bordered by the Gaza Strip and Israel to the northeast, the Gulf of Aqaba to the east, the Red Sea to the east and south, Sudan to the south, and Libya to the west. Across the Gulf of Aqaba lies Jordan, and across from the Sinai Peninsula lies Saudi Arabia, although Jordan and Saudi Arabia do not share a land border with Egypt. On the first day of this year, Egypt’s Grand Mufti Shawki Allam rang in 2018 with a sternly worded fatwa (religious edict) that Bitcoin trades lead its users to “fraud, betrayal and ignorance”. Allam also said that terrorist and criminal groups can abuse the crypto-currency to fund their illicit activities such as moving drugs and weapons.
El Salvador – Republic of El Salvador Legal El Salvador is the smallest and the most densely populated country in Central America. In El Salvador, the Central Reserve Bank (BCR) issued a statement on Bitcoin. For the financial entity, “any transaction that is made with this type of currencies or virtual assets, will be under the responsibility and risk” of those who invest.
Equatorial Guinea – Republic of Equatorial Guinea Legal Equatorial Guinea is a country located in Central Africa. Equatorial Guinea consists of two parts, an insular and a mainland region. The insular region consists of the islands of Bioko (formerly Fernando Pó) in the Gulf of Guinea and Annobón, a small volcanic island which is the only part of the country south of the equator. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Eritrea – State of Eritrea Legal Eritrea is a country in the Horn of Africa, with its capital at Asmara. It is bordered by Sudan in the west, Ethiopia in the south, and Djibouti in the southeast. The northeastern and eastern parts of Eritrea have an extensive coastline along the Red Sea. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Estonia – Republic of Estonia Legal Estonia is a sovereign state in Northern Europe. It is bordered to the north by the Gulf of Finland with Finland on the other side, to the west by the Baltic Sea, to the south by Latvia (343 km), and to the east by Lake Peipus and Russia (338.6 km). Across the Baltic Sea lies Sweden in the west and Finland in the north. The court decided to apply extra regulation to Bitcoin trading that does not apply to other economic activities. Including the requirement to meet customers in person (face to face), as well as the requirement keep IDs of ALL customers and report those who trade more than 1,000 Euros more per month. No other economic activity is subject to such strict requirements, the normal reporting limit is 15,000 Euros not 1,000. Estonia is also the only EU country to apply special strict requirements to Bitcoin, most other EU countries, do treat Bitcoin like other economic activities and do not impose extra strict regulation. This ruling not only applies to Bitcoin, it applies to all blockchain tokens and assets, the only requirement being that the token or asset can be exchanged for fiat currency somewhere.
Ethiopia – Federal Democratic Republic of Ethiopia Legal Ethiopia is a country located in the Horn of Africa. It shares borders with Eritrea to the north and northeast, Djibouti and Somalia to the east, Sudan and South Sudan to the west, and Kenya to the south. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Fiji – Republic of Fiji Legal Fiji is an archipelagic state in Melanesia in the South Pacific Ocean about 1,100 nautical miles (2,000 km; 1,300 mi) northeast of New Zealand’s North Island. Its closest neighbours are Vanuatu to the west, New Caledonia to the southwest, New Zealand’s Kermadec Islands to the southeast, Tonga to the east, the Samoas and France’s Wallis and Futuna to the northeast, and Tuvalu to the north. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Finland – Republic of Finland Legal Finland is a sovereign state in Northern Europe. The country has land borders with Sweden to the northwest, Norway to the north, and Russia to the east. To the south is the Gulf of Finland with Estonia on the opposite side. Bitcoin has been classified as a commodity in Finland after the Scandinavian country’s central bank declared that it did not meet the definition of a currency. The Bank of Finland concluded that bitcoin simply doesn’t meet the legal conditions required to be considered a form of electronic payment, either.
France – French Republic Legal France is a sovereign state whose territory consists of metropolitan France in western Europe, as well as several overseas regions and territories. The metropolitan area of France extends from the Mediterranean Sea to the English Channel and the North Sea, and from the Rhine to the Atlantic Ocean. The overseas territories include French Guiana in South America and several islands in the Atlantic, Pacific and Indian oceans. The French Ministry for the Economy and Finance has outlined regulatory measures to be put in place by the year’s end for financial institutions and users of bitcoin and other digital currencies. The new regulations require bitcoin “distributors” to identify and verify their users to limit the level of anonymity. As well, regulators will have to clarify the treatment of bitcoin and other digital currencies in France’s tax system. The digital currency will also become subject to capital gains taxes.
Gabon – Gabonese Republic Legal Gabon is a sovereign state on the west coast of Central Africa. Located on the equator, Gabon is bordered by Equatorial Guinea to the northwest, Cameroon to the north, the Republic of the Congo on the east and south, and the Gulf of Guinea to the west. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Gambia, The – Republic of The Gambia Legal Gambia is a country in West Africa that is entirely surrounded by Senegal except for its coastline on the Atlantic Ocean at its western end. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Georgia Legal Georgia is a country in the Caucasus region of Eurasia. Located at the crossroads of Western Asia and Eastern Europe, it is bounded to the west by the Black Sea, to the north by Russia, to the south by Turkey and Armenia, and to the southeast by Azerbaijan. Two state senators in Georgia have proposed a bill that would allow citizens to pay their tax obligations in bitcoin, marking the second legislative effort of its kind to emerge this year. Public records show that the measure submitted on Feb. 21 by senators Michael Williams and Joshua McKoon would, if passed, tweak the rules governing the state’s Department of Revenue, letting it accept both bitcoin and other as-yet-to-be-defined cryptocurrencies.
Germany – Federal Republic of Germany Legal Germany is a sovereign state in central-western Europe. On 19 August 2013, the German Finance Ministry announced that bitcoin is now essentially a “unit of account” and can be used for the purpose of tax and trading in the country, meaning that purchases made with it must pay VAT as with Euro transactions. It is not classified as a foreign currency or e–money but stands as “private money” which can be used in “multilateral clearing circles”, according to the ministry.
Gibraltar Legal Gibraltar is a British Overseas Territory located at the southern tip of the Iberian Peninsula. It has an area of 6.7 km² and is bordered to the north by Spain. On Dec. 6, legislators cleared a bill that amends the British overseas territory’s Financial Services (Investment and Fiduciary Services) Act in order to “extend measures for the protection of investors to the customers of licensees carrying on controlled activities which are not investment services.” As arcane as that may seem, the bill represents a legal tweak intended to pave the way for new rules that officials made public last year as part of a bid to legally define blockchain’s use in storing and transmitting value under Gibraltar law.
Ghana – Republic of Ghana Illegal Ghana is a unitary presidential constitutional democracy, located along the Gulf of Guinea and Atlantic Ocean, in the subregion of West Africa. Ghana is bordered by the Ivory Coast in the west, Burkina Faso in the north, Togo in the east and the Gulf of Guinea and Atlantic Ocean in the south. Recently, the son of Dr. Paa Kwasi Nduom, a founder and a flagbearer of the People Patriotic Party, PPP urged the country to invest part of its reserves into Bitcoin. In a response to The Vice-president of the Nduom group, Papa Wassa Chiefy Nduom, Dr. Ernest Addison, the governor of the Central Bank of Ghana said to the media that the regulations that enable full operation of the cryptocurrency are not yet in the constitution, making it illegal to use.
Greece – Hellenic Republic Legal Greece is a country located in Southern Europe. Greece is located at the crossroads of Europe, Asia, and Africa. Situated on the southern tip of the Balkan Peninsula, it shares land borders with Albania to the northwest, the Republic of Macedonia and Bulgaria to the north, and Turkey to the northeast. The Aegean Sea lies to the east of the mainland, the Ionian Sea to the west, the Cretan Sea and the Mediterranean Sea to the south. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations. Falls within EU regulatory laws, as well.
Grenada Legal Grenada is a sovereign state in the southeastern Caribbean Sea consisting of the island of Grenada and six smaller islands at the southern end of the Grenadines island chain. It is located northwest of Trinidad and Tobago, northeast of Venezuela and southwest of Saint Vincent and the Grenadines. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Guatemala – Republic of Guatemala Legal Guatemala is a country in Central America bordered by Mexico to the north and west, the Pacific Ocean to the southwest, Belize to the northeast, the Caribbean to the east, Honduras to the east and El Salvador to the southeast. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Guinea – Republic of Guinea Legal Guinea is a country on the western coast of Africa. It is bordered by Guinea-Bissau, Senegal and Mali to the north; Mali and Ivory Coast to the east; Liberia and Sierra Leone to the south and the Atlantic Ocean to the west. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Guinea-Bissau – Republic of Guinea-Bissau Legal Guinea-Bissau is a sovereign state in West Africa. Guinea-Bissau is bordered by Senegal to the north and Guinea to the south and east, with the Atlantic Ocean to its west. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Guyana – Co-operative Republic of Guyana Legal Guyana is a sovereign state on the northern mainland of South America. Guyana is bordered by the Atlantic Ocean to the north, Brazil to the south and southwest, Suriname to the east and Venezuela to the west. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Haiti – Republic of Haiti Legal Haiti is a sovereign state located on the island of Hispaniola in the Greater Antilles archipelago of the Caribbean Sea. It occupies the western three-eighths of the island, which it shares with the Dominican Republic. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Honduras – Republic of Honduras Legal Honduras is a republic in Central America. Honduras is bordered to the west by Guatemala, to the southwest by El Salvador, to the southeast by Nicaragua, to the south by the Pacific Ocean at the Gulf of Fonseca, and to the north by the Gulf of Honduras, a large inlet of the Caribbean Sea. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Hong Kong Legal Hong Kong, officially the Hong Kong Special Administrative Region of the People’s Republic of China, is an autonomous territory on the eastern side of the Pearl River estuary in South China. On 8 January 2014, the Secretary for Financial Services and the Treasury addressed bitcoin in the Legislative Council stating that “Hong Kong at present has no legislation directly regulating bitcoins and other virtual currencies of [a] similar kind. However, our existing laws (such as the Organised and Serious Crimes Ordinance) provide sanctions against unlawful acts involving bitcoins, such as fraud or money laundering.”
Hungary Legal Hungary is a country in Central Europe, bordered by Slovakia to the north, Ukraine to the northeast, Austria to the northwest, Romania to the east, Serbia to the south, Croatia to the southwest, and Slovenia to the west. Legally traded, Bought and sold. Regulated by the government. Several laws are in place that specifically have been written for cryptocurrencies.
Iceland Legal Iceland is a Nordic island country in the North Atlantic Ocean. According to a 2014 opinion, from the Central Bank of Iceland “there is no authorization to purchase foreign currency from financial institutions in Iceland or to transfer foreign currency across borders on the basis of transactions with virtual currency. For this reason alone, transactions with virtual currency are subject to restrictions in Iceland.” This does not stop businesses in Iceland from mining bitcoins. The Icelandic Central Bank confirmed that “it is prohibited to engage in foreign exchange trading with the electronic currency bitcoin, according to the Icelandic Foreign Exchange Act”.
India – Republic of India Legal India is a country in South Asia. It is bounded by the Indian Ocean on the south, the Arabian Sea on the southwest, and the Bay of Bengal on the southeast. It shares land borders with Pakistan to the west; China, Nepal, and Bhutan to the northeast; and Bangladesh and Myanmar to the east. In the Indian Ocean, India is in the vicinity of Sri Lanka and the Maldives. India’s Andaman and Nicobar Islands share a maritime border with Thailand and Indonesia. Finance minister Arun Jaitley, in his budget speech on 1 February 2018, stated that the government will do everything to discontinue the use of bitcoin and other virtual currencies in India for criminal uses. He reiterated that India does not recognise them as legal tender and will instead encourage blockchain technology in payment systems. “The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system,” Jaitley said.
Indonesia – Republic of Indonesia Illegal Indonesia is a transcontinental unitary sovereign state located mainly in Southeast Asia, with some territories in Oceania. Situated between the Indian and Pacific oceans, it is the world’s largest island country, with more than thirteen thousand islands. On 7 December 2017, Bank Indonesia, the country’s central bank, issued a regulation banning the use of cryptocurrencies including bitcoin as payment tools starting 1 January 2018. However other activities such as bitcoin trading and mining remain not covered by the regulation.
Iran – Islamic Republic of Iran Legal Iran is a sovereign state in Western Asia. Iran is bordered to the northwest by Armenia and the Republic of Azerbaijan, to the north by the Caspian Sea, to the northeast by Turkmenistan, to the east by Afghanistan and Pakistan, to the south by the Persian Gulf and the Gulf of Oman, and to the west by Turkey and Iraq. Bitcoin is neither recognized nor regulated in Iran. Government officials, however, discourage investing in cryptocurrencies until after the regulations are made.
Iraq – Republic of Iraq Illegal Iraq is a country in Western Asia, bordered by Turkey to the north, Iran to the east, Kuwait to the southeast, Saudi Arabia to the south, Jordan to the southwest and Syria to the west. The economic expert in the name of Antoine, Saturday, that the Central Bank of Iraq prevents the circulation of bitcoin, noting that the promoters are preparing “violators of the law.” Antoine said that “the central bank is the official body that has the right to prevent or allow the circulation of Bitcoin,” noting that “the Iraqi Central prevented and still prevents them because it represents a loss to the Iraqi economy.”
ireland — Republic of Ireland Legal Ireland is a sovereign state in north-western Europe occupying 26 of 32 counties of the island of Ireland. The state shares its only land border with Northern Ireland, a part of the United Kingdom. It is otherwise surrounded by the Atlantic Ocean, with the Celtic Sea to the south, Saint George’s Channel to the south-east, and the Irish Sea to the east. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Israel – State of Israel Legal Israel is a country in the Middle East, on the southeastern shore of the Mediterranean Sea and the northern shore of the Red Sea. It has land borders with Lebanon to the north, Syria to the northeast, Jordan on the east, the Palestinian territories of the West Bank and Gaza Strip to the east and west, respectively, and Egypt to the southwest. As of 2017, the Israel Tax Authorities issued a statement saying that bitcoin and other cryptocurrencies would not fall under the legal definition of currency, and neither of that of a financial security, but of a taxable asset. Each time a bitcoin is sold, the seller would have to pay a capital gains tax of 25%. Miners, traders of bitcoins would be treated as businesses and would have to pay corporate income tax as well as charge a 17% VAT.
Italy – Italian Republic Legal Italy is a sovereign state in Europe. Located in the heart of the Mediterranean Sea, Italy shares open land borders with France, Switzerland, Austria, Slovenia, San Marino, and Vatican City. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Ivory Coast – Republic of Côte d’Ivoire Legal Ivory Coast is a sovereign state located in West Africa. Its bordering countries are Guinea and Liberia in the west, Burkina Faso and Mali in the north, and Ghana in the east. The Gulf of Guinea (Atlantic Ocean) is located south of Ivory Coast. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Jamaica Legal Jamaica is an island country situated in the Caribbean Sea. Jamaica lies about 145 kilometres (90 mi) south of Cuba, and 191 kilometres (119 mi) west of Hispaniola. The Bank of Jamaica (BoJ), the national Central Bank, has publicly declared that it must create opportunities for the exploitation of technologies including cryptocurrencies. Accordingly, in 2017 the BoJ will be embarking on a campaign to build awareness of cryptocurrencies as part of increasing general financial literacy and understanding of cryptocurrencies. Indications are that early BoJ signals point to their general framework on “electronic retail payment service systems” possibly being brought to bear on initial cryptocurrencies considerations.
Japan – State of Japan Legal Japan is a sovereign island nation in East Asia. Located in the Pacific Ocean, it lies off the eastern coast of the Asian mainland and stretches from the Sea of Okhotsk in the north to the East China Sea and China in the southwest. Starting on the 1stof April, bitcoin was considered a legal form of payment in Japan, with several public institutions accepting it as currency. The laws governing banking have yet to change, but these are also being considered in order to make bitcoin even more usable.
Jordan – Hashemite Kingdom of Jordan Legal Jordan is a sovereign Arab state in Western Asia, on the East Bank of the Jordan River. Jordan is bordered by Saudi Arabia to the south, Iraq to the north-east, Syria to the north, Israel and Palestine to the west. The Dead Sea lies along its western borders and the country has a small shoreline on the Red Sea in its extreme south-west, but is otherwise landlocked. Jordan is strategically located at the crossroads of Asia, Africa and Europe. The Central Bank of Jordan prohibits banks, currency exchanges, financial companies, and payment service companies from dealing in bitcoins or other digital currencies. While it warned the public of risks of bitcoins, and that they are not legal tender, bitcoins are still accepted by small businesses and merchants.
Kazakhstan – Republic of Kazakhstan Legal Kazakhstan shares borders with Russia, China, Kyrgyzstan, Uzbekistan, and Turkmenistan, and also adjoins a large part of the Caspian Sea. Kazakhstan’s National Bank is considering banning cryptocurrency use, exchanges, and mining, saying virtual currencies are an ideal vehicle for fraud, money-laundering, and tax evasion.
Kenya – Republic of Kenya Legal Kenya is a country in Africa. It’s territory lies on the equator and overlies the East African Rift, covering a diverse and expansive terrain that extends roughly from Lake Victoria to Lake Turkana and further south-east to the Indian Ocean. It is bordered by Tanzania to the south and south-west, Ethiopia to the north and Somalia to the north. CBK has no statutory mandate over bitcoin, virtual currencies, and more broadly, currencies that are not expressly defined under Chapter 491 of the Kenyan constitution; Secondly, the Bank confirmed that digital currencies like Bitcoin, appear nowhere under the laws of Kenya.
Kiribati – Republic of Kiribati Legal Kiribati is a sovereign state in the central Pacific Ocean. The nation comprises 32 atolls and reef islands and one raised coral island, Banaba. Kiribati’s easternmost islands, the southern Line Islands, south of Hawaii, have the most advanced time on Earth: UTC+14 hours. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Kosovo – Republic of Kosovo Legal Kosovo is a partially recognised state and disputed territory in Southeastern Europe. Kosovo is a landlocked country in the Balkan Peninsula, bordered by Albania to the southwest, the Republic of Macedonia to the southeast, Montenegro to the west and the uncontested territory of Serbia to the north and east. Being able to buy Bitcoin with cash is a lot more convenient compared to using exchanges. The central bank of Kosovo is not too keen on Bitcoin and cryptocurrencies. In fact, they recently issued a warning regarding the dangers of such currencies.
Kuwait – State of Kuwait Legal Kuwait is a country in Western Asia. Situated in the northern edge of Eastern Arabia at the tip of the Persian Gulf, it shares borders with Iraq and Saudi Arabia. On December 16 the Arab Times reported that Kuwaiti citizens are at the “forefront” of trading bitcoin following the recent price gains. Sources from the public prosecution office indicated that the Kuwaiti law cannot prohibited online trading as it falls under the laws for “e-programs.”
Kyrgyzstan – Kyrgyz Republic Legal Kyrgyzstan is a sovereign state in Central Asia. Kyrgyzstan is a landlocked country with mountainous terrain. It is bordered by Kazakhstan to the north, Uzbekistan to the west and southwest, Tajikistan to the southwest and China to the east. Bitcoin is considered a commodity, not a security or currency under the laws of the Kyrgyz Republic and may be legally mined, bought, sold and traded on a local commodity exchange. The use of bitcoin as a currency in domestic settlements is restricted.
Laos – Lao People’s Democratic Republic Laos is a landlocked country in the heart of the Indochinese peninsula of Mainland Southeast Asia, bordered by Myanmar and China to the northwest, Vietnam to the east, Cambodia to the southwest and Thailand to the west and southwest. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Latvia – Republic of Latvia Legal Latvia is a sovereign state in the Baltic region of Northern Europe. It is bordered by Estonia in the northern region, Lithuania in the southern, to the east is Russia, and Belarus to the southeast, as well as sharing a maritime border with Sweden to the west. While governments around the world debate over the legality of cryptocurrencies, Latvia has a simple solution to keep the industry running; Make it legal and charge high taxes. Additionally, the government is mulling over the introduction of clear regulations.
Lebanon – Lebanese Republic Legal Lebanon is a sovereign state in Western Asia. It is bordered by Syria to the north and east and Israel to the south, while Cyprus is west across the Mediterranean Sea. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Lesotho – Kingdom of Lesotho Legal Lesotho is an enclaved country in southern Africa. Lesotho is also the southernmost landlocked country in the world and is entirely surrounded by South Africa. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Liberia – Republic of Liberia Legal Liberia is a country on the West African coast. It is bordered by Sierra Leone to its west, Guinea to its north and Ivory Coast to its east, the Atlantic Ocean to its south. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Libya — State of Libya Illegal Libya is a sovereign state in the Maghreb region of North Africa, bordered by the Mediterranean Sea to the north, Egypt to the east, Sudan to the southeast, Chad and Niger to the south and Algeria and Tunisia to the west. The Central Bank of Libya (CBL) said virtual currency such as Bitcoin is illegal in Libya and those who use it cannot be protected by the Libyan law. CBL warned Tuesday all Libyans including companies of the security perils of using the virtual currency, saying it could be used in crimes, fusing terrorism and money laundering.
Liechtenstein – Principality of Liechtenstein Legal Liechtenstein is a doubly landlocked German-speaking microstate in Central Europe. Liechtenstein is bordered by Switzerland to the west and south and Austria to the east and north. One of Liechtenstein’s financial institutions said the first batch of cryptocurrencies to be available for trading would include, most certainly, bitcoin, litecoin, Ripple, ether and bitcoin cash. One of Liechtenstein’s financial institutions said the first batch of cryptocurrencies to be available for trading would include, most certainly, bitcoin.
Lithuania – Republic of Lithuania Legal Lithuania is a country in the Baltic region of northern-eastern Europe. One of the three Baltic states, it is situated along the southeastern shore of the Baltic Sea, to the east of Sweden and Denmark. It is bordered by Latvia to the north, Belarus to the east and south, Poland to the south, and Kaliningrad Oblast (a Russian exclave) to the southwest. Bank of Lithuania released a warning on 31 January 2014, that bitcoin is not recognized as legal tender in Lithuania and that bitcoin users should be aware of high risks that come with the usage of it.
Luxembourg – Grand Duchy of Luxembourg Legal Luxembourg is a landlocked country in western Europe. It is bordered by Belgium to the west and north, Germany to the east, and France to the south. The Commission de Surveillance du Secteur Financier has issued a communication in February 2014 acknowledging the status of currency to the bitcoin and other cryptocurrencies. The first BitLicence was issued in October 2015, and the government is actively supporting this development.
Macedonia – Republic of Macedonia Illegal Macedonia is a country in the Balkan peninsula in Southeast Europe. A landlocked country, the Republic of Macedonia has borders with Kosovo to the northwest, Serbia to the north, Bulgaria to the east, Greece to the south, and Albania to the west. Payment of the virtual currency bitcoin in Macedonia is forbidden and anyone who uses it for any transaction violates the law, which provides not only fines, but also imprisonment.
Madagascar – Republic of Madagascar Legal Madagascar is an island country in the Indian Ocean, off the coast of East Africa. The nation comprises the island of Madagascar and numerous smaller peripheral islands. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Malawi – Republic of Malawi Legal Malawi is a landlocked country in southeast Africa. It is bordered by Zambia to the northwest, Tanzania to the northeast, and Mozambique on the east, south and west. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Malaysia Legal Malaysia is a federal constitutional monarchy in Southeast Asia. It consists of thirteen states and three federal territories, separated by the South China Sea into two similarly sized regions, Peninsular Malaysia and Malaysian Borneo. Peninsular Malaysia borders Thailand in the north and Singapore in the south, Vietnam in the northeast, and Indonesia in the west; Malaysian Borneo borders Brunei and Indonesia. BNM issued a statement on 6 January 2014 that bitcoin is not recognised as a legal tender in Malaysia. The central bank will not regulate bitcoin operations at the moment and users should aware of the risks associated with bitcoin usage.
Maldives – Republic of Maldives Legal Maldives is a South Asian sovereign state, located in the Indian Ocean, situated in the Arabian Sea. It lies southwest of Sri Lanka and India. The chain of 26 atolls stretches from Ihavandhippolhu Atoll in the north to the Addu City in the south. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Mali – Republic of Mali Legal Mali is a landlocked country in West Africa. Mali is bordered by Algeria to the northeast, Niger to the east, Burkina Faso and Côte d’Ivoire to the south, Guinea to the south-west, and Senegal and Mauritania to the west. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Malta – Republic of Malta Legal Malta is an archipelago in the central Mediterranean (in its eastern basin), some 80 km south of the Italian island of Sicily across the Malta Channel. Only the three largest islands – Malta, Gozo and Comino are inhabited. In 2017, the country’s prime minister Joseph Muscat announced the approval of a national strategy to promote bitcoin and blockchain technology. Muscat specifically addressed the bitcoin blockchain’s ability to handle, store and process sensitive data in an immutable and decentralized ecosystem.
Marshall Islands – Republic of the Marshall Islands Legal Marshall Islands is an island country located near the equator in the Pacific Ocean, slightly west of the International Date Line. Geographically, the country is part of the larger island group of Micronesia. The islands share maritime boundaries with the Federated States of Micronesia to the west, Wake Island to the north, Kiribati to the southeast, and Nauru to the south. The Marshall Islands says the SOV will require users to identify themselves, thus avoiding the anonymity that has kept bitcoin and other cryptocurrencies from gaining support from governments. “This is a historic moment for our people, finally issuing and using our own currency, alongside the USD (U.S. dollar),” President Hilda Heine said.
Mauritania – Islamic Republic of Mauritania Legal Mauritania is a country in the Maghreb region of Northwestern Africa and is bordered by the Atlantic Ocean to the west, Western Sahara to the north and northwest, Algeria to the northeast, Mali to the east and southeast, and Senegal to the southwest. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Mauritius – Republic of Mauritius Legal Mauritius is an island nation in the Indian Ocean about 2,000 kilometres off the southeast coast of the African continent. The State Bank of Mauritius (SBM) has partnered with SALT to enable its clients to use bitcoin and Ethereum’s ether as a guarantee for loans. The State Bank of Mauritius (SBM) has partnered with SALT to enable its clients to use bitcoin and Ethereum’s ether as a guarantee for loans.
Mexico – United Mexican States Legal Mexico is a federal republic in the southern portion of North America. It is bordered to the north by the United States; to the south and west by the Pacific Ocean; to the southeast by Guatemala, Belize, and the Caribbean Sea; and to the east by the Gulf of Mexico. Legally traded, Bought and sold. Regulated by the government. Several laws are in place that specifically have been written for cryptocurrencies. It is to be regulated as a virtual asset by the FinTech Law.
Micronesia – Federated States of Micronesia Legal Micronesia is an independent sovereign island nation and a United States associated state consisting of four states – from west to east, Yap, Chuuk, Pohnpei and Kosrae – that are spread across the Western Pacific Ocean. Legally traded, Bought and sold. Regulated by the government. Several laws are in place that specifically have been written for cryptocurrencies.
Moldova – Republic of Moldova Legal Moldova is a landlocked country in Eastern Europe, bordered by Romania to the west and Ukraine to the north, east, and south. Cryptocurrencies have been steadily gaining popularity in Moldova. The local crypto community has recently announced developments reflecting this trend – a new exchange and a new token have been presented, both labeled “Made in Moldova”.
Monaco – Principality of Monaco Legal Monaco is a sovereign city-state, country and microstate on the French Riviera in Western Europe. France borders the country on three sides while the other side borders the Mediterranean Sea. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Mongolia Legal Mongolia is a landlocked unitary sovereign state in East Asia. It is sandwiched between China to the south and Russia to the north. Mongolia does not share a border with Kazakhstan, although only 37 kilometres separates them. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Montenegro Legal Montenegro is a sovereign state in Southeastern Europe. It has a coast on the Adriatic Sea to the southwest and is bordered by Croatia to the west, Bosnia and Herzegovina to the northwest, Serbia to the northeast, Kosovo to the east, and Albania to the southeast. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Morocco – Kingdom of Morocco Illegal Morocco is an Islamic unitary sovereign state located in the Maghreb region of North Africa. Morocco has a coast by the Atlantic Ocean that reaches past the Strait of Gibraltar into the Mediterranean Sea. It is bordered by Spain to the north (a water border through the Strait and land borders with three small Spanish controlled exclaves, Ceuta, Melilla, and Peñón de Vélez de la Gomera), Algeria to the east, and Western Sahara to the south. Since Morocco controls most of Western Sahara, its de facto southern boundary is with Mauritania. On 15 November 2017 a digital services company MTDS introduced bitcoin as a mode of payment for its services in Morocco.
On 20 November 2017 the exchange office issued a public statement in which it declared, “The Office des Changes wishes to inform the general public that the transactions via virtual currencies constitute an infringement of the exchange regulations, liable to penalties and fines provided for by [existing laws] in force.”The following day, the monetary authorities also reacted in a statement issued jointly by the Ministry of Economy and Finance, Bank Al-Maghrib and the Moroccan Capital Market Authority (AMMC), warning against risks associated with bitcoin, which may be used “”for illicit or criminal purposes, including money laundering and terrorist financing””.

On 19 December 2017, Abdellatif Jouahri, governor of Bank Al-Maghrib, said at a press conference held in Rabat during the last quarterly meeting of the Bank Al-Maghrib’s Board of 2017 that bitcoin is not a currency but a “”financial asset””, He also warned of its dangers and called for a framework to be put in place for consumer protection.

Mozambique – Republic of Mozambique Legal Mozambique is a country in Southeast Africa bordered by the Indian Ocean to the east, Tanzania to the north, Malawi and Zambia to the northwest, Zimbabwe to the west, and Swaziland and South Africa to the southwest. It is separated from the Comoros, Mayotte and Madagascar by the Mozambique Channel to the east. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Myanmar – Republic of the Union of Myanmar Legal Myanmar is a sovereign state in Southeast Asia. Myanmar is bordered by India and Bangladesh to its west, Thailand and Laos to its east and China to its north and northeast. To its south, about one third of Myanmar’s total perimeter of 5,876 km forms an uninterrupted coastline of 1,930 km along the Bay of Bengal and the Andaman Sea. Myanmar financial regulators, including the Central Bank of Myanmar, haven’t yet presented their official position on crypto-currencies. Country’s fixed Internet penetration rate is one of the lowest in the world (under 3%). Additionally, local stringent banking laws severely limit public access to financial services.
Namibia – Republic of Namibia Illegal Namibia is a country in southern Africa whose western border is the Atlantic Ocean. It shares land borders with Zambia and Angola to the north, Botswana to the east and South Africa to the south and east. Although it does not border Zimbabwe, less than 200 metres of the Zambezi River separates the two countries. In September 2017 the Bank of Namibia issued a position paper on virtual currencies entitled wherein it declared cryptocurrency exchanges are not allowed and cryptocurrency cannot be accepted as payment for goods and services.
Nauru – Republic of Nauru Legal Nauru is an island country in Micronesia, a subregion of Oceania, in the Central Pacific. Its nearest neighbour is Banaba Island in Kiribati, 300 kilometres (186 mi) to the east. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Nepal – Federal Democratic Republic of Nepal Illegal Nepal is a landlocked country in South Asia located mainly in the Himalayas but also includes parts of the Indo Gangetic Plain. It borders China in the north and India in the south, east, and west while Bangladesh is located within only 27 km (17 mi) of its southeastern tip and Bhutan is separated from it by the Indian state of Sikkim. Nepal Rastra Bank published a notice on 13th Aug 2017, stating Bitcoin is not officially currency in Nepal. As Bitcoin isn’t attached to a state or government and doesn’t have a central issuing authority or regulatory body, it is Untraceable. No way NRB could trust this untraceable currency working outside the law.
Netherlands – Kingdom of the Netherlands Legal Netherlands is a sovereign state and constitutional monarchy with the large majority of its territory in Western Europe and with several small island territories in the Caribbean Sea: Aruba, Curaçao and Sint Maarten and in the West Indies islands (Leeward Islands and Lesser Antilles). As of 2017, virtual currencies such as bitcoin do not fall within the scope of the Act on Financial Supervision of the Netherlands
New Zealand Legal New Zealand is an island country in the southwestern Pacific Ocean. The country geographically comprises two main landmasses—the North Island, and the South Island (Te Waipounamu) and around 600 smaller islands. New Zealand is situated some 1,500 kilometres east of Australia across the Tasman Sea and roughly 1,000 kilometres south of the Pacific island areas of New Caledonia, Fiji, and Tonga. The Reserve Bank of New Zealand states: “Non-banks do not need our approval for schemes that involve the storage and/or transfer of value (such as ‘bitcoin’) – so long as they do not involve the issuance of physical circulating currency (notes and coins).”
Nicaragua – Republic of Nicaragua Legal Nicaragua is the largest country in the Central American isthmus, bordered by Honduras to the north, the Caribbean to the east, Costa Rica to the south, and the Pacific Ocean to the west. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Niger – Republic of Niger Legal Niger is a landlocked country in Western Africa named after the Niger River. Niger is bordered by Libya to the northeast, Chad to the east, Nigeria and Benin to the south, Burkina Faso and Mali to the west, and Algeria to the northwest. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Nigeria – Federal Republic of Nigeria Legal Nigeria is a federal republic in West Africa, bordering Benin in the west, Chad and Cameroon in the east, and Niger in the north. Its coast in the south lies on the Gulf of Guinea in the Atlantic Ocean. The CBN noted that “Central bank cannot control or regulate bitcoin. Central bank cannot control or regulate blockchain. Just the same way no one is going to control or regulate the Internet. We don’t own it”.
Niue Legal Niue is an island country in the South Pacific Ocean, 2,400 kilometres (1,500 mi) northeast of New Zealand, east of Tonga, south of Samoa, and west of the Cook Islands. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
North Korea — Democratic People’s Republic of Korea Legal North Korea is a country in East Asia constituting the northern part of the Korean Peninsula. To the north and northwest, the country is bordered by China and by Russia along the Amnok (known as the Yalu in China) and Tumen rivers; it is bordered to the south by South Korea. North Korea appears to be stepping up efforts to secure bitcoin and other cryptocurrencies, which could be used to avoid trade restrictions including new sanctions approved by the United Nations Security Council.
Northern Cyprus – Turkish Republic of Northern Cyprus Legal Northern Cyprus is a partially recognised state that comprises the northeastern portion of the island of Cyprus. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Norway – Kingdom of Norway Legal Norway is a unitary sovereign state whose territory comprises the western portion of the Scandinavian Peninsula plus the remote island of Jan Mayen and the archipelago of Svalbard. The country shares a long eastern border with Sweden. Norway is bordered by Finland and Russia to the north-east, and the Skagerrak strait to the south, with Denmark on the other side. Norway has an extensive coastline, facing the North Atlantic Ocean and the Barents Sea. The Norwegian government stated in February 2017 that they would not levy VAT on the purchase or sale of bitcoin.
Oman – Sultanate of Oman Legal Oman is an Arab country on the southeastern coast of the Arabian Peninsula in Western Asia. Holding a strategically important position at the mouth of the Persian Gulf, the country shares land borders with the United Arab Emirates to the northwest, Saudi Arabia to the west, and Yemen to the southwest, and shares marine borders with Iran and Pakistan. The coast is formed by the Arabian Sea on the southeast and the Gulf of Oman on the northeast. The Madha and Musandam exclaves are surrounded by the UAE on their land borders, with the Strait of Hormuz (which it shares with Iran) and Gulf of Oman forming Musandam’s coastal boundaries. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Pakistan – Islamic Republic of Pakistan Illegal Pakistan is a country in South Asia. Pakistan has a 1,046-kilometre coastline along the Arabian Sea and Gulf of Oman in the south and is bordered by India to the east, Afghanistan to the west, Iran to the southwest, and China in the far northeast. It is separated narrowly from Tajikistan by Afghanistan’s Wakhan Corridor in the northwest, and also shares a maritime border with Oman. As of 7 April 2018, State Bank of Pakistan [SBP] has announced that bitcoin and other virtual currencies/tokens/ coins are banned in Pakistan. This news was followed right after India’s restriction of converting bitcoin and cryptocurrencies into fiat currency. For organizations and institutions it is banned by State Bank of Pakistan. Bank will not get involved if there is any dispute. They will not facilitate any transaction for it. For individuals, it is neither legal nor illegal and they can hold cryptocurrencies at their own risk. National Assembly of Pakistan can pass law to declare bitcoin legal or illegal in Pakistan, but there is no such news from National Assembly yet.
Palau – Republic of Palau Legal Palau is an island country located in the western Pacific Ocean. The country contains approximately 340 islands, forming the western chain of the Caroline Islands in Micronesia. Palau shares maritime boundaries with the Philippines, Indonesia, and the Federated States of Micronesia. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Palestine – State of Palestine Legal Palestine is a de jure sovereign state in the Middle East claiming the West Bank (bordering Israel and Jordan) and Gaza Strip (bordering Israel and Egypt) with East Jerusalem as the designated capital, although its administrative center is currently located in Ramallah. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Panama – Republic of Panama Legal Panama is a country in Central America. It is bordered by Costa Rica to the west, Colombia (in South America) to the southeast, the Caribbean Sea to the north and the Pacific Ocean to the south. Legally traded, Bought and sold. Regulated by the government. Several laws are in place that specifically have been written for cryptocurrencies.
Papua New Guinea – Independent State of Papua New Guinea Legal Papua New Guinea is an Oceanian country that occupies the eastern half of the island of New Guinea and its offshore islands in Melanesia, a region of the southwestern Pacific Ocean north of Australia. Central Bank Governor Loi Bakani, known as a champion of new technologies as a way to enable financial inclusion, recently hosted a conference to showcase his country’s commitment to blockchain technology, with participants from at home and around the world, including Abt Associates, Paycase, Othera, IDbox, Pacific Markets, UCash, Seso and ADCCA.
Paraguay – Republic of Paraguay Legal Paraguay is a landlocked country in central South America, bordered by Argentina to the south and southwest, Brazil to the east and northeast, and Bolivia to the northwest. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Peru – Republic of Peru Legal Peru is a country in western South America. It is bordered in the north by Ecuador and Colombia, in the east by Brazil, in the southeast by Bolivia, in the south by Chile, and in the west by the Pacific Ocean. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Philippines – Republic of the Philippines Legal Philippines is a unitary sovereign and archipelagic country in Southeast Asia. Situated in the western Pacific Ocean, it consists of about 7,641 islands. Bounded by the South China Sea on the west, the Philippine Sea on the east and the Celebes Sea on the southwest, the Philippines shares maritime borders with Taiwan to the north, Vietnam to the west, Palau to the east and Malaysia and Indonesia to the south. Recently virtual currencies were legalized and cryptocurrency exchanges are now regulated by Central Bank of the Philippines (Bangko Sentral ng Pilipinas) under Circular 944
Poland – Republic of Poland Legal Poland is a country located in Central Europe. The neighboring countries are Germany to the west, the Czech Republic and Slovakia to the south, Ukraine and Belarus to the east, and Lithuania and the Russian exclave of Kaliningrad to the northeast. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Portugal – Portuguese Republic Legal Portugal is a sovereign state located mostly on the Iberian Peninsula in southwestern Europe. It is the westernmost country of mainland Europe, bordered to the west and south by the Atlantic Ocean and to the north and east by Spain. Its territory also includes the Atlantic archipelagos of the Azores and Madeira, both autonomous regions with their own regional governments. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Qatar – State of Qatar Illegal Qatar is a sovereign country located in Western Asia, occupying the small Qatar Peninsula on the northeastern coast of the Arabian Peninsula. Its sole land border is with Saudi Arabia to the south, with the rest of its territory surrounded by the Persian Gulf. An arm of the Persian Gulf separates Qatar from the nearby island country of Bahrain.
Republic of the Congo Legal Republic of the Congo is a country in Central Africa. It is bordered by five countries: Gabon and the Atlantic Ocean to the west; Cameroon to the northwest; the Central African Republic to the northeast; the Democratic Republic of the Congo to the east and south; and the Angolan exclave of Cabinda to the southwest.
Romania Legal Romania is a sovereign state located at the crossroads of Central, Eastern, and Southeastern Europe. It borders the Black Sea, Bulgaria, Ukraine, Hungary, Serbia, and Moldova. In October 2017, the National Fiscal Administration Agency (ANAF) declared that there is a lack of a legislative framework around bitcoin, and therefore, it is unable to create a tax regulation framework for it as well (implying no taxation).
Russia – Russian Federation Legal Russia is a country in Eurasia. From northwest to southeast, Russia shares land borders with Norway, Finland, Estonia, Latvia, Lithuania and Poland (both with Kaliningrad Oblast), Belarus, Ukraine, Georgia, Azerbaijan, Kazakhstan, China, Mongolia and North Korea. It shares maritime borders with Japan by the Sea of Okhotsk and the U.S. state of Alaska across the Bering Strait. In September 2017 Russia central bank head Elvira Nabiullina has said it is categorically against regulating cryptocurrencies as money, as a means by which payment can be made for goods and services, and against equating them with foreign currency. Deputy Finance Minister of the Russian Federation Alexei Moiseev at the same time said it’s “probably illegal” to accept cryptocurrencies payments. However bitcoin market sites are blocked and in court decisions stated that bitcoin is a currency surrogate which is outlawed on the territory of Russian Federation.
Rwanda – Republic of Rwanda Legal Rwanda is a sovereign state in Central and East Africa and one of the smallest countries on the African mainland. Located a few degrees south of the Equator, Rwanda is bordered by Uganda, Tanzania, Burundi and the Democratic Republic of the Congo. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Sahrawi Arab Democratic Republic Legal Sahrawi Arab Democratic Republic is a partially recognized state that controls a thin strip of area in the Western Sahara region and claims sovereignty over the entire territory of Western Sahara, a former Spanish colony and later province. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Saint Kitts and Nevis – Federation of Saint Christopher and Nevis Legal Saint Kitts and Nevis is an island country in the West Indies. Located in the Leeward Islands chain of the Lesser Antilles, it is the smallest sovereign state in the Western Hemisphere, in both area and population. “The Citizenship by Investment Unit would like to assure the general public that we do not recognize Bitcoins as legal investment currency for financial transactions within our Citizenship by Investment Programme,” officials said in a statement titled ‘Warning!’ on the program’s website. “We further emphasize that we do not accept Bitcoins, have never accepted Bitcoins, and will not accept Bitcoins.”
Saint Lucia Legal Saint Lucia is a sovereign island country in the West Indies in the eastern Caribbean Sea on the boundary with the Atlantic Ocean. Part of the Lesser Antilles, it is located north/northeast of the island of Saint Vincent, northwest of Barbados and south of Martinique. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Saint Vincent and the Grenadines Legal Saint Vincent and the Grenadines is a sovereign state in the Lesser Antilles island arc, in the southern portion of the Windward Islands, which lies in the West Indies at the southern end of the eastern border of the Caribbean Sea where the latter meets the Atlantic Ocean. Legally traded, Bought and sold. Regulated by the government. Several laws are in place that specifically have been written for cryptocurrencies.
Samoa – Independent State of Samoa Legal Samoa is a unitary parliamentary democracy with eleven administrative divisions. The two main islands are Savai’i and Upolu with four smaller islands surrounding the landmasses. Samoa lies south of the equator, about halfway between Hawaii and New Zealand, in the Polynesian region of the Pacific Ocean. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
San Marino – Republic of San Marino Legal San Marino is an enclaved microstate surrounded by Italy, situated on the Italian Peninsula on the northeastern side of the Apennine Mountains. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
São Tomé and Príncipe Legal São Tomé and Príncipe is an island nation in the Gulf of Guinea, off the western equatorial coast of Central Africa. It consists of two archipelagos around the two main islands: São Tomé and Príncipe, located about 140 kilometres apart and about 250 and 225 kilometres, respectively, off the northwestern coast of Gabon. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Saudi Arabia – Kingdom of Saudi Arabia Legal Saudi Arabia is a sovereign Arab state in Western Asia constituting the bulk of the Arabian Peninsula. Saudi Arabia is bordered by Jordan and Iraq to the north, Kuwait to the northeast, Qatar, Bahrain and the United Arab Emirates to the east, Oman to the southeast and Yemen to the south. It is separated from Israel and Egypt by the Gulf of Aqaba. Bitcoin is not banned by any governmental party in Saudi Arabia. Only Saudi Arabian Monetary Authority(SAMA) has warned from using it as it is high risk and recognised in Saudi Arabia and its dealers will not be guaranteed any protection or rights.
Senegal – Republic of Senegal Legal Senegal is a country in West Africa. Senegal is bordered by Mauritania in the north, Mali to the east, Guinea to the southeast, and Guinea-Bissau to the southwest. Senegal also borders The Gambia, a country occupying a narrow sliver of land along the banks of the Gambia River, which separates Senegal’s southern region of Casamance from the rest of the country. Senegal also shares a maritime border with Cape Verde. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Serbia – Republic of Serbia Legal Serbia is a sovereign state situated at the crossroads of Central and Southeast Europe in the southern Pannonian Plain and the central Balkans. It borders Hungary to the north; Romania and Bulgaria to the east; Macedonia to the south; Croatia, Bosnia and Herzegovina, Montenegro to the west and claims a border with Albania through the disputed territory of Kosovo. At a seminar titled “Bitcoin – New Currency or New Speculative Bubble”, held at the Serbian Chamber of Commerce, he pointed out that the EU had already adopted the cryptocurrency regulation, and since Serbia was working towards the EU membership, the similar regulation could be adopted in our country too.
Seychelles – Republic of Seychelles Legal Seychelles is an archipelago and sovereign state in the Indian Ocean. The 115-island country, whose capital is Victoria, lies 1,500 kilometres east of mainland East Africa. Other nearby island countries and territories include Comoros, Mayotte, Madagascar, Réunion and Mauritius to the south. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Sierra Leone – Republic of Sierra Leone Legal Sierra Leone is a country in West Africa. It is bordered by Guinea to the northeast, Liberia to the southeast and the Atlantic Ocean to the southwest. Sierra Leone adopts blockchain technology in a countrywide digitisation effort led by Dr. Ernest Bai Koroma, the President of Sierra Leone. Sierra Leone adopts blockchain technology in a countrywide digitisation effort
Singapore – Republic of Singapore Legal Singapore is a sovereign city-state and island country in Southeast Asia. It lies 137 kilometres north of the equator, at the southern tip of the Malay Peninsula, with Indonesia’s Riau Islands to the south and Peninsular Malaysia to the north. In December 2013, the Monetary Authority of Singapore reportedly stated that “[w]hether or not businesses accept bitcoins in exchange for their goods and services is a commercial decision in which MAS does not intervene.”
Slovakia – Slovak Republic Legal Slovakia is a landlocked country in Central Europe. It is bordered by Poland to the north, Ukraine to the east, the Czech Republic to the west, Hungary to the south, and Austria to the southwest. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Slovenia – Republic of Slovenia Legal Slovenia is a country in southern Central Europe, located at the crossroads of main European cultural and trade routes. It is bordered by Italy to the west, Austria to the north, Hungary to the northeast, Croatia to the southeast, and the Adriatic Sea to the southwest. On 23 December 2013 the Slovenian Ministry of Finance made an announcement stating that bitcoin is neither a currency nor an asset. There is no capital gains tax chargeable on bitcoin, however bitcoin mining is taxed and businesses selling goods/services in bitcoin are also taxed.
Solomon Islands Legal Solomon Islands is a sovereign country consisting of six major islands and over 900 smaller islands in Oceania lying to the east of Papua New Guinea and northwest of Vanuatu and covering a land area of 28,400 square kilometres. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Somalia – Federal Republic of Somalia Legal Somalia is a country located in the Horn of Africa. It is bordered by Ethiopia to the west, Djibouti to the northwest, the Gulf of Aden to the north, the Guardafui Channel and Indian Ocean to the east, and Kenya to the southwest. It is separated from Soqotra by the Guardafui Channel in the northeast. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Somaliland – Republic of Somaliland Legal Somaliland is a self-declared state internationally recognised as an autonomous region of Somalia. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
South Africa – Republic of South Africa Legal South Africa is the southernmost country in Africa. It is bounded on the south by 2,798 kilometres of coastline of Southern Africa stretching along the South Atlantic and Indian Oceans; on the north by the neighbouring countries of Namibia, Botswana, and Zimbabwe; and on the east and northeast by Mozambique and Swaziland; and surrounds the kingdom of Lesotho. In December 2014 the Reserve Bank of South Africa issued a position paper on virtual currencies whereby it declared that virtual currency had ‘no legal status or regulatory framework’. The South African Revenue Service classified bitcoin as an intangible asset.
South Korea — Republic of Korea Legal South Korea is a country in East Asia, constituting the southern part of the Korean Peninsula and lies east to the Asian mainland. South Korea’s Supreme Court just ruled that bitcoin is a legally recognizable asset. The landmark ruling occurred on May 30, 2018, and it overturns a decision made by one of the country’s lower courts in a case dating back to last year.
South Ossetia – Republic of South Ossetia Legal South Ossetia is a disputed territory in the South Caucasus, in the northern part of the internationally recognised Georgian territory. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
South Sudan – Republic of South Sudan Legal South Sudan Is a landlocked country in East-Central Africa. South Sudan is bordered by Sudan to the north, Ethiopia to the east, Kenya to the southeast, Uganda to the south, the Democratic Republic of the Congo to the southwest, and the Central African Republic to the west. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Spain – Kingdom of Spain Legal Spain  is a sovereign state mostly located on the Iberian Peninsula in Europe. The country’s mainland is bordered to the south and east by the Mediterranean Sea except for a small land boundary with Gibraltar; to the north and northeast by France, Andorra, and the Bay of Biscay; and to the west and northwest by Portugal and the Atlantic Ocean. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Sri Lanka – Democratic Socialist Republic of Sri Lanka Legal Sri Lanka  is an island country in South Asia, located in the Indian Ocean to the southwest of the Bay of Bengal and to the southeast of the Arabian Sea. It is separated from the Indian subcontinent by the Gulf of Mannar and the Palk Strait. This position could be partially explained by a relatively low Internet penetration rate in Sri Lanka, which makes most of its citizens still unaware of Bitcoin. Anyhow, selling/ buying crypto-currencies and organizing ICOs are not against the law in SL.
Sudan – Republic of the Sudan Legal Sudan is a country in Northeast Africa. It is bordered by Egypt to the north, the Red Sea, Eritrea and Ethiopia to the east, South Sudan to the south, the Central African Republic to the southwest, Chad to the west and Libya to the northwest. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Suriname – Republic of Suriname Legal Suriname is a sovereign state on the northeastern Atlantic coast of South America. It is bordered by the Atlantic Ocean to the north, France to the east, Guyana to the west and Brazil to the south. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Swaziland – Kingdom of eSwatini Legal Swaziland is a landlocked sovereign state in Southern Africa. It is bordered by Mozambique to its northeast and South Africa to its north, west and south. The participants of the session, which comprised of representatives from different banks, the regulator, as well as the Swaziland Revenue Authority (SRA), also raised a number of concerns about Bitcoins, although they noted that there is a need to get informed on the merits and demerits of crypto currencies.
Sweden – Kingdom of Sweden Legal Sweden is a Scandinavian country in Northern Europe. It borders Norway to the west and north and Finland to the east, and is connected to Denmark in the southwest by a bridge-tunnel across the Öresund. The Swedish Tax Agency has given a preliminary ruling on Value Added Tax (VAT) on bitcoins, stating that trade in bitcoins is not subject to Swedish VAT, but is instead subject to the Finansinspektionen (Financial Supervisory Authority) regulations and treated as a currency. The decision has been appealed by the Swedish Tax Authority.
Switzerland – Swiss Confederation Legal Switzerland is a sovereign state in Europe. The federal republic is situated in Western-Central Europe, and is bordered by Italy to the south, France to the west, Germany to the north, and Austria and Liechtenstein to the east. Switzerland is a landlocked country. Bitcoin businesses in Switzerland are subject to anti-money laundering regulations and in some instances may need to obtain a banking license. In 2016, Zug added bitcoin as a means of paying city fees, in a test and an attempt to advance Zug as a region that is advancing future technologies.
Syria – Syrian Arab Republic Legal Syria is a country in Western Asia, bordering Lebanon and the Mediterranean Sea to the west, Turkey to the north, Iraq to the east, Jordan to the south, and Israel to the southwest. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Taiwan — Republic of China Legal Taiwan is a state in East Asia. Its neighbors include the People’s Republic of China (PRC) to the west, Japan to the northeast, and the Philippines to the south. Regulators have warned the public that bitcoin does not have legal protection, “as the currency is not issued by any monetary authority and is therefore not entitled to legal claims or guarantee of conversion”. While bitcoin is not illegal in Taiwan, financial institutions have been warned by regulators that necessary regulatory actions may be taken if they use it.
Tajikistan – Republic of Tajikistan Legal Tajikistan is a mountainous, landlocked country in Central Asia. It is bordered by Afghanistan to the south, Uzbekistan to the west, Kyrgyzstan to the north, and China to the east. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Tanzania – United Republic of Tanzania Legal Tanzania is a sovereign state in eastern Africa within the African Great Lakes region. It borders Kenya and Uganda to the north; Rwanda, Burundi, and the Democratic Republic of the Congo to the west; Zambia, Malawi, and Mozambique to the south; and the Indian Ocean to the east. Due to the rise in interest towards bitcoin from Tanzanian citizens the Bank of Tanzaniagovernor, Benno Ndulu, expressed some concerns about the …. it! it is something very strange!,,, But i believe when they come to understand it, laws and regulatory platform will be put in place and legalized to work.
Thailand – Kingdom of Thailand Legal Thailand is a unitary state at the center of the Southeast Asian Indochinese peninsula composed of 76 provinces. Thailand is bordered to the north by Myanmar and Laos, to the east by Laos and Cambodia, to the south by the Gulf of Thailand and Malaysia, and to the west by the Andaman Sea and the southern extremity of Myanmar. Its maritime boundaries include Vietnam in the Gulf of Thailand to the southeast, and Indonesia and India on the Andaman Sea to the southwest. The initial position of the Bank of Thailand, mid 2013, was to discourage the use of bitcoin, however as of 2017, the Bank of Thailand is open to bitcoin provided proper controls are in place.
Togo – Togolese Republic Legal Togo is a sovereign state in West Africa bordered by Ghana to the west, Benin to the east and Burkina Faso to the north. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Tonga – Kingdom of Tonga Legal Tonga is a Polynesian sovereign state and archipelago comprising 169 islands, of which 36 are inhabited. It is surrounded by Fiji and Wallis and Futuna (France) to the northwest, Samoa to the northeast, Niue to the east, Kermadec (part of New Zealand) to the southwest, and New Caledonia (France) and Vanuatu to the farther west. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Transnistria — Pridnestrovian Moldavian Republic Legal Transnistria is a non-recognized state which controls part of the geographical region Transnistria (the area between the Dniester river and Ukraine) and also the city of Bender and its surrounding localities on the west bank. Transnistria Dreams Of Bitcoin Mining, Its Govt Wants To Build Farm The tiny unrecognized republic of Transnistria is looking to use its cheap electricity to support Bitcoin mining via a government-backed farm.
Trinidad and Tobago – Republic of Trinidad and Tobago Legal Trinidad and Tobago is a twin island sovereign state that is the southernmost nation of the West Indies in the Caribbean. It is situated 130 kilometres south of Grenada off the northern edge of the South American mainland, 11 kilometres off the coast of northeastern Venezuela. It shares maritime boundaries with Barbados to the northeast, Grenada to the northwest, Guyana to the southeast, and Venezuela to the south and west. After two years of planning and development, Bitt—the Caribbean’s first bitcoin and digital exchange company— will be launched on March 30. This means that people across the region will soon have access to a software platform for buying and selling cryptocurrencies and digital commodities with traditional banking integration.
Tunisia – Tunisian Republic Legal Tunisia is a sovereign state in Northwest Africa. Its northernmost point, Cape Angela, is the northernmost point on the African continent. It is bordered by Algeria to the west and southwest, Libya to the southeast, and the Mediterranean Sea to the north and east. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Turkey – Republic of Turkey Legal Turkey is a transcontinental country in Eurasia, mainly in Anatolia in Western Asia, with a smaller portion on the Balkan peninsula in Southeast Europe. Turkey is bordered by eight countries with Greece and Bulgaria to the northwest; Georgia to the northeast; Armenia, the Azerbaijan and Iran to the east; and Iraq and Syria to the south. The country is encircled by seas on three sides with the Aegean Sea to the west, the Black Sea to the north, and the Mediterranean Sea to the south. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Turkmenistan Legal Turkmenistan is a sovereign state in Central Asia, bordered by Kazakhstan to the northwest, Uzbekistan to the north and east, Afghanistan to the southeast, Iran to the south and southwest, and the Caspian Sea to the west. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Tuvalu — Ellice Islands Legal Tuvalu is a Polynesian island nation located in the Pacific Ocean, about midway between Hawaii and Australia, lying east-northeast of the Santa Cruz Islands (belonging to the Solomons), southeast of Nauru, south of Kiribati, west of Tokelau, northwest of Samoa and Wallis and Futuna and north of Fiji. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Uganda – Republic of Uganda Legal Uganda is a landlocked country in East Africa. It is bordered to the east by Kenya, to the north by South Sudan, to the west by the Democratic Republic of the Congo, to the south-west by Rwanda, and to the south by Tanzania. Dr Maureen Mapp, a teaching fellow for the University of Birmingham Law School who spearheaded the event, told CoinDesk that the aim of the event was to establish a basis from which bitcoin regulation could be crafted in Uganda.
Ukraine Legal Ukraine is a sovereign state in Eastern Europe, bordered by Russia to the east and northeast; Belarus to the northwest; Poland, Hungary, and Slovakia to the west; Romania and Moldova to the southwest; and the Black Sea and Sea of Azov to the south and southeast, respectively. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
United Arab Emirates Legal United Arab Emirates is a federal absolute monarchy sovereign state in Western Asia at the southeast end of the Arabian Peninsula on the Persian Gulf, bordering Oman to the east and Saudi Arabia to the south, as well as sharing maritime borders with Qatar to the west and Iran to the north. Mubarak Rashed Khamis Al Mansouri, issued a statement to Gulf News saying that “these regulations do not cover ‘virtual currency’” and “these regulations do not apply to bitcoin or other cryptocurrencies, currency exchanges, or underlying technology such as Blockchain.” He further added that virtual currencies are under review by the Central Bank and new regulations will be issued as appropriate.
United Kingdom – United Kingdom of Great Britain Legal The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or, informally, Britain, is a sovereign country in western Europe. Lying off the north-western coast of the European mainland, the UK includes the island of Great Britain, the north-eastern part of the island of Ireland and many smaller islands. As of 2017, the government of the United Kingdom has stated that bitcoin is unregulated and that it is treated as a ‘foreign currency’ for most purposes, including VAT/GST. Bitcoin is treated as ‘private money’. When bitcoin is exchanged for sterling or for foreign currencies, such as euro or dollar, no VAT will be due on the value of the bitcoins themselves. However, in all instances, VAT will be due in the normal way from suppliers of any goods or services sold in exchange for bitcoin or other similar cryptocurrency. Profits and losses on cryptocurrencies are subject to capital gains tax.
United States – United States of America Legal The United States of America (USA), commonly known as the United States (U.S.) or America, is a federal republic composed of 50 states, a federal district, five major self-governing territories, and various possessions. The U.S. Treasury classified bitcoin as a convertible decentralized virtual currency in 2013. The Commodity Futures Trading Commission, CFTC, classified bitcoin as a commodity in September 2015. Per IRS, bitcoin is taxed as a property.
Uruguay – Oriental Republic of Uruguay Legal Uruguay is a sovereign state in the southeastern region of South America. It borders Argentina to its west and Brazil to its north and east, with the Río de la Plata (River of Silver) to the south and the Atlantic Ocean to the southeast. Uruguay is first in the world to issue a state-backed digital currency. Though it is a bold step, the government promises a limited rollout to begin. Uruguay is first in the world to issue a state-backed digital currency.
Uzbekistan – Republic of Uzbekista Legal Uzbekistan is a doubly landlocked Central Asian Sovereign state. Uzbekistan is bordered by five landlocked countries: Kazakhstan to the north; Kyrgyzstan to the northeast; Tajikistan to the southeast; Afghanistan to the south; and Turkmenistan to the southwest. Uzbekistan, a country located in the central part of Asia has come into the limelight by announcing that they will soon pass a law to regulate the use of Bitcoin in their country. The President of Uzbekistan, Shavkat Miriyoyev decreed that the institution should draft a law to legalize cryptocurrency by the end of September this year.
Vanuatu – Republic of Vanuatu Legal Vanuatu is a Pacific island nation located in the South Pacific Ocean. The archipelago, which is of volcanic origin, is 1,750 kilometres east of northern Australia, 540 kilometres northeast of New Caledonia, east of New Guinea, southeast of the Solomon Islands, and west of Fiji. The Chairman of the Vanuatu Information Center (VIC) – which oversees Vanuatu citizenship applications – Geoffrey Bond, had sent an official request earlier this month seeking permission to accept bitcoin as a form of payment.
Vatican City – Vatican City State Legal Vatican City is an independent state located within the city of Rome. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Venezuela – Bolivarian Republic of Venezuela Legal Venezuela is a federal republic on the northern coast of South America, consisting of a continental land and a large number of small islands and islets in the Caribbean Sea. The continental territory is bordered on the north by the Caribbean Sea and the Atlantic Ocean, on the west by Colombia, Brazil on the south, Trinidad and Tobago to the north-east and on the east by Guyana. According to local sources, the government of Venezuela is scheduled to launch an online registry for Bitcoin miners by Dec. 22. All Bitcoin miners in the country will be required to sign up. The registry is the first step in the development of a full legal framework to tax and regulate cryptocurrency mining in the country.
Vietnam – Socialist Republic of Vietnam Illegal * Vietnam is the easternmost country on the Indochina Peninsula in Southeast Asia. Vietnam is bordered by China to the north, Laos to the northwest, Cambodia to the southwest, Thailand across the Gulf of Thailand to the southwest, and the Philippines, Malaysia and Indonesia across the South China Sea to the east and southeast. The State Bank of Vietnam has declared that the issuance, supply and use of bitcoin and other similar virtual currency is illegal as a mean of payment and subject to punishment ranging from 150 million to 200 million VND, but the government doesn’t ban bitcoin trading as a virtual goods or assets.
Yemen – Republic of Yemen Legal Yemen is an Arab sovereign state in Western Asia at the southern end of the Arabian Peninsula. It is bordered by Saudi Arabia to the north, the Red Sea to the west, the Gulf of Aden and Guardafui Channel to the south, and the Arabian Sea and Oman to the east. Legally traded, Bought and sold with no regulation except for following other laws and financial regulations.
Zambia – Republic of Zambia Illegal Zambia is a landlocked country in south-central Africa, neighbouring the Democratic Republic of the Congo to the north, Tanzania to the north-east, Malawi to the east, Mozambique, Zimbabwe, Botswana and Namibia to the south, and Angola to the west. Cryptocurrency exchanges are not allowed in Namibia under a decades-old law, and merchants in the African country may not accept them as payment for goods and services, the nation’s central bank has said.
Zimbabwe – Republic of Zimbabwe Legal Zimbabwe is a landlocked country located in southern Africa, between the Zambezi and Limpopo Rivers, bordered by South Africa, Botswana, Zambia and Mozambique. The Reserve Bank Of Zimbabwe is sceptical about bitcoin and has not officially permitted its use. On 5 April 2017 however, BitMari, a Pan-African Blockchain platform got licensed, through its banking partner, AgriBank, to operate in the country.

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