comprehensive List of countries where cryptocurrency is legal and Illegal
The success of cryptocurrency in any country largely depends on its legal status in a country. Awareness of the comprehensive List of countries where cryptocurrency is legal and Illegal is very important for every intending cryptocurrency investor or trader. Much as cryptocurrency has become a worldwide recognized asset, it is still restricted and even banned in some countries. The recognition and acceptability of cryptocurrency is more in countries where it is considered legal. The legalization issue of cryptocurrencies has been on ever since the currency started recording great success, especially bitcoin.
The popularity of cryptocurrency started with bitcoin and later extended to other cryptocurrencies like Ethereum, litecoin and Ripples, etc.
The greatest advantage cryptocurrencies have as an asset is that it is decentralized and thus immune from every form of government or central authority check.
The fact that cryptocurrency is restricted or even banned in some countries does not mean that people in such countries does not deal or trade on cryptocurrency. It simply means that it is not freely allowed in such countries and so hence the need to know the comprehensive List of countries where cryptocurrency is legal and Illegal.
Legality of cryptocurrecncy of cryptocurrency aids in its development. some countries restrict or ban the use of cryptocurrency in fear that its use may override the acceptability and value of their local currency.
Below is a list of some of the countries where cryptocurrency is legal;
- United States of America
- South Africa
- Costa Rica
- Trinidad and Tobago
- Saudi Arabia
- Hong Kong
- South Korea
- Czech Republic
- United Kingdom
- New Zealand
- Bosnia and Herzegovina
It should be noted that Japan by virtue of its position as one of the fastest growing technology market in the world, has no option but to legalize cryptocurrency and in addition to this, set up a payment services Act(PSA) based framework which permits some digital currencies and a number of exchanges to be used for payment and trading purposes. Note that even thoughg cryptocurrency is legal in some of these countries, it is also banned by some countries banks, while some countries legalized it but do not permit it as a means of payment.
In US, bitcoin is taxable as a property. it was accepted in US as a decentralized digital assets that could be used in making payment and subsequently classified as CFTC in September, 2015.
The above is just a list of some of the countries as gathered by cryptogavel through research.
There are however some countries where cryptocurrencies are banned. Some of the countries include but not limited to;
- The Republic of Macedonia
- Saudi Arabia
- Vietnam etc
The above list is not conclusive. it is still subject to further modification and addition.
In these countries where crytocurrency is banned, people still make use of it, trade and exchange it but not openly. The banning of cryptocurrency by a country, though for a reason best known to them, is adverse to the economy and business development of a country especially in areas of international trade where one of the companies involved is one in whose country, cryptocurrency is allowed and recognized as a medium of exchange.