46 The National Assembly of Ecuador banned bitcoins including other decentralized digital/crypto currencies, due to the establishment of a new state-run electronic money system. Similarly, Washington , a state that is home to a thriving tech scene, passed a bill in 2017 that requires cryptocurrency exchanges to maintain cash reserves equivalent to the transacted volume on their platform. Switzerland Legal Bitcoin businesses in Switzerland are subject to anti-money laundering regulations and in some instances may need to obtain a banking license. "They are not legal tenders in Nigeria - CBN bans bitcoin, onecoin, others". "comunicado.306, DE 19 DE fevereiro DE 2014". Retrieved 5 September 2017. "Analüs: olemuslikke takistusi Bitcoini kasutamise seadustamiseks pole". Retrieved 18 December 2013. A b "MinFin: Bitcoin nie jest nielegalny". "Réguler les monnaies virtuelles" (PDF). Retrieved "Public Consultation Document". 3 :Poland Szymon Woniak of the Ministry of Finance made an official announcement on the legality of bitcoin on 18 December 2013 at a conference at the Warsaw School of Economics stating that the Ministry of Finance does not.
It recommends using the term crypto token. Purchases of goods with bitcoin or conversion of bitcoin into legal currency "realizes" the value and any increase in price will be taxable; however, losses are not tax-deductible. Retrieved 19 December 2013. "Thanh toán, giao dch bitcoin vn sôi ng". (April 2017) Alphabetical index to classifications Africa Northern Africa Country or territory Legality Algeria Illegal According to the "Journal Officiel" (28 December 2017 Art. 30/2019 clarifies that starting in 2019, income from trading "virtual currency" is classified under "income from other sources". Retrieved 12 December 2018. The National Bank of Croatia issued a similar warning on September 22, 2017. Financial Crimes Enforcement states restricted from cryptocurrency trading Network. 3 :Estonia The Estonian Ministry of Finance have concluded that there is no legal obstacles to use bitcoin-like crypto currencies as payment method. Retrieved 25 February 2015.
39 40 3 :Jamaica Trinidad and states restricted from cryptocurrency trading Tobago Legal 41 42 South America Country or territory Legality Argentina Legal Bitcoins may be considered money, but not legal currency. Users will be able to pay for select services and send money between individuals. 79 80 Many Bitcoin mines in China had stopped operating by January 2018. 82 The decision did not see bitcoin as currency nor bond under the current Banking Act and Financial Instruments and Exchange Law, prohibiting banks and securities companies from dealing in bitcoins. 3 :Netherlands United Kingdom Legal 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. 29 The Commodity Futures Trading Commission, cftc, classified bitcoin as a commodity in September 2015. Social Science Research Network (ssrn).
Retrieved 1 February 2018. 136 Norway Legal The Norwegian Tax Administration stated in December 2013 that they don't define bitcoin as money but regard it as an asset. "Ecuador Reveals National Digital Currency Plans Following Bitcoin Ban". 22 Namibia Legal In September 2017 the Bank of Namibia issued a position paper on virtual currencies entitled 23 wherein it declared cryptocurrency exchanges are not allowed and cryptocurrency cannot be accepted as payment for goods and services. International Finance Centre Development Agency. 15 On states restricted from cryptocurrency trading 7 December 2017, Bank Indonesia, the country's central bank, issued a regulation banning the use of cryptocurrencies including bitcoin as payment tools starting Malaysia Legal On 4 November 2013, Bank Negara Malaysia (BNM) met with local bitcoin. Rating is available when the video has been rented.
FinCEN receives more than 1,500 SARs per month involving cryptocurrencies. In relation to individuals, the acquisition and sale of tokens is not considered entrepreneurial activity, and the tokens themselves and income from transactions with them are not subject to declaration. As can be seen from the map, a vast majority of states are still to decide their stand vis-à-vis cryptocurrencies. Ministerstvo financ eské republiky. Archived from the original on Retrieved "The National Bank declare Bitcoin illegal".