The legal status of bitcoin varies substantially from country to country and is still undefined or switching te many of them. [1] Whereas the majority of countries do not make the usage of bitcoin itself illegal, its status spil money (or a commodity) varies, with differing regulatory implications. While some countries have explicitly permitted its use and trade, others have banned or restricted it. Likewise, various government agencies, departments, and courts have classified bitcoins differently. While this article provides the legal status of bitcoin, regulations and bans that apply to this cryptocurrency likely extend to similar systems spil well.

Contents

The European Union has passed no specific legislation relative to the status of bitcoin spil a currency, but has stated that VAT/GST is not applicable to the conversion inbetween traditional (fiat) currency and bitcoin.

VAT/GST and other taxes (such spil income tax) still apply to transactions made using bitcoins for goods and services. [Two] : European Union

Ter October 2015, the Court of Justice of the European Union ruled that “The exchange of traditional currencies for units of the ‘bitcoin’ virtual currency is exempt from VAT” and that “Member States vereiste exempt, inter alia, transactions relating to ‘currency, handelsbank notes and coins used spil legal tender’”, making bitcoin a currency spil opposed to being a commodity. [Three] [Four] According to judges, the tax shouldn’t be charged because bitcoins should be treated spil a means of payment. [Five]

According to the European Central Handelsbank, traditional financial sector regulation is not applicable to bitcoin because it does not involve traditional financial actors. [6] : Five Others ter the EU have stated, however, that existing rules can be extended to include bitcoin and bitcoin companies. [7]

The European Central Canap classifies bitcoin spil a convertible decentralized virtual currency. [6] : 6 Ter July 2014 the European Banking Authority advised European banks not to overeenkomst te virtual currencies such spil bitcoin until a regulatory staatsbestel wasgoed te place. [8]

Te 2016 the European Parliament’s proposal to set up a taskforce to monitor virtual currencies to combat money laundering and terrorism, passed by 542 votes to 51, with 11 abstentions, has bot sent to the European Commission for consideration. [9] The European Commission also notably introduced a “parallel” proposal aimed at preventing tax evasion mechanisms spil exposed te the Panama Papers. [Ten] Te 2018 it wasgoed exposed that the proposal will require cryptocurrency exchanges and cryptocurrency wallets to identify suspicious activity. [11]

Ter 2013 the G7’s Financial Activity Task Force issued the following statement te guidelines which may be applicable to companies involved ter transmitting bitcoin and other currencies, “Internet-based payment services that permit third party funding from anonymous sources may face an enlargened risk of [money laundering/terrorist financing].” They concluded that this may “pose challenges to countries te [anti-money laundering/toonbank terrorist financing] regulation and supervision”. [12]

Alphabetical index to classifications Edit

Africa Edit

Northern Africa Edit

Spil of 2018 [update] bitcoin wasgoed legal ter Algeria, but vanaf the Huffington Postbode, “Algeria is going to geobsedeerd bitcoin te the fresh Finance law of 2018 (article 113 of the law)” [13]

According to the “Journal Officiel” (28 December 2018):

Kunst. 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 spil coins, notes, payments by cheque or credit card. Any breach of this provision is punishable te accordance with the laws and regulations ter force. [14]

On 20 November 2018 the exchange office issued a public statement ter which it announced, “The Office des Switches 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] te force.” [16]

The following day, the monetary authorities also reacted te a statement issued jointly by the Ministry of Economy and Finance, Bankgebouw 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”. [17]

On Nineteen December 2018, Abdellatif Jouahri, governor of Bankgebouw Al-Maghrib, said at a press conference held ter Rabat during the last quarterly meeting of the Bankgebouw Al-Maghrib’s Houtvezelplaat of 2018 that bitcoin is not a currency but a “financial asset”, He also warned of its dangers and called for a framework to be waterput te place for consumer protection. [Legitimate]

Western Africa Edit

Spil of 17 January 2018, The Central Handelsbank of Nigeria (CBN) has passed a circular to inform all Nigerian banks that bankgebouw transactions ter bitcoin and other virtual currencies have bot banned te Nigeria. [Nineteen]

However, during the year, the CBN (through its Deputy Director on Banking and Payments System, Musa Itopa-Jimoh) clarified the circular and its stance on bitcoin, citing that a loterijlot of people misinterpret the central bank’s latest warning. It noted that “Central bankgebouw cannot control or regulate bitcoin. Central bankgebouw cannot control or regulate blockchain. Just the same way no one is going to control or regulate the Internet. Wij don’t own it”. [20]

Straks on, a committee wasgoed set up by the Central Canap of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) to look into the possibility of the country adopting the technology driving bitcoin and other digital currencies – blockchain. The committee has submitted its report but “several sub-committees are still working on the kwestie” according to the Director, Banking &, Payments System Department at CBN, Mr. ‘Dipo Fatokun. [21]

Central Africa Edit

Southeast Africa Edit

Horn of Africa Edit

Indian Ocean States Edit

Southern Africa Edit

Ter December 2014 the Reserve Handelsbank of South Africa issued a position paper on Virtual Currencies whereby it announced that virtual currency had ‘no legal status or regulatory framework’. [22]

Te September 2018 the Bankgebouw of Namibia issued a position paper on Virtual Currencies entitled [23] wherein it proclaimed cryptocurrency exchanges are not permitted and cryptocurrency cannot be accepted spil payment for goods and services.

The Reserve Canap Of Zimbabwe is sceptical about bitcoin and has not officially permitted its use. On Five April 2018 however, BitMari, a Pan-African Blockchain toneel got licensed, through its banking fucking partner, AgriBank, to operate te the country. [24]

Americas Edit

North America Edit

Bitcoin would seem to be classified pursuant to the current provisions of the PPSA simply spil an “intangible”. [25]

Bitcoin is expected to be regulated under anti-money laundering and counter-terrorist financing laws te Canada, based on a federal budget bill (C-31), passed ter 2014. [26] Regulations voorwaarde be enacted before this provision becomes active, [27] [28] however, once they are it is expected that “dealers te digital currency” will be regulated spil money services businesses. [29] The Authorite des Marches Financiers, the regulator te the province of Quebec, has announced that some bitcoin related business models including exchanges and ATMs are regulated under its current MSB Act. [30]

The U.S. Treasury classified bitcoin spil a convertible decentralized virtual currency te 2013. [31] The Commodity Futures Trading Commission, CFTC, classified bitcoin spil a commodity te September 2015. Vanaf IRS, bitcoin is taxed spil a property. [32]

Te September 2016, a federal judge ruled that “Bitcoins are funds within the plain meaning of that term”. [33]

Bitcoin is legal ter Mexico spil of 2018. It is to be regulated spil a virtual asset by the FinTech Law. [34]

Central America Edit

News reports indicate that bitcoins are being used ter the country. [Two] : Nicaragua

The Costa Rican Central Canap announced that bitcoin and cryptocurrencies are not consider currencies, and are not backed by the government strafgevangenis laws. However, they are not illegal. There are a few merchants who do accept bitcoins ter the country. [35]

Caribbean Edit

The Handelsbank of Jamaica (BoJ), the national Central Bankgebouw, has publicly announced that it voorwaarde create opportunities for the exploitation of technologies including cryptocurrencies. Accordingly, ter 2018 the BoJ will be embarking on a campaign to build awareness of cryptocurrencies spil part of enhancing 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. [36] [37] [Two] : Jamaica

South America Edit

Bitcoins may be considered money, but not legal currency. A bitcoin may be considered either a good or a thing under the Argentina’s Civil Code, and transactions with bitcoins may be governed by the rules for the sale of goods under the Civil Code. [Two] : Argentina .

The Central Canap of Bolivia issued a resolution banning bitcoin and any other currency not regulated by a country or economic zone te 2014. [40]

Not regulated, according to a 2014 statement by the Central Bankgebouw of Brazil concerning cryptocurrencies, but is discouraged because of operational risks. [41] Te November 2018 this unregulated and discouraged status wasgoed reiterated by the Central Canap of Brazil. [42]

There is no regulation on the use of bitcoins. [Two] : Chile

A 26 March 2014 by Superintendencia Financiera den Colombia states that the use of bitcoin is not regulated. [43]

The Ecuadorian government has issued a verbod on bitcoin and other digital currencies. [44]

The National Assembly of Ecuador banned bitcoins including other decentralized digital/crypto currencies, due to the establishment of a fresh state-run electronic money system. Ecuador’s fresh project would be managed by the government and tied directly to the local currency—the dollar. Users will be able to pay for select services and send money inbetween individuals. This wasgoed slated to start te mid-February 2015. “Electronic money is designed to operate and support the monetary scheme of dollarization,” economist Diego Martinez, a delegate of the Voorzitter of the Republic to the Houtvezelplaat of Regulation and Monetary and Financial Policy. [45]

Asia Edit

Central Asia Edit

Bitcoin is considered a commodity, [46] 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. [47] The use of bitcoin spil a currency ter domestic settlements is restricted. [48]

Eurasia Edit

The use of bitcoins is not regulated ter Cyprus. [Two] : Cyprus

Westelijk Asia Edit

13 February 2018 Dubai gold trader Regal RA DMCC is the very first company ter the Middle East to get a license to trade cryptocurrencies, the Dubai Multi Commodities Centre said. [49] DMCC wasgoed named ‘Global Free Zone of the Year’ 2018 by The Financial Times fDi Tijdschrift, for the third year running and serves spil a global marketplace for commodities to drive trade flows through Dubai. Spil a DMCC licensed company, Regal Assets DMCC operates te a secure regulated trading environment and offers a service to global investors to the highest standards of international compliance.

“DMCC is the only Free Zone ter the Middle East to have a government-issued license to trade ter crypto-commodities and offers unparalleled utter market value insurance on such investments,” said Gerhard Schubert, Chairman of the Houtvezelplaat for Regal Assets DMCC. DMCC’s Crypto-commodities license is for Proprietary Trading ter Crypto-commodities only. [50]

Spil of 2018, the Israel Tax Authorities issued a statement telling 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. [51] 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 spil businesses and would have to pay corporate income tax spil well spil charge a 17% VAT. [52]

Bitcoin is not banned by any governmental party te Saudi Arabia. Only Saudi Arabian Monetary Authority (sama) have warned from using it spil it is high risk and recognized ter Saudi Arabia and its dealers will not be assured any protection or rights. [53] [ need quotation to verify ]

The government of Jordan has issued a warning discouraging the use of bitcoin and other similar systems. [54]

The Central Handelsbank of Jordan prohibits banks, currency exchanges, financial companies, and payment service companies from dealing te bitcoins or other digital currencies. [55] While it warned the public of risks of bitcoins, and that they are not legal tender, bitcoins are still accepted by puny businesses and merchants. [55]

The government of Lebanon has issued a warning discouraging the use of bitcoin and other similar systems. [54]

Bitcoin is not regulated spil it is not considered to be electronic money according to the law. [Two] : Turkey [56]

Bitcoin is neither recognized strafgevangenis regulated ter Iran. Government officials, however, discourage investing te cryptocurrencies until after the regulations are made. [57]

South Asia Edit

Ter September 2014, Bangladesh Handelsbank said that “anybody caught using the virtual currency could be jailed under the country’s rigorous anti-money laundering laws”. [58]

Finance minister Arun Jaitley, ter his budget speech on 1 February 2018, stated that the government will do everything to discontinue the use of bitcoin and other virtual currencies ter India for criminal uses. He reiterated that India does not recognise them spil legal tender and will instead encourage blockchain technology ter payment systems.

“The government does not recognise cryptocurrency spil legal tender or coin and will take all measures to eliminate the use of thesis cryptoassets te financing illegitimate activities or spil part of the payments system,” Jaitley said. [59]

On 13 August 2018 Nepal Rastra Canap proclaimed bitcoin spil illegal. [60] [61]

Spil of 25 May 2018 [update] , the State Handelsbank Of Pakistan does not recognise digital currencies. FBR (Federal Houtvezelplaat of Revenue) is investigating the traders of digital currencies for tax evasion and money laundering and the trade of bitcoin is not regulated by laws. [62]

East Asia Edit

While private parties can hold and trade bitcoins ter China, regulation prohibits financial firms like banks from doing the same. [7] : China

On Five December 2013, People’s Canap of China (PBOC) made its very first step te regulating bitcoin by prohibiting financial institutions from treating bitcoin transactions. [63] Te a statement on the central bank’s webstek the PBOC said financial institutions and payment companies cannot give pricing ter, buy and sell bitcoin or insure bitcoin-linked products.

On 16 December 2013 it wasgoed speculated that the PBOC had issued a fresh verbod on third-party payment processors from doing business with bitcoin exchanges, [64] however a statement from BTC China suggests this isn’t accurate, and rather payment processors had voluntarily withdrawn their services. [65]

On 1 April 2014 PBOC ordered commercial banks and payment companies to close bitcoin trading accounts te two weeks. [66] Trading bitcoins by individuals is legal te China. [63] [67]

On 9 February 2018, numerous bitcoin exchanges te China delayed or paused bitcoin withdraw service, with or without announcement. Some of the announcements, [68] [Sixty nine] [70] [71] if not all, eis that regulation activities have bot or are to be taken. News resources [72] also demonstrate that, albeit such activities were carried out by PBOC, they were not done via legal approaches, but by “appointment” instead. None of the exchanges introduced or have claimed to receive any lawful paperwork. The crackdown on bitcoin and other virtual currency traders wasgoed accompanied by Chinese media touting the dangers of virtual currency spil a contraption for criminal activities. [73] [74]

On 8 January 2014, the Secretary for Financial Services and the Treasury addressed bitcoin te the Legislative Council stating that “Hong Kong at present has no legislation directly regulating bitcoins and other virtual currencies of [a] similar zuigeling. However, our existing laws (such spil the Organised and Serious Crimes Ordinance) provide sanctions against unlawful acts involving bitcoins, such spil fraud or money laundering.” [Two] : Hong Kong

On 16 November 2013, Norman Chan, the chief executive of Hong Kong Monetary Authority (HKMA) said that bitcoins is only a virtual commodity. He also determined that bitcoins will not be regulated by HKMA. However, the authority will be closely watching the usage of bitcoins locally and its development overseas. [77]

Japan officially recognizes bitcoin and digital currencies spil a “means of payment that is not a legal currency” (see Article 2-5 of Japans’s Payment Services Act (PSA) 25 May 2016). [78]

On 7 March 2014, the Japanese government, te response to a series of questions asked ter the National Diet, made a cabinet decision on the legal treatment of bitcoins ter the form of answers to the questions. [79] The decision did not see bitcoin spil currency strafgevangenis unie under the current Banking Act and Financial Instruments and Exchange Law, prohibiting banks and securities companies from dealing te bitcoins. The decision also acknowledges that there are no laws to unconditionally prohibit individuals or legal entities from receiving bitcoins ter exchange for goods or services. Taxes may be applicable to bitcoins.

According to Nikkei Asian Review, te February 2016, “Japanese financial regulators have proposed treating virtual currencies spil methods of payment omschrijving to conventional currencies”. [80]

The city of Hirosaki is officially accepting bitcoin donations with the objective of attracting international tourists and financing local projects. [81] [82] Te 2018, the country’s government officially recognized bitcoin spil a method of payment. [83] [84]

While not illegal te the country, Korean authorities will prosecute illegal activity involving bitcoin [85] and have indicted at least one individual for purchasing drugs with bitcoin. [86]

There are no laws te South Korea regulating the use of bitcoin at present. [Two] : South Korea On 12 December 2013, the voorzitter of the Bankgebouw of Korea recommended at a press conference that bitcoin be regulated te the future. [87] Regulators ter South Korea have reportedly banned the trade of futures contracts and other derivatives tied to bitcoin.

According to a 6 December 2018 report from the Korea Herald, directives from the country’s Financial Services Commission led securities firms such spil eBest Investment &, Securities and Shinhan Financial Investment to cancel seminars marketed towards bitcoin futures investors.

Bitcoin ATMs are banned here [7] : Taiwan but bitcoins can be purchased at overheen 6000 convenience store kiosks. [88] [89]

Regulators have warned the public that bitcoin does not have legal protection, “spil the currency is not issued by any monetary authority and is therefore not entitled to legal claims or ensure of conversion”. [90]

While bitcoin is not illegal ter Taiwan, financial institutions have bot warned by regulators that necessary regulatory deeds may be taken if they use it. [Two] : Taiwan

On 6 December 2013, Perng Fai-nan said that bitcoin is only used te certain communities. Besides, he also opined that the value of bitcoin is a bubble and is very volatile. Therefore, he advised the public against the speculation of bitcoins to prevent making a loss during the process. The central bankgebouw is closely watching the development of bitcoin and project to impose regulations ter the future. [91]

On 31 December 2013, Financial Supervisory Commission (Republic of China) (FSC) and CBC issued a snaak statement which warns against the use of bitcoins. It is stated that bitcoins remains very volatile, very speculative, and is not entitled to legal claims or ensure of conversion. [92]

On Five January 2014, FSC chairman Tseng Ming-chung stated that FSC will not permit the installation of bitcoin ATM ter Taiwan because bitcoin is not a currency and it should not be accepted by individuals and banks spil payment. [93]

However, despite this, three of the four major convenience store chains te Taiwan make available purchases of bitcoin through their kiosk systems, [94] and the largest chain now permits bitcoin to be used for purchases of goods. [95]

Southeast Asia Edit

There are no regulations related to the use of bitcoin and other cryptocurrencies ter Cambodia. However the Securities and Exchange Commission of Cambodia and National Handelsbank of Cambodia has discouraged the use of cryptocurrencies. The National Canap has stated that cryptocurrencies are illegal ter Cambodia and has instructed commercial banks ter the country not to accept bitcoin and other cryptocurrencies te financial transactions. [96] [ clarification needed ]

On 7 December 2018, Canap Indonesia, the country’s central bankgebouw, issued a regulation banning the use of cryptocurrencies including bitcoin spil payment devices kicking off 1 January 2018. However other activities such spil bitcoin trading and mining remain not covered by the regulation. [97]

On Four November 2013, Canap Negara Malaysia (BNM) met with local bitcoin proponents to learn more about the currency but did not comment at the time. [98] BNM issued a statement on 6 January 2014 that Bitcoin is not recognised spil a legal tender te Malaysia. The central bankgebouw will not regulate Bitcoin operations at the ogenblik and users should aware of the risks associated with Bitcoin usage. [99] [100] [Two] : Malaysia

On Four October 2018, BNM announced that The decision on whether cryptocurrencies should be banned ter Malaysia will be taken by them before the end of the year. [101]

On 6 March 2014, Bangko Sentral ng Pilipinas (BSP) issued a statement on risks associated with bitcoin trading and usage. Recently virtual currencies were legalized and cryptocurrency exchanges are now regulated by Central Bankgebouw of the Philippines (Bangko Sentral ng Pilipinas) under Circular 944 [102]

Te December 2013, the Monetary Authority of Singapore reportedly stated that “[w]hether or not businesses accept bitcoins ter exchange for their goods and services is a commercial decision ter which MAS does not intervene.” [Two] : Singapore

On 22 September 2013, the Monetary Authority of Singapore (MAS) warned users of the risks associated with using bitcoin stating “If bitcoin ceases to operate, there may not be an identifiable party responsible for refunding their monies or for them to seek recourse” [103] and ter December 2013 stated “Whether or not businesses accept Bitcoins ter exchange for their goods and services is a commercial decision ter which MAS does not intervene” [104] Ter January 2014, the Inland Revenue Authority of Singapore issued a series of tax guidelines according to which Bitcoin transactions may be treated spil a barter exchange if it is used spil a payment method for real goods and services. Businesses that overeenkomst with Bitcoin currency exchanges will be taxed based on their Bitcoin sales. [105]

The initial position of the Canap of Thailand, mid 2013, wasgoed to discourage the use of bitcoin, however spil of 2018 [update] , the Canap of Thailand is open to bitcoin provided decent controls are ter place. [106]

Thai based bitcoin exchanges can only exchange Digital Currencies for Thai Baht and are required to operate with a Thailand Business Development Department e-commerce license. They are also required to have KYC and CDD policies and procedures te place, te accordance with the Ministerial Regulation Prescribing Rules and Procedures for Customer Due Diligence, Reference Pagina 8 Volume 129 Part 44 A Government Gazette 23 May 2555 (2012). [107]

Suspicious activity vereiste be reported to the Anti-Money Laundering Office (Thailand) (AMLO), of Thailand. [108]

The SEC Thailand encourages access to funding for businesses, including high potential tech startups, and realizes the potential of ICO te answering startups’ funding needs. Ter cases where an ICO constitutes suggesting of securities, the issuer will need to obey with applicable regulatory requirements [109]

The SEC Thailand issued a Public Consultation Document Aor Tor Ngor 34/2560 27 October 2018 Topic: Regulatory treatment on Initial Coin Suggesting (ICO) [110]

Trading te Bitcoin te Vietnam is still unrestricted and unregulated by law, and two largest bitcoin markets te Vietnam – VBTC and Bitcoin Vietnam are working without being restricted. Te August 2018, Vietnam’s prime minister has approved a project that could see the country formally recognize bitcoin spil a form of payment by the end of 2018. [111]

The State Canap of Vietnam has proclaimed that the issuance, supply and use of bitcoin and other similar virtual currency is illegal spil a mean of payment and subject to penalty ranging from 150 million to 200 million VND, [112] but the government doesn’t verbod bitcoin trading spil a virtual goods or assets. [113]

Europe Edit

Central Europe Edit

Bitcoin is legal. Albeit not considered to be an official form of currency, earnings are subject to tax law.

On 6 December 2013, the Croatian National Bankgebouw reportedly conducted a discussion on the circulation of digital currencies and concluded that bitcoin is not illegal te Croatia. [Two] : Croatia

Bitcoin trading does not require authorization by the Czech National Canap and the Czech National Bankgebouw cannot grant such an authorization (2015). [114] Bitcoin is classified spil intangible good (not spil electronic money) for purpose of tax and other laws. [115]

On Nineteen 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 ter the country, meaning that purchases made with it voorwaarde pay VAT spil with Euro transactions. It is not classified spil a foreign currency or e–money but stands spil “private money” which can be used ter “multilateral clearing circles”, according to the ministry. [116] [117]

The use of bitcoin ter Poland is not regulated by a legal act at present. [Two] : Poland

Szymon Wozniak of the Ministry of Finance made an official announcement on the legality of bitcoin on Legitimate December 2013 at a conference at the Warsaw Schoolgebouw of Economics stating that the Ministry of Finance does not consider bitcoin illegal and does not want to ongemak its development. [118] He clarified that while not illegal, bitcoin cannot be considered legal tender, and, te the light of the directives of the European Union, it is neither electronic money. [118] Spil of 27 January 2015, several banks have closed accounts of clients trading bitcoin, and indicated “presumption of criminal offense” spil the cause, with “criminal offense” presumably being “cryptocurrency trade”. [119] Spil of 7 July 2018, the National Canap of Poland (NBP) and Financial Supervision Authority (KNF) issued a comment on virtual “currencies”. [120] They underlined that virtual currencies (including bitcoin): (1) are not issued or assured by the central bankgebouw, (Two) are not money, i.e. they are neither legal tender strafgevangenis currency, (Trio) can not be used to pay tax liabilities, (Four) do not meet the criterion of universal acceptability te shopping and service points, (Five) are not electronic money, (6) are not payment services (ter legal terms), (7) are not financial instruments (ter legal terms). They added that trading virtual currencies te Poland does not crack national or EU law, however, having virtual “currencies”, involves many risks: (1) risk related to the possibility of loss of funds due to theft, (Two) risk related to lack of assure, (Trio) risk of lack of universal acceptability, (Four) risk related to the possibility of fraud, (Five) risk of high price switch. Because of thesis risks, the NBP and KNF warn against buying virtual currencies and investing te them. The NBP and KNF recognize that the purchase, possession and sale of virtual currencies by entities supervised by the KNF (e.g. banks) would be burdened with high risk and would not ensure a stable and prudent management of the financial institution. Financial institutions should be cautious about engaging and cooperating with virtual currency “trading” entities.

Spil of March 2015, an official statement of the Romanian National Canap mentioned that “using digital currencies spil payment has certain risks for the financial system”. [121]

Te October 2018, the National Fiscal Administration Agency (ANAF) announced that there is a lack of a legislative framework around bitcoin, and therefore, it is incapable to create a tax regulation framework for it spil well (implying no taxation). [122]

The National Canap of Slovakia (NBS), stated [123] that bitcoin does not have the legal attributes of a currency, and therefore does not fall under national control. [note 1] European legislation, including the Slovak law, does not define the activities associated with virtual currency. Such activities are not regulated and supervised by the National Bankgebouw of Slovakia or the European Central Bankgebouw. At the same time NBS points out that any legal person or natural person te the Slovak Republic shall not kwestie any notes or any other coins. Unlawful manufacturing of banknotes and coins and putting them into circulation is punishable by law. Te this setting, NBS points out that virtual currencies have not a physical counterpart ter the form of legal tender and participation te such a scheme (virtual currency) is at your own risk. Exchanges or purchases of virtual currencies represent the business risk of investors and investors’ money are not protected. For any compensation of losses caused by such exchanges or purchases there is no legal entitlement.

On 23 December 2013 the Slovenian Ministry of Finance made an announcement [124] stating that bitcoin is neither a currency strafgevangenis an asset. There is no capital gains tax chargeable on bitcoin, however bitcoin mining is taxed and businesses selling goods/services te bitcoin are also taxed.

Bitcoin businesses te Switzerland are subject to anti-money laundering regulations and te some instances may need to obtain a banking license. [125]

On Five December 2013, a proposal wasgoed waterput forward by 45 members of the Swiss Parliament for digital sustainability (Pardigli), that calls on the Swiss government to evaluate the opportunities for utilization of bitcoin by the country’s financial sector. [126] It also seeks clarification on bitcoin’s legal standing with respect to VAT, securities and anti-money laundering laws. [127]

Ter response to the parliament postulates, the Swiss Federal Council issued a report on virtual currencies ter June 2014. [128] The report states that since virtual currencies are not te a legal vacuum, the Federal Council has concluded that there is no need for legislative measures to be taken at the uur.

Ter 2016, Zug added bitcoin spil a means of paying city fees, ter a test and an attempt to advance Zug spil a region that is advancing future technologies. [129] Swiss Federal Railways, government-owned railway company of Switzerland, sells bitcoins at its toegangsbewijs machines. [130]

Eastern Europe Edit

The use of bitcoins is not regulated te Ukraine. [ citation needed ]

Northern Europe Edit

Denmark’s Financial Supervisory Authority issued a statement announcing that bitcoin is not a currency and stating that it will not regulate its use. [Two] : Denmark

On 17 December 2013, Denmark’s Financial Supervisory Authority (FSA) has issued a statement that echoes EBA’s warning. Spil of 2018 [update] , FSA says that doing business with bitcoin does not fall under its regulatory authority and therefore FSA does not prevent anyone from opening such businesses. [131] FSA’s chief legal adviser says that Denmark might consider amending existing financial legislation to voorkant virtual currencies. [132]

Ter Estonia, the use of bitcoins is not regulated or otherwise managed by the government. [Two] : Estonia

The Estonian Ministry of Finance have concluded that there is no legal obstacles to use bitcoin-like crypto currencies spil payment method. Traders voorwaarde therefore identify the buyer when establishing business relationship or if the buyer acquires more than 1,000 euros of the currency te a month. [133]

The Finnish Tax Administration has issued instructions for the taxation of virtual currencies, including the bitcoin. [Two] : Finland [134] Rather than a currency or a security, a bitcoin transaction is considered a private contract omschrijving to a contract for difference for tax purposes. Purchases of goods with bitcoin or conversion of bitcoin into legal currency “realizes” the value and any increase ter price will be taxable, however, losses are not tax-deductible. Mined bitcoin is considered earned income. [134]

Ruling 034/2014 by the Finnish Central Houtvezelplaat of Taxes (CBT) stated that commission fees charged on bitcoin purchases by an exchange market were, under the EU VAT Directive, banking services and therefore VAT exempt. This is because the court classified bitcoins spil payment instruments – whereas most countries treat their use spil an unregulated method for the exchange of goods, or even spil a crime. [135] [136]

According to a 2014 opinion, from the Central Canap of Iceland “there is no authorization to purchase foreign currency from financial institutions te Iceland or to transfer foreign currency across borders on the fundament of transactions with virtual currency. For this reason alone, transactions with virtual currency are subject to limitations te Iceland.” [137] This does not zekering [138] businesses te Iceland from mining bitcoins. [139] The Icelandic Central Bankgebouw confirmed that “it is prohibited to engage ter foreign exchange trading with the electronic currency bitcoin, according to the Icelandic Foreign Exchange Act”. [140]

On 12 March 2018, the Central Bankgebouw amended its rules. With the fresh rules, broad and general exemptions have bot granted from the limitations of the Foreign Exchange Act No. 87/1992 [141]

Canap of Lithuania released a warning on 31 January 2014, that bitcoin is not recognized spil legal tender te Lithuania and that bitcoin users should be aware of high risks that come with the usage of it. [142]

The Norwegian Tax Administration stated ter December 2013 that they don’t define bitcoin spil money but regard it spil an asset. Profits are subjected to wealth tax. Ter business, use of bitcoin falls under the sales tax regulation. [143]

The Norwegian government stated te February 2018 that they would not levy VAT on the purchase or sale of bitcoin. [144]

Spil of November 2016 proclaimed, bitcoins are “not illegal” according to the Federal Tax Service of Russia. [145] [146] Ter September 2018 Russia central handelsbank head Elvira Nabiullina has said it is categorically against regulating cryptocurrencies spil money, spil a means by which payment can be made for goods and services, and against equating them with foreign currency. [147] Deputy Finance Minister of the Russian Federation Alexei Moiseev at the same time said it’s “very likely illegal” to accept cryptocurrencies payments. [148] However bitcoin market sites are blocked and te court decisions stated that bitcoin is a currency surrogate which is outlawed on the territory of Russian Federation. [149]

The Swedish Tax Agency has given a preliminary ruling on Value Added Tax (VAT) on bitcoins, stating that trade te bitcoins is not subject to Swedish VAT, but is instead subject to the Finansinspektionen (Financial Supervisory Authority) regulations and treated spil a currency. The decision has bot appealed by the Swedish Tax Authority. [Two] : Sweden

The Swedish jurisdiction is ter general fairly favorable for bitcoin businesses and users spil compared to other countries within the EU and the surplus of the world. The governmental regulatory and supervisory bod Swedish Financial Supervisory Authority (Finansinspektionen) have legitimized the swift growing industry by publicly proclaiming bitcoin and other digital currencies spil a means of payment. For certain businesses interacting with fiat (mainly exchanges) the current regulation dictates that an application for approval/license voorwaarde be filed and all the AML/CTF and KYC regulations applicable to more traditional financial service providers voorwaarde be followed.

Southern Europe Edit

No regulation on the use of bitcoins.

There is not a single word te Bulgarian laws about bitcoin. People owe 10% tax if they made profit trading.

No specific legislation on bitcoins exists ter Greece. [Two] : Greece

Italy does not regulate bitcoin use by private individuals. [Two] : Italy

Spil of 2018 [update] , Malta does not have any regulations specifically pertaining to bitcoins. [Two] : Malta Ter 2018, 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 capability to treat, store and process sensitive gegevens te an immutable and decentralized ecosystem. [150]

Paying te crypto is not legal ter Macedonia and using digital money is discouraged by the National Bankgebouw of the Republic of Macedonia. [151] Payment of the virtual currency bitcoin te Macedonia is prohibited and anyone who uses it for any transaction violates the law, which provides not only fines, but also imprisonment.

Thesis days the governor of The National Bankgebouw of Macedonia urged Macedonian citizens not to invest ter bitcoins, because they are very risky and their value is speculative

Bitcoin operation te our country will be sanctioned. Bitcoin is basically a speculative currency, which makes investment te it utterly risky.

Te the Republic of Macedonia, the legal means of payment is only the denar and any payment ter another currency falls under the legislation. The use of bitcoin is contrary to the Law on Payment Operations and the Law on Foreign Exchange Operations, according to the National Handelsbank of Macedonia. According to the Law, the responsible person, foot proprietor and natural person (residents), who its operations will crack the provisions of this law by using foreign currencies and other international valuation measures such spil the currency of executing contracts inbetween residents will be disciplined with imprisonment of three years to five years.

The responsible person ter the legal entity or foot proprietor ter the territory of The Republic of Macedonia shall carry out, ter its own name and on its own account, spil well spil for another person (legal or physical) payment or payment into effective foreign currency contrary to the provisions of this Law, shall be sentenced to imprisonment of six months to five years.

Te addition to prison terms, fines of inbetween 7,000 and Ten,000 euros are provided.

Ter Macedonia so far only one company has announced that it is working with bitcoin, and there is also a failed initiative to embark using it te restaurants and cafes.

Bitcoin has no specific legal framework te Portugal. [Two] : Portugal

Transactions te bitcoins are subject to the same laws spil barter transactions. [Two] : Spain

Western Europe Edit

The Minister of Finance indicated that government intervention with regard to the bitcoin system does not emerge necessary at the present time. [Two] : Belgium

The French Ministry of Finance issued regulations on 11 July 2014 pertaining to the operation of virtual currency professionals, exchanges, and taxation. [152]

The Central Canap of Ireland wasgoed quoted ter the Assembly of Ireland spil stating that it does not regulate bitcoins. [Two] : Ireland

The Commission den Surveillance du Secteur Suikeroom has issued a communication ter February 2014 acknowledging the status of currency to the bitcoin and other cryptocurrencies. [153] [154] The very first BitLicence wasgoed issued te October 2015, [155] and the government is actively supporting this development. [154] [156]

Spil of 2018 [update] , virtual currencies such spil bitcoin do not fall within the scope of the Act on Financial Supervision of the Netherlands. [Two] : Netherlands

Spil of 2018 [update] , the government of the United Kingdom has stated that bitcoin is unregulated and that it is treated spil a ‘foreign currency’ for most purposes, including VAT/GST. [Two] : United Kingdom

Bitcoin is treated spil ‘private money’. When bitcoin is exchanged for sterling or for foreign currencies, such spil euro or dollar, no VAT will be due on the value of the bitcoins themselves. However, te all instances, VAT will be due te the normal way from suppliers of any goods or services sold te exchange for bitcoin or other similar cryptocurrency. Profits and losses on cryptocurrencies are subject to capital gains tax. [157]

Oceania Edit

Australasia Edit

Te December 2013, the governor of the Reserve Bankgebouw of Australia (RBA) indicated te an vraaggesprek about bitcoin legality stating, “There would be nothing to zekering people te this country determining to transact te some other currency ter a shop if they desired to. There’s no law against that, so wij do have contesting currencies.” [158] Australia has officially confirmed it will treat bitcoin “just like money” on 1 July 2018 and it will no longer be subject to dual taxation. [159]

The Reserve Bankgebouw of Fresh Zealand states: “Non-banks do not need our approval for schemes that involve the storage and/or transfer of value (such spil ‘bitcoin’) – so long spil they do not involve the issuance of physical circulating currency (notes and coins).” [Two] : Fresh Zealand

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