Cryptocurrency Laws by Country

In December 2013, the governor of the Reserve Bank of Australia (RBA) pointed out in an interview about the legality of Bitcoin: “There would be nothing that could prevent people in this country from trading a company in another currency if they wanted to. There is no law against that, so we have competing currencies. [169] As of April 2018, Australian digital bureaux de change will be required to register with the Australian Transaction Reports and Analysis Centre and implement “Know Your Customer” policies to comply with new anti-money laundering laws. [170] China China was at one time home to the largest number of Bitcoin miners in the world. The Chinese government has claimed that the cryptocurrency ban is aimed at reducing energy prices and greenhouse gas emissions associated with crypto transactions. Chinese officials have repeatedly warned their populations to stay away from the digital asset market and have cracked down on mining in the country and currency exchanges in China and abroad. Turkey Many in Turkey turned to cryptocurrency when the Turkish lira lost value. With some of the highest utilization rates in the world, regulatory adoption has been swift this year, with inflation peaking in April. On April 16, 2021, the Central Bank of the Republic of Turkey issued a regulation banning the use of cryptocurrencies, including Bitcoin. The next day, Turkish President Recep Tayyip Erdoğan went even further by issuing a decree exchanging cryptocurrencies with a list of companies subject to anti-money laundering and anti-terrorist financing rules. China has banned all companies and individuals from raising funds through ICO activities and reiterates that ICOs in the country are considered illegal activities.

Several companies, including the People`s Bank of China (PBC), the China Securities Regulatory Commission and the China Insurance Regulatory Commission, issued a joint statement announcing the ban. Spring. China`s central bank, the People`s Bank of China, completely banned cryptocurrency transactions in the country on September 24, the BBC reported. The report concludes that China (in addition to Sweden) is leading the CBDCs` initiatives, as the country has already begun piloting a national e-currency. The Bank of Thailand reportedly said in a meeting with a bitcoin company that there are no applicable laws and capital controls and that buying or selling bitcoins, buying or selling goods or services for bitcoin, or receiving bitcoins from outside Thailand is illegal. Spring. Naturally, mainland China`s cryptocurrency holdings extend at least in part to Hong Kong and Taiwan. While there is no formal ban on the use of cryptocurrencies in Hong Kong, even by financial institutions, no bank has yet been given permission to invest in digital assets or conduct transactions, and policymakers have proposed blanket bans on retail activities. In the meantime, Taiwan is refraining from any measures except to declare the cryptocurrency as “unregulated”. Regardless, more and more governments are choosing to embrace digital innovation and play a role in the industry. At the same time, jurisdictions that oppose the emerging industry run the risk of being left behind. Ironically, these countries are already among the poorest countries in the world, and widespread raids on Bitcoin and cryptocurrency do not seem to bring favorable results to improve the situation.

Quite the contrary; The inclusion of cryptocurrency companies with favorable regulations offers a great opportunity to bring innovation, capital and tax revenue, and improve the standard of living of the entire population. France has passed new laws that allow banks and fintech companies to create platforms where unlisted securities can be traded instantly. France`s finance minister issued a statement saying that this will allow the development of new trading platforms and transactions that are faster, cheaper, more transparent and safer. Securities listed on the stock exchange must continue to pass through custodians and clearing houses. Spring. Thailand does not regulate cryptocurrency transactions, but the SEC`s position in Thailand is that Bitcoin is an asset that can be traded. The SEC does not support Bitcoin`s status, and Bitcoin is not recognized as having legal tender to repay the debt, but the Bank of Thailand has begun allowing banks to open subsidiaries for crypto companies, but it is still forbidden to trade cryptocurrencies directly. “The government does not recognize cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in the financing of illegitimate activities or as part of the payment system,” Jaitley said. [77] – Currently, there is no regulation or ban on the use of cryptocurrencies in the country, but Prime Minister Narendra Modi met with senior officials in early November to discuss the issue, and “the signs are strong” that regulatory action will come, PTI added.

Bitcoin can be used anonymously to make transactions between any account holder worldwide. This has led to monetary concerns for governments. While some legislators and officials may not support its use due to a lack of control and illegal connections, many regulations have been introduced under their country`s anti-money laundering and terrorist financing (AML/CFT) laws to reduce its use for these purposes. The Centre for Financial Transaction analysis and reporting (FINTRAC) has reportedly written to several leading Bitcoin exchanges that they are exempt from Canada`s money laundering laws. Spring. Banks are not allowed to trade Bitcoins due to concerns about financial crime and hacking. In addition, cryptocurrency is banned in the Qatar Financial Centre. [73] [74] Bitcoin transactions are subject to the same laws as barter transactions.

[3]: Spain Virtual currencies are not legal tender and the use of virtual currencies violates the country`s information and electronic transaction laws and currency laws. According to a February 2019 regulation issued by Indonesia`s Commodity Futures Trading Regulatory Agency (Bappebti), cryptocurrency derivative transactions and cryptocurrency exchanges that offer such transactions may now be subject to regulatory requirements. .