Cryptocurrency development is building a New Economy. It will allow people to send, receive, and to trade on the cryptocurrency platform. While 2019 was a year of exceptional growth which witnessed a major spike in Cryptocurrency awareness!!
Following the cryptocurrency market boom of 2019, a large number of countries began to take notice of Bitcoins much more than ever before. Many countries with major speculation, regulations are in a race to become crypto-ready!
As of 2019, a large number of countries have set up legal regulations on cryptocurrencies. However, there are some countries that have been lenient towards this currency of the future and have given it legal or quasi-legal status.
Let us take a detailed look at Cryptocurrency legal status across various countries,
In feb of 2018 itself, the Malta Government has created a new Malta Digital Innovation Authority on a exclusive regulatory framework for Cryptocurrency Business. This Malta Digital Innovation Authority pursue to certify the blockchain platforms used by companies and also to improve the verification processes for crypto traders on the platform. Malta's Prime Minister has mentioned that Malta's aim is to become "global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world class fintech companies".
The Light Taxation policies of Bermuda extends to bitcoin and cryptocurrencies in general.Bermuda's financial regulator, the Bermuda Monetary Authority(BMA) Published a paper regarding its proposed "regulation of Virtual Currencies" which is known as the Virtual Currency Business Act(VCBA). The largest cryptocurrency business taht ties with Bermuda is Binance. The CEO and founder of Binance has signed a memo of understanding with Bermuda’s Minister of Finance on 2018 itself.Thus Bermuda aims to implement anti-money laundering(AML)to provide userfriendy and reasonable framework for Cryptocurrency businesses.
The major town of Switz, Zug has been nicknamed as "Crypto Valley" which have passed some progressive laws regarding cryptocurrency and its related business, even bitcoins are accepted as a payment for utility bills.
ICOs will be regarded as securities within Switzerland, according to regulatory guidelines passed by the Swiss Financial Market Supervisory Authority. Although in Swiss no license is required to send or receive Bitcoin, companies must comply with Swiss anti-money laundering (AML) legislation.
Singapore is one of the most popular Asian nation when it comes to cryptocurrency users as it has shown a open approach towards cryptocurrencies. In Singapore, all cryptocurrency trading need to collect their users verified and collect personal information from them.
However, Singapore is known for being quite revolutionary as there are many places in Singapore which accept cryptocurrency payments. However, there are many Bitcoin ATMs all over the country! The Monetary Authority of Singapore is heading towards tax laws to bring cryptocurrencies under the tax scanner.
HongKong is a Special Administrative Region of China which has its own currency, the HongKong Dollar(HKD), that has lot of trading volume. However the income tax will still apply whether a business is receiving HBK OR BTC. The Bitcoin Asoociation of HongKong described the region as having reliable,predictable and hands-off regulations. This regulations are seems to be simpleand clear.Thus Bitcoin is categorized as a virtual commodity rather than a currency.
Germany is most supportive when it comes to cryptocurrencies; it is considered legal but taxed differently depending upon whether the authorities are dealing with exchanges, miners, enterprises, or users. Cryptocurrency had long been accepted in Germany as “private money.” This new classification means that cryptocurrency may be considered as currency for purposes of taxation and trading.
Japan is the most passionate country when it comes to the legality of cryptos. This country has shown an active interest in the cryptocurrencies at the forefront of adoption, legalization and integration. Japan is home to a number of crypto exchanges and the country isn’t very strict. It was the first country in the world to approve Bitcoin as legal tender.
8. United States
The US government has classified cryptocurrencies as MSB (Money Services Business). The US government has been more open and positive about Cryptocurrencies compared to many other countries. Several government bodies have been instructed that all cryptocurrency transactions need to be carried out only in legal terms as cryptocurrencies has its presence in the US derivatives market.
Similar to the US, Canada too is also quite open and positive in adopting cryptocurrencies as an alternative form of payments in the future. In Canada, cryptocurrencies are classified as a commodity. Legally, this means that all transactions in cryptos in Canada are legally termed as a barter trade. These cryptocurrencies generated income in Canada is basically ‘business income’. Apart from Bitcoins, Canada is also high on the blockchain technology and has begun implementing it in some government departments. Canada government also wants to ensure whether the Anti Money Laundering laws are strict when it comes to cryptocurrencies.
The legal condition of cryptocurrencies in Netherlands are quite similar to that of Canada. Bitcoins transactions are treated as a dispute transaction in the country. In Netherlands, there are no specific rules of licensing and compliance that apply to cryptocurrencies.
Other Countries where Cryptocurrencies are Legal,
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