Cryptocurrency is legal in countries like Canada, Germany, El Salvador, Singapore, Switzerland, Estonia, Malta, Portugal, and the United States. Other countries where it is legal include Angola, Costa Rica, Ecuador, Lebanon, Turkey, Iran, Argentina, Brazil, Pakistan, Chile, and more.
However, some countries like China, Algeria, Egypt, Qatar, Ghana, Tunisia, and Bolivia have banned the use of cryptocurrencies due to various reasons. On the other hand, countries like Singapore, Switzerland, Malta, Estonia, and Portugal have been considered crypto-friendly due to their favorable regulations, vibrant crypto communities, and supportive government policies.
Overall, the legality of cryptocurrencies around the world is constantly evolving, with some countries taking a more progressive approach while others remain cautious.
Americas
North America
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Canada
Legal / Banking ban. Companies dealing in virtual currencies must register with the national financial intelligence agency Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), implement compliance programs, keep the required records, report suspicious or terrorist-related transactions, and determine if any of their customers are “politically exposed persons”. As of April 2018, the Bank of Montreal (BMO) announced that it would ban its credit and debit card customers from participating in cryptocurrency purchases with their cards.
United States
Legal. The U.S. Treasury classified bitcoin as a convertible decentralized virtual currency in 2013. The Commodity Futures Trading Commission (CFTC), classified bitcoin as a commodity in September 2015. Bitcoin was mentioned in a U.S. Supreme Court opinion (in the case of Wisconsin Central Ltd. v. United States) on 21 June 2018.
Mexico
Legal. Bitcoin was legal in Mexico as of 2017, with plans to regulate it as a virtual asset by the FinTech Law.
Central America
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Costa Rica
Not considered currency. In October 2017, the Central Bank of Costa Rica issued a statement that Bitcoin and cryptocurrencies are not considered currencies, are not backed by law, and cannot be traded on Costa Rica’s national payment system.
El Salvador
Legal. Bitcoin was made legal tender in the country through the Bitcoin Law, which was passed on 8 June 2021, and took effect on 7 September 2021.
Nicaragua
Not regulated as of 2014. As of 2014, the government had not passed any regulation on Bitcoin, nor had the central bank issued rulings or guidelines.
Caribbean
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Jamaica
Legal. In 2017, The Bank of Jamaica (BoJ), issued a statement saying that it must create opportunities for the exploitation of cryptocurrency technology.
Trinidad and Tobago
Legal. In 2018, the Central Bank of Trinidad and Tobago issued a statement that it was willing to work with companies that provided Fintech and virtual currencies, while also cautioning that virtual currencies were risky, could be used to facilitate criminal activities, and lacked insurance and regulator recourse in case of problems.
South America
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Argentina
Legal / Banking ban. Bitcoins may be considered money, but not legal currency. On May 5, 2022, the Central Bank of Argentina banned financial institutions to facilitate any cryptocurrency-related transactions.
Bolivia
Legal / Banking ban. The Central Bank of Bolivia issued a resolution banning bitcoin and any other currency not regulated by a country or economic zone in 2014.
Brazil
Legal. In December 2022, Brazil established a licensing regime for virtual asset service providers with the aim of legalizing crypto as a payment method. In November 2017 this unregulated and discouraged status was reiterated by the Central Bank of Brazil. On 7 May 2019, the Special Department of Federal Revenue of Brazil published a document on cryptocurrency taxes in the country.
Chile
Legal. There is no regulation on the use of bitcoins.
Colombia
Legal / Banking ban. Financial institutions are not allowed to facilitate bitcoin transactions.
Ecuador
Legal to trade and hold / Illegal as a payment tool, banking ban. As of December 25, 2021, no person has been criminally prosecuted for this reason. Despite this, on January 8, 2018, according to a statement issued by the Central Bank of Ecuador, the purchase and sale of bitcoins is legal.
Venezuela
Legal to hold / Illegal to mine. In January 2018 Carlos Vargas, the government’s cryptocurrency superintendent said “It is an activity that is now perfectly legal”. In March 2023, regulators issued a temporary ban on all cryptocurrency mining, due to concerns over corruption and embezzlement. As of June the ban remained in place.
Africa
Western Africa
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Nigeria
Legal / Banking ban As of 17 January 2017, The Central Bank of Nigeria (CBN) has passed a circular to inform all Nigerian banks that bank transactions in bitcoin and other virtual currencies have been banned in Nigeria. On 5 February 2021, The Central Bank of Nigeria issued a circular informing financial institutions in Nigeria that sequel to their circular in January 2017, dealing in cryptocurrency or facilitating payment for same remains prohibited and would attract a stiff penalty.
East & Central Africa
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Tanzania
Legal / Use discouraged by central bank while not officially banned, the Bank of Tanzania advises not to use cryptocurrency, stressing that the Tanzanian shilling is the only acceptable legal tender.
Central African Republic
Legal on 22 April 2022 parliament of the Central African Republic voted for the cryptocurrency law which was promulgated on 27 April officially making Bitcoin a legal tender in the country. In April 2023, the CAR agreed to repeal the adoption of Bitcoin as legal tender.
Southeast Africa
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Mauritius
Legal. The Financial Services Commission of Mauritius considers cryptocurrencies to be regulated as a Digital Asset under the Financial Services Act 2007, and while it cautions investors they are not protected by any statutory compensation agreements, they are legal.
Southern Africa
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Angola
Legal. While government officials have advised against the use of bitcoin, there is no legislation against it and it remains fully legal.
South Africa
Legal. In December 2014 the Reserve Bank of South Africa issued a position paper on virtual currencies whereby it declared that virtual currency had “no legal status or regulatory framework. The South African Revenue Service classified bitcoin as an intangible asset.
Namibia
Legal / Banking ban. In September 2017 the Bank of Namibia issued a position paper on virtual currencies entitled wherein it declared cryptocurrency exchanges are not allowed and cryptocurrency cannot be accepted as payment for goods and services.
Asia
Central Asia
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Kyrgyzstan
Legal. Bitcoin is considered a commodity, 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.
Uzbekistan
Legal. On 2 September 2018, a decree legalizing crypto trading — also making it tax-free — and mining in the country came into force, making Uzbekistan a crypto-friendly state.
West Asia
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United Arab Emirates
Legal / Banking ban. On 13 February 2018 Dubai gold trader Regal RA DMCC became the first company in the Middle East to get a license to trade cryptocurrencies, the Dubai Multi Commodities Centre said. In November 2020, the Securities and Commodities Authority published “The Chairman of the Authority’s Board of Directors’ Decision No. (23/Chairman) of 2020 Concerning Crypto Assets Activities Regulation.”
Israel
Legal. As of 2017, the Israel Tax Authorities issued a statement saying 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.
Saudi Arabia
Legal / Banking ban. Financial institutions are warned from using bitcoin. The Saudi Central Bank (SAMA) has warned from using bitcoin as it is high risk and its dealers will not be guaranteed any protection or rights.
Jordan
Legal / Banking ban. The government of Jordan has issued a warning discouraging the use of bitcoin and other similar systems. The Central Bank of Jordan prohibits banks, currency exchanges, financial companies, and payment service companies from dealing in bitcoins or other digital currencies.
Lebanon
Legal. The government of Lebanon has issued a warning discouraging the use of bitcoin and other similar systems.
Turkey
Legal / Illegal as a payment tool, banking ban. On 16 April 2021, Central Bank of the Republic of Turkey issued a regulation banning the use of cryptocurrencies including bitcoin and other such digital assets based on distributed ledger technology, directly or indirectly, to pay for goods and services, citing possible “irreparable” damage and transaction risks starting 30 April 2021.
Qatar
Legal / Banking ban. Banks are not allowed to trade in bitcoin due to concerns over financial crimes and hacking. Additionally cryptocurrency is banned in the Qatar Financial Centre.
Iran
Legal / Banking ban. Financial institutions are not allowed by central bank to facilitate bitcoin transactions. In April 2018, Central Bank of the Islamic Republic of Iran issued a statement banning the country’s banks and financial institutions from dealing with cryptocurrencies, citing money laundering and terrorism financing risks.
South Asia
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India
Legal. In March 2020, the Supreme Court of India passed the verdict, revoking the RBI ban on cryptocurrency trade. In 2021, the government is exploring the creation of a state-backed digital currency issued by the Reserve Bank of India, while banning private ones like bitcoin. In 2020, the Supreme Court of India had specifically lifted the ban on cryptocurrency, which was imposed by the Reserve Bank of India.
Pakistan
Legal. Cryptocurrencies including bitcoin are not officially regulated in Pakistan; however, it is not illegal or banned. As of 16 January 2021, the State Bank of Pakistan has not authorized any individuals or organizations to carry out the sale, purchase, exchange, and investment of virtual currencies, coins, and tokens. In December 2020, the Khyber Pakhtunkhwa government became the first province in Pakistan to pass a resolution to legalize cryptocurrency in the country.
East Asia
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Hong Kong
Legal. On 8 January 2014, the Secretary for Financial Services and the Treasury addressed bitcoin in the Legislative Council stating that “Hong Kong at present has no legislation directly regulating bitcoins and other virtual currencies of [a] similar kind. On 16 November 2013, Norman Chan, the chief executive of Hong Kong Monetary Authority (HKMA) said that bitcoin is only a virtual commodity.
Japan
Legal, On 7 March 2014, the Japanese government, in response to a series of questions asked in the National Diet, made a cabinet decision on the legal treatment of bitcoins in the form of answers to the questions. As of April 2017, cryptocurrency exchange businesses operating in Japan have been regulated by the Payment Services Act.
South Korea
Legal. Minors and all foreigners are prohibited from trading cryptocurrencies. Adult South Koreans may trade on registered exchanges using real name accounts at a bank where the exchange also has an account.
Taiwan
Legal / Banking ban. On 31 December 2013, Financial Supervisory Commission (Republic of China) (FSC) and CBC issued a joint statement which warns against the use of bitcoin. On 5 January 2014, FSC chairman Tseng Ming-chung stated that FSC will not allow the installation of bitcoin ATM in Taiwan because bitcoin is not a currency and it should not be accepted by individuals and banks as payment.
Southeast Asia
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Cambodia
Legal / Banking ban. The National Bank of Cambodia (NBC), has “asked banks in Cambodia not to allow people to conduct transactions with cryptocurrencies.”
Indonesia
Legal to trade and hold / Illegal as payment tool. On 11 November 2021, Indonesian Ulema Council issued haram fatwa against use of cryptocurrencies as currency including Bitcoin, citing both Islamic laws and Indonesian banking and monetary regulations. By passing of the Law on Financial Sector Development and Strengthening on 15 December 2022, all cryptocurrencies including the Bitcoin listed as “monitored financial technologies” that all related affairs related to the innovation, utilization, and other activities related to it will become the subject of Bank Indonesia and Financial Services Authority control and monitoring.
Malaysia
Legal. On 4 November 2013, Bank Negara Malaysia (BNM) met with local bitcoin proponents to learn more about the currency but did not comment at the time. BNM issued a statement on 6 January 2014 that bitcoin is not recognized as a legal tender in Malaysia.
Philippines
Legal. 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 Bank of the Philippines (Bangko Sentral ng Pilipinas) under Circular 944.
Singapore
Legal. In January 2014, the Inland Revenue Authority of Singapore issued a series of tax guidelines according to which bitcoin transactions may be treated as a barter exchange if it is used as a payment method for real goods and services. In April 2019, the MAS referred to bitcoin as a digital payment token for purposes of the Payment Services Act.
Thailand
Legal to trade and hold / Illegal as payment tool. 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. As of 1 April 2022, the Thai government no longer allows cryptocurrencies to be used as payment for goods or services.
Vietnam
Legal to trade and hold / Illegal as payment tool. The State Bank of Vietnam has declared that the issuance, supply and use of bitcoin and other similar virtual currency is illegal as a mean of payment and subject to punishment ranging from 150 million to 200 million VND, but the government does not ban bitcoin trading as a virtual goods or assets.
Brunei
Legal to trade and hold. Bitcoin and cryptocurrency is not legal tender in Brunei Darussalam and are not regulated by AMBD (Brunei Monetary Authority). It is not protected under the laws administered by AMBD. There is no law that stated that holding or trading bitcoin is illegal.
Europe
Central Europe
Country or territory
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Austria
Legal. The Financial Market Authority (FMA) has warned investors that cryptocurrencies are risky and that the FMA does not supervise or regulate virtual currencies, including bitcoin, or cryptocurrency trading platforms.
Croatia
Legal. Croatia’s Financial Stability Council warned investors about the risks of virtual currencies, such as digital wallet theft and fraud, on 18 December 2017.
Czech Republic
Legal. Businesses and individuals who buy, sell, store, manage, or mediate the purchase or sale of virtual currencies or provide similar services must comply with the anti-money laundering law. Bitcoin is classified as an intangible asset (not as electronic money) for the purpose of accounting and taxes.
Germany
Legal. On 19 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 in the country, meaning that purchases made with it must pay VAT as with euro transactions. In November 2019, a legislation passed by German parliament allows the banks to sell and store cryptocurrencies starting from 1 January 2020.
Hungary
Legal. The Hungarian Central Bank, Magyar Nemzeti Bank (MNB) has issued several warnings over cryptocurrencies, stating that it is “much riskier” than other electronic payments such as credit cards.
Gibraltar
Legal. Back in 2018, Gibraltar became the first country in the world to provide a tailored regulatory framework for businesses that use distributed ledger technology. The travel rule was implemented through the Proceeds of Crime Act 2015 (Transfer of Virtual Assets) Regulations 2021 and has been in force since March 22, 2021.
Poland
Legal. Szymon Woźniak 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 consider bitcoin illegal and does not want to hinder its development. As of 27 January 2015, several banks have closed accounts of clients trading bitcoin, and indicated “presumption of criminal offense” as the cause, with “criminal offense” presumably being “cryptocurrency trade”. As of 7 July 2017, the National Bank of Poland (NBP) and Financial Supervision Authority (KNF) issued a comment on virtual “currencies”.
Romania
Legal. As of March 2015, an official statement of the Romanian National Bank mentioned that “using digital currencies as payment has certain risks for the financial system”. In October 2017, the National Fiscal Administration Agency (ANAF) declared that there is a lack of a legislative framework around bitcoin, and therefore, it is unable to create a tax regulation framework for it as well (implying no taxation). In January 2019, Law nr. 30/2019 clarifies that starting in 2019, income from trading “virtual currency” is classified under “income from other sources”.
Slovakia
Legal. The National Bank of Slovakia (NBS), stated that bitcoin does not have the legal attributes of a currency, and therefore it cannot be considered a currency. 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 Bank of Slovakia or the European Central Bank
Slovenia
Legal. On 23 December 2013 the Slovenian Ministry of Finance made an announcement stating that bitcoin is neither a currency nor an asset. There is no capital gains tax chargeable on bitcoin, however bitcoin mining is taxed and businesses selling goods/services in bitcoin are also taxed.
Switzerland
Legal. In 2016, Zug added bitcoin as a means of paying city fees, in a test and an attempt to advance Zug as a region that is advancing future technologies. Swiss Federal Railways, government-owned railway company of Switzerland, sells bitcoins at its ticket machines. In 2018, FINMA stated that it would take a “balanced approach” towards the cryptocurrency industry and allow “legitimate innovators to navigate the regulatory landscape”. By June 2021, a record number of 100 Exchange Traded Products (ETP) and crypto structured products were offered on the SIX Swiss Exchange with a total trading value of CHF 4.6 billion.
Eastern Europe
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Albania
Legal. On 21 May 2020, Albania passed a new law to regulate cryptocurrency activities.
Belarus
Legal. The provisions of the decree “On the Development of Digital Economy” create of a legal basis for the circulation of digital currencies and tokens based on blockchain technology, so that resident companies of the High-Tech Park can provide the services of stock markets and exchange offices with cryptocurrencies and attract financing through the ICO. Up to 1 Jan In 2023, the Decree excludes revenue and profits from operations with tokens from the taxable base.
Georgia
Legal. Based on the public decision issued by the Ministry of Finance of Georgia in 2019, crypto, by its very nature, is not “sourced” in any specific geographical location, meaning that it is not considered “Georgian sourced”.
Kosovo
Ban on mining. In January 2022, coinciding with an energy crisis, Kosovo outlawed all cryptocurrency mining.
Russia
Legal to mine. Banking ban. On December 11, 2020, Vladimir Putin ordered public officials to declare any cryptocurrency holdings and digital assets starting from January 1, 2021. In January 2022, the Central Bank of Russia proposed to ban “all cryptocurrency issuance and operations, stop banks from investing in cryptocurrencies, block exchanging crypto for traditional currency, and introduce legal liability for using crypto in purchases” citing systemic financial risk. In February 2022, the Russian government eventually announced it would support, legalize, and regulate cryptocurrencies, and not ban them.
Ukraine
Legal / Illegal to buy with local currency. On 16 March 2022, the president of Ukraine signed the Virtual Asset Bill into law. On 22 April, the Central Bank banned purchasing cryptocurrencies with local currency and made the monthly limit of $3300 for purchases with foreign currencies.
Northern Europe
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Denmark
Legal. Denmark’s Financial Supervisory Authority issued a statement declaring that bitcoin is not a currency and stating that it will not regulate its use. On 17 December 2013, Denmark’s Financial Supervisory Authority (FSA) has issued a statement that echoes EBA’s warning. As of 2017, 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.
Estonia
Legal. In Estonia, the use of bitcoins is not regulated or otherwise controlled by the government. The Estonian Ministry of Finance have concluded that there is no legal obstacles to use bitcoin-like crypto currencies as payment method.
Finland
Legal. The Finnish Tax Administration has issued instructions for the taxation of virtual currencies, including the bitcoin. Rather than a currency or a security, a bitcoin transaction is considered a private contract equivalent to a contract for difference for tax purposes.
Iceland
Legal. According to a 2014 opinion, from the Central Bank of Iceland “there is no authorization to purchase foreign currency from financial institutions in Iceland or to transfer foreign currency across borders on the basis of transactions with virtual currency. On 12 March 2017, the Central Bank amended its rules. With the new rules, wide and general exemptions have been granted from the restrictions of the Foreign Exchange Act No. 87/1992.
Lithuania
Legal. Bank of Lithuania released a warning on 31 January 2014, that bitcoin is not recognized as legal tender in Lithuania and that bitcoin users should be aware of the high risks that come with the usage of it.
Norway
Legal. The Norwegian Tax Administration stated in December 2013 that they do not define bitcoin as money but regard it as an asset. Profits are subjected to wealth tax. The Norwegian government stated in February 2017 that they would not levy VAT on the purchase or sale of bitcoin.
Sweden
Legal. The Swedish Tax Agency has given a preliminary ruling on Value Added Tax (VAT) on bitcoins, stating that trade in bitcoins is not subject to Swedish VAT, but is instead subject to the Finansinspektionen (Financial Supervisory Authority) regulations and treated as a currency.
Southern Europe
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Bosnia and Herzegovina
Legal. No regulation on the use of bitcoins.
Bulgaria
Legal. There is not a single word in Bulgarian laws about bitcoin. People owe 10% tax if they made a profit trading.
Cyprus
Legal. The use of bitcoin is not regulated in Cyprus.
Greece
Legal. No specific legislation on bitcoins exists in Greece.
Italy
Legal. Italy does not regulate bitcoin use by private individuals.
Malta
Legal. As of 2017, Malta does not have any regulations specifically pertaining to bitcoins. In 2017, the country’s prime minister Joseph Muscat announced the approval of a national strategy to promote bitcoin and blockchain technology.
North Macedonia
Legal. No specific legislation on bitcoins or cryptocurrency exists in North Macedonia. In 2016, the National Bank of the Republic of North Macedonia published a press release regarding an investigation it made into ONECOIN, and discouraged the citizens from investing in it since it was most likely a scam.
Portugal
Legal. In 2013, the Bank of Portugal stated that Bitcoin was not a safe currency, as their issuance lacked oversight or prudential requirements. As of 2014, Portugal had no specific legal framework for Bitcoin.
Spain
Legal. Transactions in bitcoins are subject to the same laws as barter transactions.
Western Europe
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Belgium
Legal. In July 2013, the Minister of Finance expressed concerns over the use of Bitcoin for money laundering, but indicated that government intervention did not yet appear necessary.
France
Legal. The French Ministry of Finance issued regulations on 11 July 2014 pertaining to the operation of virtual currency professionals, exchanges, and taxation.
Ireland
Not regulated by central bank. The Central Bank of Ireland was quoted in Dáil Éireann in December 2013 as stating that it does not regulate bitcoin, and that bitcoin is not legal tender in the European Union.
Luxembourg
Legal. The Commission de Surveillance du Secteur Financier has issued a communication in February 2014 acknowledging the status of currency to the bitcoin and other cryptocurrencies. The first BitLicence was issued in October 2015.
Netherlands
Legal. As of 2013, “alternative virtual currencies” such as bitcoin are not classified as money and do not fall within the scope of the Act on Financial Supervision of the Netherlands.
United Kingdom
Legal. As of 2013, 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. In March 2022, the Financial Conduct Authority (FCA) declared that all cryptocurrency ATMs in the country were illegal, as none of the ATM’s operators had successfully registered with the agency.
Oceania
Australasia
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Australia
Legal. In December 2013, the governor of the Reserve Bank of Australia (RBA) indicated in an interview about bitcoin legality stating, Beginning in April 2018, Australian digital currency exchanges must register with the Australian Transaction Reports and Analysis Centre and implement “know your customer” policies to comply with new anti-money laundering legislation.
New Zealand
Legal. The Reserve Bank of New Zealand states: “Non-banks do not need our approval for schemes that involve the storage and/or transfer of value (such as ‘bitcoin’) – so long as they do not involve the issuance of physical circulating currency (notes and coins).”
Melanesia
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Fiji
Legal. Prime Minister Sitiveni Rabuka is a proponent of cryptocurrencies and has even planned to make bitcoin legal tender as soon as 2023.
Tuvalu
Legal. The government officially supports the use of blockchain technologies, including cryptocurrencies.
Vanuatu
Legal. Legalized in 2021.
Micronesia
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Marshall Islands
Legal. Decentralized autonomous organizations (DAOs), which are blockchain-based, are considered legal entities in the Marshall Islands.
Palau
Legal. The use of cryptocurrencies is officially supported by the government.
Polynesia
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Samoa
Legal. The use of cryptocurrencies in Samoa is legal but discouraged by the Central Bank of Samoa.
Tonga
Legal. Tonga plans to make bitcoin legal tender by the end of 2023. This has been planned since late 2021.
Frequently Asked Questions For List Of Countries Where Cryptocurrency Is Legal
What Country Banned Crypto?
China banned crypto.
Do Any Countries Use Crypto As Currency?
Yes, El Salvador and the Central African Republic (CAR) use cryptocurrency Bitcoin as legal tender. Certain other countries like Singapore, Switzerland, Estonia, Malta, Portugal, Canada, Germany, and the United States have favorable regulations for cryptocurrency. However, many countries such as China and Bolivia have banned cryptocurrencies.
Is Crypto Illegal In US?
No, cryptocurrency is not illegal in the US. Bitcoin and other cryptocurrencies are considered commodities and are regulated by the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). However, some states have their own regulations and restrictions on the use and trading of cryptocurrencies.
Which Country Is Crypto Friendly?
Countries such as Singapore, Switzerland, Malta, Estonia, and Portugal are considered the most crypto-friendly due to their favorable regulations, supportive government policies, and vibrant crypto communities. There are also other countries where cryptocurrencies are legal, such as Canada, Germany, El Salvador, and Singapore.
However, some countries, such as China, have banned cryptocurrencies.
Conclusion
Cryptocurrency has become a global phenomenon, and its legality is a topic of discussion among many nations. Each country has its own set of regulations, and some have banned it completely. However, we can still find many countries that have legalized cryptocurrencies, including Singapore, Switzerland, Malta, Estonia, and Portugal.
They are known for promoting a positive environment for digital currencies and promoting innovation. The list is ever-changing, and more countries are likely to join the list soon. As the world becomes more digitized, we can expect more governments to embrace cryptocurrency and regulate it effectively.