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Legal In September 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. Profits are subjected to wealth tax. There is no regulation on the use of bitcoins. In December , the Monetary Authority of Singapore reportedly stated that "[w]hether or not businesses accept bitcoins in exchange for their goods and services is a commercial decision in which MAS does not intervene. The use of bitcoins is not regulated in Cyprus.

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Legality of bitcoin by country or territory - Wikipedia

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Businesses that deal with Bitcoin currency exchanges will be taxed based on their Bitcoin sales. The initial position of the Bank of Thailand, mid , was to discourage the use of bitcoin, however as of [update] , the Bank of Thailand is open to bitcoin provided proper controls are in place. 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.

In cases where an ICO constitutes offering of securities, the issuer will need to comply with applicable regulatory requirements []. Trading in Bitcoin in Vietnam is still unrestricted and unregulated by law, and two largest bitcoin markets in Vietnam - VBTC and Bitcoin Vietnam are working without being restricted.

In August , Vietnam's prime minister has approved a plan that could see the country formally recognize bitcoin as a form of payment by the end of 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 million to million VND [] , but the government doesn't ban bitcoin trading as a virtual goods or assets.

On 6 December , the Croatian National Bank reportedly conducted a discussion on the circulation of digital currencies and concluded that bitcoin is not illegal in Croatia.

Bitcoin trading does not require authorization by the Czech National Bank and the Czech National Bank cannot grant such an authorization On 19 August , 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.

It is not classified as a foreign currency or e—money but stands as "private money" which can be used in "multilateral clearing circles", according to the ministry.

The use of bitcoin in Poland is not regulated by a legal act at present. They added that trading virtual currencies in Poland does not violate national or EU law, however, having virtual "currencies", involves many risks: Financial institutions should be cautious about engaging and cooperating with virtual currency "trading" entities. As of March , an official statement of the Romanian National Bank mentioned that "using digital currencies as payment has certain risks for the financial system".

In October , 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. The National Bank of Slovakia NBS , stated [] that bitcoin does not have the legal attributes of a currency, and therefore does not fall under national control.

At the same time NBS points out that any legal person or natural person in the Slovak Republic shall not issue any notes or any other coins. Unlawful manufacturing of banknotes and coins and putting them into circulation is punishable by law. In this context, NBS points out that virtual currencies have not a physical counterpart in the form of legal tender and participation in 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 the Slovenian Ministry of Finance made an announcement [] stating that bitcoin is neither a currency nor an asset. Bitcoin businesses in Switzerland are subject to anti-money laundering regulations and in some instances may need to obtain a banking license.

In response to the parliament postulates, the Swiss Federal Council issued a report on virtual currencies in June In , 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.

The use of bitcoins is not regulated in Ukraine. As of [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. 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. Traders must therefore identify the buyer when establishing business relationship or if the buyer acquires more than 1, euros of the currency in a month. The Finnish Tax Administration has issued instructions for the taxation of virtual currencies, including the bitcoin.

Finland [] Rather than a currency or a security, a bitcoin transaction is considered a private contract equivalent 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 in price will be taxable; however, losses are not tax-deductible. Mined bitcoin is considered earned income. This is because the court classified bitcoins as payment instruments - whereas most countries treat their use as an unregulated method for the exchange of goods, or even as a crime.

According to a 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.

For this reason alone, transactions with virtual currency are subject to restrictions in Iceland. On 12 March , 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. Bank of Lithuania released a warning on 31 January , that bitcoin is not recognized as legal tender in Lithuania and that bitcoin users should be aware of high risks that come with the usage of it.

The Norwegian Tax Administration stated in December that they don't define bitcoin as money but regard it as an asset. Profits are subjected to wealth tax. In business, use of bitcoin falls under the sales tax regulation. The Norwegian government stated in February that they would not levy VAT on the purchase or sale of bitcoin.

As of November declared, bitcoins are "not illegal" according to the Federal Tax Service of Russia. The decision has been appealed by the Swedish Tax Authority. The Swedish jurisdiction is in general quite favorable for bitcoin businesses and users as compared to other countries within the EU and the rest of the world. The governmental regulatory and supervisory body Swedish Financial Supervisory Authority Finansinspektionen have legitimized the fast growing industry by publicly proclaiming bitcoin and other digital currencies as a means of payment.

There is not a single word in Bulgarian laws about bitcoin. No specific legislation on bitcoins exists in Greece.

Italy does not regulate bitcoin use by private individuals. As of [update] , Malta does not have any regulations specifically pertaining to bitcoins. Bitcoin has no specific legal framework in Portugal. Transactions in bitcoins are subject to the same laws as barter transactions. The Minister of Finance indicated that government intervention with regard to the bitcoin system does not appear necessary at the present time.

The French Ministry of Finance issued regulations on 11 July pertaining to the operation of virtual currency professionals, exchanges, and taxation. The Central Bank of Ireland was quoted in the Assembly of Ireland as stating that it does not regulate bitcoins. The Commission de Surveillance du Secteur Financier has issued a communication in February acknowledging the status of currency to the bitcoin and other cryptocurrencies.

As of [update] , virtual currencies such as bitcoin do not fall within the scope of the Act on Financial Supervision of the Netherlands. Bitcoin is treated as 'private money'. When bitcoin is exchanged for sterling or for foreign currencies, such as euro or dollar, no VAT will be due on the value of the bitcoins themselves.

However, in all instances, VAT will be due in the normal way from suppliers of any goods or services sold in exchange for bitcoin or other similar cryptocurrency.

Profits and losses on cryptocurrencies are subject to capital gains tax. In December , the governor of the Reserve Bank of Australia RBA indicated in an interview about bitcoin legality stating, "There would be nothing to stop people in this country deciding to transact in some other currency in a shop if they wanted to.

The Reserve Bank of New Zealand states: From Wikipedia, the free encyclopedia. Redirected from Legality of bitcoin by country. For a broader coverage related to this topic, see Bitcoin. This section needs expansion. You can help by adding to it.

Relevant discussion may be found on the talk page. Accessed 25 September Retrieved 25 February Court of Justice of the European Union. Retrieved 6 December Retrieved 23 October Retrieved 5 March Market, economics and regulation" PDF. European Parliamentary Research Service. Bitcoin regulation or plans therefor in selected countries. Retrieved 18 February Retrieved 8 July Guidance for a risk-based approach. Retrieved 6 March Retrieved 30 October South African Reserve Bank.

Retrieved 11 June Sandra Appel A security Agreement for Bitcoin: Retrieved 5 September Financial Crimes Enforcement Network. Retrieved 1 June Retrieved 22 April Trinidad and Tobago Guardian. Retrieved 23 February Banco Central do Brasil.

Retrieved 17 November Superintendencia Financiera de Colombia. Retrieved 20 October Banco Central del Ecuador. Retrieved 22 October National Bank of the Kyrgyz Republic. Retrieved 6 July Retrieved 21 August Retrieved 17 July Retrieved 17 June Turkish Banking Regulation and Supervision Agency. How close Bitcoin to be Legalized in Iran? Retrieved 16 December We're Not Giving Up Yet". Retrieved 19 December Retrieved 8 November Archived from the original on 9 February Retrieved 6 October Retrieved 10 January Over a month ago ClearXchange sent me text notification that funds were received Nobody has any answers at ClearXchange because - my account was deleted 10 days before that notification!

They said my deleted account history cannot be accessed by me, nor by them. Use of this site constitutes acceptance of our User Agreement and Privacy Policy. Bitcoin comments other discussions 1. Log in or sign up in seconds. Submit link NOT about price. Submit text NOT about price. Bitcoin subscribe unsubscribe , readers 18, users here now Bitcoin is the currency of the Internet: You can also explore the Bitcoin Wiki: Only requests for donations to large, recognized charities are allowed, and only if there is good reason to believe that the person accepting bitcoins on behalf of the charity is trustworthy.

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Do not post your Bitcoin address unless someone explicitly asks you to. Be aware that Twitter, etc. Related communities Sorted roughly by decreasing popularity. Welcome to Reddit, the front page of the internet. Become a Redditor and subscribe to one of thousands of communities. Bitcoin submitted 7 months ago by temp redditor for 0 hours. First in Capital One: SM and then in Chase: Gold rates for Saturday, February 03, Daily Morning 9: Apple is making more money than ever, but it still doesn't seem to be enough to keep everyone happy.

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