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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.
Sars is coming for you". Retrieved 22 May Retrieved 11 June Sandra Appel A security Agreement for Bitcoin: Retrieved 5 September Financial Crimes Enforcement Network. Retrieved 1 June Retrieved 22 April Banco Central de Costa Rica. 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 International Finance Centre Development Agency.
National Bank of the Kyrgyz Republic. Retrieved 20 December Retrieved 16 September Retrieved 13 February Retrieved 6 July Retrieved 21 August Retrieved 17 July Retrieved 17 June Turkish Banking Regulation and Supervision Agency.
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 Retrieved 18 January Archived from the original on Bitcoin is not Currency in Japanese ". Retrieved 28 April Retrieved 26 February Archived from the original on 21 September Retrieved 21 September Retrieved 9 July Retrieved 17 April The central bank does not regulate it but the public is advised not to speculate on it ".
Retrieved 15 October Retrieved 19 June Retrieved 5 February Retrieved 2 March Retrieved 11 January Retrieved 7 May Retrieved 27 December Retrieved 29 October Retrieved 1 November Retrieved 25 August Retrieved 19 March Retrieved 14 December Retrieved 8 August Bitcoin nie jest nielegalny". Retrieved 18 December Retrieved 28 January Retrieved 31 July Retrieved 3 February Retrieved 24 March Swiss Financial Market Supervisory Authority.
Retrieved 16 April Retrieved 28 November Archived from the original on 20 September Retrieved 20 September Make quick and easy purchases with Bitcoin". Retrieved 5 January Archived from the original on 17 December Retrieved 24 December Retrieved 15 March Retrieved 15 November The Central Bank of Iceland.
Retrieved 8 January Deal Book New York Times. New Yotk Times Company. Retrieved 9 December The Ministry of Finance. Retrieved 5 June Retrieved 31 January Retrieved 2 April Retrieved 25 April National Bank of Republic of Macedonia.
Retrieved 6 June Commission de Surveillance du Secteur Financier. Retrieved 19 October The Australian Financial Review. Retrieved 10 May History Economics Legal status. List of bitcoin companies List of bitcoin organizations List of people in blockchain technology.
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This page was last edited on 3 July , at By using this site, you agree to the Terms of Use and Privacy Policy. Illegal As of [update] bitcoin was legal in Algeria, but per the Huffington Post , "Algeria is going to ban bitcoin in the new Finance law of article of the law " [13] According to the "Journal Officiel" 28 December Legal As of 17 January , 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.
Legal In September the Bank of Namibia issued a position paper on virtual currencies entitled [24] wherein it declared cryptocurrency exchanges are not allowed and cryptocurrency cannot be accepted as payment for goods and services.
Legal The Reserve Bank Of Zimbabwe is sceptical about bitcoin and has not officially permitted its use. Legal Bitcoin is legal in Mexico as of Legal News reports indicate that bitcoins are being used in the country. Legal The Costa Rican Central Bank announced that bitcoin and cryptocurrencies are not consider currencies, and are not backed by the government nor laws. Legal The Bank of Jamaica BoJ , the national Central Bank, has publicly declared that it must create opportunities for the exploitation of technologies including cryptocurrencies.
Legal Bitcoins may be considered money, but not legal currency. Illegal The Central Bank of Bolivia issued a resolution banning bitcoin and any other currency not regulated by a country or economic zone in Legal Not regulated, according to a statement by the Central Bank of Brazil concerning cryptocurrencies, but is discouraged because of operational risks.
Legal There is no regulation on the use of bitcoins. Legal A 26 March by Superintendencia Financiera de Colombia states that the use of bitcoin is not regulated. Illegal The Ecuadorian government has issued a ban on bitcoin and other digital currencies. Legal Bitcoin is considered a commodity, [49] 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. The central bank will not regulate bitcoin operations at the moment and users should aware of the risks associated with bitcoin usage.
On 4 October , BNM announced that The decision on whether cryptocurrencies should be banned in Malaysia will be taken by them before the end of the year. Recently virtual currencies were legalized and cryptocurrency exchanges are now regulated by Central Bank of the Philippines Bangko Sentral ng Pilipinas under Circular []. 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.
On 22 September , 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" [] and in December stated "Whether or not businesses accept Bitcoins in exchange for their goods and services is a commercial decision in which MAS does not intervene" [] In January , 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.
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 []. As of February the Thai central bank has prohibited financial institutions in the country from five key cryptocurrency activities []. These include 1 Investing or trading in cryptocurrency 2 Exchanging cryptocurrencies 3 Creating platforms for cryptocurrency trading 4 Allowing clients to use credit cards to buy cryptocurrencies 5 Advising customers on cryptocurrency investing and trading.
The Thai government is expected to introduce regulatory framework in early but stated that "The government will not ban cryptocurrnecy trading.
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.
Although not considered to be an official form of currency, earnings are subject to tax law. 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 Decree On the Development of Digital Economy — the decree of Alexander Lukashenko , the President of the Republic of Belarus , which includes measures to liberalize the conditions for conducting business in the sphere of high technologies.
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.
For legal entities, the Decree confers the rights to create and place their own tokens, carry out transactions through stock markets and exchange operators; to individuals the Decree gives the right to engage in mining , to own tokens, to acquire and change them for Belarusian rubles , foreign currency and electronic money, and to bequeath them.
Up to 1 Jan In , the Decree excludes revenue and profits from operations with tokens from the taxable base. In relation to individuals, the acquisition and sale of tokens is not considered entrepreneurial activity, and the tokens themselves and income from transactions with them are not subject to declaration. The peculiarity of the introduced regulation is that all operations will have to be carried out through the resident companies of the High Technology Park.
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.
Paying in crypto is not legal in Macedonia and using digital money is discouraged by the National Bank of the Republic of Macedonia. Bitcoin operation in our country will be sanctioned.
Bitcoin is basically a speculative currency, which makes investment in it extremely risky. The responsible person in the legal entity or sole proprietor in the territory of The Republic of Macedonia shall carry out, in its own name and on its own account, as well as 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.
In Macedonia so far only one company has announced that it is working with bitcoin, and there is also a failed initiative to start using it in restaurants and cafes. 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. 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.
Sars is coming for you". Retrieved 22 May Retrieved 11 June Sandra Appel A security Agreement for Bitcoin: Retrieved 5 September Financial Crimes Enforcement Network. Retrieved 1 June Retrieved 22 April Banco Central de Costa Rica. 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 International Finance Centre Development Agency. National Bank of the Kyrgyz Republic. Retrieved 13 February Retrieved 6 July Retrieved 21 August Retrieved 17 July Retrieved 17 June Turkish Banking Regulation and Supervision Agency. In May , Polish Tax Administration issued a statement to the effect that the value-added tax on goods and services will be imposed nation-wide on profits received from sales of Bitcoin.
The study asserts that Bitcoin is considered a bidirectional virtual currency payment model virtual currency scheme type 3 in which users can both buy and sell virtual currency with legal tender and with which they can purchase goods and services in both the real and virtual worlds.
The press release states that because there is no central authority to ensure the finality and irrevocability of payment orders and no certainty of their acceptance as a means of payment, bitcoins cannot be considered a safe currency. Their issuance is made by unregulated and unsupervised entities and is therefore not subject to any prudential requirements.
The system is also not subject to any oversight activity. The bitcoin has no specific legal framework in Portugal, either at the level of its creation or at the level of its use, that defines clear rights and responsibilities for all parties involved in the payment model.
In its report, the ECB recognizes the existence of Bitcoin as an innovative model of virtual currency. The press release reports that Bitcoin is understood as a payment model of bidirectional virtual currency, in which the virtual currency competes with legal tender e. As this reality could change substantially in the future, the European central banks are monitoring the phenomenon and may eventually recognize and act on payment models of virtual currency.
There are at present no legal acts that specifically regulate the use of bitcoins in the Russian Federation. According to a report prepared by the Russian law firm Tolkachev and Partners, however, the use of bitcoins can be restricted according to article of the Russian Civil Code, which recognizes the Russian ruble as the exclusive means of payment in the Russian Federation and requires that all prices for financial transactions conducted in Russia be defined in rubles.
German Gref, president of largest Russian government-owned bank, Sberbank, stated in a recent interview that Russian authorities are monitoring developments related to the bitcoin. Additionally, he said that the issuance of virtual currency can be initiated in Russia based on one of the existing national online payment systems. Legislation proposed by the Ministry of Finance recognizes conducting transactions in Bitcoin as a misdemeanor and imposes fines for dealing with cybercurrencies and monetary surrogates.
In December , the MAS reportedly decided not to intervene on the question of whether businesses can accept bitcoins as a means of transacting goods and services. In January , the Inland Revenue Authority of Singapore reportedly laid out tax advice regarding the purchase, sale, and exchange of bitcoins for local businesses and individuals in an email response to queries on bitcoins: Instead, the supply of Bitcoins is examined under GST and varies according to how the service is provided.
On December 23, , the Ministry of Finance of the Republic of Slovenia issued a formal opinion about the status of the bitcoin and other virtual currencies in response to a request from the Tax Administration of the Republic of Slovenia. According to the Ministry of Finance, the existing legislative framework does not contain provisions applicable to businesses involved in bitcoin trading.
Commenting on the opinion, the Slovenian news service Beforeitsnews. Thus some income will be taxed. Income made by individuals is subject to standard income tax provisions, irrespective of the form. Personal income tax is not paid on capital gains. Individuals who generate income by selling bitcoins will not pay income tax. At that [sic] profits derived from trading and mining Bitcoin are taxed as income under the provisions of Slovenian personal income legislation.
However, they may be considered digital goods or things under the Civil Code, [] and transactions with bitcoins may be governed by the rules of barter contained in the Civil Code, [] according to the analysis of one Spanish law firm. Spain was the second country in the world to seize bitcoins during an investigation of fraudulent transactions conducted with bitcoins, according to a November report by El Mundo.
There are at present no laws in South Korea regulating the use of the Bitcoin system. However, the president of the Bank of Korea recommended at a press conference on December 12, , that the bitcoin be regulated in the future.
The decision has been appealed by the Swedish Tax Authority. Handel med bitcoins [VAT: Trade with Bitcoins] Oct. The Authority has not issued a determination of the applicability of the Income Tax Act with respect to the potential capital gains from bitcoins.
The Swedish Financial Authority has made the determination that bitcoins are subject to its authority as trade in bitcoins i. On October 6, representatives of the Swedish Enforcement Authority announced that that it will start to investigate and seize Bitcoin holdings when collecting funds from indebted individuals. On April 24 Swedish Tax Authority published a guideline on how it will view and tax mined bitcoins for the tax year.
Unless specific conditions are met the digital currency mined is considered income from hobby, and generally tax exempt. Additional information on this topics is available. As of January 13, , Taiwan had not passed any legislation regulating the use of bitcoins. If financial institutions use bitcoins, according to the warning, the Central Bank and the FSC may, in accordance with laws and regulations, take necessary regulatory actions at the appropriate time.
According to news reports, the Bank of Thailand ruled the bitcoin illegal on July 29, Other businesses that have licenses have continued operating bitcoin exchanges in Thailand. No formal regulations on the bitcoin exist in Turkey. One Turkish commentator points out that because Bitcoin is independent of any control mechanism, it is not possible to freeze or seize Bitcoin accounts. Nevertheless, bitcoin use is apparently flourishing in Turkey.
In the latest quarterly reports from the Bank, Bitcoin is expressly excluded. L 7, http: L 1, http: The Bitcoin Example], Focus No. As a reward for their services, Bitcoin miners can collect transaction fees for the transactions they confirm, along with newly created bitcoins.
Monitoring the Use of Bitcoins Jan. And two years ago? A single bitcoin could buy you almost exactly two measly tulips.