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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. 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. 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 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 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 20 December Retrieved 16 September Retrieved 25 April Bozinovska, Vesna 9 October 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. Lists of countries by laws and law enforcement rankings. Legality of euthanasia Homicide by decade Law enforcement killings Legality of suicide Legality of assisted suicide. Censorship by country Book censorship by country Film censorship by country Internet censorship by country Cartographic censorship Political censorship Video gaming censorship by country.
Corporate Corporate liability Competition Mergers and acquisitions Monopoly Legality of bitcoin by country or territory. List of international rankings List of top international rankings by country Lists by country. Retrieved from " https: Bitcoin Digital currencies Alternative currencies Financial cryptography Currency legislation Comparative law Cryptocurrencies Law-related lists Lists by country. Uses authors parameter CS1 Icelandic-language sources is CS1 Norwegian-language sources no CS1 Russian-language sources ru Use dmy dates from January Articles to be expanded from April All articles to be expanded Articles containing potentially dated statements from All articles containing potentially dated statements Articles containing potentially dated statements from April Wikipedia articles needing clarification from February All articles with unsourced statements Articles with unsourced statements from January Articles prone to spam from October Views Read Edit View history.
This page was last edited on 1 May , 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 [23] 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, [47] 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. Legal The use of bitcoins is not regulated in Cyprus. Legal As of , 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. Legal Bitcoin is not banned by any governmental party in Saudi Arabia.
Legal The government of Jordan has issued a warning discouraging the use of bitcoin and other similar systems. Legal The government of Lebanon has issued a warning discouraging the use of bitcoin and other similar systems. Legal Bitcoin is not regulated as it is not considered to be electronic money according to the law.
Legal Bitcoin is neither recognized nor regulated in Iran. Illegal In September , Bangladesh Bank said that "anybody caught using the virtual currency could be jailed under the country's strict anti-money laundering laws". Legal While private parties can hold and trade bitcoins in China, regulation prohibits financial firms like banks from doing the same. China On 5 December , People's Bank of China PBOC made its first step in regulating bitcoin by prohibiting financial institutions from handling bitcoin transactions.
Legal On 8 January , 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. Legal While not illegal in the country, Korean authorities will prosecute illegal activity involving bitcoin [88] and have indicted at least one individual for purchasing drugs with bitcoin.
Legal Bitcoin ATMs are banned here [7]: Taiwan On 6 December , Perng Fai-nan said that bitcoin is only used in certain communities.
Legal There are no regulations related to the use of bitcoin and other cryptocurrencies in Cambodia. Malaysia 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. Legal 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.
Singapore 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.
Regulatory approach on Initial Coin Offering ICO [] As of February the Thai central bank has prohibited financial institutions in the country from five key cryptocurrency activities [].
Legal Bitcoin is legal. Legal 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. Legal Bitcoin trading does not require authorization by the Czech National Bank and the Czech National Bank cannot grant such an authorization Legal 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.
The Revenue Commissioners in Ireland are monitoring the development of the bitcoin and considering its implications for possible taxation, with the most likely areas of taxation being in the taxation of any gains, as well as value-added tax, which is a charge on goods and services. According to media reports, officials from the Ministry of Justice and Bank of Israel have been conducting discussions on the implications of using bitcoins, particularly in illicit transactions. An incident of an alleged attempted extortion involving a request for payment in bitcoins was reported on December 19, At least three Israeli banks have received emails from an unknown individual threatening to release the personal details of millions of their customers unless the payment was made.
On October 29, , the European Central Bank published a report titled Virtual Currency Schemes , [75] which studies relevant economic and legal aspects of the Bitcoin system. A European Directive of regulates the use of electronic currencies including the bitcoin with the aim of harmonizing payment methods, increasing competition, and facilitating market access.
The Decree allows the use of electronic currencies in accordance with the EU Directive at the level of the European Central Bank, and by the central banks of European Members, the Italian public administration at the regional and local government levels, and the Italian postal system. However, the use of electronic currency is restricted to banks and electronic money institutions—that is, private legal entities duly authorized and registered by the Central Bank of Italy. Aside from these developments, Italy does not regulate bitcoin use by private individuals, and currently the implementation of initiatives concerning the use of electronic currencies lies with the EU.
There are at present no laws in Japan regulating the use of bitcoins. The amendment to the Payment Services Act included virtual currency exchanges regulation. Virtual currency exchanges operating in Japan will be required to register with the Financial Services Agency.
The amendment will be effective by early June in Bank Negara Malaysia officials apparently met with local bitcoin proponents in November to learn more about the currency.
The Central Bank does not regulate the operations of Bitcoin. The public is therefore advised to be cautious of the risks associated with the usage of such digital currency. Malta currently does not have any regulations specifically pertaining to bitcoins, nor does there appear to be any official government statement on the recognition or policy towards the bitcoin.
In October , a Maltese company launched the first bitcoin hedge fund. Virtual currencies such as bitcoins currently do not fall within the scope of the Act on Financial Supervision Wet op het financieel toezicht of the Netherlands, as the Dutch Minister of Finance, Jeroen Dijsselbloem, recently emphasized. He emphasized that currently, despite the watchful eye of government authorities on the future development of virtual currencies, in principle the consumer is solely responsible for their use.
The Dutch Central Bank De Nederlandsche Bank, DNB recently called attention to the risks posed by the purchase of virtual currencies, including bitcoins and litecoins, [91] and warned consumers to be wary. Nevertheless, Dutch regulators have not imposed licensing restrictions on virtual currency businesses.
On May 14, , a district court in a decision in a civil suit involving an uncompleted Bitcoin transaction between two parties, ruled that Bitcoin, like gold, is a medium of exchange that is an acceptable form of payment in the country but that cannot be defined as legal tender, common money, or electronic money. However, the Reserve Bank has no direct power over any form of alternative payments medium.
Who knows at this point? There is still a lot for the world to learn on this issue. It appears that Nicaragua has not yet promulgated any legislation regulating bitcoins, nor has the Central Bank of Nicaragua issued any rulings or guidelines on the subject. However, news reports indicate that bitcoins are being used in the country.
Simon is reportedly interested in promoting the use of bitcoins in Nicaragua and advanced some ideas related to their use. The Norwegian Tax Authority has issued a principle statement that bitcoins will be treated as capital property, at least for tax-related purposes.
Capital property legislation allows for deductions for losses and taxes on winnings. Although travel currencies are exempted from the capital gains tax, bitcoins are not as the bitcoin and other virtual currencies are not recognized as travel currencies. The use of the bitcoin in Poland is not regulated by a legal act at present.
On December 21, , the Russian website Coinspot. Wozniak was more certain about the taxation of bitcoin transactions. He said that all types of income must be taxed under Polish law, and the law makes no distinction among the types of payments used to conduct transactions, including bitcoin payments. According to him, all income received from bitcoin transactions is subject to reporting and taxation.
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.