Here’s the Legal Status of Cryptocurrencies All Over the World

Nine countries have banned cryptocurrencies outright, while 42 others have chosen to implicitly prohibit them.

The Library of Congress in its report titled, “Regulation of Cryptocurrency Around the World: November 2021 Update,” highlighted an alarming trend wherein the number of nations prohibiting cryptocurrencies has more than quadrupled since 2018.

The following breakdown offers more details on how the world turned its back on digital assets in 2021.

Jurisdiction	Ban on Cryptocurrencies?		Application of Tax Laws?	Application of AML/CFT Laws?
	Absolute?	Implicit?
Albania	No	No	Yes	Yes
Algeria	Yes	No	No	Yes
Angola	No	No	No	Yes
Anguilla	No	No	No	Yes
Antigua and Barbuda	No	No	Not expressly specified	Yes
Argentina	No	No	Yes	Yes
Australia	No	No	Yes	Yes
Austria	No	No	VAT: No Other tax laws: Yes	Yes
Azerbaijan	No	No	VAT: No Other tax laws: Yes	Yes
Bahamas	No	No	Not expressly specified	Yes
Bahrain	No	Yes	N/A	Yes
Bangladesh	Yes	No	No information	Yes
Belarus	No	No	Yes	Yes
Belgium	No	No	Yes	Yes
Benin	No	Yes	No information	No information
Bermuda	No	No	No	Yes
Bhutan	No	No	No information	Yes
Bolivia	No	Yes	No	No
Brazil	No	No	Yes	No
Brunei	No	No	No information	No information
Bulgaria	No	No	No	Yes
Burkina Faso	No	Yes	No information	No information
Burundi	No	Yes	No information	No information
Cabo Verde	No	No	No	No
Cameroon	No	Yes	No information	No information
Canada	No	No	Yes	Yes
Cayman Islands	No	No	No	Yes
Central African Republic	No	Yes	No information	No information
Chad	No	Yes	No information	No information
Chile	No	No	Yes	No information located
China	Yes	No	Unclear	Unclear
Colombia	No	No	Yes	No information located
Costa Rica	No	No	Yes	No information located
Côte d’Ivoire	No	Yes	No information	No information
Croatia	No	No	Yes	Yes
Cuba	No	No	No information	Yes
Cyprus	No	No	VAT: No Other tax laws: Yes	Yes
Czech Republic	No	No	Yes	Yes
Democratic Republic of the Congo	No	Yes	No information	No information
Denmark	No	No	Yes	Yes
Ecuador	No	Yes	No	No
Egypt	Yes	No	No	Yes
El Salvador	No	No	Yes	Yes
Estonia	No	No	Yes	Yes
European Union	No	No	No	Yes
Finland	No	No	Yes	Yes
France	No	No	Yes	Yes
Gabon	No	Yes	No information	No information
Georgia	No	Yes	Yes	No
Germany	No	No	VAT: No Other tax laws: Yes	Yes
Gibraltar	No	No	Yes	Yes
Greece	No	No	VAT: No Other tax laws: Yes	Yes
Guernsey	No	No	Yes	No
Guyana	No	Yes	No	No
Hong Kong	No	No	Yes	Yes
Hungary	No	No	Yes	Yes
Iceland	No	No	Yes	Yes
India	No	No	Yes	Yes
Jersey	No	No	Yes	Yes
Jordan	No	Yes	No	No
Kazakhstan	No	Yes	No	No
Kenya	No	No	Yes	No
Kuwait	No	Yes	N/A	Yes
Kyrgyzstan	No	No	Yes	No
Latvia	No	No	Yes	Yes
Lebanon	No	Yes	No	Yes
Lesotho	No	Yes	No	Yes
Libya	No	Yes	No	Yes
Liechtenstein	No	No	Yes Note: Liechtenstein and Switzerland form a common VAT area due to a tax agreement.	Yes
Lithuania	No	No	Yes	Yes
Luxembourg	No	No	Yes	Yes
Macao	No	Yes	Unclear	Unclear
Malaysia	No	No	Yes	Yes
Maldives	No	Yes	No information	No information
Mali	No	Yes	No information	No information
Malta	No	No	Yes	Yes
Mauritius	No	No	No	Yes
Mexico	No	No	No information	Yes
Moldova	No	Yes	No	No
Montenegro	No	No	No	Yes
Morocco	Yes	No	No	Yes
Namibia	No	Yes	No	Yes
Nepal	Yes	No	No information	No information
Netherlands	No	No	VAT: No Other tax laws: Yes	Yes
New Zealand	No	No	Yes	Yes
Niger	No	Yes	No information	No information
Nigeria	No	Yes	No	No
Norway	No	No	Yes	Yes
Oman	No	Yes	N/A	Yes
Pakistan	No	Yes	No information	No
Palau	No	Yes	No	No
Philippines	No	No	No information	Yes
Poland	No	No	Yes	Yes
Portugal	No	No	Yes	Yes
Qatar	Yes	No	No	Yes
Republic of the Congo	No	Yes	No information	No information
Romania	No	No	Yes	Yes
Russian Federation	No	No	Yes	Yes
Saint Kitts and Nevis	No	No	Yes	Yes
Saint Lucia	No	No	Not expressly specified	Yes
Samoa	No	No	No information	Yes
Saudi Arabia	No	Yes	N/A	Yes
Senegal	No	Yes	No information	No information
Serbia	No	No	Yes	Yes
Singapore	No	No	Yes	Yes
Slovakia	No	No	Yes	Yes
Slovenia	No	No	Yes	Yes
South Africa	No	No	Yes	No
South Korea	No	No	Yes (from 2022)	Yes
Spain	No	No	VAT: No Income tax: Yes	Yes
Sri Lanka	No	No	No information	Yes
Sweden	No	No	Yes	Yes
Switzerland	No	No	Yes	Yes
Taiwan	No	No	Yes	Yes
Tajikistan	No	Yes	No	No
Tanzania	No	Yes	No	No
Thailand	No	No	Yes	Yes
Togo	No	Yes	No information	No information
Tunisia	Yes	No	No	Yes
Turkey	No	Yes	VAT: No Other tax laws: Yes	Yes
Turkmenistan	No	Yes	No	No
Ukraine	No	No	Yes	Yes
United Arab Emirates	No	Yes	Yes	Yes
United Kingdom	No	No	Yes	Yes
United States	No	No	Yes	Yes
Uzbekistan	No	No	Yes	Yes
Venezuela	No	No	No information	Yes
Vietnam	No	Yes	No	Yes
Zimbabwe	No	Yes	No	No

Cryptocurrencies have lately been the subject of a lot of debate and steamy headlines. While their introduction has been heralded by supporters as the start of a new and more equal monetary system, the use of the said financial instrument in illicit transactions, as well as the lack of its legal recognition, are cited by critics as proof that it is a mixture of “rat poison and bad intentions” and the truth is most likely somewhere in the middle.