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.



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