What are the countries that have legalized cryptocurrency in the world? Which countries have approved cryptocurrencies? List of countries that allow cryptocurrencies? If you are fading up by trying to learn more about countries where legal to use or deal with cryptocurrencies, we have the complete guide to fulfil your need.
The global usage of cryptocurrencies is accelerating. Over 100 countries around the world have authorised cryptocurrencies in some form as of 2023.
Among the noteworthy nations that have authorised cryptocurrencies are:
United States of America
The regulatory climate for cryptocurrencies in the United States is quite lax. The Financial Crimes Enforcement Network (FinCEN) provided recommendations in 2013 clarifying that cryptocurrency enterprises must comply with the same anti-money laundering (AML) laws as traditional financial institutions. However, the US government has not yet decided whether Bitcoin is money or security.
China was one of the first countries to adopt cryptocurrencies, and some of the first cryptocurrency exchanges were established there. However, the Chinese government outlawed cryptocurrency trade and mining in 2017. This restriction was imposed mostly due to worries about cryptocurrencies being used for illicit purposes.
When it comes to cryptocurrency legislation, Japan is one of the most forward-thinking countries. The Japanese government established legislation recognising cryptocurrencies as a lawful payment option in 2017. This law also provided a framework for regulating Bitcoin exchanges and other cryptocurrency-related enterprises.
In the financial world, Switzerland is the wall street in Europe. Their banking system is world-famous for its privacy and secrecy. So Cryptocurrencies are also highly tied to secrecy and privacy. The Swiss financial system also with a favourable regulatory climate for bitcoin is Switzerland. The Swiss government enacted legislation exempting cryptocurrencies from capital gains tax in 2018. Because of this rule, Switzerland has become a favoured destination for Bitcoin investors and enterprises.
Hightech Nation Malta is also on the list which is not a surprise to anyone. Malta has earned the moniker “Blockchain Island” due to its innovative approach to cryptocurrency legislation. Malta approved legislation in 2018 that provided a framework for regulating Bitcoin enterprises. Because of this rule, Malta has become a preferred location for Bitcoin companies and exchanges.
Cryptocurrency is legal in the following countries
- South Africa
- Canada (banned by banks)
- United States
- Costa Rica
- Trinidad and Tobago
- Saudi Arabia
- India (banned by banks)
- Hong Kong
- South Korea
- Thailand (banned by banks)
- Vietnam (not allowed as a payment tool)
- Czech Republic
- United Kingdom
- New Zealand
- Bosnia and Herzegovina