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FX.co ★ Cryptocurrencies’ legal status in 10 countries

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Фотоновини:::2017-12-25T22:17:12

Cryptocurrencies’ legal status in 10 countries

Leaders of a number of countries, watching the situation on the global cryptocurrency market and wanting to keep pace with the times, have decided to regulate this digital cash flow. Check out how different nations control the cryptos.

Cryptocurrencies’ legal status in 10 countries

Argentina

This is one of the leading countries using digital money for three years. In 2014, The Argentine Financial Information Unit (UIF), which functions include combating money laundering, demanded that all financial institutions in the country that conduct transactions with bitcoins and other virtual currencies report to the UIF.

Cryptocurrencies’ legal status in 10 countries

The United States

In the US, the legal regulation of cryptocurrencies is limited. In 2014, the US Internal Revenue Service ruled that virtual currency should be treated as property for US federal tax purposes. Some of the activities related to the use of the cryptocurrency (for example, its sale and exchange) are subject to the requirements of the bank secrecy legislation. Issuance of digital currencies can sometimes be classified as the issuance of securities. The same requirements as to the issuance of traditional securities apply in this case.

Cryptocurrencies’ legal status in 10 countries

Russia

Currently, the government and the central bank of Russia are working to create a regulatory and legal act that will regulate the legal status and circulation of cryptocurrencies. Earlier, the regulator called for vigilance in relation to cryptocurrency transactions, relying on legislation to combat money laundering.

Cryptocurrencies’ legal status in 10 countries

EU countries

The European Central Bank classifies cryptocurrencies, in particular Bitcoin, as a convertible decentralized virtual currency. There is no direct regulation. In 2014, the regulator recommended that European banks do not conduct transactions with virtual currencies until the regulatory regime comes into effect. Along with banks and other financial institutions, providers of crypto-exchange services were required to comply with a number of requirements for customer identification and tracking of suspicious transactions.

Cryptocurrencies’ legal status in 10 countries

The United Kingdom

In the UK, cryptocurrencies are not considered a financial product; therefore they are not subject to legal regulation. Legislative regulation in Britain is still in the making. The Financial Conduct Authority (FCA) has set up a platform for the launch and verification of pilot projects in the field of digital currencies.

Cryptocurrencies’ legal status in 10 countries

Switzerland

In Switzerland, cryptocurrencies are traeted as assets, not securities. Transactions with digital money do not need special permission from authorities, but some activities, including the purchase and sale of cryptocurrencies (for example, bitcoins) may be subject to licensing. Transactions with virtual payment instruments are regulated by the Swiss legislation on combating money laundering.

Cryptocurrencies’ legal status in 10 countries

Japan

Japan gave the cryptocurrency the status of a legal tender In April this year. Many large retailers in the country accept bitcoin as payment. The concept of the cryptocurrency is separated from the concept of electronic money: the cryptocurrency is not considered a monetary asset, but a negotiable asset that can be used as a means of payment. The exchange of cryptocurrencies for traditional money is exempt from Japanese Consumption Tax.

Cryptocurrencies’ legal status in 10 countries

China

In China, the cryptocurrency is recognized as a virtual commodity, that is, a non-monetary digital asset. Legislation on digital means of payment is in progress. In September 2017, the Chinese government banned initial coin offerings (ICOs). Meanwhile, storing cryptocurrencies and conducting virtual currency transactions is allowed for individuals in China.

Cryptocurrencies’ legal status in 10 countries

The United Arab Emirates

The government of Abu Dhabi released guidelines on virtual currencies and ICOs in October. Any licensed company in the country that offers or uses virtual currencies for financial services must adhere to the country's anti-money laundering and counter-terrorism financing laws.

Cryptocurrencies’ legal status in 10 countries

Singapore

Singapore treats cryptocurrencies as assets, not a means of payment. In some cases, they can be classified as securities. Cryptocurrency transactions are subject to the local analogue of VAT or sales tax. The Monetary Authority of Singapore (MAS) has also issued a number of regulatory documents governing initial coin offerings (ICOs), as well as trade in virtual currencies.

Cryptocurrencies’ legal status in 10 countries
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