Countries where Bitcoin is legal and an official currency
On the plus side, according to research, Bitcoin and cryptocurrencies are legal in at least 111 states.
Major countries like the United States and Canada, for example, are generally supportive of cryptocurrencies while also attempting to enforce anti-money laundering laws and prevent fraud. Meanwhile, European Union member states are not permitted to launch their own cryptocurrency, but crypto exchanges are encouraged to be legalized and compliant with regulations.
The following are the most Bitcoin-friendly countries where BTC is legal as of January 2022:
Barbuda and Antigua To protect cryptocurrency exchanges and users, a bill was passed. Bitcoin, which can be used to pay for citizenship, may soon become legal tender in the country.
Australia. Bitcoin and other cryptocurrencies have been legal in the country since 2017, and are subject to Capital Gains Tax.
Barbados. Cryptocurrencies are legal in Barbados. Barbados has its own digital currency, DCash, which launched in 2022.
Belgium. Bitcoin is classified as a "miscellaneous income tax." Despite being acknowledged as a potential "alternative to money," cryptocurrency is not considered legal tender.
Bulgaria. Crypto businesses do not require licenses and are taxed as income from financial asset sales.
Cayman Islands New cryptocurrency regulations have been enacted. They have favorable tax laws for businesses, including cryptocurrency businesses.
Chile. The country's monetary policies govern cryptocurrency. Cryptocurrency exchanges are protected in Chile.
Croatia. There is a 3800 HRK tax-free threshold and a capital gains tax ranging from 12% to 18%. The government has issued a warning about cryptocurrency's high risk.
Dominica. The country's crypto outlook is upbeat, with plans to trial a cryptocurrency called DCash. A project to make Bitcoin available to the general public had been canceled.
Estonia. Crypto is a digital currency that can be used as a payment method, but it is not legal tender.
Finland. Cryptocurrency is legal and categorized as a virtual currency. The Financial Supervisory Authority is in charge of virtual currency.
Germany. Crypto assets can be bought, sold, and stored as long as they are obtained from a licensed institution.
Indonesia. In Indonesia, cryptocurrencies have been legal since 2019. It is treated as a commodity rather than a payment method when trading.
Italy. As a virtual currency, cryptocurrencies are subject to corporate and personal income tax.
Ireland. Crypto is classified as virtual currency, and its taxation varies depending on the circumstances.
Japan. Crypto assets are classified as "other income."
Lithuania. Lithuania was among the first to establish a framework for cryptocurrencies and taxation, with earnings of up to €2500 tax-free.
Malta. Malta is home to some of the largest cryptocurrency exchanges, including Binance and OKEx, due to its open stance on cryptocurrency.
Mauritius. Their rules are classified as Digital Assets.
Republic of the Marshall Islands, The Marshall Islands' legal currency, the SOV, or sovereign, is blockchain-powered.
NZ. Cryptocurrencies are taxed similarly to gold.
Norway. Cryptocurrencies are classified as assets and are taxed.
Philippines. Under SEC regulations, cryptocurrencies are classified as securities and investment contracts. Any financial services related to cryptocurrencies, such as exchanges, are subject to the guidelines of the Philippines Central Bank.
Serbia. For tax purposes, cryptocurrency is classified as a digital asset. Crypto services necessitate the acquisition of a license.
Korea, South Cryptocurrency is legal and subject to anti-money laundering laws, and the government heavily regulates it. Financial institutions are required to report cryptocurrency transactions.
Sweden. Trading in bitcoin is classified as a financial service. Investment gains are taxed as business income.
Switzerland. As early as 2017, the Commercial Register Office accepted cryptocurrency as payment. Institutions must obtain licenses in order to operate cryptocurrencies. There are extensive regulations in place, and the overall outlook for cryptocurrency is very positive.
Ukraine. Cryptocurrency is classified as property in the country. It is a popular location for several cryptocurrency businesses.
The United Kingdom (UK). Exchanges must meet certain FCA requirements. Bitcoin is regarded as private money. UAE (United Arab Emirates). The United Arab Emirates, a crypto-friendly country, has its own Emirates Blockchain Strategy 2022, with the goal of shifting the majority of their transactions to blockchain and becoming a blockchain-powered government.
The United States of America Cryptocurrency are subject to taxation in the United States. It is regulated if the sale of securities includes cryptocurrencies.
Uzbekistan. Cryptocurrency use is now legal in the country. Cryptocurrency income is not taxed, and in order to operate, exchanges must meet specific requirements and obtain licensing.
Venezuela. After launching its own petroleum-backed cryptocurrency in 2017, Venezuela appeared to be a prime candidate for widespread crypto adoption. It was made illegal in 2018, and efforts to legalize it again began in January 2020. Mining, which was previously illegal and for which those involved were prosecuted, has now been decriminalized. Cryptocurrency transactions are now legal in Venezuela.
Countries where Bitcoin is accepted as legal tender
Salvador. This was the first country to accept Bitcoin as legal tender. It was recognized as an investor risk prior to this action. Bitcoin investors should be ecstatic. The adoption of Bitcoin as legal tender in any country is a monumental event that deserves all of the attention it has received. If more countries begin to adopt Bitcoin in the future, El Salvador's move could set a historic precedent.
The Central African Republics followed suite as it also accepted bitcoin as a legal tender earlier this year. So in conclusion the are currently only two countries that accept bitcoin as a legal tender.
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