ICO/Crypto Rating is a number that can have the following values:
unknow (0),
prohibited (1), when crypto is officialy prohibited you can obviously not run an ICO.
mostly unfavorable (2), officially discouraged to invest in crypto or no ICO ever run in that country.
mostly favorable (3), when there is no official warning nor ICO law in that country.
favorable (4), no law (but may be pending) but crypto and ICO are executed in that country
legalized (5) are for country with clearly defined ICO / crypto laws.



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Bank of Albania
Cryptocurrencies
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Regulation
On July 13, 2017, the Bank of Albania declared that the legal and regulatory framework then in place did not envisage carrying out operations with cryptocurrency in Albania and users were exposed to certain risks. The Bank noted that because of the high degree of anonymity, transactions in such currency may be misused for criminal activities, including money laundering, terrorism financing, or the smuggling of goods. The Bank urged the Albanian public to be mature and responsible in the administration of the savings or liquidity they possess, while national and international stakeholders intensively work to adequately regulate and supervise cryptocurrency. Press Release, Bank of Albania, Risks Associated with the Use of Virtual Currency (July 13, 2017), , archived at
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Bank of Algeria
Cryptocurrencies
Illegal
Absolute ban.[14] The Huffington Post reports, \"Algeria is going to ban bitcoin in the new Finance law of 2018 (article 113 of the law)\"[15] According to the \"Journal Officiel\" (28 December 2017): Art. 117. \u2014 The purchase, sale, use, and holding of so-called virtual currency is prohibited. Virtual currency is that used by internet users via the web. It is characterized by the absence of physical support such as coins, notes, payments by cheque or credit card. Any breach of this provision is punishable in accordance with the laws and regulations in force.[16]" target="_blank"> sources []
Regulation
The 2018 Financial Law of Algeria has prohibited the use of any cryptocurrencies. It stipulates: The purchase, sale, use, and possession of so-called virtual currency are prohibited. A virtual currency is one used by Internet users over the Internet. It is characterized by the absence of physical support such as coins, paper money, or payments by check or credit card. Any violation of this provision is punishable in accordance with the laws and regulations in force. Law No. 17-11 of 1917 (Dec. 27, 2017) art. 117, Official Gazette No. 76 of 2017 (Dec. 28, 2017), (in Arabic) , archived at (translation by author). French translation of the Law available at lois_de_finances/ , archived at
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All crypto ban
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Institut Nacional Andorrà de Finances
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The financial regulatory and supervising body in Andorra called INAF is closely monitoring the developments, but has not yet formally pronounced itself with regards to the rules to establish companies with activity related to cryptocurrencies.
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National Bank of Angola
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CNV - The Stock Market National Committee
Cryptocurrencies
Legal
Bitcoins may be considered money, but not legal currency. A bitcoin may be considered either a good or a thing under the Argentina\'s Civil Code, and transactions with bitcoins may be governed by the rules for the sale of goods under the Civil Code.[3]:Argentina." target="_blank"> sources []
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Central bank of Armenia
Cryptocurrencies
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Regulation
On March 1, 2018, the government of Armenia published a document stating that adoption of a proposed law on cryptocurrencies is not advisable given that the majority of the leading countries urge people to refrain from operations with cryptocurrencies. Government of Armenia, Recommendations on the Draft Law on Development of Digital Technologies (Mar. 1, 2018), (in Armenian) , archived at ; see also The Armenian Government Rejected the Bill on the Development of Digital Technologies, Golos Armenii (Mar. 1, 2018), 63337/pravitelstvo-armenii-otverglo-zakonoproekt-%C2%ABo-razvitii-cifrovyx-texnologij%C2%BB (in Russian) , archived at ] The document was prepared in response to a draft law on the development of digital technologies introduced by an opposition political party that would provide for the liberalization of mining activities and their exemption from taxes until the end of 2023. Artem Yerkanyan, Bitcoin of Armenian Origin, New Time (Feb. 10, 2018), (in Russian) , archived at
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Central Bank of Aruba
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ASIC - Australian Securities and Investments Commission
APRA - Australian Prudential Regulation Authority
AUSTRAC - Australian Transaction Report and Analysis Centre
Cryptocurrencies
Legal
In December 2013, the governor of the Reserve Bank of Australia (RBA) indicated in an interview about bitcoin legality stating, \"There would be nothing to stop people in this country deciding to transact in some other currency in a shop if they wanted to. There\u2019s no law against that, so we do have competing currencies.\"[148] Australia has officially confirmed it will treat bitcoin \u201Cjust like money\u201D on 1 July 2017 and it will no longer be subject to double taxation.[149]" target="_blank"> sources []
Regulation
Australia requires ICOs that involve combined investment to adhere to the Corporations Act, to keep track of those shares (if the ICO issues shares) and to issue a disclosure document and acquire a financial services license if the ICO offers financial advice to customers.
Taxation
Bitcoin is neither money nor Australian or foreign currency. Rather, it is property and is an asset for capital gains tax (CGT) purposes. Other cryptocurrencies that have the same characteristics as Bitcoin will also be assets for CGT purposes and will be treated similarly for tax purposes.
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FMA - The Financial Markets Authority
National Bank of the Republic of Austria
Cryptocurrencies
Legal
Not considered to be an official form of currency, earnings are subject to tax law. The Financial Market Authority (FMA) has warned investors that cryptocurrencies are risky and that the FMA does not supervise or regulate virtual currencies, including bitcoin, or cryptocurrency trading platforms.[14]" target="_blank"> sources []
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Corporations Act requirements
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The Central Bank of the Republic of Azerbaijan
Cryptocurrencies
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Regulation
On February 12, 2018, the chairman of the board of Azerbaijan’s Central Bank, Elman Rustamov, stated that cryptocurrency is a very volatile instrument and urged the population to be more careful in dealing with cryptocurrencies. Head of the Central Bank of Azerbaijan Urged Population to Be More Careful with Cryptocurrencies, Sputnik Azerbaijan (Jan. 15, 2018), (in Russian) , archived at Earlier in January it was reported that a working group has been established to develop a draft law on the regulation of trade in cryptocurrencies. Lada Yevgrashina, Azerbaijan Took Up Cryptocurrencies, A Bill Is Being Prepared, The Country Will Be Visited by Ethereum Cofounder, (Jan. 29, 2018), (in Russian) , archived at
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SCB - securities Commission of The Bahamas
Securities Commission of The Bahamas
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CBB - Central Bank of Bahrain
Cryptocurrencies
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Regulation
A "regulatory sandbox" ">has been announced by the BCB in september 2017. The governor of the Central Bank of Bahrain, Rasheed Al Maraj:
As of now, we recognize cryptocurrency as a commodity that can be traded in the exchanges. We are not considering it as a legal tender in any form.
">source The governor of the Central Bank of Bahrain, Rasheed Al Maraj, has issued a warning against cryptocurrencies, especially bitcoin. During a parliamentary session that took place in the Shura Council, Al Maraj declared that the bitcoin is not recognized by any financial institution. He also mentioned that using bitcoin in Bahrain is illegal; however, Bharani citizens have the right to invest in cryptocurrencies outside Bahrain. Al Maraj: We Do Not Recognize Bitcoin and It is Dangerous to Deal With It, Al-Watan (Jan. 7, 2018), المعراج-لا-نعترف-بالبيتكوينوالتعامل-بها-خطر (in Arabic) , archived at .
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Bangladesh Bank
Cryptocurrencies
Illegal
Implicit ban.[14] In September 2014, Bangladesh Bank said that \"anybody caught using the virtual currency could be jailed under the country\'s strict anti-money laundering laws\".[70]" target="_blank"> sources []
Regulation
On December 24, 2017, the Central Bank of Bangladesh issued a cautionary notice that cryptocurrencies are illegal in Bangladesh. Central Bank of Bangladesh, Cautionary Notice on Bitcoin Transactions, (in Bangladeshi) , archived at ; see also Abdur Rahim Harmachi, Bangladesh Bank Warns Against Transaction in ‘Illegal’ Bitcoin, Other Cryptocurrencies, (Dec. 27, 2017), , archived at According to a news report, the notice states that
[t]ransaction [sic] with this currency may cause a violation of the existing money laundering and terrorist financing regulations.
[Golam Mowla, Central Bank Issues Notice Banning Bitcoin in Bangladesh, Dhaka Tribune, (Dec. 27, 2017), , archived at The notice states that bitcoin transactions
are not authorized by the Bangladesh Bank or any regulatory agencies, and do not conform with the provisions under the Foreign Exchange Regulation Act, 1947; Anti-Terrorism Act, 2009; and the Money Laundering Prevention Act, 2012.
[Central Bank of Bangladesh, Cautionary Notice on Bitcoin Transactions, supra note 589 (English translation from the original Bengali provided by Law Library Reference Librarian Shameema Rahman) Also, according to the notice, [o]nline transaction [sic] of virtual currencies with any unnamed or pseudo named parties may cause a violation of the above-mentioned acts. . . . . [T]ransactions through online networks involving cryptocurrency are not approved by any central payment system and as such people can be financially harmed and may face legal consequences. Under the circumstances, the citizens have been asked to refrain from performing, assisting, and advertising all kind of transactions through virtual currencies like Bitcoin to avoid financial and legal damages. Law enforcement agencies, including the Foreign Exchange Police Department, Bangladesh Financial Intelligence Unit (BFIU), and Bangladesh Telecommunication Regulatory Commission (BTRC), have reportedly already held four meetings on
hunting down those using cryptocurrencies.
[Golam Mowla, Police on the Hunt for Bitcoin Users in Bangladesh, Dhaka Tribune (Feb. 19, 2018), , archived at
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up to 12 years jail
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Central Bank of Barbados
Cryptocurrencies
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Taxation
No Capital Gains taxes.
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National Bank of the Republic of Belarus
Cryptocurrencies
Legal
The Decree On the Development of Digital Economy \u2014 the decree of Alexander Lukashenko, the President of the Republic of Belarus, which includes measures to liberalize the conditions for conducting business in the sphere of high technologies. The provisions of the decree \"On the Development of Digital Economy\" create of a legal basis for the circulation of digital currencies and tokens based on blockchain technology, so that resident companies of the High-Tech Park can provide the services of stock markets and exchange offices with cryptocurrencies and attract financing through the ICO. For legal entities, the Decree confers the rights to create and place their own tokens, carry out transactions through stock markets and exchange operators; to individuals the Decree gives the right to engage in mining, to own tokens, to acquire and change them for Belarusian rubles, foreign currency and electronic money, and to bequeath them. Up to 1 Jan In 2023, the Decree excludes revenue and profits from operations with tokens from the taxable base. In relation to individuals, the acquisition and sale of tokens is not considered entrepreneurial activity, and the tokens themselves and income from transactions with them are not subject to declaration. The peculiarity of the introduced regulation is that all operations will have to be carried out through the resident companies of the High Technology Park. In addition, the decree includes: Extension of the validity period of the special legal regime of the High-Tech Park until January 1, 2049, and expansion of the list of activities of resident companies. Under the new rules, developers of blockchain-based solutions, developers of machine learning systems based on artificial neural networks, companies from the medical and biotechnological industries, developers of unmanned vehicles, as well as software developers and publishers can become residents. The list of promising areas is unlimited and can be expanded by the decision of the High-Tech Park supervisory board. Preservation of existing benefits for resident companies in the High-Tech Park, including the cancellation of the profit tax (instead of which a contribution of 1% of the gross revenues proceeding to the administration of the park is applied), reduced to 9% of the personal income tax rate for employees, and the right to contribute to the Social Protection Fund according to the national average figures, and not the actual salaries. Exemption of foreign companies providing marketing, advertising, consulting and other services to the residents of the High-Tech Park from paying value-added tax, as well as paying income tax, which allows to promote IT products of Belarusian companies in foreign markets. To encourage investments, the Decree also exempts foreign companies from the tax on income from the alienation of shares, stakes in the authorized capital and shares in the property of residents of the High-Tech Park (under condition of continuous possession of at least 365 days). Introduction of individual English law institutions for residents of the High-Tech Park, which will make it possible to conclude option contracts, convertible loanagreements, non-competition agreements with employees, agreements with responsibility for enticing employees, irrevocable powers of attorney and other documents common in international practice. This measure is aimed at simplifying the structuring of transactions with foreign capital. Simplification of the regime of currency transactions for residents of the High-Tech Park, including the introduction of a notification procedure for currency transactions, the cancellation of the mandatory written form of foreign trade transactions, the introduction of confirmation of the conducted operations by primary documents drawn up unilaterally. Also, the decree removes restrictions on resident companies for transactions with electronic money and allows opening accounts in foreign banks and credit and financial organizations without obtaining permission from the National Bank of the Republic of Belarus. Simplification of the procedure for recruiting qualified foreign specialists by resident companies of the High-Tech Park, including the abolition of the recruitment permit, the simplified procedure for obtaining a work permit, and the visa-free regime for the founders and employees of resident companies with a term of continuous stay of up to 180 days." target="_blank"> sources []
Regulation
The president of Belarus, Alexander Lukashenko legalized cryptocurrencies including ICOs and smart contracts. ">A more detailed report is available.
Taxation
Businesses operating in the Park are exempt from taxes and only have to pay 1% of their turnover to the government. This arrangement is guaranteed by the government to last until 2049. The minimum capital requirements are 1 million Belarusian rubles (approximately, US$505,000) for the operator of a crypto-platform and 200,000 rubles (approximately US$101,000) for the operator of a cryptocurrency exchange office. Mining Is Allowed, Bitcoin Mining Has Been Legalized in Belarus, (Dec. 27, 2017), 12/27/ (in Russian) , archived at
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decree signed in December 2017 by President Lukashenko legalizing cryptocurrencies, ICOs, and smart contracts
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National Bank of Belgium
Cryptocurrencies
Legal
The Minister of Finance indicated that government intervention with regard to the bitcoin system does not appear necessary at the present time.[3]:Belgium" target="_blank"> sources []
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IFSC - International Financial Services Commission
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Bermuda Monetary Authority
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Royal Monetary Authority of Bhutan
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The Central Bank of Bolivia
Cryptocurrencies
Illegal
Absolute ban.[14] The Central Bank of Bolivia issued a resolution banning bitcoin and any other currency not regulated by a country or economic zone in 2014.[45]" target="_blank"> sources []
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on all crypto currencies
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Banking Agency of Republika Srpska
Banking Agency of the Federation of Bosnia and Herzegovina
Cryptocurrencies
Legal
No regulation on the use of bitcoins. and Herzegovina" target="_blank"> sources []
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On January 9, 2018, the Central Bank of Bosnia and Herzegovina announced that the convertible mark (the currency of Bosnia and Herzegovina) is the only legal means of payment in the country, and it is not possible to exchange bitcoins and other cryptocurrencies for convertible mark. At the same time, the Bank stated that there were no plans to limit or prevent the purchase of and trading in virtual currencies. (Jan. 9, 2018), (in Bosnian) , archived at .">source
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NBFIRA - Non-Bank Financial Institutions Regulatory Authority
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CVM - Securities and Exchange Commission of Brazil
BCB - banco central do brazil
Cryptocurrencies
Legal
Not regulated, according to a 2014 statement by the Central Bank of Brazil concerning cryptocurrencies, but is discouraged because of operational risks.[46] In November 2017 this unregulated and discouraged status was reiterated by the Central Bank of Brazil.[47]" target="_blank"> sources []
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FSC - Financial Services Commission
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Monetary Authority of Brunei Darussalam
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On December 22, 2017, the Central Bank of Brunei, Autoriti Monetari Brunei Darussalam (AMBD), released a statement reminding the public that
cryptocurrencies are not legal tender in Brunei Darussalam and are not regulated by AMBD,
and advising the public
to be vigilant and exercise extreme caution when dealing with such currencies that are privately issued.
The press statement also added that AMBD would like to remind the public to be careful when participating in any investment plans or financial transactions. The public is advised not to be easily enticed by any investment or financial activity advertisements, and to conduct due diligence and understand the financial products properly before participating. Press Release, Autoriti Monetari Brunei Darussalam, Public to Exercise High Caution with Cryptocurrencies (Dec. 22, 2017), Press Release - Crypto , archived at
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BNB - Bulgarian National Bank
Cryptocurrencies
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There is not a single word in Bulgarian laws about bitcoin. People owe 10% tax if they made profit trading." target="_blank"> sources []
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Bank of the Republic of Burundi
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Illegal
On 19 June 2018, the National Bank of Cambodia (NBC), the Securities and Exchange Commission of Cambodia and the General-Commissariat of National Police stated that \"the propagation, circulation, buying, selling, trading and settlement of cryptocurrencies without obtaining license from competent authorities are illegal activities\" and \"shall be penalized in accordance with applicable laws.\".[89]" target="_blank"> sources []
Regulation
he status of cryptocurrencies in Cambodia is ambiguous. The National Bank of Cambodia (NBC)
signed an agreement with a Japanese firm . . . to develop a blockchain-based project for its own internal use, which would track interbank lending and transactions
in April 2017. Robin Spiess, Uncertainty over Future of Cryptocurrencies in Cambodia, Phnom Penh Post (Mar. 9, 2018), , archived at However, it only addresses interbank transactions. The NBC has
asked banks in Cambodia not to allow people to conduct transactions with cryptocurrencies.
[Sok Chan, Bitcoin a Risky Business, NBC Warns, Khmer Times (Dec. 6, 2017), http://www.khmertimeskh. com/5094114/bitcoin-risky-business-nbc-warns/ , archived at At the Fourth Annual NBC Macroeconomic Conference on December 5, 2017, NBC Director General Chea Serey stated that activities of a handful of companies operating in Cambodia that tried to persuade people to use cryptocurrencies for everyday purchases and other financial transactions were
not legal as digital currencies are not issued or backed up by any government.
However, she also stated that
digital currencies are not illegal in the Kingdom
and
asked users to be wary of them and extremely careful when using them.
In a December 29, 2017, press release the NBC reaffirmed that it
never allowed the purchase-sale and circulation of any form of cryptocurrencies.
[Press Release, NBC, The National Bank of Cambodia Denies the False Information Stating that the NBC Has Cooperated with Chaintope Company (Dec. 29, 2017), ?id=344 , archived at ]
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IIROC - Investment Industry Regulatory Organization of Canada
CIPF (Canadian Investor Protection Fund)
Cryptocurrencies
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\/ Banking ban Companies dealing in virtual currencies must register with the Financial Transactions and Reports Analysis Centre of Canada (Fintrac), implement compliance programs, keep the required records, report suspicious or terrorist-related transactions, and determine if any of their customers are \"politically exposed persons.\" The law applies to non-Canadian virtual currency exchanges if they have Canadian customers. Banks may not open or maintain accounts or have a correspondent banking relationship with companies dealing in virtual currencies if that company is not registered with Fintrac. Dealers in digital currency are regulated as money services businesses.[27] The Authorite des Marches Financiers, the regulator in the province of Quebec, has declared that some bitcoin related business models including exchanges and ATMs are regulated under its current MSB Act.[28] As of April 2018, the Bank of Montreal (BMO) announced that it would ban its credit and debit card customers from participating in cryptocurrency purchases with their cards.[29] This is following another banking ban in Canada from Toronto Dominion (TD.)[30]" target="_blank"> sources []
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ICOs and altcoins are considered as securities and examined on a case by case (" target="_blank">source )
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Altcoins are intangible assets and commercial entities need to be registered as money service
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Bank of Cape Verde
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CIMA - Cayman Islands Monetary Authority
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Commission Bancaire de l'Afrique Centrale
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Banking and Financial Institutions Supervisory Agency
Cryptocurrencies
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There is no regulation on the use of bitcoins.[3]:Chile" target="_blank"> sources []
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PBoC - People Bank of China
CSRC - China Securities Regulatory Commission
FSCEY - Financial Supervisory Commission
Cryptocurrencies
Illegal
Implicit ban.[14] Regulation prohibits financial firms holding or trading cryptocurrencies.[8]:China On 5 December 2013, People\'s Bank of China (PBOC) made its first step in regulating bitcoin by prohibiting financial institutions from handling bitcoin transactions.[77] On 1 April 2014 PBOC ordered commercial banks and payment companies to close bitcoin trading accounts in two weeks.[78] Cryptocurrency exchanges or trading platforms were effectively banned by regulation in September 2017 with 173 platforms closed down by July 2018.[79] In early 2018 the People\'s Bank of China announced the State Administration of Foreign Exchange led by Pan Gongsheng would crack down on bitcoin mining.[80][81] Many Bitcoin mines in China had stopped operating by January 2018.[79]" target="_blank"> sources []
Regulation
China’s central bank, the People’s Bank of China (PBOC), has been conducting a study of digital currency for over three years, and has set up an Institute of Digital Money within the PBOC. Zhou Xiaochuan: Future Regulation on Virtual Currency Will Be Dynamic, Imprudent Products Shall Be Stopped for Now, Xinhuanet (Mar. 1, 2018), (in Chinese) , archived at Zhou Xiaochuan, the then governor of the PBOC, addressed the current regulatory status of virtual currencies in a press conference held during the annual National People’s Congress session in March 2018, when he was stepping down. According to Zhou, Chinese regulators are not recognizing virtual currencies such as bitcoin as a tool for retail payments like paper bills, coins, or credit cards. The banking system is not accepting any existing virtual currencies or providing relevant services, he said. Zhou Xiaochuan: Future Regulation on Virtual Currency Will Be Dynamic, Imprudent Products Shall Be Stopped for Now, Xinhuanet (Mar. 1, 2018), (in Chinese) , archived at Previously, on September 4, 2017, seven central government regulators—the PBOC, the Cyberspace Administration of China (CAC), the Ministry of Industry and Information Technology (MIIT), the State Administration for Industry and Commerce (SAIC), the China Banking Regulatory Commission (CBRC), the China Securities Regulatory Commission (CSRC), and the China Insurance Regulatory Commission (CIRC) —jointly issued the Announcement on Preventing Financial Risks from Initial Coin Offerings, which banned initial coin offerings (ICOs) in China. PBOC, CAC, MIIT, SAIC, CBRC, CSRC, and CIRC Announcement on Preventing Financial Risks from Initial Coin Offerings (Sept. 4, 2017), (in Chinese) , archived at According to the Announcement, ICO financing that raises
so-called ‘virtual currencies’ such as Bitcoin and Ethereum
through the irregular sale and circulation of tokens is essentially public financing without approval, which is illegal. 645] The Announcement warned that tokens or virtual currencies involved in ICO financing are not issued by monetary authorities and therefore not mandatorily-accepted legal tender, and thus do not have equal legal status with fiat currencies and
cannot and should not be circulated and used in the market as currencies.
[PBOC, CAC, MIIT, SAIC, CBRC, CSRC, and CIRC Announcement on Preventing Financial Risks from Initial Coin Offerings (Sept. 4, 2017), (in Chinese) , archived at . ] As early as December 3, 2013, the PBOC, MIIT, CBRC, CSRC, and CIRC jointly issued a notice warning the public about the risks of bitcoin, the Notice on Precautions Against the Risks of Bitcoins. 647] The circular defined bitcoin as
by nature a special virtual commodity,
which
does not have equal legal status as currencies
and
cannot and should not be circulated in the market as a currency.
[PBOC, MIIT, CBRC, CSRC, and CIRC Notice on Precautions Against the Risks of Bitcoins (Dec. 3, 2013), (in Chinese) , archived athttps:// According to the notice, banks and payment institutions in China are prohibited from dealing in bitcoins. Financial and payment institutions are prohibited from using bitcoin pricing for products or services or buying or selling bitcoins, nor can they provide direct or indirect bitcoin-related services, including registering, trading, settling, clearing, or other services; accept bitcoins or use bitcoins as a clearing tool; or trade bitcoins with Chinese yuan or foreign currencies. PBOC, MIIT, CBRC, CSRC, and CIRC Notice on Precautions Against the Risks of Bitcoins (Dec. 3, 2013), (in Chinese) , archived athttps:// ICOs are banned for all businesses and individuals by order of the People’s Bank of China. Chinese ICOs that have completed their funding cycles have been requested to refund any altcoins raised. The PBoC has indicated it will investigate any company or individual found to be in violation of its ruling.
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SFC - Superintendencia Financiera de Colombia
Cryptocurrencies
Illegal
Implicit ban. The Superintendencia Financiera warned financial institutions in 2014 that they may not \"protect, invest, broker, or manage virtual money operations\".[14]" target="_blank"> sources []
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Central Bank of Congo
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Financial Supervisory Commission
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Central Bank of Costa Rica
Cryptocurrencies
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The Costa Rican Central Bank announced that bitcoin and cryptocurrencies are not consider currencies, and are not backed by the government nor laws. However, they are not illegal. There are a few merchants who do accept bitcoins in the country.[40] Rica" target="_blank"> sources []
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HANFA - Croatian Financial Services Supervisory Agency
Cryptocurrencies
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Croatia\u2019s Financial Stability Council warned investors about the risks of virtual currencies, such as digital wallet theft and fraud, on December 18, 2017. The National Bank of Croatia issued a similar warning on September 22, 2017.[14]" target="_blank"> sources []
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Central Bank of Cuba
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CYSEC - Cyprus Securities and Exchange Commission
Cryptocurrencies
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The use of bitcoins is not regulated in Cyprus.[3]:Cyprus" target="_blank"> sources []
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CNB - Czech National Bank
Cryptocurrencies
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Businesses and individuals who buy, sell, store, manage, or mediate the purchase or sale of virtual currencies or provide similar services must comply with the anti-money laundering law.[14] Bitcoin is classified as intangible asset (not as electronic money) for the purpose of accounting and taxes.[107][108] Republic" target="_blank"> sources []
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DFSA - Financial Supervision Authority
Cryptocurrencies
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Denmark\u2019s Financial Supervisory Authority issued a statement declaring that bitcoin is not a currency and stating that it will not regulate its use.[3]:Denmark On 17 December 2013, Denmark\'s Financial Supervisory Authority (FSA) has issued a statement that echoes EBA\'s warning. As of 2017[update], FSA says that doing business with bitcoin does not fall under its regulatory authority and therefore FSA does not prevent anyone from opening such businesses.[125] FSA\'s chief legal adviser says that Denmark might consider amending existing financial legislation to cover virtual currencies.[126]" target="_blank"> sources []
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Bitcoin/crypto \">trades are not taxed, and your capital gains on BTC are \" >tax exempted under the light of this ;vId=0\" >Danish rule
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Superintendencia de Bancos
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Superintendencia de Bancos
Cryptocurrencies
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The Ecuadorian government has issued a ban on bitcoin and other digital currencies.[48] The National Assembly of Ecuador banned bitcoins including other decentralized digital\/crypto currencies, due to the establishment of a new state-run electronic money system. Ecuador\'s new project would be controlled by the government and tied directly to the local currency\u2014the dollar. Users will be able to pay for select services and send money between individuals. This was slated to begin in mid-February 2015. \"Electronic money is designed to operate and support the monetary scheme of dollarization,\" economist Diego Martinez, a delegate of the President of the Republic to the Board of Regulation and Monetary and Financial Policy.[49]" target="_blank"> sources []
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EFSA - Egyptian Financial Supervisory Authority
Cryptocurrencies
Illegal
Absolute ban.[14]" target="_blank"> sources []
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The Central Bank of Egypt issued a warning in January 2018 against the trading of cryptocurrencies, such as bitcoin, due to the extremely high risk associated with such currencies. The Central Bank also asserted that commerce within the Arab Republic of Egypt is confined only to the official paper currencies approved by the Bank. Press Release, Central Bank of Egypt, A Warning Statement (Jan. 10, 2018), Pages/HighlightsPages/ , archived at Egypt’s Dar al-Ifta, the primary Islamic legislator in Egypt, has issued a religious decree classifying commercial transactions in bitcoin as haram (prohibited under Islamic law). Dar al-Ifta has stated that cryptocurrencies could damage national security and central financial systems, and could also be used to fund terrorism and terrorists activities. Religious Decree No. 4205, The Status of Transactions in Bitcoins and other Cryptocurrencies under Islamic Law, Egypt’s Dar al-Ifta (Dec. 28, 2017), (in Arabic) , archived at
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FSAEE - Financial Supervision Authority
MKM - Ministry of Economic Affairs and Communications
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In Estonia, the use of bitcoins is not regulated or otherwise controlled by the government.[3]:Estonia The Estonian Ministry of Finance have concluded that there is no legal obstacles to use bitcoin-like crypto currencies as payment method. Traders must therefore identify the buyer when establishing business relationship or if the buyer acquires more than 1,000 euros of the currency in a month.[127]" target="_blank"> sources []
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favorable - Estonia is considering starting its own ICO (">Source)
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National Bank of Ethiopia
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Reserve Bank of Fiji
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Bank of Finland
FINFSA - Financial Supervision Authority
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The Finnish Tax Administration has issued instructions for the taxation of virtual currencies, including the bitcoin.[3]:Finland[128] Rather than a currency or a security, a bitcoin transaction is considered a private contract equivalent to a contract for difference for tax purposes. Purchases of goods with bitcoin or conversion of bitcoin into legal currency \"realizes\" the value and any increase in price will be taxable; however, losses are not tax-deductible. Mined bitcoin is considered earned income.[128] Ruling 034\/2014 by the Finnish Central Board of Taxes (CBT) stated that commission fees charged on bitcoin purchases by an exchange market were, under the EU VAT Directive, banking services and therefore VAT exempt. This is because the court classified bitcoins as payment instruments - whereas most countries treat their use as an unregulated method for the exchange of goods, or even as a crime.[129][130]" target="_blank"> sources []
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AMF - Financial Markets Authority
CECEI - Credit Institutions and Investment Firms Committee
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ACPR - The Prudential Control and Resolution Authority
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The French Ministry of Finance issued regulations on 11 July 2014 pertaining to the operation of virtual currency professionals, exchanges, and taxation.[141]" target="_blank"> sources []
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France is working on new legislation, the PACTE Act, to better define the ICO ecosystem with a bill expected to be discussed in the French Parliament on fall 2018.
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Profits made on the sale of bitcoins "in principle come under the regime of capital gains on the sale of movable property" (article 150 AU of the General Tax Code). With this decision, the gains recorded on the transfer of bitcoins are taxed at a flat rate of 19%, plus social security contributions: 15.5% for gains earned in 2017 and 17.2% for those made from January 1, 2018. For a tax total of 36.2% for gains realized starting in 2018. Until then, these sums were taxed on income tax - so with a variable tax rate depending on the tranche and up to 45% (to which should be added again the social security contributions) - in the category of non-commercial profits (NBC) for an occasional activity and in the category of industrial and commercial profits (BIC) for a usual activity. According to guidelines from the Direction générale des Finances publiques (DGFP, General Directorate for Public Finance), capital gains from the sale of cryptocurrency are subject to taxation. 31] These gains will be taxed differently depending on whether the taxpayer’s acquisition and sale of cryptocurrency is an occasional activity (in which case it will be taxed as
non-commercial profit
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industrial and commercial profit
). 32] Additionally, cryptocurrencies are taken into account when calculating the basis for the French wealth tax, and the free transfer of cryptocurrencies from one person to another may be subject to the gift tax. 33] Beyond these guidelines, however, tax experts have commented that there still are a number of ambiguities that will need to be clarified by the government. 34]
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Cryptocurrencies remain largely unregulated in France, with two ordinances on blockchain technology being the only legislative action taken so far. However, the French government is actively studying the cryptocurrency phenomenon and moving towards establishing a regulatory regime. Statements from various quarters of the French government show that while many are wary of cryptocurrencies, there appears to be a real enthusiasm for the underlying blockchain technology.
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Central Bank of The Gambia
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NBG - National Bank of Georgia
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On December 20, 2017, the National Bank of Georgia confirmed that cryptocurrency is not legal tender in Georgia and is not regulated by Georgian law. Press Release, National Bank of Georgia, Warning of the National Bank of Georgia (Dec. 20, 2017), (in Georgian) , archived at The Bank urged Georgian citizens to be careful in dealing with cryptocurrencies. Cryptocurrencies Outlawed in Georgia, Sputnik Georgia (Dec. 21, 2017), economy/20171221/238633463/ (in Russian) , archived at
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BaFin - Federal Financial Supervisory Authority
Deutsche Bundesbank
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On 19 August 2013, the German Finance Ministry announced that bitcoin is now essentially a \"unit of account\" and can be used for the purpose of tax and trading in the country, meaning that purchases made with it must pay VAT as with euro transactions. It is not classified as a foreign currency or e\u2013money but stands as \"private money\" which can be used in \"multilateral clearing circles\", according to the ministry.[109][110] The Bundesbank says that bitcoin is not a virtual currency or digital money. It recommends using the term \u201Ccrypto token.\u201D[14]" target="_blank"> sources []
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Felix Hufeld (President of Germany’s Federal Financial Supervisory (BaFin)) emphasized the regulator’s primary intention as being preserving financial stability, rather than issues concerning individual investors. Germany has no specific regulations for ICOs, but expect ICOs to adhere to existing regulations, including those encapsulated in the Banking Act, Investment Act, Securities Trading Act, Payment Services Supervision Act, and Prospectus Acts. However, the Federal Financial Supervisory Authority has issued a warning regarding the risks of ICO investments.
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tax exempted if capital gains are not more than 600 EUR. Trading bitcoins/altcoins are considered as a private sale under the rule \" >23 EStG which has tax-free benefits.
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The Central Bank of Ghana (BOG)
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In January 2018, the Bank of Ghana issued a brief notice to banks and the general public advising against the use of
virtual or digital currencies, also known as cryptocurrencies,
mainly because such currencies and the entities that facilitate their transactions are not sanctioned by the government. Bank of Ghana, Digital and Virtual Currencies Operations in Ghana, Notice No. BG/GOV/SEC/2018/02 (Jan. 22, 2018), and Virtual Currencies Operations in , archived at The notice stated that [t]he Bank of Ghana wishes to notify the general public that these activities in digital currency are currently not licensed under the Payments System Act 2003 (Act 662). . . . The public is therefore strongly encouraged to do business with only institutions licensed by the Bank of Ghana to ensure that such transactions fall under our regulatory purview.
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FSC - Financial Services Commission
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The government of Gibraltar recently introduced regulations governing the provision of Distributed Ledger Technology (DLT)[Distributed ledger technology (DLT) is defined in the Financial Services (Investment and Fiduciary Services) Act 1989, Act No. 49-1989, sched. 3 ¶ 10(2), , archived at , as
a database system in which – (a) information is recorded and consensually shared and synchronised across a network of multiple nodes; and (b) all copies of the database are regarded as equally authentic; and ‘Value’ includes assets, holdings and other forms of ownership, rights or interests, with or without related information, such as agreements or transactions for the transfer of value or its payment, clearing or settlement.
] and is currently in the process of introducing draft legislation to regulate initial coin offerings (ICOs). It is also considering a further regulatory framework that would address the sale and promotion of tokens to complement the DLT regulations. Statement on Initial Coin Offerings, Gibraltar Financial Services Commission (Sept. 22, 2017), , archived at On October 12, 2017, the government of Gibraltar introduced the Financial Services (Distributed Ledger Technology Providers) Regulations 2017[Financial Services (Distributed Ledger Technology Providers) Regulations 2017, Legal Notice No. 204/2017, Gibraltar Gazette No. 4401 (Oct. 12, 2017), regulations 121017 (2).pdf , archived at under the Financial Services (Investment and Fiduciary Services) Act. Financial Services (Investment and Fiduciary Services) Act 1989, §§ 5, 7, 53, 56 These Regulations entered into force on January 1, 2018. Financial Services (Distributed Ledger Technology Providers) Regulations 2017, reg 1(2). See also Press Release, Gibraltar Financial Services Commission, Distributed Ledger Technology (DLT) Regulatory Framework (Jan. 2, 2018), , archived at The regulatory framework covers firms that operate in or from Gibraltar and provide DLT services, defined in the Financial Services (Investment and Fiduciary Services) Act as
[c]arrying on by way of business, in or from Gibraltar, the use of distributed ledger technology for storing or transmitting value belonging to others.
[Financial Services (Investment and Fiduciary Services) Act 1989, sched. 3, ¶ 10 The regulations require these firms to apply for a license from the Gibraltar Financial Services Commission to become a DLT provider. Distributed Ledger Technology Regulatory Framework (DLT Framework), Gibraltar Financial Services Commission (Jan. 2, 2018), , archived at DLT license holders are also required to pay an annual fee, charged at a flat rate of £10,000 (approximately US$14,000), although an additional fee of up to £20,000 (approximately US$28,000) may be charged
depending upon the complexity of regulating the DLT Provider.
[Financial Services Commission (Fees) Regulations 2016, LN 2016/071, sched. 1, http://www.gibraltarlaws. , archived at . ] Companies that are currently licensed under the existing financial legislation in Gibraltar and use DLT to improve their controls, procedures and processes will not need to obtain a separate licence under the DLT framework, unless the activities are not currently caught within the scope of the licence they hold . . . . However, if [they] are licensed as a bank, but intend to provide virtual currency wallets and/or services [they] will be required to obtain a licence under the DLT regime. Distributed Ledger Technology Regulatory Framework (DLT Framework), Frequently Asked Questions, Gibraltar Financial Services Commission DLT providers must comply with Gibraltar’s requirements concerning anti-money laundering and combatting the financing of terrorism, as well as those of any jurisdiction in which they also operate. 372] Under the Regulations the provision of DLT services without a license is an offense, punishable with a fine of up to £10,000 (approximately US$14,000). The government of Gibraltar claims that the Gibraltar Financial Services Commission is the first regulator to introduce a framework regulating Distributed Ledger Technology (DLT). ress Release, Gibraltar Financial Services Commission, Distributed Ledger Technology (DLT) Regulatory Framework (Jan. 2, 2018), , archived at The aim of introducing the legislation is to protect consumers and the reputation of Gibraltar as a well-regulated and safe environment for firms that use DLT, and enable Gibraltar to prosper from the use and growth of new financial technology. The government of Gibraltar has expressed concern over the use of tokenized digital assets (tokens) and cryptocurrency given by companies to raise capital and bypass the traditional, regulated, capital-raising process required by financial institutions or venture capitalists. Gibraltar Financial Services Commission, Statement on Initial Coin Offerings (Sept. 22, 2017), news/statement-on-initial-coin-offerings-250 , archived at It is currently working to develop legislation to regulate the use of tokens,
essentially those created and traded using [DLT]
[Press Release, HM Government of Gibraltar and Ministry of Commerce, HM Government of Gibraltar and the Gibraltar Financial Services Commission Announce Plans for Token Legislation (Feb. 12, 2018), . gi/news/hm-government-of-gibraltar-and-the-gibraltar-financial-services-commission-announce-plans-for-token-legislation-272 , archived at that will align with the DLT regulations,[Distributed Ledger Technology Regulatory Framework (DLT Framework), Gibraltar Financial Services Commission] and expects a bill to be before Parliament by the second quarter of 2018. ress Release, HM Government of Gibraltar and Ministry of Commerce]
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CMC - Capital Markets Commission
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No specific legislation on bitcoins exists in Greece.[3]:Greece" target="_blank"> sources []
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Superintendencia de Bancos
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Guernsey is a Crown Dependency of the United Kingdom and is a low-tax jurisdiction with a large financial sector. In 2014, the Guernsey Financial Services Commission, which is responsible for supervising and regulating licensees from the banking, fiduciary, insurance, and investment sectors,[About Us, Guernsey Financial Services Commission, (last visited Mar. 20, 2018) , archived at issued a statement that the Commission was adopting a cautionary approach towards
virtual currencies
and may refuse application to register financial service businesses if virtual currency is involved. Virtual Currencies, Guernsey Financial Services Commission (Feb. 11, 2014), article/virtual-currencies , archived at Specifically, [t]he Commission has a policy of encouraging innovation. Virtual currencies are an area of innovation which the Commission continues to monitor closely while recognising that there are currently significant risks associated with them. In the light of those risks, the Commission will adopt a cautious approach and may well refuse applications to register financial services business where the use of virtual currency is involved. However, this approach will be regularly reviewed in the light of international developments. In 2015, a report commissioned by the Guernsey government noted that the major drawback for cryptocurrencies was the difficulty in complying with international anti-money laundering standards. PricewaterhouseCoopers, Guernsey Commerce and Employment, States of Guernsey: A Strategic Vision for FinTech 28, (July 2015), , archived at . ] Three years after the issuance of the first statement, on February 27, 2018, the Guernsey Financial Services Commission issued a further statement that it believes there are
significant risks in the use of virtual or crypto currencies especially for retail customers. Nevertheless, we understand that professional investors with a high risk appetite may wish to invest in this developing sector.
[irtual Currencies, Crypto Currencies and Initial Coin Offerings (
ICO
), Guernsey Financial Services Commission (Feb. 27, 2014), , archived at The Financial Services Commission has stated that it will assess any application on its individual merits against the criteria used for asset types or structures, as cryptocurrencies
could interact with [the countries] regulatory laws[Laws, regulations, and codes that govern the financial sector and could have an impact on a business using or offering cryptocurrencies are available at: Legislation and Guidance, Guernsey Financial Services Commission, (last visited Mar. 20, 2018) , archived at . ] in a number of ways.
[Virtual Currencies, Crypto Currencies and Initial Coin Offerings (
ICO
), Guernsey Financial Services Commission, supra note 383383 Applicants must demonstrate how they will comply with the laws and rules to counter financial crime and terrorist financing, with particularly regard to establishing the identity of both investors and beneficial owners. The Commission has stated that it would continue to be cautious to approve applications for initial coin offerings that could later be traded on the secondary market due to the risk of fraud and money laundering, along with applications for any kinds of digital currency exchanges.
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Central Bank of the Republic of Guinea
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Central Bank of Honduras
Comisión Nacional de Bancos y Seguros
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SFC - The Securities and Futures Commission
FinCom - The Financial Commission
Cryptocurrencies
Legal
On 8 January 2014, the Secretary for Financial Services and the Treasury addressed bitcoin in the Legislative Council stating that \"Hong Kong at present has no legislation directly regulating bitcoins and other virtual currencies of [a] similar kind. However, our existing laws (such as the Organised and Serious Crimes Ordinance) provide sanctions against unlawful acts involving bitcoins, such as fraud or money laundering.\"[3]:Hong Kong On 16 November 2013, Norman Chan, the chief executive of Hong Kong Monetary Authority (HKMA) said that bitcoins is only a virtual commodity. He also decided that bitcoins will not be regulated by HKMA. However, the authority will be closely watching the usage of bitcoins locally and its development overseas.[82] Kong" target="_blank"> sources []
Regulation
On February 9, 2018, Hong Kong’s Securities and Futures Commission (SFC) alerted investors to the potential risks of dealing with cryptocurrency exchanges and investing in initial coin offerings (ICOs). SFC Warns of Cryptocurrency Risks, Securities and Futures Commission (Feb. 9, 2018), edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=18PR13 , archived at In the alert, the SFC said it has taken regulatory action against a number of cryptocurrency exchanges and issuers of ICOs. The SFC has warned cryptocurrency exchanges in Hong Kong or with connections to Hong Kong that they should not trade cryptocurrencies, which it characterized as
securities
as defined in the Securities and Futures Ordinance, without a license. The SFC also wrote to seven ICO issuers and most of them confirmed compliance with the SFC’s regulatory regime or immediately ceased to offer tokens to Hong Kong investors. The SFC stated it would continue to police the market and engage in enforcement actions when necessary, and also urged market professionals to do proper gatekeeping to prevent fraud or dubious fundraising, and to assist the SFC in ensuring compliance with the law. SFC Warns of Cryptocurrency Risks, Securities and Futures Commission (Feb. 9, 2018), edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=18PR13 , archived at The new alert follows a statement on ICOs issued by the SFC on September 5, 2017. Securities and Futures Commission, Statement on Initial Coin Offerings (Sept. 5, 2017), EN/news-and-announcements/policy-statements-and-announcements/ , archived at That statement explained that, depending on the facts and circumstances of an ICO, digital tokens that are offered or sold may be
securities
as defined in the Securities and Futures Ordinance, and therefore subject to the securities laws of Hong Kong. Securities and Futures Commission, Statement on Initial Coin Offerings (Sept. 5, 2017), EN/news-and-announcements/policy-statements-and-announcements/ , archived at According to the statement, [w]here the digital tokens involved in an ICO fall under the definition of
securities
, dealing in or advising on the digital tokens, or managing or marketing a fund investing in such digital tokens, may constitute a
regulated activity
. Parties engaging in a
regulated activity
are required to be licensed by or registered with the SFC irrespective of whether the parties involved are located in Hong Kong, so long as such business activities target the Hong Kong public. Securities and Futures Commission, Statement on Initial Coin Offerings (Sept. 5, 2017), EN/news-and-announcements/policy-statements-and-announcements/ , archived at On January 8, 2014, in replying to a question raised at the meeting of the Legislative Council on the use of bitcoin, the Secretary for Financial Services and the Treasury said virtual currencies such as bitcoin are not considered as legal tender but are virtual commodities in Hong Kong, and warned about the risks of using virtual currencies. Press Release, Government of Hong Kong, LCQ1: Monitoring the Use of Bitcoins (Jan. 8, 2014), http://www. , archived athttps:// According to the Secretary, [i]t would be quite risky to convert, trade or hold such virtual currencies as their value is not backed by any physical items, issuers or the real economy. There are specified upper limits to the overall size of the issue of such virtual currencies, but no guarantee of their convertibility into a legal tender or commodities in the real economy. Also, the price of virtual currencies may be susceptible to significant fluctuations due to individual speculative activities. Press Release, Government of Hong Kong, LCQ1: Monitoring the Use of Bitcoins (Jan. 8, 2014), http://www. , archived athttps:// On March 25, 2015, the Secretary responded to another question on the regulation of bitcoin trading activities raised at the meeting of the Legislative Council. Press Release, Government of Hong Kong, LCQ4: Regulation of Trading Activities of Bitcoins (Mar. 25, 2015), , archived at In the statement, the Secretary reiterated there were no specific regulatory measures on virtual commodities such as bitcoin in Hong Kong, but existing laws provide for sanctions against unlawful acts such as money laundering, terrorist financing, fraud, pyramid schemes, and cybercrimes, with or without virtual commodities being involved. The police will take enforcement action if they find criminal conduct involving virtual commodities by conducting patrols, including searching for relevant information via public platforms on the Internet, the Secretary said. The Hong Kong Government and financial regulators will also keep a close watch on the development of bitcoin and other virtual commodities, he said. Press Release, Government of Hong Kong, LCQ4: Regulation of Trading Activities of Bitcoins (Mar. 25, 2015), , archived at
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HFSA - Hungarian Financial Supervisory Authority
CBH - Central Bank of Hungary
Cryptocurrencies
Legal
The Hungarian Central Bank, Magyar Nemzeti Bank (MNB) has issued several warnings over cryptocurrencies, stating that it\u2019s \u201Cmuch riskier\u201D than other electronic payments such as credit cards.[111]" target="_blank"> sources []
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Central Bank of Iceland
Financial Supervisory Authority of Iceland
Cryptocurrencies
Legal
According to a 2014 opinion, from the Central Bank of Iceland \"there is no authorization to purchase foreign currency from financial institutions in Iceland or to transfer foreign currency across borders on the basis of transactions with virtual currency. For this reason alone, transactions with virtual currency are subject to restrictions in Iceland.\"[131] This does not stop[132] businesses in Iceland from mining bitcoins.[133] The Icelandic Central Bank confirmed that \"it is prohibited to engage in foreign exchange trading with the electronic currency bitcoin, according to the Icelandic Foreign Exchange Act\".[134] On 12 March 2017, the Central Bank amended its rules. With the new rules, wide and general exemptions have been granted from the restrictions of the Foreign Exchange Act No. 87\/1992[135]" target="_blank"> sources []
Regulation
The legality of cryptocurrencies in Iceland is unclear. In 2014, the Central Bank of Iceland, in anticipation of the launch of the Icelandic peer-to-peer cryptocurrency Auroracoin,[See Elin Hofverberg, Iceland: National Digital Currency Auroracoin Launched, Global Legal Monitor (Aug. 12, 2014), , archived at announced that bitcoin was not a recognized currency and even if it was, purchases of bitcoins would still be illegal as such purchases would have violated the foreign transactions restrictions then in place. Press Release, Central Bank of Iceland, Significant Risk Attached to Use of Virtual Currency (Mar. 19, 2014), , archived at . ]The Icelandic Foreign Exchange Act then specified that Icelandic currency could not leave the country. Act No. 87/1992 on Foreign Exchange, as in force in 2014. ] A purchase of an overseas-based cryptocurrency would have been a violation of the Act, as the cryptocurrency would have been considered purchased from abroad. See Press Release, Central Bank of Iceland (2014), supra note 388 Since then, however, Iceland has eased its foreign exchange and asset control rules and now allows for cross-border transactions of Icelandic krónur. Lög um gjaldeyrismál (1992 nr. 87 17. Nóvember) [Foreign Exchange Act (no. 87/1992 )], as amended through 105/2016, , archived at , unofficial translation available at , archived at ; see also Press Release, Central Bank of Iceland, Central Bank of Iceland Concludes Agreement with Owners of Offshore Króna Assets (Mar. 12, 2017), , archived at ; Elin Hofverberg, Iceland: Central Bank Eases Currency Restrictions, Ends Financial Crisis Capital Controls, Global Legal Monitor (May 16, 2017), , archived at . ] However, according to the Icelandic Central Bank, restrictions on so-called offshore króna assets and special reserve requirements for specified investments in connection with new inflows of foreign currency will remain in place. Press Release, Central Bank of Iceland, New Rules on Foreign Exchange (Mar. 12, 2017), publications/news/news/2017/03/12/New-Rules-on-Foreign-Exchange-/ , archived at For example, there is still a requirement to notify the Icelandic Central Bank of international purchases of Icelandic krónur and derivative transactions, and rules also require a special reserve when there is an inflow of a foreign currency into Iceland. Central Bank of Iceland, Rules on Foreign Exchange arts. 3, 8, 12, 14 & 17; Central Bank of Iceland, Rules Amending the Central Bank of Iceland Rules No. 490/2016 on Special Reserve Requirements for New Foreign Currency Inflows, with Subsequent Amendments (Mar. 12, 2017), um breytingu á reglum um bindingu reiðufjár 11032017-2 , archived athttps:// Restrictions will also remain in place on
i) derivatives trading for purposes other than hedging; ii) foreign exchange transactions carried out between residents and non-residents without the intermediation of a financial undertaking; and iii) in certain instances, foreign-denominated lending by residents to non-residents.
[Press Release, Central Bank of Iceland (2017)] It is possible that trade and investments in cryptocurrencies would be limited by these regulations. Because cross-border transactions with Icelandic krónur are allowed, however, bitcoins would not be limited for this reason alone. Compare Press Release, Central Bank of Iceland (2014),]
Taxation
The Icelandic Tax Authority has issued guidelines for filing income taxes for the tax year 2017, requiring that bitcoins be included under section 4.4,
Aðrar eignir áður ótaldar
(Other Assets). Ríkisskattstjóri (RSK), Leiðbeiningar Skattframtal einstaklinga [Guidelines on Tax Return for Individuals] 15 (2018), , archived at The value of cryptocurrency holdings is based on the prevailing exchange rate on December 31 of the tax year. Reportedly, members of Parliament are considering adopting legislation that would tax companies that mine cryptocurrencies in Iceland, based on their usage of natural resources (electricity). Stan Higgins, Icelandic Lawmaker Floats Bitcoin Mining Tax, Coindesk (Feb. 12, 2018), https://www.coindesk. com/icelandic-lawmaker-floats-bitcoin-mining-tax/ , archived at
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SEBI - Securities and Exchange Board of India
CDSL - Central Depository Services Limited
NSDL - National Securities Depository
RBI - Reserve Bank of India
Cryptocurrencies
Legal
\/ Banking ban Finance minister Arun Jaitley, in his budget speech on 1 February 2018, stated that the government will do everything to discontinue the use of bitcoin and other virtual currencies in India for criminal uses. He reiterated that India does not recognise them as legal tender and will instead encourage blockchain technology in payment systems. \"The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system,\" Jaitley said.[71] In early 2018 India\'s central bank the Reserve Bank of India announced a ban on the sale or purchase of cryptocurrency.[72]" target="_blank"> sources []
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CoFTRA - Commodity Futures Trading Regulatory Agency
Cryptocurrencies
Illegal
Implicit ban.[14] On 7 December 2017, Bank Indonesia, the country\'s central bank, issued a regulation banning the use of cryptocurrencies including bitcoin as payment tools starting 1 January 2018." target="_blank"> sources []
Regulation
On January 13, 2018, Bank Indonesia (Indonesia’s central bank) released a statement that warns against buying, selling, or otherwise trading in virtual currencies. Press Release, Bank Indonesia, Bank Indonesia Warns All Parties Not to Sell, Buy, or Trade Virtual Currency (Jan. 13, 2018), , archived at The statement includes the following: Bank Indonesia affirms that virtual currencies, including bitcoin, are not recognized as legitimate instrument of payment, therefore not allowed to be used for payment in Indonesia. This is in line with Act No. 7/2011 on The Currency, which states that currency shall be money of which issued by the Republic of Indonesia and every transaction that has the purpose of payment, or other obligations which need to be fulfilled with money, or other financial transactions conducted within the territory of the Republic of Indonesia, has to be fulfilled with Rupiah. The statement goes on to say that ownership of virtual currency is
highly risky,
vulnerable to bubble risks,
and
susceptible to be used for money laundering and terrorism financing.
Bank Indonesia therefore considers that such currencies
can potentially impact financial system stability and cause financial harm to society.
[Undang-Undang Nomor 7 Tahun 2011 Tentang Mata Ung [Law Number 7 of 2011 Concerning Currency], 7 Tahun (in Indonesian) , archived at . An unofficial English translation of this law is available at id/lgso/translations/Laws/Law No. 7 of 2011 on Currency (MoF).pdf , archived at It also refers to Bank Indonesia Regulation No. 18/40/PBI/2016 on Implementation of Payment Transaction Processing[Peraturan Bank Indonesia Nomor 18/40/PBI/2016 Tentang Penyelenggaraan Pemrosesan Transaksi Pembayaran, (in Indonesian) , archived at and Bank Indonesia Regulation No. 19/12/PBI/2017 on Implementation of Financial Technology[Peraturan Bank Indonesia Nomor 19/12/PBI/2017 Tentang Penyelenggaraan Teknologi Finansial, (in Indonesian) , archived at in affirming that, as the payment system authority, the Bank forbids all payment system operators and financial technology operators in Indonesia from processing transactions using virtual currencies. This statement was supported by the Minister of Finance who, in a press conference on January 23, 2018, warned that virtual currencies are a high-risk and speculative investment and said that
[w]e will also continue to function as a government that conveys the view that it is not in accordance with the Law to be used as a means of transaction.
[Minister of Finance: Bitcoin is Not in Line with the Law, Kementerian Keunangan [Ministry of Finance], (Jan. 25, 2018), , archived at ] The Bank’s statement follows an earlier press release in 2014, in which it encouraged caution with respect to virtual currencies and stated that
[i]n view of the Act No. 7 Year 2012 [sic] concerning Currency and Act No. 23 Year 1999[[Act No. 23 of 199 Concerning Bank Indonesia, (unofficial English translation) , archived at ] which has been amended several times, the latest with Act No. 6 Year 2009,[[Act No. 6 of 2009 Concerning Stipulation of Government Regulation in Lieu of Act No. 2 of 2008 Concerning Second Amendment to the Act No. 23 of 1999 Concerning Bank Indonesia into Act, (unofficial English translation) , archived at ] Bank Indonesia states that bitcoin and other virtual currency are not currency or legal payment instrument in Indonesia.
[Press Release, Bank Indonesia, Statement of Bank Indonesia Related to Bitcoin and Other Virtual Currency (Feb. 6, 2014), , archived at
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The Central Bank of the Islamic Republic of Iran
Cryptocurrencies
Illegal
Implicit ban.[14] In April 2018, Central Bank of the Islamic Republic of Iran issued a statement banning the country\u2019s banks and financial institutions from dealing with cryptocurrencies, citing money laundering and terrorism financing risks.[69], Islamic Republic Of" target="_blank"> sources []
Regulation
The Central Bank of Iran (CBI) officially announced on April 22, 2018, that it has prohibited the handling of cryptocurrencies by all Iranian financial institutions, including banks and credit institutions. The decision also bans currency exchanges from buying and selling virtual currencies or adopting measures to facilitate or promote them. Iranian Financial Institutions Barred from Using Crypto-Currencies, Financial Tribune (Apr. 22, 2018), (available by subscription) The CBI’s action was in line with Iran’s recent efforts to address deficiencies in its policies on anti-money laundering and combating the financing of terrorism, with the aim of complying with the action plan of the Financial Action Task Force on Money-Laundering (FATF). The FATF, an intergovernmental organization established to combat international money-laundering and terrorist financing, will determine at its plenary meeting in June 2018 whether to remove Iran from the FATF list of Non-Cooperative Countries or Territories. d.; Barry Lerner, Iran: IMF Evaluates Iran’s Legislative and Institutional Efforts to Combat Money Laundering and Terrorism Financing, Global Legal Monitor (Apr. 13, 2018), , archived at Previously, the CBI had only sought to warn people of the potential risks inherent in cybercurrencies,[No Bitcoin Trade for Moneychangers, Financial Tribune (Dec. 23, 2017), economy-business-and-markets/78454/no-bitcoin-trade-for-moneychangers , archived at . The CBI is responsible for, inter alia,
formulating the monetary and credit system of the country, formulating the regulations pertaining to outflow as well as repatriation of Iranian and foreign currency, [and] foreign exchange transactions.
Laws & Regulations, Central Bank of the Islamic Republic of Iran, (last visited Mar. 19, 2018) , archived at although a directive passed by the Money and Credit Council, the most important policy decision-making organ of the CBI,
[had] deemed non-physical and virtual transactions against the law, meaning that Iranian [currency exchanges could] not deal in cryptocurrencies.
[No Bitcoin Trade for Moneychangers, supra note 507; Central Bank of the Islamic Republic of Iran, Central Banking in Iran, at 12–13, (last visited Mar. 19, 2018) , archived at The Bank’s decision to ban the use of cryptocurrencies by financial institutions is a blow for those in Iran who viewed virtual currencies as a means of overcoming problems related to the banking industry and international sanctions, and who see them as
currently shaping the future of banking
and, when precisely and transparently regulated, of preventing people in the country from buying and selling them secretly and using them fraudulently. ran’s Banks Banned from Dealing in Crypto-currencies, BBC News (Apr. 23, 2018), news/ technology-43865105 , archived at ; Iranian Banker Calls for Cryptocurrency Recognition, Financial Tribune (Jan. 7, 2018), https://financial , archived at ; Iranian Banker Calls for Cryptocurrency Recognition, Financial Tribune (Jan. 7, 2018), https://financial , archived at ; No Bitcoin Trade for Moneychangers,] Before the ban was announced, the CBI’s Information Technology Chief had reported that, along with the adoption of a framework that should be adhered to for using cryptocurrencies, the Central Bank was considering the adoption of a national virtual currency, either to be generated by the Central Bank or another entity. Iran’s CB Issues Warning over Bitcoin and Other Cryptocurrencies, Financial Tribune (Nov. 14, 2017), , archived at ] One of the motivations for developing such a currency was that it could potentially be used to replace the US dollar, an attractive prospect for Iran because US sanctions over Iran’s nuclear program bar Iran from using the US financial system. CBI Governor Urges Caution on Bitcoin Trade, Financial Tribune (Dec. 31, 2017), https://financialtribune. com/articles/economy-business-and-markets/78986/cbi-governor-urges-caution-on-bitcoin-trade , archived at
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Regulation
The Iraqi Central Bank has issued a statement prohibiting the use of cryptocurrencies. It stated that currency traders who carry out transactions in cryptocurrencies will be punished by penalties cited in the country’s anti-money laundering law. Bank of Israel Capital Market, Insurance and Saving Branch, Tax Authority, Securities Authority and the Prevention of Money Laundry and Financing of Terrorism Authority, Public Announcement Regarding Possible Risks Contained in Virtual Coins Such as Bitcoin (Feb. 19, 2014), PublishingImages/190214/ (in Hebrew) , archived at
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CBI - Central Bank of Ireland
Cryptocurrencies
Legal
The Central Bank of Ireland was quoted in the Assembly of Ireland as stating that it does not regulate bitcoins.[3]:Ireland" target="_blank"> sources []
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Financial Supervision Commission
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ISA - Israel Securities Authority
Cryptocurrencies
Legal
As of 2017, the Israel Tax Authorities issued a statement saying that bitcoin and other cryptocurrencies would not fall under the legal definition of currency, and neither of that of a financial security, but of a taxable asset.[62] Each time a bitcoin is sold, the seller would have to pay a capital gains tax of 25%. Miners, traders of bitcoins would be treated as businesses and would have to pay corporate income tax as well as charge a 17% VAT.[63]" target="_blank"> sources []
Regulation
Israel’s Supervision on Financial Services (Regulated Financial Services) Law 5776-2016 requires persons engaging in providing services involving
financial assets
to obtain a license from the Supervisor of Financial Services. Supervision on Financial Services (Regulated Financial Services) Law 5776-2016, §§ 2 &12, Sefer Hahukim [Book of Laws, official gazette] 5776 No. 2570 p. 1098, as amended (in Hebrew) The definition of
financial assets
includes
virtual currency.
A license will generally be issued to an Israeli citizen or a resident who has reached the age of majority, is legally competent, and has not been declared bankrupt or, in the case of a corporation, is not required to dissolve. Additional licensing requirements include that the licensee has a minimum specified amount of equity and, if an individual, has not been convicted of an offense that due to its nature makes the licensee unfit to handle financial transactions. A statement issued by Bank of Israel and several regulatory agencies on February 19, 2014, warned the public against dealing in virtual currencies. The warning laid out the dangers associated with trading in virtual currencies, including fraud, money laundering, and financing of terrorism, among others. id. ¶ 4, Bank of Israel Capital Market, Insurance and Saving Branch, Tax Authority, Securities Authority and the Prevention of Money Laundry and Financing of Terrorism Authority, Public Announcement Regarding Possible Risks Contained in Virtual Coins Such as Bitcoin (Feb. 19, 2014), PublishingImages/190214/ (in Hebrew) , archived at In addition, the Bank of Israel said in a January 2018 statement that
it would not recognize virtual currencies such as bitcoin as actual currency and . . . it was difficult to devise regulations to monitor the risks of such activity to the country’s banks and their clients,
according to Reuters. Steven Scheer, Bitcoin Is an Asset, Not a Currency - Israel’s Central Bank, Reuters (Jan. 8, 2018), , archived at
Taxation
Although virtual currencies are not recognized as actual currency by the Bank of Israel, the Israel Tax Authority has proposed that the use of virtual currencies should be considered as a
means of virtual payment
and subject to taxation. Israel Tax Authority, Taxation of Activity by Means of Virtual Payment (Known as ‘Virtual Currencies’), Israel Tax Authority Circular No. 05/2018 (Jan. 17, 2018), (in Hebrew) , archived at Specifically, for the purpose of income tax and value added tax requirements, virtual currency is viewed as
an asset
and is taxed in accordance with relevant transaction classifications under the Income Tax Ordinance (New Version), 1961, and the Value Added Tax Law, 5736-1975. Id. §§ 3.1–3.2; Income Tax Ordinance (New Version), 1961, 1 Laws of the State of Israel (LSI) (New Version) 1967 and the Value Added Tax Law, 5736-1975, 30 LSI 46 (1975/76), both as amended Accordingly, [u]nlike a regular currency, the Israel Tax Authority will regard an increase in the value of a cryptocurrency as a capital gain rather than an exchange fluctuation, making it subject to capital gains tax. Individual investors will not be liable for value-added tax, but anyone engaging in cryptocurrency mining will be classified as a
dealer
and subject to VAT, according to the circular. Anyone trading as a business will be classified as a
financial institution
for tax purposes, meaning that they will be unable to reclaim VAT on expenses but will be subject to an extra 17 percent
profit tax
applied to financial institutions. Matthew Kalman, Israel Taxman’s Guidelines Killing Cryptocurrency Boom?, BNA (Feb. 21, 2018), , archived at The Israel Tax Authority requires documentation of trade transactions involving virtual currency to enable verification of their existence and scope. Israel Tax Authority Circular No. 05/2018] Each time a bitcoin is sold, the seller would have to pay a capital gains tax of 25%. Miners, traders of bitcoins would be treated as businesses and would have to pay corporate income tax as well as charge a 17% VAT.
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CONSOB - National Commission for Companies and the Stock Exchange
Cryptocurrencies
Legal
Italy does not regulate bitcoin use by private individuals.[3]:Italy" target="_blank"> sources []
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FSC - Financial Services Commission
Cryptocurrencies
Legal
The Bank of Jamaica (BoJ), the national Central Bank, has publicly declared that it must create opportunities for the exploitation of technologies including cryptocurrencies. Accordingly, in 2017 the BoJ will be embarking on a campaign to build awareness of cryptocurrencies as part of increasing general financial literacy and understanding of cryptocurrencies. Indications are that early BoJ signals point to their general framework on \"electronic retail payment service systems\" possibly being brought to bear on initial cryptocurrencies considerations.[41][42][3]:Jamaica" target="_blank"> sources []
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JSDA - Japan Securities Dealers Association
FSA - Financial Services Agency
Cryptocurrencies
Legal
On 7 March 2014, the Japanese government, in response to a series of questions asked in the National Diet, made a cabinet decision on the legal treatment of bitcoins in the form of answers to the questions.[83] The decision did not see bitcoin as currency nor bond under the current Banking Act and Financial Instruments and Exchange Law, prohibiting banks and securities companies from dealing in bitcoins. The decision also acknowledges that there are no laws to unconditionally prohibit individuals or legal entities from receiving bitcoins in exchange for goods or services. Taxes may be applicable to bitcoins. As of April 2017, cryptocurrency exchange businesses operating in Japan have been regulated by the Payment Services Act. Cryptocurrency exchange businesses have to be registered, keep records, take security measures, and take measures to protect customers. Financial Services Agency (FSA) was established in 2014 for the purpose of establishing a registration platform for cryptocurrency exchange businesses. the law on cryptocurrency transactions must comply with the anti-money laundering law; and measures to protect users investors. The Payment Services Act defines \u201Ccryptocurrency\u201D as a property value. The Act also states that cryptocurrency is limited to property values that are stored electronically on electronic devices, not a legal tender.[84]" target="_blank"> sources []
Regulation
allowed and future law planned to strengthen KYC/AML
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Jersey Financial Services Commission
Cryptocurrencies
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JSC - Jordan Securities Commission
Cryptocurrencies
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\/ Banking ban The government of Jordan has issued a warning discouraging the use of bitcoin and other similar systems.[66] The Central Bank of Jordan prohibits banks, currency exchanges, financial companies, and payment service companies from dealing in bitcoins or other digital currencies.[67] While it warned the public of risks of bitcoins, and that they are not legal tender, bitcoins are still accepted by small businesses and merchants.[67]" target="_blank"> sources []
Regulation
The Central Bank of Jordan prohibits banks, currency exchanges, financial companies, and payment service companies from dealing in bitcoins or other digital currencies. In 2014, the Central Bank of Jordan (CBJ) warned the public against the use of bitcoin and sent out a press release to the media that stated: Recently, a global phenomenon of trading a virtual currency called bitcoin became active around the world. CBJ seeks to protect citizens and the investors, by warning them that virtual currencies are not legal tender and there is no obligation on any central bank in the world or any government to exchange its value for real money issued by them nor backed by underlying international commodities or gold. Omar Obeidat, Central Bank Warns Against Using Bitcoin, Jordan Times (Feb. 22, 2014), , archived at
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Astana Financial Services Authority
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On March 30, 2018, the head of the Kazakhstan National Bank, Daniyar Akishev, stated that the National Bank had a very conservative position on the issue of cryptocurrencies and welcomed only strict restrictions because of multiple issues related to consumer protection, money laundering, and tax avoidance. He added that legislative amendments had already been prepared to prohibit the purchase and sale of cryptocurrencies for national currency, ban the activity of exchanges, and ban any type of mining. 582] No information was found indicating that the proposed amendments have been enacted. [Kazakhstan Mulls Complete Ban of Every Digital Currency Operation in Country, Sputniknews International (Mar. 30, 2018), , archived at
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CMA - Kenya Capital Markets Authority
Cryptocurrencies
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Regulation
In December 2015, the Central Bank of Kenya issued a public notice titled
Caution to the Public on Virtual Currencies such as bitcoin.
The notice stated that virtual currencies are not legal tender and remain unregulated in Kenya, which means that
no protection exists in the event that the platform that exchanges or holds the virtual currency fails or goes out of business.
It outlined the risks associated with the use, holding of, and/or trading of virtual currencies as follows: Transactions in virtual currencies such as bitcoin are largely untraceable and anonymous making them susceptible to abuse by criminals in money laundering and financing of terrorism. Virtual currencies are traded in exchange platforms that tend to be unregulated all over the world. Consumers may therefore lose their money without having any legal redress in the event these exchanges collapse or close business. There is no underlying or backing of assets and the value of virtual currencies is speculative in nature. This may result in high volatility in value of virtual currencies thus exposing users to potential losses. The notice concluded with a warning to the public to
desist from transacting in Bitcoin and similar products.
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Bank of Korea
Financial Supervisory Service
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Financial Services Commission
Cryptocurrencies
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Minors and all foreigners are prohibited from trading cryptocurrencies. Adult South Koreans may trade on registered exchanges using real name accounts at a bank where the exchange also has an account. Both the bank and the exchange are responsible for verifying the customer\'s identity and enforcing other anti-money-laundering provisions.[85], Republic of" target="_blank"> sources []
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KCCI - Kuwait Chamber of Commerce & Industry
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National Bank of the Kyrgyz Republic
Cryptocurrencies
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Bitcoin is considered a commodity,[51] not a security or currency under the laws of the Kyrgyz Republic and may be legally mined, bought, sold and traded on a local commodity exchange.[52] The use of bitcoin as a currency in domestic settlements is restricted.[53]" target="_blank"> sources []
Regulation
Kuwait’s Ministry of Finance does not recognize cryptocurrencies for purposes of official commercial transactions. Similarly, the Central Bank of Kuwait (CBK) prohibits the banking sector and companies under its control from trading in cryptocurrencies. The prohibition includes acceptance of cryptocurrency usage in e-payment transactions, and mediation between the parties to cryptocurrency transactions. Ministry of Finance Says Does Not Recognize Virtual Currency Bitcoin, Arab Times (Dec. 18, 2017), , archived at The CBK has asked the Ministry of Commerce and Industry to warn consumers about the risks of cryptocurrencies such as bitcoin. Darius McQuaid, Kuwait Refuses to Trade Cryptocurrency Amid Price Surge, Express (Dec. 20, 2017), , archived at In January 2018, the CBK confirmed news that it was creating an infrastructure for the financial and banking sector in the country including the issuance of an e-currency, which it distinguished from virtual currencies. The establishment of a local digital currency will fall under the umbrella of e-payments, the statement said. The Central Bank highlighted that the local digital currency will have the same characteristics as paper money, such as an issuance number. It will also be monitored by the Kuwaiti government. Furthermore, it could be exchanged with other currencies as well as used to pay for goods and services. Press Release, Central Bank of Kuwait (Jan. 18, 2018), (in Arabic) , archived at
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FCMC - Financial and Capital Market Commission
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BDL - Central bank of Lebanon
AFE - The Arab Federation of Exchanges
Cryptocurrencies
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The government of Lebanon has issued a warning discouraging the use of bitcoin and other similar systems.[66]" target="_blank"> sources []
Regulation
On December 19, 2013, the Banque du Liban (BDL), the Lebanese Central Bank, issued a notice to the country’s banks and financial institutions warning them of the dangers of using cybercurrencies, especially bitcoin. Among other concerns, the notice stated that
the platforms and networks used for the issuance and trading in such currencies are not subject to any laws or regulations.
[Notice No. 900, 19 Dec. 2013, Banque du Liban, (in Arabic) , archived at Riad Salameh, Governor of the BDL announced in October 2017 that the institution intended to launch its own cybercurrency. He is quoted as saying: We understand that electronic currency will play a prominent role in the future. But BDL must first make the necessary arrangement before taking this step and develop [a] protection system from cybercrime. Both the Special Investigation Commission and Banking Control Commission are cooperating to prevent such electronic crimes. Brooke Anderson, Salameh: Central Bank to Launch Digital Currency, The Daily Star (Oct. 27, 2017), , archived at Salameh explained that the new currency will be monitored by the BDL and be subject to Lebanese law, but did not state how this will be done or provide a time frame. Salameh also again expressed his opposition to the use of bitcoin, explaining that its use, which is not regulated, constitutes a threat to consumers and to the payment system in Lebanon.
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Central Bank of Lesotho
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In November 2017, the Central Bank of Lesotho issued a press statement regarding the growing popularity of cryptocurrencies. In it the Bank warned the public of the risks associated with the use of cryptocurrencies, given the fact that the Bank
does not oversee, supervise or regulate the cryptocurrencies, their systems, promoters or intermediaries,
and stated that [a]ny activities related to the acquisition, trading or use of cryptocurrencies is at the user’s sole and independent risk. Members of the public are therefore notified that in the event of losses or similar eventualities, there shall not be recourse to the Central Bank of Lesotho. The Bank also warned the public of the risk of exposure to criminal charges that may result from the use of cryptocurrencies, stating it is important to highlight that cryptocurrencies expose participants to violation of: Anti-money laundering and combating of terrorist financing laws; Tax laws; and Exchange control laws Which are prosecutable transgressions. Press Statement, Central Bank of Lesotho, The Emerging and Growing Promotion of Cryptocurrencies (Nov. 9, 2017), , ] The Bank issued a follow-up statement in February 2018, where in addition to providing information that reinforced the contents of the previous statement, it noted that cryptocurrencies are neither legal tender in Lesotho nor considered foreign currency. Press Statement, Central Bank of Lesotho, The Emerging and Growing Promotion of Cryptocurrencies (Feb. 7, 2018), , archived at . ] It also barred the operation of individuals and entities that promote investment in cryptocurrency because any and all investment advisors must be licensed.
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Central Bank of Libya
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FMA - The Financial market of Liechtenstein
Regulatory laboratory at the FMA
Cryptocurrencies
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Government will introduce new blockchain regulation law. Adrian Hasler, the Prime Minister of Liechtenstein is preparing a new blockchain law. In its meeting of 28 August 2018, the Government adopted the consultation report on the Law on Transaction Systems Based on Trustworthy Technologies (TT) (Blockchain Act; TT Act; VTG) and the amendment of further laws.
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LSC - Lithuanian Securities Commission
Cryptocurrencies
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Bank of Lithuania released a warning on 31 January 2014, that bitcoin is not recognized as legal tender in Lithuania and that bitcoin users should be aware of high risks that come with the usage of it.[136]" target="_blank"> sources []
Regulation
Organizing ICO is not regulated by specific legislation,
the finance ministry explains in the Regulatory section, adding that
taking into account different ICO models and different characteristics of tokens, in some cases, such activity may be subject to the requirements of the legislation of the Republic of Lithuania and supervision of the Bank of Lithuania.
Furthermore, the ministry notes that
If funds collected during ICO are intended for the formation of the capital of a newly established FMP [Financial Market Participants] – the capital formation requirements applicable to a specific form of financial institution shall apply.
Taxation
For corporate and personal income taxes,
virtual currency is recognized as current assets that can be used as a settlement instrument for goods and services or stored for sale.
For VAT, it is
considered as the same currency as euros, dollars etc.
For other tax purposes,
other types of instrument, e.g. certain types of tokens, may be recognized as a virtual currency as well.
The document details: Income received from individual purchases and sales of virtual currencies will be taxed standard 15% fixed income tax for crypto mining, the finance ministry states that
When virtual currency is mined, no goods/services are usually supplied for consideration, therefore, the mining of virtual currency is not subject to VAT,
emphasizing that
the sale of such [crypto] currency in Lithuania is VAT exempt.
Accounting
Accounting of tokens circulated by the token promoter depends on whether they are attributed to payment, utility and securities tokens,
the finance ministry noted, adding that
Accounting of acquired tokens also depends on the type of tokens.
The document also highlights the accounting and
evaluation of cryptocurrencies used as payment means according to Business Accounting Standards (Lithuania GAAP).
KYC/AML/PEP
"First round of amendments will concentrate on provisions relevant to virtual currency exchanges and wallet services operators, aiming at increasing transparency and clarity of regulation together with stability and security of the financial market."
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CSSF - Commission de Surveillance du Secteur Financier
Cryptocurrencies
Legal
The Commission de Surveillance du Secteur Financier has issued a communication in February 2014 acknowledging the status of currency to the bitcoin and other cryptocurrencies.[142][143] The first BitLicence was issued in October 2015,[144] and the government is actively supporting this development.[143][145]" target="_blank"> sources []
Regulation
Cryptocurrencies remain largely unregulated in Luxembourg, although the Duchy’s government appears to display a more welcoming attitude towards the phenomenon than some of its European counterparts. On March 14, 2018, the Financial Sector Monitoring Commission (Commission de Surveillance du Secteur Financier, CSSF) of Luxembourg issued a statement warning about the risks of investing in cryptocurrencies. The CSSF’s main objections are that cryptocurrencies are very volatile, offer no protection against theft and hacking, lack liquidity, are often the subject of misleading information, lack transparency, and are often used for fraud and money laundering. The statement also warned against the risks of Initial Coin Offerings. The CSSF, however, recognized the value of blockchain technology, noting that it could be used advantageously by the financial sector. Furthermore, the CSSF’s letter stated that while there is no legal framework that specifically applies to cryptocurrencies, the provision of any financial services—including those involving cryptocurrencies—requires an authorization from the Minister of Finance. CSSF, Avertissement sur les monnaies virtuelles [Warning About Cryptocurrencies] (Mar. 14, 2018), , archived at Despite this warning from its main financial services regulator, Luxembourg appears to see the development of cryptocurrencies in a positive light. In June 2017, the Luxembourger Minister of Finance, Pierre Gramegna, recognized before Parliament that cryptocurrencies are actual currencies, as
they are accepted as a means of payment for goods and services by a sufficiently large circle of people.
He also stated that there was currently no regulation
from a monetary perspective
regarding cryptocurrencies, but that cryptocurrency dealers in Luxembourg are bound by the same rules as any other financial service providers with regards to the fight against money laundering and the financing of terrorism. L’État garde un œil sur la monnaie virtuelle [The Government Keeps an Eye on Cryptocurrencies], L’Essentiel (June 26, 2017), , archived at More recently, Gramegna publicly welcomed the establishment of BitFlyer, a major bitcoin trading platform, as a fully licensed payment service provider in Luxembourg. Pierre Sorlut, Monnaies virtuelles: Pierre Gramegna se félicite de l’arrivée de BitFlyer [Cryptocurrencies: Pierre Gramegna Satisfied by the Arrival of BitFlyer], Luxemburger Wort (Jan. 27, 2018), economie/monnaies-virtuelles-pierre-gramegna-se-felicite-de-l-arrivee-de-bitflyer-5a6c3646c1097cee25b7c821 , archived at ] In an interview shortly thereafter, Gramegna stated that cryptocurrencies and blockchain technology were both an
unavoidable phenomenon that brings added value and efficient services to consumers.
[Pierre Sorlut, Ce qu’en pense le ministre des Finances: Les monnaies virtuelles, «un phénomène incontournable» [What the Minister of Finances Thinks of It: Cryptocurrencies, an
Unavoidable Phenomenon
], Luxemburger Wort (Jan. 31, 2018), , archived at Much work remains to be done to provide a legislative and regulatory framework for cryptocurrencies, however, as such a framework is largely inexistent at this time. During the welcoming ceremony for BitFlyer, the company’s founder noted that it had taken them two years to obtain their license and that
the regulation is unclear. There is no specific law and one must nevertheless protect the consumer.
[Pierre Sorlut, Ce qu’en pense le ministre des Finances: Les monnaies virtuelles, «un phénomène incontournable» [What the Minister of Finances Thinks of It: Cryptocurrencies, an
Unavoidable Phenomenon
], Luxemburger Wort (Jan. 31, 2018), , archived at
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Monetary Authority of Macao
Cryptocurrencies
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The Monetary Authority of Macau (AMCM) issued a statement on September 27, 2017, warning the financial industry and the public about the risks of virtual commodities and tokens. AMCM, Alert to Risks of Virtual Commodities and Tokens (Sept. 27, 2017), . php?DataUcn=117182&PageLang=C (in Chinese) , archived at , English translation at , archived at
Any trading of these commodities involves considerable risks, including but not limited to those relating to money laundering and terrorism financing, against which all participants should remain vigilant,
the statement said. According to the statement, the AMCM had issued a notice to banks and payment institutions in Macau to warn them not to participate in or provide, directly or indirectly, any relevant financial services, following a similar ban by Chinese authorities on the mainland on initial coin offerings (ICOs). AMCM, Alert to Risks of Virtual Commodities and Tokens (Sept. 27, 2017), . php?DataUcn=117182&PageLang=C (in Chinese) , archived at , English translation at , archived at Previously, on June 17, 2014, the AMCM issued a statement warning about the risks of bitcoin transactions. According to that statement, bitcoin is a type of virtual commodity that is neither legal tender nor a financial instrument subject to the supervision of the AMCM. The AMCM warned the general public that trading in virtual commodities such as bitcoin
involves considerable risks, including but not limited to those relating to money laundering and terrorist financing.
[AMCM, Caution Against Engagement in Bitcoin Transactions (June 17, 2014), ?DataUcn=79457&PageLang=C (in Chinese) , archived at , English translation at , archived at
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National Bank of the Republic of Macedonia
Cryptocurrencies
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No specific legislation on bitcoins or cryptocurrency exists in Macedonia. In 2016 the National Bank of Republic of Macedonia published a press release regarding an investigation it made into ONECOIN, and discouraged the citizens from investing in it since it was most likely a scam. In the same press release the NBRM quoted the law on Foreign Exchange Operations, but since cryptocurrencies do not constitute a foreign currency as they are quoted by the law, it leaves them unregulated.[140] It should be noted that the only legal tender for payment in the country is the Macedonian Denar, which means payment with any other regular or crypto currency is prohibited., The Former Yugoslav Republic of" target="_blank"> sources []
Regulation
On September 28, 2016, the National Bank of Macedonia issued a warning against cryptocurrencies. Announcement of the National Bank of the Republic of Macedonia (NBRM) (Sept. 28, 2016), (in Macedonian) , archived at The Bank reminded Macedonian residents that they are not allowed to have bank accounts or securities abroad, with certain exceptions, and therefore, investments by residents in cryptocurrencies are also not allowed. The Bank also underscored the possibility of losing money on cryptocurrency investments due to devaluation, theft, the poor functioning of cryptocurrency exchanges, and possible links to criminal activities. NBRM: Macedonian Regulations Do Not Allow Investment in Cryptocurrencies, Vecer (Sept. 28, 2016), (in Macedonian) , archived at
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Central Bank of Madagascar
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Reserve Bank of Malawi
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Central Bank of Malaysia
Cryptocurrencies
Legal
On 4 November 2013, Bank Negara Malaysia (BNM) met with local bitcoin proponents to learn more about the currency but did not comment at the time.[90] BNM issued a statement on 6 January 2014 that bitcoin is not recognised as a legal tender in Malaysia. The central bank will not regulate bitcoin operations at the moment and users should aware of the risks associated with bitcoin usage.[91][92][3]:Malaysia On 4 October 2017, BNM announced that The decision on whether cryptocurrencies should be banned in Malaysia will be taken by them before the end of the year.[93]" target="_blank"> sources []
Regulation
No Capital Gains taxes.
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Maldives Monetary Authority
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MFSA - Malta Financial Services Authority
Cryptocurrencies
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As of 2017[update], Malta does not have any regulations specifically pertaining to bitcoins.[3]:Malta In 2017, the country\u2019s prime minister Joseph Muscat announced the approval of a national strategy to promote bitcoin and blockchain technology. Muscat specifically addressed the bitcoin blockchain\u2019s ability to handle, store and process sensitive data in an immutable and decentralized ecosystem.[139]" target="_blank"> sources []
Regulation
Malta currently does not have any legislation that specifically applies to cryptocurrency, but this will soon change. The Maltese government has actively encouraged the development of cryptocurrency and issuing many consultations and papers that discuss its regulation and development. The aim of these regulations is
[t]o provide the necessary legal certainty to allow this industry to flourish.
[Ivan Martin, Malta Digital Innovation Authority Unveiled: Government Working on Green Paper on AI and Internet of Things, Times of Malta (Feb. 16, 2018), local/malta-digital-innovation-authority-unveiled.670847 , archived at In October 2017, the government issued a consultation document that proposed a regulatory framework for collective investment schemes and investment in cryptocurrencies. As a result of the consultation, Malta Financial Services Authority (MFSA) published conditions that apply to professional investor funds that invest in cryptocurrencies on January 22 and 29, 2018. Parliamentary Secretariat for Financial Services et al., Malta: A Leader in DLT Regulation 9 (2018), available at FSDEI - DLT Regulation Document , archived at In November 2017, the government published the Discussion Paper on Initial Coin Offerings, Virtual Currencies and Related Service Providers, which noted that while some cryptocurrencies might fall within the scope of existing financial services legislation, others would be outside the scope and thus unregulated. In January 2018, the government issued a further discussion paper that
present[ed]a conceptual framework through which DLT Platforms can be subject to certification in Malta.
[MFSA, Discussion Paper on Initial Coin Offerings, Virtual Currencies and Related Service Providers, MFSA Ref: 08-2017 (Nov. 30, 2017; closing date Jan. 11, 2018), , archived at The government has issued a statement that it intends to facilitate a regulatory framework for cryptocurrency-related activities and initial coin offerings (ICOs). Press Release, Parliamentary Secretariat for Financial Services, Digital Economy and Innovation, PR172729 (Nov. 29, 2017), , archived at Malta is currently considering three bills that would provide a regulatory framework for cryptocurrency and is following a principles-oriented approach to this legislation to help prevent the laws from becoming rapidly obsolete, or from stifling technological development The three bills are as follows: The Malta Digital Innovation Authority Bill (MDIA Bill) would establish the Malta Digital Innovation Authority (MDIA), which would
focus on innovative technology arrangements and their uses such that Malta can take the greatest advantage of new technology arrangements while at the same time protect[ing] the public interest.
One of the first objectives for the MDIA would be to promote government policies that favor technical innovation, particularly with reference to digital ledger technology and its adoption by the government in systems of public administration. Other objectives would include maintaining Malta’s reputation and protecting consumers. The MDIA would also bear responsibility for certifying technology arrangements and registering technology services providers under the
TAS Bill.
·The
TAS Bill
would establish a regime for the registration of technology service providers and provide for the certification of certain technology arrangements. This regime will initially cover distributed ledger technology platforms and related contracts. 274] The proposals would require technology service providers that provide services for any distributed ledger technology platform in or from Malta be certified by the MDIA. Those who provide these services in other specified cases may voluntary register with the MDIA. The Virtual Currency Bill would establish a framework for ICOs and a regulatory regime that would apply to certain services relating to cryptocurrencies, such as brokers, wallet providers, and virtual currency exchanges. The Times of Malta has reported that the government is considering introducing its own cryptocurrency
within a ‘controlled framework,’ which would enable regulators to test possible controls and legislation for the technology.
The Virtual Currency Bill aims to regulate ICOs that relate to virtual currency not falling within the existing legislation. The bill will ensure that the offerings meet transparency requirements and will incorporate obligations that apply to initial public offerings that the issuer must follow. The MFSA has also proposed a
financial instrument test
that would enable individuals to determine, with regulatory certainty[,] . . . whether, based on its specific features, an ICO or a VC [virtual currency] falls within the scope of the existing legislative framework, reflecting EU law on the subject, or if not, whether this will be required to comply with the new regulatory framework being proposed by the MFSA. The test proposed would be a two-stage test, the first of which would determine whether a cryptocurrency is a financial instrument within existing Maltese or European Union legislation. The second stage would determine if the cryptocurrency was an asset under the proposed Virtual Currency Bill. The MFSA would be the regulator for the financial services contained in the Virtual Currency Bill, and would have regulatory and investigatory powers that reflect those contained in the country’s other financial services laws, including the authority to suspend an ICO or trading of a cryptocurrency. The government has also established a National Blockchain Strategy Taskforce to advise the government on a framework for distributed ledger technologies. Press Release, Parliamentary Secretariat for Financial Services, Digital Economy and Innovation, PR172729 (Nov. 29, 2017), , archived at After one of Malta’s largest banks, the Bank of Valletta, blocked cryptocurrency transfers, the government of Malta stated that it does not
interfere with individual banks’ operational policies, which are dictated by circumstances which they are best placed to assess.
Many residents of Malta expressed surprise at the actions of the Bank, particularly as the government of Malta is its largest shareholder, owning approximately 25% of the Bank’s shares. Bertaind Borg, BOV Turns Against Cryptocurrencies, Times of Malta (Nov. 28, 2017), https://www.timesof , archived at The Malta Gaming Authority has also stated that it is
committed to allow[ing] the use of crypto-currencies by its licensees in the immediate future,
[Malta Gaming Authority, A White Paper to Future Proof Malta’s Gaming Legal Framework 28 (July 2017), Overhaul Consultation with , archived at . ] and a new Gaming Bill is currently being considered that includes virtual currencies under the definition of
money and, or money’s worth.
[Gaming Bill 2018, cl. 2(1), , archived at . ]
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The Marshall Islands has enacted legislation authorizing the launching of its own national cryptocurrency to serve as legal tender for citizens and businesses on the island. Declaration and Issuance of the Sovereign Currency Act, Pub. L. 2018-53 (2018), library/category/?download=410:p-l-2018-53-declaration-and-issuance-of-the-sovereign-currency-act,-2018 , archived at The currency will be known as the sovereign, or SOV, and will serve as
legal tender of the Marshall Islands for all debts, public charges, taxes, and dues.
It will circulate as legal tender in addition to the US dollar. The SOV will be introduced in a forthcoming initial currency offering (ICO), after which residents of the Marshall Islands will be provided with the means to hold, save, and conduct transactions with the SOV, and merchants in the Marshall Islands will be given access to a computer application that will enable them to receive payments made with the SOV. The Minister of Finance will appoint a person or corporation to conduct the ICO. News reports indicate a financial technology company named Neema, which spearheaded the initiative, is likely to be awarded the contract to conduct the ICO.
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FSC - Financial Services Commission
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CNBV - Comision Nacional Bancaria y de Valores
Cryptocurrencies
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Bitcoin is legal in Mexico as of 2017. It is to be regulated as a virtual asset by the FinTech Law.[39]" target="_blank"> sources []
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National Bank of Moldova
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On February 15, 2018, the National Bank of Moldova issued a statement[Press Release, National Bank of Moldova, NBM Warns about High Risks of Investing in Cryptocurrencies (Feb. 15, 2018), (in Russian) , archived at recommending that Moldovans be as cautious as possible in deciding whether to invest in crypto-assets, given the technical characteristics of cryptocurrency, its high volatility, and the absence of any regulation that would protect investors. National Bank Warns Moldovans of Reckless Risks, Sputnik Moldova (Feb. 15, 2018), economics/20180215/17319739/ (in Russian) , archived at
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In Transnistria, a breakaway territory of Moldova, a law was passed on January 31, 2018, to legalize mining activities. Law of the Pridenstrovskaia Moldavskaia Respublika No. 39-3-VI of Feb. 9, 2018, on the Development of Information Blockchain Technologies in the Pridenstrovskaia Moldavskaia Respublika, available at !OpenDocument (in Russian) , archived at It provides for creation of free economic zones for mining purposes. The authorities of the self-proclaimed republic promise exemption from taxes, duty-free import and export of mining equipment, and assistance with energy supply. Will There Be a Circulation of Cryptocurrency in Transnistria?, Sputnik Moldova (Jan. 31, 2018), (in Russian) , archived at . ]
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CCAF - Commission for the Control of Financial Activities
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CDVM - Moroccan Financial markets Authority
Cryptocurrencies
Illegal
Absolute ban.[14] On 20 November 2017 the exchange office issued a public statement in which it declared, \"The Office des Changes wishes to inform the general public that the transactions via virtual currencies constitute an infringement of the exchange regulations, liable to penalties and fines provided for by [existing laws] in force.\"[17] The following day, the monetary authorities also reacted in a statement issued jointly by the Ministry of Economy and Finance, Bank Al-Maghrib and the Moroccan Capital Market Authority (AMMC), warning against risks associated with bitcoin, which may be used \"for illicit or criminal purposes, including money laundering and terrorist financing\".[18] On 19 December 2017, Abdellatif Jouahri, governor of Bank Al-Maghrib, said at a press conference held in Rabat during the last quarterly meeting of the Bank Al-Maghrib\'s Board of 2017 that bitcoin is not a currency but a \"financial asset\", He also warned of its dangers and called for a framework to be put in place for consumer protection.[19]" target="_blank"> sources []
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In a press release posted on its official website, the Moroccan Exchange Office informed the public that the transactions effectuated through virtual currencies constitute a violation of the exchange regulations and are subject to penalties and fines provided by the texts in force. Press Release, Office des Changes, Mise au point au sujet del’utilisation des monnai es virtuelle [Focusing on the use of virtual currency] (undated) (in French) (last visited Mar. 21, 2018) , archived at The Office called on the persons concerned to abide by the exchange regulations, which provide that financial transactions with foreign entities must be effectuated through approved intermediaries and with foreign currencies listed by the Bank Al-Maghrib. The release also warns of the risks associated with the use of a virtual system of payment that is not backed by a financial institution. The release finally states that the Exchange Office, in collaboration with the Bank of Al-Maghrib and the Professional Grouping of the Banks of Morocco, are following with interest the evolution of virtual currencies in Morocco. The release does not bear a date but media reports indicate that it was issued in November 2017. Sana Elouazi, Bye-Bye Bitcoin: Morocco Bans Cryptocurrencies, Morocco World News (Nov. 21, 2017), , archived at
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Bank of Mozambique
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On January 8, 2018, the Mozambican Federal Reserve Bank (Banco de Moçambique), issued a notice (Comunicado) in its role as supervisor of the financial system in the country informing citizens that a decentralized and convertible virtual currency called bitcoin is circulating in the national territory. Alerta Sobre os Riscos Decorrentes de Transações Relacionadas com Bitcoins, Banco de Moçambique (Jan. 9, 2018), (click on the Word Document icon) , archived at The Bank clarified that it does not regulate or supervise any activity or transaction carried out through bitcoins and is not responsible for any impacts of transactions related to bitcoin, because this currency does not have legal support and is not issued by the national monetary authority, the Bank. The notice further stated that companies that negotiate bitcoins are not regulated, authorized, or supervised by the Bank; that such virtual currency offers no security, being vulnerable to fraud and other crimes perpetrated using computer means; that its price is highly volatile; and that it allows for the execution of anonymous transactions, favoring criminal activities. Alerta Sobre os Riscos Decorrentes de Transações Relacionadas com Bitcoins, Banco de Moçambique (Jan. 9, 2018), (click on the Word Document icon) , archived at
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Central Bank of Myanmar
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Bank of Namibia
Cryptocurrencies
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In September 2017 the Bank of Namibia issued a position paper on virtual currencies entitled[25] wherein it declared cryptocurrency exchanges are not allowed and cryptocurrency cannot be accepted as payment for goods and services." target="_blank"> sources []
Regulation
In September 2017, the Bank of Namibia issued a position paper titled
Position on Distributed Ledger Technologies and Virtual Currencies in Namibia
in which it noted that virtual currencies are not considered legal tender and are currently unregulated in the country. The Bank outlined the risks associated with the use of virtual currencies, including credit risks, liquidity risks, operational risks, and legal risks. It warned that individuals who hold or trade in virtual currencies do so
at their own risk and should exercise caution.
The Bank further stated that because the country’s relevant laws do not envisage their existence, virtual currency exchanges cannot be established or operate in Namibia. Bank of Namibia, Position on Distributed Ledger Technologies and Virtual Currencies in Namibia (Position Paper, Sept. 2017), , archived at
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Nepal Rastra Bank
Cryptocurrencies
Illegal
Absolute ban.[14] On 13 August 2017 Nepal Rastra Bank declared bitcoin as illegal.[73][74]" target="_blank"> sources []
Regulation
On August 13, 2017, Nepal Rastra Bank issued a notice that
all transactions related to or regarding bitcoins are illegal.
[Nepal Rastra Bank (NRB), Bitcoin Notice, (in Bangladeshi) , archived at ; see also Atit Babu Rijal, Op-Ed., The Future of Cryptocurrencies, Kathmandu Post (Dec 27, 2017), , archived at ] In early October 2017, a police team from the Central Investigation Bureau (CIB) of the Nepal Police
for the first time arrested seven persons for allegedly running bitcoin exchange business from various parts of the country,
the Kathmandu Post reported. 7 Nabbed for Running Bitcoin Exchange Business, Kathmandu Post (Dec. 27, 2017), http://kathmandu , archived at
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AFM - Financial Markets Authority
Cryptocurrencies
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As of 2017[update], virtual currencies such as bitcoin do not fall within the scope of the Act on Financial Supervision of the Netherlands.[3]:Netherlands" target="_blank"> sources []
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FSPR - Financial Service Providers Register
NZX - New Zealand Exchange
FDRS - Financial Dispute Resolution Service
Cryptocurrencies
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The Reserve Bank of New Zealand states: \"Non-banks do not need our approval for schemes that involve the storage and\/or transfer of value (such as \u2018bitcoin\u2019) \u2013 so long as they do not involve the issuance of physical circulating currency (notes and coins).\"[3]:New Zealand Zealand" target="_blank"> sources []
Regulation
n October 2017, the Financial Markets Authority (FMA) published information on cryptocurrencies, and the risks associated with them, as part of its guidance on investment options. Cryptocurrencies, Financial Markets Authority (FMA), (last visited Mar. 1, 2018) , archived at In particular, it highlights the following three points about cryptocurrencies: They’re high risk and highly volatile – the price can go up and down very quickly They’re not regulated in New Zealand Cryptocurrencies, crypto-exchanges and the people that use them are often the targets of online fraud and scams[Cryptocurrencies, Financial Markets Authority (FMA), (last visited Mar. 1, 2018) , archived at The FMA has also published commentary on initial coin offers (ICOs) and cryptocurrency services (including exchanges, wallets, and brokering). 726] The information relates to the application of the existing regulatory framework for financial products and services. With regard to ICOs, the guidance states that The extent to which an ICO is regulated depends whether a ‘financial product’ is being offered to retail investors in New Zealand (ie a ‘regulated offer’ is being made). Whether a token offered via an ICO is a financial product, and if so, what type of product, depends on the token’s specific characteristics and economic substance. Initial Coin Offers, FMA, (last visited Mar. 5, 2018) , archived at The FMA then explains how a token may be considered one of the four types of financial products set out in the Financial Markets Conduct Act 2013 (being debt securities, equity securities, managed investment products, and derivatives), and if so, what the obligations of the issuer are. It also notes that ICOs and tokens that are not financial products
will still be subject to general consumer protection laws in New Zealand, for example prohibitions against misleading and deceptive conduct and fraud or other criminal conduct.
[Financial Markets Conduct Act 2013, , archived at With regard to cryptocurrency services, the FMA guidance states that businesses based in New Zealand that provide a
financial service
related to cryptocurrencies must comply with the Financial Service Providers (Registration and Dispute Resolution) Act 2008. Cryptocurrency Services, FMA, (last visited Mar. 5, 2018) , archived at ; Financial Service Providers (Registration and Dispute Resolution) Act 2008, , archived at It then explains how different types of businesses might be considered to be providing a financial service and the obligations of such businesses. The Inland Revenue Department (IRD) has not yet issued any guidance or rulings regarding the tax treatment of cryptocurrencies. Its public rulings work program for the 2017–2018 financial year includes
GST and Income tax – Tax treatment of crypto-currencies
as being an item currently in progress, as of February 9, 2018, with
[p]reparatory work on issuing public guidance
being underway. Inland Revenue Department (IRD), Public Rulings Work Programme 2017–18: Monthly Update – Position as at 9 February 2018, , archived at According to a news report in January 2018, the IRD indicated that people should
treat money made buying and selling cryptocurrencies in the same, or similar, way they would money made buying and selling gold. That is, pay tax on the profit made by selling a currency, only if that currency was bought with the intention of resale.
[enée Tibshraeny, The IRD Says People Should Consider Money Made Selling Cryptocurrencies – Bought with the Intention of Resale – As Taxable, Until it Releases Specific Guidance on the Matter, (Jan. 11, 2018), , archived at It directed the author to an information sheet on gold, which explains that amounts derived from its disposal will be income if the gold was acquired for the dominant purpose of disposal. RD, Question We’ve Been Asked: Are Proceeds from the Sale of Gold Bullion Income? (QB 17/18) (Sept. 20, 2017), , archived at In addition, a spokesman for the Reserve Bank of New Zealand (its central bank) was quoted in a December 2017 news article as stating that cryptocurrencies would be included in the bank’s major review of its currency operating model and supporting infrastructure, which is currently underway. He explained that This project is focused on demand drivers, distribution models, and cash substitutes. It includes looking into crypto-currencies, blockchain technology and distributed ledgers. The Reserve Bank doesn’t regulate bitcoin. Whatever legal status bitcoin has is under ordinary law relating to contracts, tax obligations etc. Jonathan Underhill, IRD Sets its Sights on Bitcoin and Cryptocurrencies, New Zealand Herald (Dec. 22, 2017), , archived at An analytical note issued by the Reserve Bank in November 2017, which does not serve as an official policy position, discusses the technology involved in cryptocurrencies, their attributes and mechanics, and
the implications of cryptocurrencies for consumers, financial systems, monetary policy, and regulatory policy.
[Aaron Kumar & Christie Smith, Crypto-currencies – An Introduction to Not-So-Funny Monies 2 (Reserve Bank of New Zealand Analytical Note Series, AN2017/07, Nov. 2017), Files/Publications/Analytical%20notes/2017/ , archived at . ]
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Superintendencia de Bancos y Otras Instituciones Financieras
Cryptocurrencies
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News reports indicate that bitcoins are being used in the country.[3]:Nicaragua" target="_blank"> sources []
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Central Bank of Nigeria
Nigeria Deposit Insurance Corporation
Cryptocurrencies
Legal
As of 17 January 2017, The Central Bank of Nigeria (CBN) has passed a circular to inform all Nigerian banks that bank transactions in bitcoin and other virtual currencies have been banned in Nigeria.[20] However, during the year, the CBN (through its Deputy Director on Banking and Payments System, Musa Itopa-Jimoh) clarified the circular and its stance on bitcoin, citing that a lot of people misinterpret the central bank\u2019s recent warning. It noted that \"Central bank cannot control or regulate bitcoin. Central bank cannot control or regulate blockchain. Just the same way no one is going to control or regulate the Internet. We don\u2019t own it\".[21] Later on, a committee was set up by the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) to look into the possibility of the country adopting the technology driving bitcoin and other digital currencies \u2013 blockchain. The committee has submitted its report but \"several sub-committees are still working on the issue\" according to the Director, Banking & Payments System Department at CBN, Mr. \u2018Dipo Fatokun.[22]" target="_blank"> sources []
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warning: "The ESAs are concerned that an increasing number of consumers are buying VCs unaware of the risks involved. VCs such as Bitcoin, are subject to extreme price volatility and have shown clear signs of a pricing bubble and consumers buying VCs should be aware that there is a high risk that they will lose a large amount, or even all, of the money invested."
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NFSA - The Financial Supervisory Authority Of Norway
Cryptocurrencies
Legal
The Norwegian Tax Administration stated in December 2013 that they don\'t define bitcoin as money but regard it as an asset. Profits are subjected to wealth tax. In business, use of bitcoin falls under the sales tax regulation.[137] The Norwegian government stated in February 2017 that they would not levy VAT on the purchase or sale of bitcoin.[138]" target="_blank"> sources []
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Central Bank of Oman
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The Central Bank of Oman’s board issued a press release in December 2017 declaring that there are no policies or guidelines to regulate
digital currencies
or
cryptocurrencies.
It also urged Omani citizens to be cautious when dealing with cryptocurrencies, asserting that the Central Bank is not responsible for any financial consequences stemming from dealings in cryptocurrencies. Press Release, Central Bank of Oman (Dec. 12, 2017), (in Arabic) , archived at ]
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SEC - Pakistan Securities and Exchange Commission
Cryptocurrencies
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Absolute ban.[14] As of 7 April 2018[update], State Bank of Pakistan [SBP] has announced that bitcoin and other virtual currencies\/tokens\/ coins are banned in Pakistan[75]. This news was followed right after India\'s restriction of converting bitcoin and cryptocurrencies into fiat currency. For organizations and institutions it is banned by State Bank of Pakistan. Bank will not get involved if there is any dispute. They will not facilitate any transaction for it. The bank has issued an official notice on its website and has also posted the news on its official Twitter account.[76]" target="_blank"> sources []
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Currently there does not appear to be any specific law that regulates cryptocurrencies or the trade in cryptocurrencies in Pakistan. In May 2017, the State Bank of Pakistan (SBP) stated that it does not recognize digital currencies. Mubarak Zeb Khan, FBR Goes After Bitcoin Trader, Dawn (May 25, 2017), 1335184 , archived at On April 6, 2018, the SBP issued a press release cautioning the general public on the risk of virtual currencies: [The] General Public is advised that Virtual Currencies/Coins/Tokens (like Bitcoin, Litecoin, Pakcoin, OneCoin, DasCoin, Pay Diamond etc.) are neither recognized as a Legal Tender nor has SBP authorized or licensed any individual or entity for the issuance, sale, purchase, exchange or investment in any such Virtual Currencies/Coins/Tokens in Pakistan. Further, Banks/ DFIs/ Microfinance Banks and Payment System Operators (PSOs)/ Payment Service Providers (PSPs) have been advised not to facilitate their customers/account holders to transact in Virtual Currencies/ Initial Coin Offerings (ICOs) /Tokens vide BPRD’s Circular No. 03 of 2018. Press Release, State Bank of Pakistan (SBP), Caution Regarding Risks of Virtual Currencies (Apr. 6 2018), , archived at The Federal Board of Revenue (FBR)
is currently investigating the traders of digital currencies for tax evasion and money laundering,
according to news sources. Mubarak Zeb Khan,] Moreover, the Federal Investigation Agency (FIA) has
launched operations against the people dealing in the cryptocurrencies,
according to a February 10, 2018, news report. Nozair Hanif Mirza, FIA Springs Into Action Against Cryptocurrencies, One Held, Daily Pakistan (Global) (Feb. 10, 2018), , archived at . ]
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SMV - Superintendence of Securities
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Bank of Papua New Guinea
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Central Bank of Paraguay
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Superintendencia de Banca y Seguros
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SEC - Philippines Securities and Exchange Commission
Cryptocurrencies
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On 6 March 2014, Bangko Sentral ng Pilipinas (BSP) issued a statement on risks associated with bitcoin trading and usage. Recently virtual currencies were legalized and cryptocurrency exchanges are now regulated by Central Bank of the Philippines (Bangko Sentral ng Pilipinas) under Circular 944; however Bitcoin and other \"virtual currencies\" are not recognized by the BSP as currency as \"it is neither issued or guaranteed by a central bank nor backed by any commodity.\"[94]" target="_blank"> sources []
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Bangko Sentral ng Pilipinas (BSP, i.e., the Philippines Central Bank) has issued guidelines concerning virtual currencies (VCs). 736] Specifically, these Guidelines provide that since VCs are not backed by a central bank or a particular commodity and are not guaranteed by any country, they are not legal tender. 737] However, since they are used as a conduit to provide certain financial services, such as remittances and payment transactions, entities that provide such services using VCs must register with the BSP and adopt adequate measures to mitigate and manage risks associated with such currencies. 738] In addition, the Guidelines provide for penalties applicable to VC entities that conduct operations without the appropriate authorization from the BSP. 739]
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Companies offering exchange services are now required to register. In January 2017, the BSP issued the Virtual Currency Circular №944 to regulate virtual currency exchanges in the Philippines. The issuance — heavily discussed on a panel during CL+B Manila — established the Philippines as one of the first governments in the world to have a regulated digital currency exchange industry. Moderated by Atty. Rafael Padilla of SCI , panelists included Mhel Plabasan of Bangko Sentral ng Pilipinas (BSP), Maria Gainatinou of , and Atty. Bryant Casiw of BCG Law, who represents applicants of the virtual currency exchange license. (Note: SCI & are two of only three licensed virtual currency exchanges in the country).
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PFSA - Polish Financial Supervision Authority
Cryptocurrencies
Legal
The use of bitcoin in Poland is not regulated by a legal act at present.[3]:Poland Szymon Wo\u017Aniak of the Ministry of Finance made an official announcement on the legality of bitcoin on 18 December 2013 at a conference at the Warsaw School of Economics stating that the Ministry of Finance does not consider bitcoin illegal and does not want to hinder its development.[112] He clarified that while not illegal, bitcoin cannot be considered legal tender, and, in the light of the directives of the European Union, it is neither electronic money.[112] As of 27 January 2015, several banks have closed accounts of clients trading bitcoin, and indicated \"presumption of criminal offense\" as the cause, with \"criminal offense\" presumably being \"cryptocurrency trade\".[113] As of 7 July 2017, the National Bank of Poland (NBP) and Financial Supervision Authority (KNF) issued a comment on virtual \"currencies\".[114] They underlined that virtual currencies (including bitcoin): (1) are not issued or guaranteed by the central bank, (2) are not money, i.e. they are neither legal tender nor currency, (3) can not be used to pay tax liabilities, (4) do not meet the criterion of universal acceptability in shopping and service points, (5) are not electronic money, (6) are not payment services (in legal terms), (7) are not financial instruments (in legal terms). They added that trading virtual currencies in Poland does not violate national or EU law, however, having virtual \"currencies\", involves many risks: (1) risk related to the possibility of loss of funds due to theft, (2) risk related to lack of guarantee, (3) risk of lack of universal acceptability, (4) risk related to the possibility of fraud, (5) risk of high price change. Because of these risks, the NBP and KNF warn against buying virtual currencies and investing in them. The NBP and KNF recognize that the purchase, possession and sale of virtual currencies by entities supervised by the KNF (e.g. banks) would be burdened with high risk and would not ensure a stable and prudent management of the financial institution. Financial institutions should be cautious about engaging and cooperating with virtual currency \"trading\" entities." target="_blank"> sources []
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On April 4, 2018, the Ministry of Finance published guidance on the tax effects of trading in cryptocurrencies. ] Income from transactions on cryptocurrencies is subject to income tax with two brackets of 18% and 32%, while the act of selling or purchasing digital currencies is considered a transfer of property rights, which is subject to a 1% levy on the value of the transaction. ]
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CMVM - Portuguese Securities Market Commission
Cryptocurrencies
Legal
Bitcoin has no specific legal framework in Portugal.[3]:Portugal" target="_blank"> sources []
Regulation
According to the Federal Reserve Bank of Portugal (Banco de Portugal), the activity of issuing and trading virtual currencies is neither regulated nor supervised by the Federal Reserve Bank of Portugal or any other authority of the financial system, national or European, in particular by the European Central Bank. ] The absence of regulations on operations with virtual currencies does not make these activities illegal or prohibited, the Bank noted. However, entities that issue and sell virtual currencies are not subject to any obligation of authorization or registration with the Federal Reserve Bank of Portugal, so their activity is not subject to any kind of prudential or behavioral supervision. ]
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Office of the Commissioner of Financial Institutions
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QCB - Qatar Central Bank
Qatar Financial Centre Regulatory Authority
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In February 2018 the Supervision and Control of Financial Institution Division at Qatar’s Central Bank issued a circular to all banks operating in Qatar warning against trading in bitcoin. The circular described bitcoin as illegal and unsupported by any central bank or government. It also stated that trade in cryptocurrencies involves high risks of price volatility and the risk of being used in financial crimes. Finally, the circular prohibited all banks operating in Qatar from dealing with cryptocurrencies, subject to penalties for violators. Circular No. 6/2018, Central Bank of Qatar (Feb. 2, 2018), Banks/Lists/Circulars/Attachments/173/ , archived at
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CNVMR - Romanian National Securities Commission
National Bank of Romania
Cryptocurrencies
Legal
As of March 2015, an official statement of the Romanian National Bank mentioned that \"using digital currencies as payment has certain risks for the financial system\".[115] In October 2017, the National Fiscal Administration Agency (ANAF) declared that there is a lack of a legislative framework around bitcoin, and therefore, it is unable to create a tax regulation framework for it as well (implying no taxation).[116]" target="_blank"> sources []
Regulation
On February 6, 2018, Romania’s National Bank announced that it discourages any involvement of local credit institutions in the cryptocurrency sector because of reputational risks. ] The Bank reminded of its earlier warning issued in March of 2015[] on the high risks of losing the money invested in cryptocurrencies. Following this announcement the local banks closed the accounts of several cryptocurrency exchanges. ]
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In March of 2018 the National Agency for Fiscal Administration reportedly declared that income from transactions with cryptocurrencies are taxable. ]
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FCSM - Federal Commission of Securities Market
CRFIN - Centre for Regulation in OTC Financial Instruments and Technologies
NAUFOR - Naufor - Russian national Association Of Securities Market Participants
CROFR - Financial Market Relations Regulation Center
CBR - Central Bank of the Russian Federation
ARB - Association of Russian Banks
ASROS - Association of Regional Banks of Russia
CROFR - Center for Regulatory Relations in The Financial Markets
FMRRC - Financial Market Relations Regulation Center
Cryptocurrencies
Legal
As of November 2016 declared, bitcoins are \"not illegal\" according to the Federal Tax Service of Russia.[55][56] In September 2017 Russia central bank head Elvira Nabiullina has said it is categorically against regulating cryptocurrencies as money, as a means by which payment can be made for goods and services, and against equating them with foreign currency.[57] Deputy Finance Minister of the Russian Federation Alexei Moiseev at the same time said it\'s \"probably illegal\" to accept cryptocurrencies payments.[58] However bitcoin market sites are blocked and in court decisions stated that bitcoin is a currency surrogate which is outlawed on the territory of Russian Federation.[59] Federation" target="_blank"> sources []
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Allowed, but unregulated/subject to future regulations The Kremlin issued five orders in October 2017, requiring altcoin miner registration and taxation, the application of securities laws to ICOs, and the use of altcoins to create a
single payment space
in the Eurasian Economic Union to oppose the Eurozone.
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National Bank of Rwanda
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FSA - Financial Services Authority
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Central Bank of Samoa
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On June 12, 2017, the Central Bank of Samoa issued a statement in which it warned the public to be
very cautious and diligent
in dealing with digital currency investments. Press Release, Central Bank of Samoa, Beware of These Get Rich Quick Schemes and Digital Currency (June 12, 2017), , archived at As part of a broader warning against get-rich schemes, it advised people to ensure that they fully understand how a venture works and the risks and benefits of investing, and to contact the Bank if they are uncertain. No other government statements or regulatory actions were located.
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Central Bank of the Republic of San Marino
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CMA - Capital Market Authority
SAMA - Saudi Arabian Monetary Authority
Cryptocurrencies
Illegal
Implicit ban.[14] The Saudi Arabian Monetary Authority (SAMA) has warned from using bitcoin as it is high risk and its dealers will not be guaranteed any protection or rights.[64] There is a bitcoin ATM in the city of Jubail.[65] Arabia" target="_blank"> sources []
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The Saudi Arabian Monetary Agency (SAMA) has issued a warning against bitcoin because it is not being monitored or supported by any legitimate financial authority. Statement, Saudi Arabian Monetary Agency (July 4, 2017), 967692288 (in Arabic) , archived at In October 2017, SAMA announced that it will implement a pilot project to issue a local digital currency (Riyal) that will only be used in transactions among banks. SAMA to Launch Digital Riyals for Banks, Arab News (Oct. 5, 2017), business-economy , archived at
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launch a digital currency through a pilot project. The digital currency would only be available to be traded among banks; the governor ruled out plans to issue a digital currency for use by individuals and companies.
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Banque Régionale de Marchés (BRM)
Cryptocurrencies
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The National Bank of Serbia
Cryptocurrencies
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Regulation
the National Bank of Serbia made two announcements, one on October 2, 2014,[Press Release, National Bank of Serbia (NBS), NBS Warns that Bitcoin Is Not Legal Tender in Serbia (Oct. 2, 2014), , archived at and the other on May 4, 2016,[Press Release, NBS, Bitcoin Will Not Replace Euro or Any Other Currency (May 4, 2016), internet/latinica/scripts/?id=9612&konverzija=yes , archived at to clarify that
anyone investing in bitcoins or engaging in any other activity involving virtual currencies shall do so at their own liability, bearing all financial risks and risks in terms of noncompliance with regulations governing foreign exchange operations, taxation, trade, etc.
The Bank explained that bitcoin is not legal tender in Serbia and cannot be subject to sale and purchase by banks or licensed exchange dealers. The Bank said that a particular issue is the use of virtual currency to acquire other goods and services, adding that the law requires prices to be expressed in Serbian dinars and that expressing the prices of goods or services in virtual currency would be against the provisions of the law. Maja Zivanovic, Serbian Bank Advises Caution Over Bitcoin Fever, BalkanInsight (Dec. 26, 2017), , archived at The Bank said it would consider, in cooperation with other state authorities, whether there is any need for designing a regulatory or other response in relation to cryptocurrencies. Press Release, NBS, Bitcoin Will Not Replace Euro or Any Other Currency, ]
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FSA(SC) - Financial Services Authority
Cryptocurrencies
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Bank of Sierra Leone
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MAS - Monetary Authority of Singapore
Cryptocurrencies
Legal
In December 2013, the Monetary Authority of Singapore reportedly stated that \"[w]hether or not businesses accept bitcoins in exchange for their goods and services is a commercial decision in which MAS does not intervene.\"[3]:Singapore On 22 September 2013, the Monetary Authority of Singapore (MAS) warned users of the risks associated with using bitcoin stating \"If bitcoin ceases to operate, there may not be an identifiable party responsible for refunding their monies or for them to seek recourse\"[95] and in December 2013 stated \"Whether or not businesses accept Bitcoins in exchange for their goods and services is a commercial decision in which MAS does not intervene\"[96] In January 2014, the Inland Revenue Authority of Singapore issued a series of tax guidelines according to which bitcoin transactions may be treated as a barter exchange if it is used as a payment method for real goods and services. Businesses that deal with bitcoin currency exchanges will be taxed based on their bitcoin sales.[97]" target="_blank"> sources []
Regulation
In the wake of an increase in the number of initial coin offerings (ICOs) in Singapore as a means of raising funds, on August 1, 2017, the Monetary Authority of Singapore (MAS) issued a statement clarifying that the offer or issue of digital tokens in Singapore will be regulated by the MAS, if the digital tokens fall within the definition of
securities
regulated under the security laws. MAS’s position is not to regulate virtual currencies.
However, MAS has observed that the function of digital tokens has evolved beyond just being a virtual currency,
the statement said. Press Release, MAS Clarifies Regulatory Position on the Offer of Digital Tokens in Singapore (Aug. 1, 2017), , archived at Following the August statement, the Deputy Prime Minister and Minister in Charge of MAS (DPM) responded to questions from the Parliament for its sitting on October 2, 2017, on the regulation of cryptocurrencies and ICOs. According to the DPM, although the MAS does not regulate virtual currencies per se, it regulates activities involving the use of virtual currencies that fall under MAS’s regulatory ambit, such as money laundering and terrorism financing. The MAS is working on a new regulatory framework for payments that will address the risks associated with virtual currencies, the DPM said. With respect to ICOs, the MAS has not issued specific legislation, but will continue to monitor developments and consider more targeted legislation when it becomes necessary, the DPM added. MAS, Reply to Parliamentary Question on the Prevalence Use of Cryptocurrency in Singapore and Measures to Regulate Cryptocurrency and Initial Coin Offerings (for Parliament Sitting Oct. 2, 2017), News-and-Publications/Parliamentary-Replies/2017/ , archived at With respect to the new payment regulatory framework, the MAS issued a consultation paper proposing the Payment Services Bill in November 2017. The proposed Bill would expand the scope of regulated payment activities to include virtual currency services and other innovations. Under the new framework, entities carrying out virtual currency services including buying or selling virtual currency would be required to be licensed. Press Release, MAS Launches Second Consultation on New Regulatory Framework for Payments (Nov. 21, 2017), , archived at
Taxation
Businesses that are involved in digital currency trading are taxed on the profits derived from their business, but for individuals, there is no \">specific rule.
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Allowed. but subject to future regulations
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National Bank of Slovakia
Cryptocurrencies
Legal
The National Bank of Slovakia (NBS), stated[117] that bitcoin does not have the legal attributes of a currency, and therefore does not fall under national control.[note 1] European legislation, including the Slovak law, does not define the activities associated with virtual currency. Such activities are not regulated and supervised by the National Bank of Slovakia or the European Central Bank. At the same time NBS points out that any legal person or natural person in the Slovak Republic shall not issue any notes or any other coins. Unlawful manufacturing of banknotes and coins and putting them into circulation is punishable by law. In this context, NBS points out that virtual currencies have not a physical counterpart in the form of legal tender and participation in such a scheme (virtual currency) is at your own risk. Exchanges or purchases of virtual currencies represent the business risk of investors and investors\' money are not protected. For any compensation of losses caused by such exchanges or purchases there is no legal entitlement." target="_blank"> sources []
Regulation
On March 23, 2018, the Ministry of Finance published guidance explaining that revenues stemming from cryptocurrencies must be taxed, and that any type of exchange, such as an exchange of a virtual currency for an asset or a service rendered or for another virtual currency, must be considered to be a taxable transfer. Methodological Guideline of the Ministry of Finance of the Slovak Republic No. MF/10386/2018-721 for the Procedure of Taxing Virtual Currency, available at (in Slovak) , archived at ; see also Jan Sojaspal, Slovakia to Tax Cryptocurrency Income, Bloomberg (Mar. 28, 2018), , archived at The guidance says that virtual currencies must be treated as
short-term financial assets other than money
and priced at market value at the time of transaction, and that cryptocurrencies directly obtain from mining shall be kept off-balance sheet until they are sold or traded. Methodological Guideline, supra note 309 Earlier the Finance Minister had noted that trade in cryptocurrencies, which is unregulated and anonymous, involves risks of terrorism and organized crime. Finance Minister Plans to Start Taxing Bitcoin, The Slovak Spectator (Jan. 8, 2018), c/20733083/ , archived at In 2013 the National Bank of Slovakia issued a warning to inform the general public that virtual currencies are not national currencies and that unauthorized currency production constitutes a criminal offense. Press Release, National Bank of Slovakia, Národná Banka Slovenska’s Warning to the Public on Bitcoin (Nov. 26, 2013), , archived at
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Bank of Slovenia
Cryptocurrencies
Legal
On 23 December 2013 the Slovenian Ministry of Finance made an announcement[118] stating that bitcoin is neither a currency nor an asset. There is no capital gains tax chargeable on bitcoin, however bitcoin mining is taxed and businesses selling goods\/services in bitcoin are also taxed.