BUSINESS: The Top countries where Bitcoin is legal

So, let’s outline the top countries where bitcoin is legal.


Bitcoin is partially legal in the United States

The US has adopted a positive stance in regards to Bitcoin. Meanwhile, it also has ordered several government bodies to assure that transactions in Bitcoin are carried out only in legal terms.

In fact, the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) has been issued special guidance on the digital currency since 2013. It has classified the Bitcoin as a money services business (MSB). Moreover, the Bitcoin has made it to the US derivatives markets.

Bitcoin is legal in Canada

Canada’s relationship with Bitcoin is similar to that of the US. The country’s Canada Revenue Agency (CRA) has classified this digital currency as a commodity. This implies that transactions in Bitcoin are perceived as barter transactions. The income generates by these transactions is considered to be the business income. The taxation of Bitcoin is depending on its nature.

Bitcoin exchanges in Canada are also subject to the anti-money laundering (AML) laws. Moreover, the exchanges are obliged to register with Financial Transactions and Reports Analysis Centre (FINTRAC).

Australia calls Bitcoin a non-harmful mean of the transaction

Australia continues our list of top countries where Bitcoin is legal. Australian authorities perceive Bitcoin as a non-harmful mean of the transaction, thus allowing trading, mining and buying Bitcoin across the country. The Australian Taxation Office (ATO) is classifying Bitcoin transactions as a barter ones. Therefore, they are subject to related taxation law.

Bitcoin in Europe

Europe and the EU have been following the developments in the Bitcoin market for a long time. However, they still did not issue any specific united framework for the bitcoin and cryptocurrency regulation. Thus, every EU nation has developed its own vision in relation to the digital currency. Some of the countries are favoring Bitcoin presence, where others are indifferent or issuing warnings.

Bitcoin in Belguim 

The Federal Public Service Finance has also given Bitcoin a value-added tax exempt status.

Bitcoin in Cyprus 

Authorities adopted a neutral stance in relation to Bitcoin. The island legislature does not have any regulations or controls related to the digital currency.

Bitcoin in the UK 

The UK Financial Conduct Authority is favoring the cryptocurrency and plans to advance its regulatory framework to make it more Bitcoin-friendly.
Bitcoin in Switzerland: The Swiss are now moving towards regulation of Bitcoin slowly and steadily. The government has classified the digital currency as a foreign currency.
Bitcoin in Italy: Italian government believes that certain regulations and oversight is necessary in relation to Bitcoin transactions. This is done in order to prevent the use of digital currencies in illegal activities.

Bitcoin in the Netherlands

The Dutch have granted Bitcoin transaction a status of barter transactions. This implies that it does not need to follow specific licensing or compliance rules. The Dutch Finance Minister has stated: “Bitcoin is not a financial product as defined by law, purchase or sale of bitcoins is not a financial service either, so the financial services act does not apply”.
Bitcoin in France: The French have set onerous regulation and a form of Green listing on the Bitcoin sector. This implies that the French government is claiming that it is necessary that any exchange or wallet must hold data about the user, which is not a feature of Bitcoin.
Bitcoin in Singapore

The government of Singapore has declared Bitcoin as a good to buy another, thus determining the taxation need. The Monetary Authority of Singapore also obliged exchanges and ATM provides to Green list, similar to the French Bitcoin law.

Bitcoin in Japan

Bitcoin in Japan is a big trend. Japanese government has a positive stance in relation to the Digital currency, in spite