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Do you want to know which countries where bitcoin is legal?
Well Bitcoin debuted back in 2009 and has become the ultimate peer-to-peer digital currency
It wouldn’t be wrong to say that it introduced the concept of digital and decentralized currency to the world
It wouldn’t be wrong to say law enforcement agencies, regulators, and tax authorities are still considering how to control and regulate the currency
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Having said that, whether you can trade Bitcoin or not depends on your locality
So, with this article, I am sharing which countries where bitcoin is legal
The countries where Bitcoin is legal?
You can use Bitcoin for conducting transactions between different account holders globally
However there have been some concerns regarding currency for the government
While some officials and legislators aren’t supporting the use of Bitcoin
Because of illicit relationships and lack of control
Still there are some countries that have set counter-financing and anti-money laundering laws to reduce the adverse use
For instance, the Library of Congress also conducts regular reviews of the countries’ views on cryptocurrencies as legal including Bitcoin
Back in November 2021, 103 countries were identified that direct their regulatory authorities to create regulations and laws for the financial institutions regarding digital currencies and their utilization in AML/CFT
Some of the countries that allow the use of cryptocurrency include the following
The United States
According to recent research, FinCEN of the U.S. has been issuing regulations and guidance regarding Bitcoin ever since 2013
This means US is one of the countries where Bitcoin is legal
In addition, the treasury has already outlined Bitcoin to be the convertible currency with the equivalent value with real money or the currency that acts as an alternative for real currency
In addition, the IRS has identified Bitcoin as eligible for property taxation purposes
Also, the entities that exchange and administer Bitcoin are categorized as MSB, the money services business
Even more, MSB is subjected to the bank secrecy act
And demands the users to register with the treasury and file the transaction reports if the purchases are over $10,000
Moreover, FinCEN is curating regulations for non-financial and financial institutions to create national priorities for reporting and tracking of cryptocurrency
These regulations will require the institutions to report suspicious activities as well as transactions
The reporting enables the authorities to inspect the potential illicit activities and financial crimes associated with cryptocurrency
The European Union
The European Union also identified Bitcoin as well as other cryptocurrencies as assets
Having said that, one can read bitcoin-society.io as it’s not illegal to trade or use Bitcoin within Europe
So almost all Europe countries consider Bitcoin as legal
However, the banking authorities have already said that cryptocurrencies are out of their control and keep warning the public regarding the risks associated with cryptocurrency
Also, in 2020, the European Union also finalized the proposal for legalizing and regulating crypto assets
And various members of the union endorsed that
The legislation also intends on regulating the financial frameworks since they want safe use of cryptocurrency for the public
Canada
Canada has a Bitcoin-friendly perspective just like the United States
It is one of the countries where Bitcoin is legal
And it’s seen as a commodity by the CRA for income tax reasons
This means that when Bitcoin attains an income through Bitcoin transactions
Then this means it is a capital gain or business income and you should report it
As far as the cryptocurrency exchanges are concerned
Canada terms them as money service businesses which is why the cryptocurrency exchange needs to register itself with FINTRAC
In addition, When you do the exchanges you require to report suspicious activities/transactions and keep proper records
Australia
Australia too is one of the countries where Bitcoin is legal
Bitcoin has been termed a financial asset to be taxed by the Australian Taxation Office
Whenever a certain event incurs
When you trade, sell, or exchange cryptocurrency or convert it to fiat currency
This will trigger the capital gains taxes
In addition, you need to keep transactional records for tax purposes
Also, keep in mind that you should only hold Bitcoin just for personal purposes and to make profits
El Salvador
El Salvador has already identified Bitcoin to be the legal tender
For instance, in June 2021, congress approved Nayib Bukele, the president, to adopt Bitcoin as a payment method
To summarize, various other countries have legalized Bitcoin transactions and have set regulations
Some of these countries include Japan, France, Germany, Denmark, Iceland, Spain, the UK, and Mexico
However, to start trading Bitcoin, you need to educate yourself about the laws and regulations since every country has different laws
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