Bitcoin is finally out of its cold winter and moving towards a sunny future. It is the most popular cryptocurrency ever, drawing in investors for traden from almost all over the world. Bitcoin’s low-cost, instant and tax-free transactions are some of the major factors behind the dramatic rise Bitcoin enjoys today. However, although Bitcoin has been grabbing headlines all around the globe yet it’s not legal in every country out there. The post below offers a brief on the countries where Bitcoin is actually legal.
North America has always been positive about Bitcoin and the crypto industry overall. A fair share of esteemed companies in the country has adopted Bitcoin payments. These include Subway, DISH, OSTK and of course Microsoft Store. And yes, Bitcoin has forayed into the American derivatives market as well.
Canada has also maintained a Bitcoin-friendly attitude for long. However, BTC is not accepted as “currency” here but as a major “commodity. Crypto exchanges in Canada are governed by AML laws and they must register with FINTRAC to ensure a legal operation.
Australia has conferred the status of “currency” upon Bitcoin and allows BTC trading, mining and buying.
- The EU
Now, the EU does maintain a positive approach towards crypto industry. But the Union has not established any sort of official decision regarding acceptance, regulation or legality of crypto. However, some European nations have already developed their own policies about Bitcoin.
The Finland CBT classifies Bitcoin as “financial service” and has assured a VAT-exempt status.
Belgium too has assured a VAT-exempt status to Bitcoin.
Bitcoin is neither regulated nor controlled in Cyprus.
- The U.K.
The U.K. maintains a positive approach towards the crypto industry and is enthusiastic about the developments in the BTC or other crypto space. But, the country also wants a regulated environment for Bitcoin and the entire cryptocoin industry overall.
Bitcoin is considered as a legal entity in the country.