Published há 5 anos • 5 minute read

Crypto Regulation in Different Countries

With the recent hype in cryptocurrencies, especially Bitcoin and Ethereum which went up in price giving huge profits to all the people who believed in cryptos for a long time, a lot of voices have been raised demanding crypto regulation.

However, as the saying goes, whatever goes up must come down.

Come down they did.

All the cryptos crashed real bad after the hype was over. Bitcoin that reached nearly $21,000 price went down to $2,000. People who were holding onto their Bitcoins for a better payday saw their dreams shattered when the crypto touched such a low price.

But, these highs and lows are part of the crypto community. People who know about the power of cryptos are still investing in their favorite currencies without worrying about any lows and peaks.

Not everyone likes crypto though!

Especially, some countries hate crypto so much that they’ve made it illegal and anybody caught trading these cryptocurrencies can face legal repercussions.

Crypto Regulation

Crypto Regulation in Bolivia

The Bolivian government has outright banned any and everything that has to do with cryptocurrencies. They do not recognize any currencies that haven’t been issued by the Central Bank or any other monetary institution.

There haven’t been any official statements regarding any crypto regulations. Looks like Bolivia does not want to have to do anything with crypto or altcoins at all. So, it’s safe to assume that crypto regulation in Bolivia is pretty much impossible for the foreseeable future.

Crypto Regulation in Dominican Republic

Dominican Republic has banned all the financial institutions from using any kind of cryptocurrencies in transactions in the country. Individuals can still use cryptocurrencies, but the government advises to be very cautious when dealing in cryptos as these can be highly risky with their volatile nature.

The government has no plan to regulate cryptos in the country which means that altcoins will not be officially regulated in the country for quite some time, however, you can still use them at your own risk.

Crypto Regulation in Belgium

This European nation has not regulated cryptos so far and there are no plans to regulate them in the future either. Individuals can still take part in crypto transactions, but officially the country doesn’t recognize cryptocurrencies at all.

Crypto Regulation in Bosnia and Herzegovina

The Bosnian Central Bank has determined that the legal tender of the country is only the convertible mark. They have banned the conversion of mark into crypto and vice versa. This clearly shows that the Bosnian government and Central Bank have no plans to regulate cryptocurrencies in the country at all.

Crypto Regulation in Denmark

The Danish government doesn’t want anything to do with cryptos at all. The country doesn’t recognize cryptocurrencies. This is because no financial institutions or banks are issuers of cryptocurrency. The country has no plans to regulate cryptos, but individuals are free to take part in crypto trading as long as they know the risks associated with it.

Crypto Regulation in Greece

The European Union doesn’t regulate cryptos, but there are no rules that members of the European Union have to take the same stance regarding cryptos at all. However, Greece takes the same position regarding cryptocurrencies as the European Union so altcoins are not regulated in the country either.

Crypto Regulation in Macedonia

Macedonia has outright banned the usage of cryptos entirely. The Macedonian National Bank has warned the residents of the country that it’s illegal for the residents of Macedonia to have any foreign accounts which also includes crypto accounts. However, it’s still possible for anyone to have crypto accounts that are completely anonymous but be warned that such actions can lead to serious legal trouble in the country.

Crypto Regulation in Norway

Norway has not regulated cryptos so far. However, the government still wants you to report your profits from cryptos as capital gains for tax purposes. They’ve also exempted cryptocurrencies from the countries value-added tax.

Crypto Regulation in United Kingdom

The United Kingdom is under a lot of pressure with all the Brexit disaster. When it comes to crypto, the United Kingdom doesn’t regulate it. So far, it has not shown any plans to regulate cryptos in the country either.

Crypto Regulation in Bahrain

Bahrain has banned the use of cryptos which include, but not limited to Bitcoins, Ethereum, etc inside the country. However, residents of Bahrain are free to invest in cryptos or crypto-related businesses outside the country. The future of cryptos in the country is not so bright. This is because there are no plans to regulate cryptos at all.

Crypto Regulation in Egypt

The Sharia law of Egypt considers all the cryptocurrencies and their businesses “Haram” which means no one is allowed to deal with cryptos. Thus cryptos are entirely banned in the country and there won’t be any regulations, at least not for the next 5 years.

Crypto Regulation in Iran

Iran has not regulated cryptocurrencies so far and on top of that, the country has imposed a banking ban on cryptos which means that all of Iran’s financial institutions which include, banks, currency exchanges, and credit institutions are prohibited from handling or trading cryptos.

Crypto Regulation in Iraq

Not really the best country for crypto at all. They have outright banned cryptocurrencies under the country’s anti-money-laundering legislation. Regulating cryptos in the country is totally out of the equation as the ban won’t be lifting anytime soon.

Crypto Regulation in Saudi Arabia

The Kingdom has not regulated cryptocurrencies so far. There haven’t been any official statements as to when or if cryptos will be regulated in Saudi Arabia, so it’s safe to assume that cryptos don’t really have a bright future in the Arabian Kingdom.

Final Words

Even though most of the above-mentioned countries have not outright banned cryptos, but there are still uncertainties regarding digital currency in these countries. It’s possible some countries might adapt to newer technologies and blockchain. This could result in regulating cryptocurrencies, but so far no effort has been made.

What do you think of digital currencies? Do you think having an unregulated and anonymous payment mode can be dangerous? Or does it seem like a good idea to you? Let us know!

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