Bitcoin Legality Map

Bitcoin and cryptocurrencies are legal to hold and trade in Albania.

Albania regulates cryptocurrencies with Law No. 66/2020 “On Financial Markets based on Distributed Registry Technology” – which specifically regulates the licensing of entities operating in the field of distribution, trading of virtual currencies / digital tokens.

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.

While government officials have advised against the use of bitcoin, there is no legislation against it and it remains fully legal.

Cryptocurrencies are not specifically prohibited in Argentina, and are therefore legal.

In 2017 the Argentinian government has amended income tax laws to include that profits derived from the sale of digital currencies are considered income and are subject to taxation.

Bitcoin and other cryptocurrencies are not regulated in Australia and are therefore legal to trade and hold.

Australia is currently working on creating a licensing framework for cryptocurrency exchanges.

Bitcoin and cryptocurrency is legal to hold and Austrian law does not explicitly prohibit cryptocurrencies.

Bangladesh has explicitly banned the usage of Bitcoin and other cryptocurrencies.

Belarus has legalized cryptocurrency transactions. In December of 2017, the Belarusian government adopted Decree No. 8 “On the Development of Digital Economy,” marking the country’s first formal law governing cryptocurrency and blockchain. The Decree came into force on March 28, 2018.

It is legal to trade and hold bitcoin as well as other cryptocurrencies in Belgium.

The National Bank of Belgium and the Financial Services and Markets Authority has warned citizens that digital currencies are not legal tender, and have warned against various risks associated with their use.

Cryptocurrencies have been explicitly banned.

The BCB (Banco Central de Bolivia) issued the directive banning the use of “any kind of currency that is not issued and controlled by a government or an authorized entity” in 2014.

Bitcoin and other cryptocurrencies are legal to trade and hold in Bosnia and Herzegovina.

The Central Bank of Bosnia and Herzegovina announced that there were no plans to limit or prevent transacting in virtual currencies.

Brazil has not enacted any regulations or legislation against cryptocurrencies, therefore they are legal to buy and sell.

In 2020, Brazilian lawmakers proposed legislation that would regulate cryptocurrencies and provide for a series of laws governing business use of cryptocurrencies.

Bitcoin and cryptocurrency is legal to hold and trade although not legal tender in Brunei and are not regulated by AMBD (Brunei Monetary Authority). It is also not protected under the laws administered by AMBD.

Bitcoin and other cryptocurrencies are legal to trade and hold in Bulgaria.

The sale of any virtual currency in Bulgaria is subject to to income tax, as is in the rest of the EU.

Cryptocurrencies are not explicitly defined under Cambodian law, therefore are currently legal to trade in the country. The National Bank of Cambodia (NBC) has forbidden banks in Cambodia to accept cryptocurrencies as payment.

The Authorite des Marches Financiers, the financial 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.

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. This is following another banking ban in Canada from Toronto Dominion (TD).

There are no regulations prohibiting the use of cryptocurrencies in Chile.

On November 2021, Chilean Congressman Karim Bianchi introduced a proposal that would recognize and regulate the use of Bitcoin and other cryptocurrencies as legal means of payment.

China's central bank announced in September 2021 that all buying, selling, transactions, and mining of Bitcoin and other cryptocurrencies are illegal.

The use of cryptocurrencies has been increasing exponentially in Colombia and, as of now, the country has not issued any laws that regulates its treatment.

The Financial Superintendence (Superintendencia Financiera de Colombia) in 2017 issued legislation in which it established that financial entities are not authorized to guard, invest, intermediate or operate with crypto assets.

The Costa Rican Central Bank announced that bitcoin and cryptocurrencies are not considered 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.

Bitcoin and cryptocurrency is legal to hold and trade in Croatia. In 2017, the National Bank of Croatia (CNB) reiterated that cryptocurrencies are not considered a legal means of payment, nor are they recognized as foreign currencies.

The Central Bank of Cyprus has stated that bitcoin and other cryptocurrencies are "not illegal, but, at the same time, neither it is subject to control or regulation".

Businesses and citizens of Cyprus enjoy a relatively relaxed regulatory cryptocurrency environment with no specific legal or regulatory framework in force.

Bitcoin and other cryptocurrencies are classified as commodities, and are legal to trade and own in the Czech Republic. Despite being largely unregulated, the CNB permits Czech banks to offer cryptocurrency-related services as long as AML/KYC regulations are enforced.

Bitcoin and other cryptocurrencies are legal to buy, sell, and hold in Denmark.

Denmark's Financial Supervisory Authority issued a statement explaining that they do not seek to regulate the use of cryptocurrencies.

The Central Bank of the UAE does not recognize cryptocurrencies as a legal tender, however, they are legal to trade and transact as there is no prohibition against crypto assets in the UAE.

New laws in 2020 require persons engaging in crypto-related activities such as offering, issuing, promoting, listing and trading of cryptocurrencies, to be licensed by the Securities and Commodities Authority (SCA)

In 2018, The Central Bank of Ecuador has stated that the purchase and sale of cryptocurrencies such as bitcoin are not forbidden.

The CBE also reiterated that bitcoin is not an authorized means of payment for use in the country.

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)

Bitcoin and other cryptocurrencies are not regulated or controlled by the government making them legal to buy, sell, and hold in Estonia.

In 2022, the government of Estonia introduced a draft legislation for tighter regulation of crypto markets but the Finance Minister assured there would be no explicit bans.

Bitcoin and other cryptocurrencies are legal in Finland.

The Finnish Tax Administration has issued instructions for the taxation of virtual currencies, stating that 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 with losses not being tax-deductible.

It is legal to trade and hold bitcoin as well as other cryptocurrencies in France.

The French government policy is generally supportive of the development of cryptocurrency.

Georgia has quickly emerged as a go-to jurisdiction for bitcoin miners due to an income tax exemption on any profit received from the sale of crypto currency and no legislative restrictions.

The World Bank estimated in 2018 that at least 200,000 people in Georgia are involved in cryptocurrency mining

Bitcoin and other cryptocurrencies are legal in Germany. The German Federal Central Tax Office or Bundeszentralamt für Steuern (BZSt) treats bitcoin and other virtual currencies as private money for tax purposes. Bitcoin is not treated as foreign currency, legal tender, nor property under the German Tax Acts.

It is legal to hold and trade bitcoin and other cryptocurrencies in Greece.

Greece currently has no specific or explicit regulatory legislation regarding taxation of cryptocurrency income or income derived from mining.

There are no laws that specifically prohibit or regulate the use of bitcoin in Hungary, therefore it is legal to hold and trade.

Bitcoin and other cryptocurrencies are not considered legal tender in Finland, however, it is not illegal to trade them.

Iceland is also home to some of the largest bitcoin mining facilities due to low energy costs as it provides abundant and clean geothermal energy.

As of now, there is no explicit regulations or any bans on the use of Bitcoin or other cryptocurrencies in India. The Reserve Bank of India’s (RBI) previous ban from banks supporting cryptocurrency transactions, was reversed by the Supreme Court in March 2020.

Indonesia has banned bitcoin and other cryptocurrencies to be used as legal payment instruments, but are still allowed to be traded in the country.

There has been no further attempts by the Government to adopt any regulations governing activities with virtual currencies

It is legal to trade and hold bitcoin as well as other cryptocurrencies in Ireland.

The government of Ireland has no blanket prohibition or ban on cryptocurrency use in Ireland.

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.

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.

It is legal to hold and trade bitcoin and other cryptocurrencies in Italy.

Italy currently has no specific or explicit regulatory legislation regarding taxation of cryptocurrency income.

Cryptocurrency is not explicitly prohibited in Jamaica because it is not specifically defined or regulated under Jamaica's legislative framework.

In July 2021, the Bank of Jamaica released a statement cautioning citizens that cryptocurrencies are not legal tender in Jamaica. Bank of Jamaica does not regulate or supervise these forms of digital currencies.

Bitcoin and other cryptocurrencies are legal in Japan.

Japanese regulators have historically taken a hands-off approach that has allowed Bitcoin and digital assets to prosper and evolve in the country.

The Central Bank of Jordan (CBJ) prohibits all banks, currency exchange companies, financial entities, and payment service providers from facilitating any Bitcoin or other cryptocurrency transactions.

Kazakhstan is one of the largest bitcoin mining producing countries in the world, accounting for one-fifth of the world's bitcoin mining at the end of August 2021.

Kazakhstan offers a favorable legal environment to establish mining operations and implements a 15% tax rate for cryptocurrency income or income derived from mining.

Kosovo has no laws restricting the purchase of bitcoin or any other cryptocurrencies.

On January 4th, 2022 a blanket ban on cryptocurrency mining halted all operations within the country.

Bitcoin is considered a commodity (not a security or currency) under regulatory laws and is allowed to be legally mined, bought, sold and traded on a local exchanges.

Despite warnings from the Lebanese Central Bank (BDL), Lebanese laws do not prohibit the ownership, use, and trade of Bitcoin or other cryptocurrencies.

Bitcoin and other cryptocurrencies are legal to trade and hold in Lithuania.

Income received from individual purchases and sales of crypto are taxed at a fixed 15% personal income tax rate.

It is legal to trade and hold bitcoin as well as other cryptocurrencies in Luxembourg.

In 2018 Luxembourg’s Financial Sector Monitoring Commission released a statement warning citizens about the risks of investing in cryptocurrencies. For tax purposes, cryptocurrencies are not recognized as legal currencies but are considered intangible assets.

Macedonia is the only European country so far to have an official ban on cryptocurrencies like bitcoin.

In 2014, Dimitar Bogov, Governor of National Bank of Macedonia stated, "In Macedonia, juridical means for cash and non-cash payments are denars. International payments operations are carried out by banks. Therefore, trading and use of Bitcoin is illegal."

The Central Bank of Malaysia released a statement in 2014 clarifying that it does not regulate the operations of Bitcoin. Bitcoin is legal to trade although not legal tender.

Bitcoin and other cryptocurrencies are legal to trade and hold in Malta.

Malta has been at the forefront of embracing transactions involving bitcoin, consequently being dubbed as "The Blockchain Island". Besides providing for a sophisticated regulatory regime for digital assets, in 2018 Malta also introduced tax guidelines on transactions involving digital assets, including cryptocurrencies.

The Financial Services Commission of Mauritius considers cryptocurrencies to be regulated as a Digital Asset under the Financial Services Act 2007, and while it cautions investors they are not protected by any statutory compensation agreements, they are legal.

Bitcoin was legal in Mexico as of 2017, with plans to regulate it as a virtual asset by the FinTech Law.

On November 20th, 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.

In September 2017 the Bank of Namibia issued a position paper on virtual currencies entitled wherein it declared cryptocurrency exchanges are not allowed and cryptocurrency cannot be accepted as payment for goods and services.

Since 2017, the Nepal Rastra Bank has maintained that all transactions related to or regarding bitcoins are illegal.

It is legal to trade and hold bitcoin as well as other cryptocurrencies in the Netherlands.

There are no regulatory legislation prohibiting the use of cryptocurrencies.

Bitcoin and other cryptocurrencies are not regulated in New Zealand and are legal to trade and hold.

As of current, there are no explicit legislation regulating cryptocurrencies in New Zealand, but contract and tax laws apply to cryptocurrency.

News reports indicate that bitcoins are being used in the country.

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.

On February 5th 2021, the Central Bank of Nigeria issued a circular informing financial institutions in Nigeria that sequel to their circular in January 2017, dealing in cryptocurrency or facilitating payment for same remains prohibited and would attract a stiff penalty.

Bitcoin and is recognized by the Norwegian government as an asset and is legal to trade and hold.

Income received from individual purchases and sales of crypto are taxed at a fixed 15% personal income tax rate.

Pakistan has not yet set forth regulation on Bitcoin or any other form of cryptocurrency.

There are no regulations prohibiting the use of cryptocurrencies in Panama.

One day after El Salvador adopted Bitcoin as legal tender, Panamanian Congressman Gabriel Silva introduced a bill intended to provide "legal, regulatory, and fiscal certainty to the use, holding and issuance of digital value and crypto assets in the Republic of Panama."

There are no regulations prohibiting the use of cryptocurrencies in Peru.

Bitcoin and other cryptocurrencies are regulated and legal to hold and trade. However, the Bangko Sentral ng Pilipinas (BSP) have issued statements explaining possible risks associated with bitcoin trading and usage.

Bitcoin and cryptocurrencies are legal to hold and trade in Poland.

In November 2020, Polish authorities released the new PIT-38 (personal income tax) form making it easier for Polish residents to report their cryptocurrency taxes.

Portugal is known as a 'cryptocurrency tax haven', being one of the only jurisdictions in Europe with a 0% tax on income derived from bitcoin.

Qatar's central bank announced that it is illegal to trade bitcoin in the country of Qatar.

Bitcoin and cryptocurrencies are legal to hold and trade in Romania. Similar to most EU countries, cryptocurrencies are considered to be neither legal tender nor electronic money, but rather digital assets or commodities.

The Bank of Russia has repeatedly warned investors that cryptocurrency markets are extremely volatile, and digital currencies are not allowed to be used as a method of payment domestically.

Despite this, Russian President Vladimir Putin has shown acceptance of alternative currencies saying in an 2021 interview that cryptocurrency, “has the right to exist and can be used as a means of payment”.

Consumers can legally trade Bitcoin and other cryptocurrencies in Saudi Arabia but with no financial protections for any losses relating to the use of such cryptocurrencies.

Financial institutions, like banks, are not permitted to deal with cryptocurrency, unless permitted by SAMA.

Singapore allows both the trading and holding of bitcoin and other cryptocurrencies. Taking a very pragmatic stance with cryptocurrency regulation, the country has become an extremely popular location for crypto companies.

There are no laws that specifically prohibit or regulate the use of bitcoin in Slovakia, therefore it is legal to hold and trade.

On March 23rd, 2018, the Ministry of Finance published guidance expressing that any revenues stemming from cryptocurrencies must be taxed.

There are no laws that specifically prohibit or regulate the use of bitcoin in Slovenia, therefore it is legal to hold and trade.

At the start of 2017, the Financial Administration of Slovenia (FURS) provided some guidelines on taxation for cryptocurrencies.

In December 2014 the Reserve Bank of South Africa issued a position paper on virtual currencies whereby it declared that virtual currency had "no legal status or regulatory framework". The South African Revenue Service classified bitcoin as an intangible asset.

Bitcoin and other cryptocurrencies are legal to buy, sell, and trade in South Korea.

It is legal to trade and hold bitcoin as well as other cryptocurrencies in Spain.

Bitcoin is largely unregulated because cryptocurrencies are not considered financial instruments under Spanish law.

Cryptocurrencies are viewed as property in Sweden and are legal to trade and hold.

The regulatory environment in Sweden is generally accepting and there are no explicit legislation against trading or mining.

Bitcoin and cryptocurrencies are legal to hold and trade in Switzerland.

Switzerland has very favorable and attractive regulatory framework. Zug, Switzerland has been dubbed "Crypto Valley" over the many blockchain-based companies drawn to the jurisdiction over its friendly crypto regulation.

On March 2022, the city of Lugano, Switzerland announced plans to make bitcoin legal tender and allow citizens to pay for public service fees or taxes in bitcoin.

The CBC and the Financial Supervisory Commission of Taiwan (FSC) has increasingly warned and tightened supervision over cryptocurrencies. With no explicit ban, bitcoin and other cryptocurrencies continue to be traded in Taiwan.

While not officially banned, the Bank of Tanzania advises not to use cryptocurrency, stressing that the Tanzanian shilling is the only acceptable legal tender.

Thailand deems the trading and holding of bitcoin and other cryptocurrencies legal, lifting a previous ban the Thai Securities and Exchange Commission (SEC) enacted in 2014.

While Bitcoin or other cryptocurrencies are not recognized as legal tender in Trinidad and Tobago, it is legal for citizens to buy, store, and sell them.

The Central Bank of Trinidad and Tobago released a statement on January 25, 2019 clarifying that cryptocurrencies are neither regulated nor supervised by the government in Trinidad and Tobago.

Bitcoin is legal to hold in the Turkey with its use growing increasingly popular due to the inflation of the Lira.

On March 16th, 2022, the Ukranian government passed a law that creates a legal framework for legalizing the cryptocurrency industry in the country.

Following the Russian invasion of Ukraine in 2022, the Ukrainian government (and an NGO providing support to the military) turned to the public for crypto donations and raised over $63.8 million in mostly Bitcoin, Ethereum, and other cryptocurrencies.

The Central Bank of the UAE does not recognize cryptocurrencies as a legal tender, however, they are legal to trade and transact as there is no prohibition against crypto assets in the UAE.

New laws in 2020 require persons engaging in crypto-related activities such as offering, issuing, promoting, listing and trading of cryptocurrencies, to be licensed by the Securities and Commodities Authority (SCA)

Bitcoin and other cryptocurrencies are not regulated in the UK and are legal to trade and hold.

There are no regulatory legislation prohibiting the use of cryptocurrencies in in England.

The U.S. Treasury classified bitcoin as a convertible decentralized virtual currency in 2013. The Commodity Futures Trading Commission, CFTC, classified bitcoin as a commodity in September 2015. Per the Internal Revenue Service (IRS), bitcoin is taxed as a property.

Uzbekistan legalized crypto trading in 2018 allowing citizens to exchange, buy, or sell.

The use of cryptocurrencies, as well as mining, is currently legal in Venezuela.

With Venezuela's bolivar currency experiencing hyperinflation since 2016, the country has seen wider acceptance of cryptocurrencies like Bitcoin.

The government has not banned the trading or holding of cryptocurrencies. Vietnam consistently ranks as one of the most active countries in cryptocurrency ownership.

The Reserve Bank Of Zimbabwe is skeptical about bitcoin and has not officially permitted its use. On 5 April 2017 however, BitMari, a Pan-African Blockchain platform got licensed, through its banking partner, AgriBank, to operate in the country.