Bitcoin is, of course, the world’s biggest cryptocurrency for which legality varies greatly across region, and many are still unsure or working through legal issues. Despite the many alternatives available, Bitcoin dominates the world of cryptocurrency, attracting investors from around the world. So its legal status understandably draws considerable curiosity.
Most major international economies are still highly skeptical about cryptocurrencies. Since Bitcoin and others of its ilk have gradually started winning institutional endorsements, the regulatory hassles for cryptocurrencies have also increased.
Regulators and government in many nations are still opposed to this ‘asset class’ and have explicitly outlawed it. Some others have embraced it and agreed that Bitcoin regulation would beneficial for them. Be it for mining of cryptos, their use as legal tender or as property, the rules are different across different regions.
If you look closely though, a pattern emerges if seen from the perspectives of developed, developing and under-developed economies. Let’s have a look how crypto currencies are regulated across different parts of the world.
- European Union: Bitcoin is legal almost everywhere in the European Union. While the EU has not passed clear legislation about Bitcoin’s status as a currency, it has clarified that VAT/GST does not apply in the conversion of conventional (fiat) currency to Bitcoin. Transactions involving Bitcoins for…
