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Where Cryptocurrency Is Legal

Legality Of Cryptocurrencies: Where, How, And Why?

Legality Of Cryptocurrencies: Where, How, And Why?

Sorry, the article you are looking for is not available in this language. Please click here to go to the front page. Legality of Cryptocurrencies: Where, How, and Why? Is Bitcoin legal? Ha-ha! The answer varies substantially from country to country and is still changing or undefined in many of them. Many countries still hesitate on how to regulate bitcoins, as the system is relatively new or is considered an unknown territory. While some countries have banned or restricted their use, many have explicitly allowed bitcoins for trading. While this post provides information regarding the legality of bitcoin (please do not use it as a legal and binding opinion, I am not a lawyer:), prohibitions and regulations that apply to this particular cryptocurrency extend to all online currencies. I am sure the issue of whether Bitcoins are legal or not concerns most of the progressive and not so communities: I did my brief survey to find out where should I travel and where not with my wallet full of 0.5 bitcoins - and thought you could benefit from some of the finds! Here are my non-explicit list of countries that are bitcoin friendly (yay) perhaps giving a bad example to more conservative ones:). Alderney (Channel Islands): Even though there has been much gossip about the fact that it is the first bitcoin isle, there are no official records to support this claim. However, many journalists have included documents in their reports indicating that Alderney is doing its best to become the central hub for bitcoin. (Although reaching Alderney can come out to be quite a challenge (usually by boat, and the cliffs are stiff and waters are dangerous), it is worth the risk, but please dont mention me in your travel documents). Japan, oh industrial and perhaps one of the most traditional countr Continue reading >>

Cryptocurrency Law & Regulation | Hedge Fund Law Blog

Cryptocurrency Law & Regulation | Hedge Fund Law Blog

Hedge fund laws, starting a hedge fund, news and events By: Bart Mallon (Co-Managing Partner of Cole-Frieman & Mallon LLP) Certain Digital Assets are Securities Based on Facts and Circumstances As has been widely anticipated by the cryptocurrency community, the SEC has finally made an initial declaration of the agencys view that certain digital assets are securities subject to jurisdiction and regulation by the SEC. In a series of four items (press release, investigative report, statement and investor bulletin), the SEC comes out with a strong warning to sponsors of Initial Coin Offerings (ICOs) to be careful of the U.S. securities laws. While many will undoubtedly think the SEC missed a great opportunity to provide robust guidance (and leniency) to the industry, most market participants recognize that this series of discussions was the most likely outcome for many of these instruments (i.e. it is clear that they are securities). Although it is not perhaps what the industry wanted, we at least have *something* to now go by and the industry can begin to figure out how it will structure itself from here. Below we provide an overview of the various parts of the release as well as some of our observations. Investor Bulletin: Initial Coin Offerings Press Release the release discusses the investigative report it published on The DAO and discusses the investor bulletin created regarding ICOs. The SEC cautions market participants to make sure they examine their activity with respect to ICOs and other structures built on blockchain and distributed ledger technology. Most importantly the release states: In light of the facts and circumstances, the agency has decided not to bring charges in this instance, or make findings of violations in the Report, but rather to caution the ind Continue reading >>

Litigating Cryptocurrency: Is Bitcoins Future Doomed?

Litigating Cryptocurrency: Is Bitcoins Future Doomed?

Litigating Cryptocurrency: Is Bitcoins Future Doomed? After the price of Bitcoin hit $10,000 on Nov. 28 and Bitcoin futures launched on Dec. 10, you might have asked yourself why this digital currency was getting so much attention in the closing days of 2017. You may have also wondered what the broader adoption of cryptocurrency means for future plaintiffs who hold their money in digital wallets on a blockchain, only to later find themselves the target of hackers and their money, gone By John Rafferty |UPDATEDJan 09, 2018 at 04:28 PM Your article was successfully shared with the contacts you provided. After the price of Bitcoin hit $10,000 on Nov. 28 and Bitcoin futures launched on Dec. 10, you might have asked yourself why this digital currency was getting so much attention in the closing days of 2017. You may have also wondered what the broader adoption of cryptocurrency means for future plaintiffs who hold their money in digital wallets on a blockchain, only to later find themselves the target of hackers and their money, gone. When a client stores money with a bank in the United States, that money is both insured by the FDIC and is held by a central institution that could be a named defendant if those funds ever went missing. In fact, the bank, if required, could provide a full accounting of how and where your money was stored and moved. But what makes Bitcoin and other cryptocurrencies unique from other currencies is that they exist on a continuously growing list of records, that when linked together using cryptography, form a blockchain. The Harvard Business Review describes a blockchain as an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. Although record-keeping is a central function of Continue reading >>

Russia Moves To Cryptocurrency Regulation By With Draft Law To Control Production And Creation Of Digital Money

Russia Moves To Cryptocurrency Regulation By With Draft Law To Control Production And Creation Of Digital Money

Russia moves to cryptocurrency regulation by with draft law to control production and creation of digital money Russia moves to cryptocurrency regulation by with draft law to control production and creation of digital money PUBLISHED : Friday, 26 January, 2018, 2:22am UPDATED : Tuesday, 06 February, 2018, 10:59pm Bitcoin mania puts cryptos in sight of world finance chiefs Russia moved towards regulating cryptocurrencies on Thursday by presenting a draft law aimed at controlling the production and creation of virtual money something that has drawn both interest and suspicion from authorities. The law, which still needs to be validated by the government and sent to parliament, aims at providing a definition of digital technologies used in the financial sphere, the Russian finance ministry said in a statement published on Thursday. Russia, like other countries, has been swept up in the growing craze for bitcoin and other virtual currencies not backed by governments or central banks that are increasingly used for purchasing goods and services on the internet. Bitcoin latest: prices, policies and politics Long suspicious of virtual money, Russian authorities now recognise it as a force and have started giving a legal basis to virtual currencies like bitcoin. The ministry said the law will allow to considerably reduce the risk of fraud and help create a transparent tax regime for operations with cryptocurrencies, which will lead to an increase in tax revenues. In a sign of how difficult it is to develop such a framework, the finance ministry reported a disagreement with Russias central bank whose position on virtual currency is more restrictive. The finance ministry insists that, given the popularity of cryptocurrencies, an approach that is too strict would encourage their u Continue reading >>

5 Countries Where Bitcoin Is Illegal

5 Countries Where Bitcoin Is Illegal

Bitcoin and other cryptocurrencies are outlawed in several countries Be careful which country you use Bitcoin in.Chris Ryan /OJO Images Bitcoin has increased a lot in popularity since it was created in 2009 but there still remain several regions around the world where it, and other cryptocurrencies such as Litecoin and Ethereum , are classified as illegal and not recognized as a legitimate form of currency. Bitcoin users in North America don't have anything to worry about as the cryptocoin is completely legal to own, buy, sell, trade, and mine in both Canada and the United States. Here are some countries to keep an eye on though when planning your next trip abroad. Bitcoin isn't accepted everywhere just yet. Bitcoin and other cryptocurrency transactions were officially outlawed in Morocco in November 2017 seemingly in response to a major Moroccan digital services company, MTDS, announcing a few days prior that it would begin accepting Bitcoin payments. Sending and receiving payments via any cryptocurrency in Morocco is punishable by fines. Cryptocurrencies have never been legal in Bolivia and the government has been known to enforce its anti-Bitcoin stance rather firmly. People caught using Bitcoin and other cryptocoins can be fined and a number of users have even been arrested on more than one occasion for trading and mining Bitcoin. Ecuador outlawed Bitcoin and other cryptocoins in mid-2014 as part of its financial reform plans . The ban on Bitcoin was seen by many as a way to reduce competition with the country's own digital currency system (Sistema de Dinero Electrnico). This official Ecuadorian currency isn't a cryptocurrency and isn't based on blockchain technology . It's simply a digital money solution based on traditional money and valued after the American dol Continue reading >>

Cryptocurrencies Are Equal To Legal Tender. In Germany By Law. - Cryptocurrency

Cryptocurrencies Are Equal To Legal Tender. In Germany By Law. - Cryptocurrency

Cryptocurrencies are equal to legal tender. In Germany by law. Cryptocurrencies are equal (treated under certain circumstances) to legal tender. This is Statement of the German government in a new 27.02.2018 VAT law. I think this could bee the way how G20 will discuss cryptos for whole EU. FOMO. Linked to the PDF on Minster of Finance site (in German) with original text: Summary taken from. Cryptocurrencies are equal to fiat if they are used as payment and both sides agreed. Edit: the part about legal tender is wording in the legal text... Of course it doesn't mean you can go to the next supermarket and force them to be paid with Bitcoin.For Crypto as an investment you have to pay taxes. Sorry for my hype, but I think it is great news anyway. Read more about this in comment by phobos0815 This is the original text from the legal text. (3a) 1Sog. virtuelle Whrungen (Kryptowhrungen, z.B. Bitcoin) werden den gesetzlichen Zahlungsmitteln gleichgestellt, soweit diese sog. virtuellen Whrungen von den an der Transaktion Beteiligten als alternatives vertragliches und unmittelbares Zahlungsmittel akzeptiert worden sind und keinem anderen Zweck als der Verwendung als Zahlungsmittel dienen (vgl. EuGH-Urteil vom 22. Oktober 2015, C-264/14, Hedqvist, BStBl 2018 II S. xxx). 2Dies gilt nicht fr virtuelles Spielgeld (sog. Spielwhrungen oder Ingame-Whrungen, insbesondere in Onlinespielen). Continue reading >>

Is Russia Ready To Make Cryptocurrency A Legal Tender?

Is Russia Ready To Make Cryptocurrency A Legal Tender?

Is Russia ready to make Cryptocurrency a legal tender? Amidst the global warning on cryptocurrency trading, Russia is planning to make it a legal tender in the country. For this purpose, a bill was presented to the Parliament in Russia to make CryptoRuble a legal tender. Even as the finance ministry has introduced the bill in the Parliament, it was also ready for a different bill to regulate the cryptocurrencies in the country. Aside from that, the country was serious about the initial coin offerings. If that happens, it would probably be the second nation to encourage more ICOs after Switzerland. Parliament member, Rizvan Kurbanov, has drafted a bill and gave it to the State Duma. The objective of the bill was to make its cryptoruble, its national digital currency, as an official type of payment. The bill also proposed to make a number of amendments to the civil code that would make cryptoruble to be circulated throughout the nation. The draft document termed the countrys digital currency as a digital financial asset. That meant ruble as an analog that came up with circulation in the Russian Federation territory. The cryptocurrency was protected through cryptographic means. Also, participants used this in the digital transactions registry. In his draft note, the parliament member said, Adoption of the submitted draft federal law will not entail additional costs from the federal budget and does not require changes in other financial obligations of the state. The draft bill was available in the electronic datable since January 25 on the parliaments lower house. The bill plans to amend Civil Code of the countrys Article 140 to add the cryptoruble on the payment means as a legal tender. A few months back in October last year, the national president, Vladimir Putin, wanted Continue reading >>

Top Countries Where Bitcoin Is Legal And Illegal

Top Countries Where Bitcoin Is Legal And Illegal

Cryptocurrencies News Top Countries Where Bitcoin Is Legal And Illegal Top Countries Where Bitcoin Is Legal And Illegal BITCOIN is one of the form of cryptocurrency, created and held electronically. It is a digital payment system, invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. It was released as open-source software in 2009. Bitcoin is really a peer-to-peer digital currency which occupies a fresh era of cryptocurrency. There are more than 600 different cryptocurrencies in the world, but Bitcoin still booming the ruling radical advantage. Bitcoin is a new online digital currency that allows transactions to be made without a middleman, which means no banks, no transaction fees, and no reason to give your identity. Every day that passes, more merchants are accepting them. Bitcoin can be stored in the cloud or on an individuals computer called a Digital Wallet. This Digital wallet resembles a digital banking account that permits users to cover goods, send or receive Bitcoins, or save their money. Bitcoin Wallets arent protected by the FDIC. Besides being created as an incentive for mining, BITCOIN could be exchanged for other currencies, products, and services in legal or black markets. The answer for bitcoin is legal or illegal, varies on the different countries laws and popularity among active user. In this informative article, we are going to explain which will be the countries accepting bitcoin as a Legal and Illegal currency. The legal status of Bitcoin varies significantly from country to country. Its still undefined or changing in a lot of them. Many individuals are concerned about the validities of Bitcoin. Government agencies are increasingly focused on the results of bitcoin. Because it has the capacity to be utiliz Continue reading >>

Legality Of Bitcoin By Country Or Territory

Legality Of Bitcoin By Country Or Territory

Legality of bitcoin by country or territory For a broader coverage related to this topic, see Bitcoin . The legal status of bitcoin varies substantially from country to country and is still undefined or changing in many of them. [1] Whilst the majority of countries do not make the usage of bitcoin itself illegal (with the exceptions of: Bangladesh, Bolivia, Ecuador & Kyrgyzstan), its status as money (or a commodity) varies, with differing regulatory implications. While some countries have explicitly allowed its use and trade, others have banned or restricted it. Likewise, various government agencies, departments, and courts have classified bitcoins differently. While this article provides the legal status of bitcoin, regulations and bans that apply to this cryptocurrency likely extend to similar systems as well. The European Union has passed no specific legislation relative to the status of the bitcoin as a currency, but has stated that VAT/GST is not applicable to the conversion between traditional (fiat) currency and bitcoin. VAT/GST and other taxes (such as income tax) still apply to transactions made using bitcoins for goods and services. [2] :European Union In October 2015, the Court of Justice of the European Union ruled that "The exchange of traditional currencies for units of the bitcoin virtual currency is exempt from VAT" and that "Member States must exempt, inter alia, transactions relating to currency, bank notes and coins used as legal tender", making bitcoin a currency as opposed to being a commodity. [3] [4] According to judges, the tax shouldnt be charged because bitcoins should be treated as a means of payment. [5] According to the European Central Bank , traditional financial sector regulation is not applicable to bitcoin because it does not involve t Continue reading >>

Is Cryptocurrency Legal?

Is Cryptocurrency Legal?

Nobody have power to make cryptos illegal because when you own crypto and it's wallet it doesn't show up your name , instead it uses SHA-256 cryptographic function. SHA-256 very powerful and irreversible which means they can't decrypt your encryption. That's the nature of crypto world which gives anonimity to people. That's why cryptos cannot be illegal because if any state or country declare them as illegal they'll never find the people who use them Continue reading >>

Top Countries Where Bitcoin Is Legal

Top Countries Where Bitcoin Is Legal

Bulgaria Shuts Down Bitcoin Exchanges in Banking Crackdown Bitcoin is the word nowadays. However is Bitcoin legal or illegal? Today, we decided to go over the top countries where Bitcoin is legal. You can also learn about the top countries where Bitcoin is illegal . AtoZForex The digital currency Bitcoin is now at the peak of its popularity. Millions of users enjoy a variety of advantages provided by this cryptocurrency. Despite the fact that there are more than 500 existent digital currencies, Bitcoin is the most known and trusted one.As a matter of fact, Bitcoin is the leader among the top 10 cryptocurrencies in 2017. Where this currency is present in the market for quite some time right now, people are still exploring the technology. This phenomenon appeared in the market back in 2009. Bitcoin is a great mean of the cross-border transaction. Moreover, you can exchange this digital currency for real currencies online. Bitcoin is an independent cryptocurrency that is not linked to any government. As a matter of fact, Bitcoin is not issued and regulated by any of the central banks. The creation process of this digital currency involves mining. However, one question is always on the lips of the traders what is the legal status of Bitcoin? Well, it depends on your location. Some countries allow transactions in Bitcoin and some dont. Lets sort this issue out together. In this article, we will go over the top countries where Bitcoin is legal. So, lets outline the top countries where bitcoin is legal. Bitcoin is legal in the United States, partially The US has adopted a positive stance in regards to Bitcoin. Meanwhile, it also has ordered several government bodies to assure that transactions in Bitcoin are carried out only in legal terms. In fact, the US Department of Treas Continue reading >>

Countries Where Bitcoin Is Legal & Illegal (dish, Otsk)

Countries Where Bitcoin Is Legal & Illegal (dish, Otsk)

Countries Where Bitcoin Is Legal & Illegal (DISH, OTSK) The peer-to-peer digital currency Bitcoin made its debut in 2009 and with it ushered in a new era of cryptocurrency . Today, there are more than 500 different cryptocurrencies to choose from, but Bitcoin still enjoys the first mover advantage. While tax authorities, enforcement agencies, and regulators are still exploring the phenomenon, one pertinent question isis bitcoin legal or illegal? The answer is, it depends on the location and activity of the user. Bitcoins are not issued, endorsed, or regulated by any central bank . Instead, they are created through a computer-generated process known as mining . In addition to being a cryptocurrency unrelated to any government, Bitcoin is also necessarily a peer-to-peer payment system since it does not exist in any physical form and must be exchanged online. As such, it offers a convenient way to conduct cross-border transactions with no exchange rate fees. It also allows users to remain anonymous. (Related reading The Risks Of Buying Bitcoin ) Consumers have greater ability nowto purchase goods and services with bitcoinsdirectly at online retailers and and using bitcoin-purchased gift cards atbricks and mortar stores. The currency is being traded on exchanges, and companies have even made investments in virtual currency-related ventures. These activities portray a technically well-established virtual currency system, but there is still no uniform international legal law covering the use of bitcoin. (For more see Stores Where You Can Buy Things With Bitcoins ) The fact that bitcoin can be anonymously used to conduct transactions between any account holders, anywhere and anytime across the globe, makes it attractive to criminal elements. They may use bitcoins to buy or se Continue reading >>

Cryptocurrency! | Canadian Lawyer Mag

Cryptocurrency! | Canadian Lawyer Mag

When Jillian Friedman completed her articles at McMillan LLP at the end of last year, the young Montreal lawyer attended by fortuitous happenstance a networking event presentation on bitcoins, a controversial and extremely volatile virtual currency that exists only digitally, as computer code. Friedman, unshaken by the scandals and sordid headlines that have rocked the nascent virtual currency over the past year, was hooked, enticed by the notion of becoming a cryptocurrency legal expert. She is on her way. Heeding the advice of her mentors, Friedman is cultivating a clientele of bitcoin startups, a sector that allows her to share her knowledge and brief legal experience in financial services and general commercial law to an industry pushing for mainstream recognition. Friedman has since become one of a handful of Canadian lawyers who accepts payments in bitcoins, though she does not hold it in trust. I would love for the legal community in Canada to understand that bitcoin is not some sketchy digital currency that is used to launder money it is much more than that, says Friedman, who is counsel to Bitcoin Embassy, a Montreal non-profit corporation founded to promote the adoption of bitcoin and related cryptotechnologies. Bitcoin has been in the spotlight over the past year, in part because of the volatility of the dollar-to-bitcoin exchange rate. Its reputation for seemingly facilitating illicit activities as well as several high-profile arrests in the bitcoin universe has added to its notoriety. So has security and technological problems that led to the collapse in February of the worlds largest bitcoin exchange, Mt. Gox, after an attack by hackers, resulting in an estimated loss of approximately US$500 million. Closer to home, a self-styled bitcoin bank in Edmonton Continue reading >>

Legal Issues In Cryptocurrency - Handbook Of Digital Currency - Chapter 13

Legal Issues In Cryptocurrency - Handbook Of Digital Currency - Chapter 13

Bitcoin, Innovation, Financial Instruments, and Big Data Chapter 13Legal Issues in Cryptocurrency Each country has its own specific rule on dealing with local and foreign currencies. Foreign currencies are generally managed by enactment of special legislation. Citizens can transact in any foreign currency subject to rules. These rules are many time linked with other legislations, for example, investment caps, sectoral investment, and corporate law. This chapter discusses wide range of law, civil and criminal codes, and consequences of violation of law. Continue reading >>

Bitcoin News: Is Cryptocurrency Legal In India? Crypto Banned? | City & Business | Finance | Express.co.uk

Bitcoin News: Is Cryptocurrency Legal In India? Crypto Banned? | City & Business | Finance | Express.co.uk

LiteCoin is going down with the market dip Last August he told the Indian Parliament that the government had no authority to regulate cryptocurrencies. Bitcoin trading is hugely popular among Indians and has surged in recent months across the country. According to one estimate by bitcoin platform Unocoin, its website saw a steep rise in users towards the end of last year. Company founder Sathvik Vishwanth told the Financial Times in January: Early last year we were gaining about 10,000 new users each month. In December it was about 7,000 to 8,000 each day. Is cryptocurrency legislation on its way in India? While India is not outlawing cryptocurrency just yet, it does seem to be making things very difficult for investors. The G20 are due to discuss Bitcoin and other cryptocurrencies when they next meet In recent days, Indias Income Tax Department announced it had issued notices to 100,000 cryptocurrency investors suspected of concealing profits. Sushil Chandra, chairman of the Central Board of Direct Taxes, said: We found out that there is no clarity on investments made by many people, which means that they have not declared it properly, People who have made investments in cryptocurrency and have not paid tax on the profit earned by investing, we are sending them notices as we feel that it is all taxable. On Saturday, the Securities and Exchange Board of India chairman Ajay Tyagi said regulations on cryptocurrencies was being finalised, along with the individual roles of regulators, according to the New Indian Express newspaper. No further information was given but investors will now be nervously waiting to hear what happens in the coming days and weeks ahead. Continue reading >>

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