We’re in the golden era of cryptocurrency with the rise of Bitcoin and Ethereum. Even meme-based currencies like DogeCoin are earning praise from the likes of Elon Musk! With crypto gaining more and more popularity, it's important to note that cryptocurrency (specifically Bitcoin) may not be legal in all countries. And, even in countries where it is technically legal, there could be heavy restrictions.
So, Which Countries Have Banned Cryptocurrency and Bitcoin?
Algeria has banned cryptocurrency trading under the argument that crypto is not backed by anything physical.
Bolivia has rejected the use of cryptocurrency among its residents because it can’t be regulated.
Bangladesh has banned cryptocurrency because of the likelihood that it can be used for money laundering and other illegal activities.
The Dominican Republic has banned cryptocurrency arguing that it doesn’t fall under “legal tender”.
Ghana has currently blocked cryptocurrency usage in the country, but the government is looking for ways to fit it into the country's financial structure.
Nepal has also banned cryptocurrency, specifically Bitcoin, as it is not legal tender.
The Republic of Macedonia
Cryptocurrency is illegal for citizens, and they can’t have any crypto holdings or assets abroad either.
Qatar has blocked all cryptocurrency activity because of its potential use for illegal activity, and its lack of price regulation.
Countries Where Cryptocurrency and Bitcoin Are Legal
So far, only El Salvador is the only country that recognizes Bitcoin as legal tender. This move could push other countries to do the same in the near future. Until then, these are the countries where crypto is currently legal and recognized by subsequent laws.
Antigua and Barbuda
Antigua and Barbuda passed a bill to protect crypto users, and it may be on its way to becoming legal tender in the country.
Cryptocurrency activity has been legal for roughly 4 years in Australia and is subject to taxes.
Cryptocurrency is legal in Barbados, with the country even owning its own digital currency: DCash.
Cryptocurrency is subject to taxes and can be used as an alternative to money in some cases.
Cryptocurrency activity is allowed and does not require a license.
Laws have been passed to regulate cryptocurrency activities.
Chile has protections for cryptocurrency exchanges and they fall under the monetary policies of the country.
Cryptocurrency is subject to Capital Gains Tax, and although cryptocurrency is legal, the government warns against its risky nature.
Cryptocurrency activity is legal in Dominica.
Cryptocurrency has value as a digital payment method, but it’s still not considered legal tender.
Cryptocurrency is legal and accepted as a digital currency.
Crypto may be purchased and sold if it’s purchased from a licensed institution.
Cryptocurrency has been legal since 2019.
Crypto is legal and subject to various taxes.
Crypto is accepted as a digital currency and has varying tax requirements.
Crypto is legal and falls under various income categories.
Crypto is accepted in Lithuania, with the country being one of the first to have a framework for cryptocurrency and taxation.
Malta is open and accepting regarding crypto, and it is home to popular crypto exchange platforms like Binance and OKEx.
Cryptocurrency is legal in Mauritius.
Cryptocurrency is legal and held to similar standards as gold, while also being subject to taxes.
Crypto is regarded as an asset in Norway and is taxed accordingly.
Cryptocurrency is legal and subject to various regulations.
Cryptocurrency is considered a “digital asset”, and any crypto activity requires a license.
Crypto activity is legal but is regulated by the government, and subject to various laws.
Cryptocurrency is legal, with “Trade in Bitcoin” being deemed a financial service. All crypto gains are taxed.
Crypto is legal, but institutions require crypto licenses. There are also numerous regulations regarding cryptocurrency.
Cryptocurrency is considered legal property in the country.
Crypto exchange platforms must meet FCA requirements, and Bitcoin is regarded as “private money”.
United Arab Emirates
The UAE is accepting of crypto, with the country even adopting its own blockchain strategy.
Crypto is legal in the United States and is subject to tax laws.
Crypto is legal in Uzbekistan, and income acquired from cryptocurrency is not taxed.
Crypto activity is currently legal in Venezuela.
Countries With Crypto Restrictions
These countries have legally restricted cryptocurrency and Bitcoin and, as a result, they cannot be used for payment.
- Hong Kong
- Saudi Arabia
Countries Where Crypto Is Not Legal or Illegal
In some places, crypto still falls under a gray area. In these countries, you can own cryptocurrency or Bitcoin; however, there may not be any legal protections.
- The British Virgin Islands
- Costa Rica
Protect Your Crypto With POND IoT
Cryptocurrency is highly susceptible to attacks from cybercriminals. Your bank account and crypto wallet can be cleared out overnight from a SIM Swap Attack. During a SIM Swap Attack, a hacker will port your number to their device, effectively stealing your phone number. With your phone number, the hacker can now access many of the online accounts that you use SMS two-factor authentication for (like your bank account and cryptocurrency exchange platforms).
This happens all the time with major carriers since most of them don’t have any SIM Swap protections in place. Many victims have had their bank accounts and crypto wallets cleared out overnight and have yet to recover their funds. At POND IoT, we offer a SIM Swap Protection feature. Our extensive number porting process makes it difficult to have your number ported to another device without the account holder's permission.
When you open an account with POND IoT, a dedicated account manager will be assigned to your account and they will work with you to determine who has access to your account (and the level of access they have). For any porting request you may have, the request will go through multiple departments that will validate the information provided. Once the information is verified by each department, your account manager will reach out to the phone number on the account and confirm the request. Only then will the phone number be released.
Keep your crypto safe with POND IoT. Wireless done right.