The law extends Mexican AML regulations to Latin America cryptocurrency services providers by imposing a variety of registration and reporting requirements. Many Latin American countries have expressed concern about the effect of cryptocurrencies on financial stability and their associated money laundering and sanctions risks.
Beyond issuing official warnings , however, most financial authorities across the region are still developing their positions and have not revealed plans for any significant future Latin America cryptocurrency regulations. However, some exceptions have emerged: Chile, for example, introduced draft cryptocurrency legislation in April but has offered scant detail on the legislation since — or what it will do if it comes into effect. The respective cryptocurrency sandbox programs are intended to help firms try out their business models while legislation is being drafted.
Find out how our solutions can help your business comply with Latin America cryptocurrency regulations. Disclaimer: This is for general information only. The information presented does not constitute legal advice.
ComplyAdvantage accepts no responsibility for any information contained herein and disclaims and excludes any liability in respect of the contents or for action taken based on this information. Request Demo Login. Download now. Is Cryptocurrency Legal in Latin America? Cryptocurrencies: Laws vary by country Cryptocurrency exchanges: Regulation, laws vary by country Latin America cryptocurrency regulations run the legislative spectrum. Latin America Cryptocurrency Exchange Regulations Cryptocurrency exchange regulations in Latin America vary by country although many jurisdictions have no specific laws governing cryptocurrency trade beyond the scope of existing legislation.
Mined bitcoin is considered earned income. This is because the court classified bitcoins as payment instruments - whereas most countries treat their use as an unregulated method for the exchange of goods, or even as a crime. According to a opinion, from the Central Bank of Iceland "there is no authorization to purchase foreign currency from financial institutions in Iceland or to transfer foreign currency across borders on the basis of transactions with virtual currency. For this reason alone, transactions with virtual currency are subject to restrictions in Iceland.
On 12 March , the Central Bank amended its rules. With the new rules, wide and general exemptions have been granted from the restrictions of the Foreign Exchange Act No. Bank of Lithuania released a warning on 31 January , that bitcoin is not recognized as legal tender in Lithuania and that bitcoin users should be aware of high risks that come with the usage of it. The Norwegian Tax Administration stated in December that they do not define bitcoin as money but regard it as an asset.
Profits are subjected to wealth tax. In business, use of bitcoin falls under the sales tax regulation. The Norwegian government stated in February that they would not levy VAT on the purchase or sale of bitcoin. The decision has been appealed by the Swedish Tax Authority. The Swedish jurisdiction is in general quite favorable for bitcoin businesses and users as compared to other countries within the EU and the rest of the world.
The governmental regulatory and supervisory body Swedish Financial Supervisory Authority Finansinspektionen have legitimized the fast growing industry by publicly proclaiming bitcoin and other digital currencies as a means of payment. There is not a single word in Bulgarian laws about bitcoin. The use of bitcoin is not regulated in Cyprus. No specific legislation on bitcoins exists in Greece. Italy does not regulate bitcoin use by private individuals.
As of [update] , Malta does not have any regulations specifically pertaining to bitcoins. Muscat specifically addressed the bitcoin blockchain's ability to handle, store and process sensitive data in an immutable and decentralized ecosystem. In the same press release the NBRM quoted the law on Foreign Exchange Operations, but since cryptocurrencies do not constitute a foreign currency as they are quoted by the law, it leaves them unregulated.
In , the Bank of Portugal stated that Bitcoin was not a safe currency, as their issuance lacked oversight or prudential requirements. As of , Portugal had no specific legal framework for Bitcoin. Transactions in bitcoins are subject to the same laws as barter transactions. In July , the Minister of Finance expressed concerns over the use of Bitcoin for money laundering, but indicated that government intervention did not yet appear necessary.
The French Ministry of Finance issued regulations on 11 July pertaining to the operation of virtual currency professionals, exchanges, and taxation. The Central Bank of Ireland was quoted in the Assembly of Ireland in December as stating that it does not regulate Bitcoin, and that Bitcoin are not legal tender in the European Union. The Commission de Surveillance du Secteur Financier has issued a communication in February acknowledging the status of currency to the bitcoin and other cryptocurrencies.
As of [update] , "alternative virtual currencies" such as bitcoin are not classified as money and do not fall within the scope of the Act on Financial Supervision of the Netherlands. Bitcoin is treated as 'private money'. When bitcoin is exchanged for sterling or for foreign currencies, such as euro or dollar, no VAT will be due on the value of the bitcoins themselves.
However, in all instances, VAT will be due in the normal way from suppliers of any goods or services sold in exchange for bitcoin or other similar cryptocurrency. Profits and losses on cryptocurrencies are subject to capital gains tax. The FCA cited a failure to comply with know your customer laws, as well as the high risk to customers, due to a lack of regulation and protection. In December , the governor of the Reserve Bank of Australia RBA indicated in an interview about bitcoin legality stating, "There would be nothing to stop people in this country deciding to transact in some other currency in a shop if they wanted to.
There's no law against that, so we do have competing currencies. From Wikipedia, the free encyclopedia. Wikipedia list article. This list is incomplete ; you can help by adding missing items. August Legal tender. Permissive legal to use bitcoin. Contentious some legal restrictions on usage of bitcoin. Contentious interpretation of old laws, but bitcoin is not prohibited directly. Hostile full or partial prohibition. No data.
This section needs expansion. You can help by adding to it. Relevant discussion may be found on the talk page. April Index to countries. See also: BitLicense. Accessed 25 September Retrieved 15 January Court of Justice of the European Union. Retrieved 6 December Retrieved 23 October Frankfurt am Main: European Central Bank. ISBN Retrieved 5 March European Parliamentary Research Service.
Annex B: Bitcoin regulation or plans therefor in selected countries. Members' Research Service. Retrieved 18 February European Banking Authority. Retrieved 8 July Retrieved 22 March Financial Times. Guidance for a risk-based approach. June Retrieved 6 March Retrieved 3 January Library of Congress. Retrieved 14 August Central Bank of Nigeria. Retrieved 5 February Retrieved 18 April Bank of Tanzania. November Financial Services Commission Mauritius.
TPA Online in Portuguese. Retrieved 7 January South African Reserve Bank. Sars is coming for you". Business Insider. Retrieved 22 May Bank of Namibia. Retrieved 9 February Retrieved 5 September Financial Crimes Enforcement Network. Retrieved 1 June Retrieved 22 April Archived from the original on 22 June Retrieved 22 June Department of the Treasury. Retrieved 13 August Banco Central de Costa Rica. El Salvador. Retrieved 9 June The Wall Street Journal.
Retrieved 7 September Retrieved 10 October NBC News. Retrieved 12 October Jamaica Information Service. Bank of Jamaica. Retrieved 8 June International Business Times. Retrieved 23 February Banco Central do Brasil. Retrieved 17 November Receita Federal de Brasil. Retrieved 4 March Law Library of Congress. Retrieved 7 February Crypto Economy.
Retrieved 27 July International Finance Centre Development Agency. AKIpress News Agency. National Bank of the Kyrgyz Republic. Retrieved 13 February Keystone Law Dubai. Law Offices". Retrieved 6 July Retrieved 21 August Al Arabiya. Retrieved 17 July The Daily Star. Retrieved 17 June The Jordan Times. Central Bank of the Republic of Turkey. Retrieved 16 April Retrieved 25 March Retrieved 24 June The Telegraph.
Archived from the original on 12 January Retrieved 1 February Retrieved 20 February India Today. The Quint. Retrieved 6 February The Hindu. Nepal Rastra Bank. Retrieved 9 September Business Recorder. Retrieved 16 December Retrieved 8 November Retrieved 29 September Retrieved 10 January China Daily.
Retrieved 24 September Ta Kung Pao. Retrieved 18 January Nikkei Inc. This article incorporates text from this source, which is in the public domain. Retrieved 6 June Taipei Times. Retrieved 17 April Retrieved 15 October Retrieved 11 November Retrieved 21 September Bank Negara Malaysia.
Retrieved 2 March The Edge Malaysia. Archived from the original on 11 January Retrieved 11 January Retrieved 7 May Archived from the original on 24 December Retrieved 27 December Business Insider Australia. Retrieved 30 October Retrieved 29 October Bangkok Post.
Retrieved 23 March Retrieved 12 December Retrieved 14 December Retrieved 8 August Bundesrat in German. Retrieved 18 September Puls Biznesu. Retrieved 18 December Retrieved 28 January Retrieved 31 July Retrieved 3 February Retrieved 19 February Slovak National Bank. Archived from the original PDF on 2 April Retrieved 24 March Archived from the original on 28 March Archived from the original PDF on 11 February Retrieved 26 February Federal Council Switzerland. Swiss Confederation.
Retrieved 28 November DW Finance. Archived from the original on 20 September Retrieved 20 September Archived from the original on 15 January Retrieved 5 January Tages Anzeiger Wirtschaft. Retrieved 11 June Retrieved 3 December Retrieved 22 January BBC News. Retrieved 6 January Russian E-Money Association.
Retrieved 20 December Retrieved 16 September Retrieved 20 January Meduza in Russian. Financial Supervisory Authority. Archived from the original on 17 December Retrieved 24 December Majandus in Estonian. Retrieved 15 March International Tax Review. Retrieved 15 November The Central Bank of Iceland. Retrieved 8 January Deal Book New York Times. New York Times Company.
Retrieved 9 December Retrieved 19 December The Ministry of Finance. Retrieved 5 June Retrieved 31 January Retrieved 2 April Retrieved 25 April National Bank of Republic of North Macedonia. Ministre des Finances. Commission de Surveillance du Secteur Financier. Retrieved 6 November Retrieved 11 March The Australian Financial Review. History Economics Legal status. List of bitcoin companies List of bitcoin forks List of bitcoin organizations List of people in blockchain technology.
Bitcoin Unlimited. Bitcoin Cash Bitcoin Gold. Bitcoin scalability problem History of bitcoin cryptocurrency crash Bitcoin bomb threats Twitter account hijacking. Bitcoin Law Anti-bitcoin law protests. Category Commons Money Portal. Lists of countries by laws and law enforcement rankings.
Legality of euthanasia Homicide by decade Law enforcement killings Legality of suicide Legality of assisted suicide. Deaths Ownership Households Laws. Police brutality prisoner abuse Size of police forces. Censorship by country Book censorship by country Film censorship by country Internet censorship by country Cartographic censorship Political censorship Video gaming censorship by country. Corporate Corporate liability Competition Mergers and acquisitions Monopoly Legality of bitcoin by country or territory.
List of international rankings Lists by country. Namespaces Article Talk. Views Read View source View history. Help Learn to edit Community portal Recent changes Upload file. Download as PDF Printable version. European Union. Illegal "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. Illegal On 20 November 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.
Legal The Financial Services Commission of Mauritius considers cryptocurrencies to be regulated as a Digital Asset under the Financial Services Act , and while it cautions investors they are not protected by any statutory compensation agreements, they are legal.
Legal While government officials have advised against the use of bitcoin, there is no legislation against it and it remains fully legal. South Africa. Legal In December 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". United States.
While widely criticised for its volatility, its use in nefarious transactions and for the exorbitant use of electricity to mine it, Bitcoin is being seen by some, particularly in the developing world, as a safe harbour during economic storms.
But as more people turn to cryptos as either an investment or a lifeline, these issues have manifested in an array of restrictions on their usage. The legal status of Bitcoin and other altcoins alternative coins to Bitcoin varies substantially from country to country, while in some, the relationship remains to be properly defined or is constantly changing.
Some countries have placed limitations on the way Bitcoin can be used, with banks banning its customers from making cryptocurrency transactions. Other countries have banned the use of Bitcoin and cryptocurrencies outright with heavy penalties in place for anyone making crypto transactions. These are the countries that have a particularly fraught relationship with Bitcoin and other altcoins.
Algeria currently prohibits the use of cryptocurrency following the passing of a financial law in that made it illegal to buy, sell, use or hold virtual currencies. There is a complete ban in place on the usage of Bitcoin in Bolivia since The Bolivian Central Bank issued a resolution banning it and any other currency not regulated by a country or economic zone.
China has cracked down on cryptocurrencies with increasing intensity throughout Chinese officials have repeatedly issued warnings to its people to stay clear of the digital asset market and have clamped down hard on mining in the country as well as currency exchanges in China and overseas. Efforts to undermine Bitcoin - a decentralised currency outside the control of governments and institutions - are largely seen as an attempt by the Chinese authorities to float their own e-currency. The PBoC is looking to be one of the first major central banks in the world to launch its own digital currency, and in doing so would be able to more closely monitor the transactions of its people.
On September 24, the PBoC went further and outright banned cryptocurrency transactions in the country. In Colombia, financial institutions are not allowed to facilitate Bitcoin transactions. The Superintendencia Financiera warned financial institutions in that they may not "protect, invest, broker, or manage virtual money operations". Bank Indonesia, the country's central bank, issued new regulations banning the use of cryptocurrencies, including Bitcoin, as a means of payment from 1 January Bitcoin has a complex relationship with the Iranian regime.
In order to evade the worst impact of crippling economic sanctions, Iran has instead turned to the lucrative practice of Bitcoin mining in order to finance imports. While the Central Bank prohibits the trading of cryptocurrencies mined overseas, it has encouraged Bitcoin mining in the country with incentives. Around 4. In order for the crypto industry to flourish, Iran has offered licenced miners cheap energy but requires all mined cryptos to be sold to the Central Bank.
However, unlicensed mining drains more than 2GW from the national grid every day, causing power shortages. India is becoming increasingly hostile towards cryptocurrencies. On November 23, the government announced its intention to introduce a new bill to the Indian parliament which would establish a new central bank-backed digital currency as well as ban almost all cryptocurrencies. Earlier this year, it had considered criminalising the possession, issuance, mining, trading, and transference of crypto assets.
Prime minister Narendra Modi said he wanted to ensure crypto "does not end up in wrong hands, which can spoil our youth". This post has been upvoted for free by microbot with 0. Get better upvotes by bidding on me. All posts. Newcomers' Community. Steem Venezuela. Comunidad Latina. Explore communities…. Bank of America "Bans" Bitcoin: Officially. Officially announced today, Bank of America has "banned" Bitcoin. About a month ago, a Bank of America customer posted online about a "declined payment" for a purchase made on Coinbase.
Bank of America C. O, Brian Moynihan publicly announced and gave warning that J. P Morgan and Bank of America were going to bar transactions related to cryptocurrency. Here is a quote from Moynihan: "We basically told people they could buy at other accounts, not at Merrill Lynch. Let that sink in for a minute.
The reasoning behind this bar was for the "best interest" of their customers: by preventing customers from "recklessly borrowing" to purchase cryptocurrency and prevent debt. Then they followed up with their reason for this action to "prevent untraceable criminal activity".
I don't buy it, but, do you? Leave your thoughts and comments below. Thank you for reading this article. Reply 3. Sort: Trending Trending Votes Age.
Officially announced today, Bank of America has "banned" Bitcoin. About a month ago, a Bank of America customer posted online about a "declined payment" for a purchase made on Coinbase. Bank of America C. O, Brian Moynihan publicly announced and gave warning that J. P Morgan and Bank of America were going to bar transactions related to cryptocurrency. Here is a quote from Moynihan: "We basically told people they could buy at other accounts, not at Merrill Lynch.
Let that sink in for a minute. The reasoning behind this bar was for the "best interest" of their customers: by preventing customers from "recklessly borrowing" to purchase cryptocurrency and prevent debt. Then they followed up with their reason for this action to "prevent untraceable criminal activity". I don't buy it, but, do you?
Leave your thoughts and comments below. Thank you for reading this article. Reply 3. Sort: Trending Trending Votes Age. Coin Marketplace. STEEM 0. TRX 0. JST 0. BTC ETH USDT 1. SBD 4. The hack of the Ronin Network crypto platform leaves thousands out of pocket and plenty of questions. By Annabelle Liang. Business reporter. Trading platform Coinbase says it has blocked 25, wallet addresses related to Russia. Thousands of anonymous donations are being made to the Ukrainian military in Bitcoin.
Mining new bitcoins now uses less renewable energy and creates more pollution. It's estimated that 3. Two suspects allegedly conspired to launder the money after it was stolen by a hacker in Last year Kazakhstan became the second biggest crypto-currency mining country in the world. Fraud victim warns that "in the blink of an eye, everything was gone". Officials say the decision poses risks to financial stability and consumer protection in the country. By Sean Coughlan. Royal correspondent.
Financial watchdog warns of rising worries about investment scams using fake celebrity support. Elon Musk's plans send the value of the cryptocurrency soaring. Bitcoin prices tumble amid rumblings from the US banking body and unrest in Kazakhstan. Deputy governor Sir Jon Cunliffe says assets such as Bitcoin could affect the whole financial system. Posted at 7 Apr 7 Apr. By Joe Tidy Cyber reporter. Read more next. Posted at 30 Mar 30 Mar. Posted at 25 Mar 25 Mar.