Cryptocurrency Regulation Tracker
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Cryptocurrency regulations
Cryptocurrency has been around for years, but due to the coronavirus pandemic, many countries are finally seeing the advantages of digital currencies. Regulatory reform of cryptocurrency legislation has occurred in many countries seeking to advance their economies by introducing crypto-friendly environment.
With this in mind, we have complied a list of each country and their current approach towards cryptocurrency. Whilst we will endeavour to keep this updated, the approach to cryptocurrency is controversial and ever changing. If you have any questions, please feel free to contact us or leave us a message through our online chat.
- Banned – Cryptocurrency is banned in these countries
- Hostile – Whilst cryptocurrency is not banned in these countries, the use of cryptocurrencies is restricted
- Undecided – These countries have not yet decided their approach toward cryptocurrencies
- Improving – These countries are improving in their approach to cryptocurrency
- Leader – These countries are welcoming and are cryptocurrency-friendly
A
Banned
- Cryptocurrencies are illegal.
- The Taliban government has banned cryptocurrencies.
Leader
- Cryptocurrencies are legal.
- Cryptocurrencies are regulated by the ‘On Financial Markets Based on Technology of Distributed Ledgers’ legislation.
- This regulates conditions for licensing of all crypto-related activities that take place on an infrastructural level.
Banned
- Cryptocurrencies are illegal.
- The 2018 Financial law of Algeria prohibited the purchase, sale, use and possession of virtual currency.
- Using cryptocurrency will result in punishment.
Improving
- Cryptocurrencies are legal, although there is no specific legislation in place, however, Andorra is currently working on a law regulating the legal framework of blockchain technology.
- The INAF regulatory body and financial supervisor of Andorra is closely monitoring the developments of cryptocurrency
Undecided
- The status of cryptocurrency in Angola is controversial but not illegal. Currently the Angolan Central Bank is considering a response to the use of cryptocurrency.
- No guidance or regulation has been issued.
- There you are no specific laws on cryptocurrency in Angola yet
Leader
- Cryptocurrencies are legal.
- They are regulated by the Digital Assets Business Bill 2020 which regulates companies that establish their operations on the island and provides protection for both exchanges and their customers.
- Fundraising projects are permitted to conduct ICOS.
- Member of ECCB Pilot which will test cryptocurrencies alongside national fiat.
Undecided
- Cryptocurrencies are increasingly used but are not considered a legal tender since they are not issued by the government monetary authority.
- Argentina’s central bank has banned unregulated crypto transactions in traditional banks.
- The government has issued regulations regarding cryptocurrencies related to taxation and the prevention of money laundering and the financing of terrorism.
Undecided
- Cryptocurrencies are controversial but not prohibited.
- There is no direct cryptocurrency regulation regime.
- Armenia introduced a draft law proposal: Bill on Amending the Law on Information Technologies. However, the government published a response against the adoption of the proposed law.
- According to article 4 of the bill, any physical person (at least 18 years old), as well as a legal entity, may be employed in the crypto mining sector
Leader
- Cryptocurrencies are legal.
- APRA plans to conduct consultations on requirements for the financial treatment of crypto-assets in 2023.
- They are treated as property and subject to Capital Gains Tax.
- In 2019, the Australian Securities and Investment Commission published updated guidance on initial coin offerings and cryptocurrency trading.
- Digital currencies must register with AUSTRAC and meet anti-money launder and counter-terrorism financing compliance and reporting obligations.
Undecided
- Cryptocurrencies have no legal status. The law does not prohibit cryptocurrencies – they are not classified as legal tender.
- Austrian law further classifies the mining of crypto assets to as “commercial activity” subject to taxation.
- The Financial Markets Authority (FMA) issued Anti-Money Laundering (AML) regulations in 2020, providing for fines of up to 200,000 euros against cryptocurrency-related business that fail to register with the FMA.
- Austrian law requires that business holding crypto assets held as business assets must comply with the assessment regulations of the Austrian Income Tax Act.
Undecided
- Cryptocurrencies are legal, although there is no specific legislation dealing with cryptocurrencies.
- The Central bank has advised caution when using cryptocurrency.
- A working group was established in 2018 to draft regulation, however, no progress has been made to date.
B
Leader
- Cryptocurrencies are legal.
- In 2020, Bahamas introduced the Digital Assets and Registered Exchanges Bill 2020 which provides the regulation of the issuance and sale of digital tokens.
- Additionally, the Financial and Corporate Service Providers Act 2020 established safeguards for the custody of digital assets.
- Actively promoting the blockchain industry.
Improving
- Cryptocurrencies used to be illegal.
- However new legislation, The Crypto-asset Platform Operators Regulation, is due to be introduced for licensing and supervision of crypto-asset service within or from Bahrain.
- In 2019, Bahrain announced a legislative framework to oversee and operate regulated crypto-asset services.
Banned
- Considers cryptocurrency to be ‘hostile’ and therefore banned the usage of it.
- Cryptocurrency transactions are illegal under the Foreign Exchange Regulation Act 1947, and the Money Laundering Prevention Act 2012.
- Transacting with digital currency is punishable by up to 12 years imprisonment.
Undecided
- A positive attitude by Central Bank of Barbados but no actions made and no specific laws have been introduced.
- In 2015, the Central Bank of Barbados issued a discussion paper raising the question of whether cryptocurrencies should be included in its portfolio of international reserves.
- A Barbadian start-up in the blockchain space created a virtual currency that was pegged to the value of the Barbados dollar.
Leader
- First Eastern European to adopt comprehensive legislation. Cryptocurrencies are legal.
- They are regulated by the Presidential Decree on Development of the Digital Economy
- Income generated from mining operations in cryptocurrencies is exempt from tax until 2023.
Improving
- Cryptocurrencies are legal, although there is no specific cryptocurrency legislation in place.
- The Belgian government is waiting for guidance from the EU.
- Government has warned investors about the risk of crypto fraud and lack of regulatory oversight.
- Belgium’s has Bitcoin taxes, at 33% on any cryptocurrency income.
- Belgium’s financial regulatory agency imposed a new rule stating that crypto exchanges and custodial wallet services need to register within a sharp deadline.
Undecided
- Cryptocurrencies are legal, although there is no specific regulation dealing with cryptocurrency.
- Trading businesses in Belize are regulated by the International Financial Services Commission of Belize. The Commission does not appear to issue licenses for companies to engage in cryptocurrency exchanges.
Undecided
- Cryptocurrencies are legal but unregulated.
- It was reported in 2018 that Benin joined a project to provide member countries with their own cryptocurrency.
Undecided
- Cryptocurrency is legal, although there is no specific legislation dealing with cryptocurrency.
- They are unregulated.
- Bhutan launched its own cryptocurrency, Prizm, in 2019.
Banned
- The Government has labelled bitcoin a “pyramid scheme” and is subject to an absolute ban and punishment by law.
- The Central Bank said that you cannot denominate prices in any currency that are not previously approved by a part of the Bolivian government; therefore, you cannot use cryptocurrency for anything.
Banned
- There is no cryptocurrency specific regulation.
- The Bosnian Central Bank has determined that the legal tender of the country is only the convertible mark.
- Transactions involving digital assets, token and cryptocurrencies may be interpreted as financial transactions exempt from VAT.
- They have banned the conversion of mark into crypto and vice versa.
Improving- Cryptocurrency is legal. A Bill has been passed in February 2022 to regulate crypto and digital trading.
- Any company that offers cryptocurrencies services or anything related to digital tokens should obtain a license from the Non-Bank Financial Institutions Regulatory Authority.
Leader
- In April 2022, the Brazilian senate has passed a bill to regulate cryptocurrencies in the country called the ‘Bitcoin Law’.
Undecided
- No legal status for cryptocurrencies. Cryptocurrencies are not legal tender and are not regulated by the Brunei’s Monetary Authority.
- They are unregulated.
Improving
- Cryptocurrencies are legal but they are not treated as financial instruments or electronic money.
- Gains on cryptocurrencies are taxed at 10%.
- They are not regulated.
Undecided
- Cryptocurrencies are legal, although there is no legislation specific to cryptocurrency.
- They are unregulated.
Banned
- Burundi banned all trading of cryptocurrencies on its soil, saying it couldn’t offer digital money users protection in case of problems.
C
Undecided
- They are not regulated.
- No legal status for cryptocurrencies.
Hostile
- Cryptocurrencies are legal, but only with a license.
- Cryptocurrencies are unregulated.
- Three Cambodian government bodies jointly announced that the propagation, circulation, buying, selling, trading, and settlement of cryptocurrencies without obtaining a license are illegal activities.
- Cambodia announced a state cryptocurrency project in 2020 called “Project Bakong”.
Undecided
- No legal status for cryptocurrencies but they are not illegal.
- There is no cryptocurrency regulation.
- Cameroon is currently moving to regulate cryptocurrencies according to the Ministry of Posts and Telecommunications.
- Cameroon separatists announced their own cryptocurrency in 2018.
Leader
- Cryptocurrencies and digital exchanges are legal.
- In 2021, Canada adopted a registration regime for trading platforms and has also provided guidance on advertising and marketing of cryptos.
- Cryptocurrencies are subject to income tax and are treated as commodity.
- Entities dealing in digital currencies are regulated under anti-money laundering and counter-terrorism financing laws.
Leader
- The Central African Republic adopted a bill to make Bitcoin legal tender alongside its CFA franc and legalised the use of cryptocurrency.
Undecided
- No legal status for cryptocurrencies.
- There is no cryptocurrency regulation.
Improving
- Cryptocurrencies are legal and recognised as a valid means of payment.
- A Bill regulating cryptocurrencies and fintech was proposed in 2019.
- Chile taxes any earnings on crypto-related investments.
- Chile is working on development of a regulatory framework for cryptocurrencies. The Central Bank and the Financial Market Commission said that the existing regulations apply to cryptocurrencies.
Banned
- All cryptocurrency transactions are considered illegal, including offshore exchanges.
- The Chinese government has banned ICOs.
- China developed its own cryptocurrency, the Digital Currency Electronic Payment (DCEP). It’s really a digital version of China’s official currency, the yuan.
Undecided
- The Colombian government has prohibited banks from providing financial services to cryptocurrency companies.
- There are no laws governing the treatment of cryptocurrencies, however, the Congress of Colombia has approved a bill that regulates the cryptocurrency exchanges in the country.
Undecided
- No legal status for cryptocurrencies.
- There is no cryptocurrency regulation.
Undecided
- No legal status for cryptocurrencies.
- There is no cryptocurrency regulation.
Improving
- Cryptocurrencies are legal. In October 2022, a bill that seeks to approve bitcoin and cryptocurrencies as a regulated payment method in the country, as a means of modernizing the economy was introduced.
- They are not legal tender and not supported by the central bank or state.
- Costa Rican employees can legally receive part of their salary in cryptocurrency.
Undecided
- No legal status for cryptocurrencies.
- There is no cryptocurrency regulation.
- It was reported in 2018 to have joined a project to provide member countries with their own cryptocurrency.
Improving
- Cryptocurrencies are legal.
- There is no cryptocurrencies specific legislation.
- The Croatian Anti-Money Laundering Act (implementing the 5th EU Anti-Money Laundering Directive) sets out the new requirements to service providers with respect to virtual currencies.
Improving
- The Cuban central bank approved the use of cryptocurrencies and issued regulations for virtual asset service providers in the Official Gazette.
- Cryptocurrency trading is increasingly popular.
Improving
- Cryptocurrency was deemed to not be legal tender in 2014.
- The Central Bank of Cyprus has warned about the risks of using them.
- They are not regulated, however, the government has drafted a bill on crypto assets and is looking to implement the regulations.
- Additionally in 2020, the Cyprus Securities and Exchange Commission (CySEC) passed Circular C417 entitled “Prudential Treatment of Crypto Assets and Enhancement of Risk Management Procedures Associated With Crypto Assets”.
Improving
- Cryptocurrencies are legal, but there is no separate regulation unless any payment services are provided or it trades derivatives of crypto assets.
- Czech Republic introduced a regulatory framework where cryptocurrency exchange operations may be conducted only with an ordinary trading license.
- Virtual currency exchanges must identify customers.
- Mining operations are considered to be activities for business purposes and are liable to taxation.
- Purchasing and subsequent selling of cryptocurrencies by individuals is also taxed at a rate of 15% and 19% for businesses.
D
Undecided
- Cryptocurrencies can be used but not classified as legal tender.
- There is no regulation on mining for virtual currencies.
- Cryptocurrency purchased as an investment is tax-deductible, with profits subject to tax.
- Cryptocurrency is considered to be a capital property.
Undecided
- No legal status for cryptocurrencies.
- There is no cryptocurrency regulation, however, the government has announced plans to regulate cryptocurrency.
Undecided
- No legal status for cryptocurrencies.
- There is no cryptocurrency regulation.
Hostile
- The Dominican Central Bank indicated. that virtual currencies are not backed by the Bank and not legal currency.
- Individuals who acquire cryptocurrency or accept it as payment do it at their own risk.
- There is no legislation dealing with cryptocurrency.
- They are not legal tender and not regulated
E
Undecided
- No legal status for cryptocurrencies.
- There is no cryptocurrency regulation.
Hostile
- Cryptocurrency is not a legal currency and is not authorised for use as a means of payment of goods and services.
- However, purchase and sale of cryptocurrencies through the internet is not prohibited.
- Cryptocurrency is not legal tender.
Banned
- Cryptocurrencies are illegal.
- The Central Bank asserted that commerce within the Arab Republic of Egypt is confined only to the official paper currencies approved by the Bank.
- Bitcoin has been declared haram (prohibited under Islamic law).
Leader
- Cryptocurrencies are legal.
- They are considered legal tender and are accepted as a payment method.
- El Salvador introduced its Bitcoin Law.
Undecided
- No legal status for cryptocurrencies.
- There is no cryptocurrency regulation.
Undecided
- No legal status for cryptocurrencies.
- 24 ICOs have restricted people from Eritrea taking part.
- There is no cryptocurrency regulation
Leader
- The exchange of cryptocurrency is a lawful business activity regulated by the Anti Money Launder Act and Terrorism Finance Act.
- Cryptocurrency exchanges must be authorised by the financial intelligence unit.
- Digital assets are classified as property for tax reasons.
- In 2021 the Ministry of Finance in Estonia proposed regulations for virtual currency service providers which tighten the existing regulations.
F
Undecided
- No legal status for cryptocurrencies.
- There is no cryptocurrency regulation.
Leader
- The Finnish regulatory body has declared that bitcoin is generally an asset, subject to VAT and capital gains tax, but is slightly different in that capital losses won’t be deductible.
- Regulated by Finnish legislation based on the 5th EU Directive on fighting money laundering –Preventing Money Laundering and Terrorist Financing (444/2017, Anti-Money Laundering Act).
- All crypto-firms are required to register with FIN-FSA.
- In 2018 the government released the Government Proposal 167/2018 that proposes to regulate cryptocurrency providers. In 2019 Finland introduced the Act on Virtual Currency Providers.
Leader
- France is pushing for co-ordinated regulations on a European and international level.
- Digital currency exchanges must register with the Autorité des Marchés Financiers (AMF).
- Profits from the sale of cryptocurrencies are taxable.
- France’s Council of Ministers endorsed an ordinance containing a series of measures to tighten surveillance of crypto-activities.
G
Undecided
- No legal status for cryptocurrencies.
- There is no cryptocurrency regulation.
Undecided
- No legal status for cryptocurrencies.
- There is no cryptocurrency regulation.
Undecided
- Cryptocurrency is legal. Georgia is aiming to regulate cryptocurrencies in 2022.
- Individuals in Georgia are exempt from income tax on any profit received from the sale of crypto.
- Cryptocurrency is not legal tender
Improving
- Cryptocurrency is a legal mean of payment.
- Germany is pushing for co-ordinated regulations on a European and international level.
- Digital currency exchanges must register with the Financial Supervisory Authority (BaFin) and follow AML regulations.
- There is no tax on cryptocurrencies when used in transactions.
Hostile
- Cryptocurrencies are legal, but there is no legislation in place.
- They are not legal tender.
- The central bank had advised cryptocurrencies are not licensed and discourage their use.
- It is said that cryptocurrencies will apparently be regulated through companies registered with. the government as “Electronic Money Issuers”.
Improving
- The Greek government has not issued any specific cryptocurrency legislation.
- The Hellenic Capital Market Commission views cryptocurrency as portfolio assets and not currency.
- Providers of digital wallets, custody services and exchange services are to be registered.
- However, the Bank of Greece has joined other European regulators to warn the risk of cryptocurrencies.
Undecided
- Cryptocurrencies are legal, but there is no legislation in place.
- Member of the ECCB pilot, which will test cryptocurrencies alongside national fiat.
Hostile
- Cryptocurrencies are legal, but there is no legislation that states this.
- They are not legal tender. They do not constitute a means of legal payment.
- The government strongly advises against the use of cryptocurrencies
Undecided
- No legal status for cryptocurrencies.
- There is no cryptocurrency regulation.
- They are not legal tender and are not accepted currency.
Undecided
- No legal status for cryptocurrencies.
- There is no cryptocurrency regulation.
Undecided
- No legal status for cryptocurrencies.
- There is no cryptocurrency regulation.
H
Undecided
- No legal status for cryptocurrencies.
- There is no cryptocurrency regulation.
Undecided
- Cryptocurrencies are legal.
- They are not legal tender.
- They are not regulated.
- The Central Bank said it cannot vouch for cryptocurrency transactions.
Undecided
- There is no official regulation.
- Cryptocurrencies do not qualify as legal tender or cash equivalent.
- Tax applies to cryptocurrency mining and trading.
- The National Bank of Hungary issued a public statement warning citizens who use or invest in cryptocurrencies.
- Hungary, however, joined the European Blockchain Partnership and agreed to AMLD5.
Leader
- Cryptocurrencies are legal, and many blockchain companies have moved to Hong Kong.
- Regulators in Hong Kong are engaging crypto companies to help promote innovation.
- Bitcoin is defined as a virtual commodity and not legal tender.
- There are no capital gains taxes and AML/CFT laws apply to every individual or business in Hong Kong.
- Regulators are continuing to monitor cryptocurrency, while actively embracing distributed ledger technology.
- Proposed regulation may require cryptocurrency exchanges to operate in a regulatory sandbox.
- Retail speculators may have access to cryptocurrency exchanges restricted.
I
Banned
- It is legal for Icelandic citizens to own and mine cryptocurrency.
- The Icelandic Central Bank said that it is prohibited to engage in foreign exchange trading with the electronic currency bitcoin, according to the Icelandic Foreign Exchange Act.
- In 2017, The Icelandic Central Bank amended the rules prohibiting the outflow of krónur from the country to allow for cross-border transactions.
Hostile
- Cryptocurrencies are not accepted as a means of payment.
- Digital currency exchanges are technically legal but face increasingly tight restrictions.
- In April 2018, the Reserve Bank of India banned banks and regulated financial institutions from providing services to any person or business that deals with cryptocurrencies. However, in 2020 the Indian Supreme Court struck down the ban and clarified that no prohibitions exist.
- In 2021, India published a proposed crypto regulatory framework called the Cryptocurrency and Regulation of Official Digital Currency Bill.
- New guidance relating to the advertising of cryptos and NFTs was announced in February 2022 and came into effect on 1 April 2022.
Undecided
- Cryptocurrencies are treated as commodities but not as legal tender.
- Use of cryptocurrencies as a payment tool is banned but futures trading of cryptocurrencies is permitted.
- In 2019, Indonesia approved regulation no. 5/2019 which legally recognises and regulates cryptocurrencies as commodities.
- Currently, it’s lightly regulated, but regulations surrounding cryptocurrency exchanges and taxation are expected soon
Hostile
- The clampdown is designed to tackle money laundering. Iran has issued more than 1,000 licenses to crypto miners and shut down unlicensed firms.
- Despite the ban, Iran is reportedly experimenting with a state-run cryptocurrency.
- In August 2022, Iran’s government has approved a set of regulations for trading with cryptocurrencies.
- Iran has decided to legalise the use of crypto in cross-border payments.
Banned
- Cryptocurrencies are illegal.
- Traders who use cryptocurrency will be punished by penalties cited in the country’s anti-money laundering law.
Undecided
- Currently, no laws specifically regulate cryptocurrencies.
- Cryptocurrencies are not considered as money or its equivalent and they are not backed by the Central Bank.
- Existing tax rules apply to cryptocurrency transactions.
- Ireland joined the European Blockchain Partnership and agreed to AMLD5. It has also published a report called Virtual Currencies And Blockchain Technology.
Improving
- Virtual currencies are considered to be financial assets subject to Israel’s Securities Laws.
- Capital gains tax applies to virtual currency trades.
- In 2021, Israel published an anti-money laundering order regulating transactions in digital currencies.
Improving
- New regulations classifying the use of cryptocurrencies and concerning service providers related to digital currencies are being developed.
- In 2022, Italy published AML rules for crypto firms which outline registration and reporting requirements.
- Italy joined the European Blockchain Partnership.
J
Undecided
- Cryptocurrencies are legal.
- They are not legal tender.
- The Central Bank has advised caution.
- There is no cryptocurrency-specific legislation.
Leader
- Cryptocurrency is accepted as a legal form of payment.
- Digital currency exchanges are legal if registered with the Japanese Financial Services Agency.
- Cryptocurrencies are regulated under the Payment Services Act.
- Gains on cryptocurrencies are taxed accordingly.
- In 2020, Japan created self-regulatory bodies: the Japanese Virtual Currency Exchange Association and the Japan STO Association.
Hostile
- Cryptocurrencies are legal
- Banks and financial institutions are prohibited from dealing in cryptocurrencies
- Citizens are warned against using cryptocurrencies
K
Leader
- Kazakhstan aims to become a fintech and cryptocurrency hub
- The nation’s president has called for global regulation of cryptocurrencies under UN oversight
Undecided
- The Central Bank of Kenya has warned that cryptocurrency is risky and is not legal tender
- Cryptocurrencies are not illegal
- It’s currently unregulated, but the nation’s treasury secretary had been tasked with drafting cryptocurrency regulations in July 2018
Undecided
- No legal status for cryptocurrencies
- There is no cryptocurrency regulation
Unknown
- North Korea has allegedly used cryptocurrency to skirt around sanctions.
- The nature of cryptocurrency regulation is unknown
Improving
- Cryptocurrencies are legal but are not legal tender
- Anonymous trading is prohibited
- Exchanges must register with the Financial Supervisory Service
- Cryptocurrencies quickly became extremely popular and widely available in South Korea.
- Regulators appear to be torn between wanting to clamp down tightly and recognising that cryptocurrency is now too ubiquitous to effectively do so
Undecided
- Cryptocurrencies are legal
- They are not legal tender
- The central bank has issued a series of stern warnings against the use of cryptocurrencies
- The central bank has established a working group to address virtual currencies.
- In January 2022, Kosovo has banned the mining of cryptocurrencies to save electricity.
Hostile
- Cryptocurrencies are legal
- They are not legal tender
- Banks and financial organisations are prohibited from trading cryptocurrencies
- Cryptocurrencies are not allowed to be accepted as a form of payment
Undecided
- No legal status for cryptocurrencies
- There is no cryptocurrency regulation
L
Undecided
- No legal status for cryptocurrencies
- There is no cryptocurrency regulation
- The Central Bank of Laos has warned the public against the use, purchase or sale of digital currencies
Improving
- Cryptocurrency is accepted as an exchange instrument but it’s not legal tender
- Virtual currency exchanges must meet monitoring requirements
Hostile
- The Lebanese central bank has prohibited the use of cryptocurrencies by financial institutions but has not issued any guidance for private citizens
Hostile
- The Bank warned of the risk associated with the use of cryptocurrencies
- Neither legal tender nor considered foreign currency
- Barred the operation of individuals and entities that promote investment in cryptocurrency, any and all investment advisors must be licensed.
Undecided
- No legal status for cryptocurrencies
- There is no cryptocurrency regulation
Banned
- The Central Bank of Libya announced that virtual currencies are illegal and that no legal protection will be afforded to anyone using or trading them
Improving
- Cryptocurrency is legal
- Lichtenstein’s parliament unanimously approved the Act on Tokens and Entities Providing Services Based on Trusted Technologies (TVTG), also known as the Blockchain Act. making it the first country to have comprehensive regulation of the token economy.
- The act regulates client and asset protection
Undecided
- Luxembourg was one of the first countries to officially declare cryptocurrencies to be currencies in 2014 and was the first country to grant a payment institution licence to a bitcoin exchange in April 2016
- However, the Financial Sector Monitoring Commission has warned about the risks of investing in cryptocurrencies
- There’s no legal framework that specifically deals with cryptocurrencies
M
Banned
- Cryptocurrencies are illegal due to existing laws which prevent overseas investment
Undecided
- No legal status for cryptocurrencies
- There is no cryptocurrency regulation
Banned
- The Reserve Bank of Malawi said that cryptocurrency is illegal and the state does not recognise crypto investments in the country
Improving
- Cryptocurrency trading is allowed but cryptocurrencies aren’t recognised as legal tender
- New AML/CTF guidelines were introduced for digital currency exchanges in February 2018
Undecided
- Cryptocurrency is not recognised as legal tender
- There is no cryptocurrency regulation
Undecided
- Cryptocurrency has no legal status
- There is no cryptocurrency regulation
Leader
- Cryptocurrencies are legal in Malta
- Regulatory development is ongoing but friendly towards the industry
- Malta wants to align itself as the “Blockchain Island”
- Several established exchanges and businesses have moved from abroad to Malta, due to the friendly regulatory environment.
Improving
- Cryptocurrency is legal
- The Marshall Islands released their own digital currency, the Marshallese sovereign or SOV
- They also passed a law making the SOV the new legal tender of the Marshall Islands
Undecided
- Cryptocurrency has no legal status
- There is no cryptocurrency regulation
Improving
- Cryptocurrency is legal, but not legal tender
- The Financial Services Commission of Mauritius considers cryptocurrencies to be regulated as a Digital Asset under the Financial Services Act 2007[21]
Improving
- A cryptocurrency regulation bill was passed in March 2018[22]
- Cryptocurrencies are considered commodities
- Digital currency exchanges are under the oversight of the central bank
- To combat money laundering, from September 2019, relevant transactions exceeding a certain amount must be reported to the government.
Undecided
- Cryptocurrency has no legal status
- There is no cryptocurrency regulation
Undecided
- The National Bank of Moldova says that as there is currently no framework regulating cryptocurrencies in the country
- No authorisation is needed to provide crypto trading services
Improving
- Known to be cryptocurrency-friendly
- Bill number 1009 of 10 March 2020 passed which establishes a legal framework for the raising of funds by emission tokens (ICO)[23].
Leader
- Introduced cryptocurrency law which will go under the country’s national payment system bill
- The Trade and Development Bank of Mongolia has partnered with blockchain firms to start offering cryptocurrency services
Improving
- Friendly regulatory environment where crypto businesses don’t have special regulations, provisions or fees
- Regulatory sandbox that allows you to test technologies and start fintech businesses before licensing
Banned
- The use of cryptocurrencies in Morocco can lead to penalties and fines
- A translation from French puts it simply: “Transactions via virtual currencies constitute a breach of regulations, punishable by penalties and fines.” [24]
Undecided
- Cryptocurrencies are legal
- They are not regulated
- The Central Bank advises caution
Banned
Myanmar’s Central Bank banned digital currencies of all forms on May 15th, 2020, long before the military coup.
N
Banned
- Cryptocurrencies are illegal
- 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.[25]
- Bank of Namibia does not currently recognise cryptocurrencies as a commodity, nor support the trading of cryptocurrencies on any financial market or currency exchange due to the fact that the Currency and Exchanges Act (Act 9 of 1933), read in conjunction with the Exchange Control Regulations of 1961, does not make provision for the establishment of cryptocurrencies’ exchanges or bureaus in Namibia.
Undecided
- No legal status for cryptocurrencies
- There is no cryptocurrency regulation
Banned
- Cryptocurrencies are illegal
- In early October 2017, a police team from the Central Investigation Bureau (CIB) arrested seven people for allegedly running bitcoin exchange business from various parts of the country[26].
Improving
- Cryptocurrency is considered an item of barter, meaning it can be relatively freely exchanged and falls outside most existing regulations
- There are no plans to ban cryptocurrency
- AML regulations for exchanges were expected to be implemented by the end of 2019
Undecided
- Cryptocurrency is treated as property for tax purposes
- New Zealand is working on implementing cryptocurrency regulations, but to date, it has only recommended caution for its citizens that plan on using it
Undecided
- No legal status for cryptocurrencies
- There is no cryptocurrency regulation
Undecided
- No legal status for cryptocurrencies
- There is no cryptocurrency regulation
Hostile
- The Securities Exchange Commission (SEC) of Nigeria has published new rules relating to the issuance, exchange and custody of digital assets in the country.
- The new SEC rules require token issuance platforms and exchanges to maintain trust accounts with receiving banks.
Banned
- North Macedonia is the only European country where cryptocurrencies are illegal.
- Investing in cryptocurrencies is also illegal in North Macedonia
Improving
- Cryptocurrency is largely unregulated
- Cryptocurrency is classed as an asset and subject to capital gains tax
O
Undecided
- Cryptocurrencies are legal
- They are not regulated
- The Central Bank advises caution and personable responsibility
P
Banned
- In April 2018, the State Bank of Pakistan banned investment in and trading of cryptocurrencies
- April 2019, however, The Express Tribune, citing finance ministry sources, reported that the nation’s federal government decided to bring in Electronic Money Institutions (EMIs) regulations following recommendations from the Financial Action Task Force (FATF).[27]
- In 2020, SadaPay obtained an (EMI) license from the State Bank of Pakistan to collaborate with to simplify digital payments in Pakistan.
Hostile
- In 2019, Palau put a moratorium on all cryptocurrency activity until it can be regulated.
- There have been no further developments
Improving
- A draft law is in the works aimed at regulating the use of commercialization of digital currencies in the country.
Undecided
- Not legal tender
- There is no cryptocurrency regulation
- The Bank of Papua New Guinea has issued a warning on cryptocurrencies and technology
Undecided
- The Paraguayan Senate passed a bill in October 2022 establishing a tax and regulatory framework for businesses operating in the cryptocurrency and the crypto mining sectors.
- The bill pertains specifically to crypto mining, commercialisation, intermediation, exchange, transfer, custody and/or administration of crypto assets or instruments that allow control over crypto assets.
- Paraguay’s Secretary for Preventing Money and Property Laundering ordered all Virtual Asset Providers to submit to a mass audit of the sector[28].
Improving
- No established position
- Peruvian regulator authority said that it will be studying local crypto exchanges to find ways to regulate the national crypto industry[29]
Leader
- The country is moving to recognise cryptocurrency as a legitimate payment method and implement a thorough regulatory framework for cryptocurrency companies
- The Philippines’ SEC released draft rules for ICOs in August 2018
Improving
- The trading and mining of virtual currencies is recognised as an official economic activity, but cryptocurrencies are not legal tender
- Selling or purchasing cryptocurrency is considered a transfer of property rights
Undecided
- A legislative framework for cryptocurrencies is being discussed.
- Portugal’s 2023 budget draft proposal, which was released on 17 October 2022, has included information on crypto tax income.
- Under the new proposal, there will be a 28 percent income tax on cryptocurrencies held for less than a one-year period. Alongside this, crypto transactions would also be subject to taxation.
Q
R
Improving
- Cryptocurrencies are legal
- Income from cryptocurrencies are taxable
- The central bank discourages involvement by local institutions due to risk
Improving
- Russia’s President Vladimir Putin recently signed a bill to regulate cryptocurrencies, giving it legal status but prohibits its use as a means of payment.
- On July 16 2022, Russian President Vladimir Putin penned a new law, effectively banning the use of digital assets as payment for goods and services in the country. As per the law, cryptocurrencies and NFTs are no longer accepted as legal payment methods in Russia.
Undecided
- The cryptocurrency was deemed illegal in 2018
- There is no cryptocurrency regulation
- Rwanda’s central bank is studying the development and issuance of its own digital cryptocurrency
S
Leader
- Cryptocurrency is legal as under the Virtual Asset Bill 2020
- The Bill aims to regulate the crypto flow for local residents and enterprises
Improving
- Cryptocurrency is legal
- Cryptocurrency and bitcoin regulations were approved in 2019[31]
- San Marino Innovation has been appointed as the Blockchain Regulatory Authority.
Undecided
- Cryptocurrency has no legal status
- Cryptocurrency is not regulated
Banned
- Cryptocurrencies are illegal
- Saudi Arabia is planning for a local digital currency to be traded between banks
Improving
- Cryptocurrency is legal
- Serbia is preparing a set of regulations to address cryptocurrency and to push forward the financial industry within the region[34]
Undecided
- Cryptocurrency has no legal status.
- Cryptocurrency is not regulated.
- Cryptocurrency exchange is very popular within this region.
- Seychelles is seeking to regulate the activities of Virtual Asset Service Providers (VASPs) registered in the island nation with the aim of meeting the standards of the Financial Action Task Force (FATF).
Undecided
- Cryptocurrency has no legal status
- Cryptocurrency is not regulated
- The country is, however, blockchain-friendly. Sierra Leone President launched a system with a financial services charity to create online identified for residents using blockchain[35]
Improving
- Cryptocurrency trading and exchanges are legal
- The Payment Services Act (PSA) in Singapore, states that cryptocurrency businesses must obtain a license from MAS to comply with anti-money laundering regulations.
- The Singapore Parliament passed a law in October 2022 that will require crypto businesses based in the city-state but only doing business overseas to be licensed. The new rule is part of the Financial Services and Markets Bill.
Undecided
- The National bank in Slovakia released a statement saying it does not recognise cryptocurrency as legal tender
- In March 2018, the Ministry of Finance in Slovakia released a methodological guideline to clarify the taxation of virtual currencies
- For those operating with cryptocurrencies for business purposes, virtual currencies are defined to be financial assets.
- Further regulations are expected to follow
Improving
- They are largely unregulated
- Slovenia has issued guidelines stating that bitcoin can be classified as either a financial asset or a currency depending on how it’s used in a given situation and that it will be taxed and regulated accordingly on a case-by-case basis
- Crypto exchanges and brokers are classified as financial institutions for anti-money laundering purposes.
Undecided
- Cryptocurrency has no legal status
- There is no regulation in place for cryptocurrency
- The Central Bank of Solomon Islands has issued a warning that cryptocurrencies are not regulated by the Central Bank[37]
Undecided
- Cryptocurrency has no legal status
- There is no cryptocurrency regulation in place
- Somalia does have one of the most active mobile money markets in the world[38]
Improving
- Cryptocurrencies are legal but are not classified as legal tender
- South African citizens must declare income derived from cryptocurrency as part of their capital gains statement
- No regulation regarding exchanges
- South Africa’s “Intergovernmental Fintech Working Group” (IFWG) are working toward creating comprehensive cryptocurrency laws.
- The Financial Sector Conduct Authority declared crypto assets as financial products in a notice published in October 2022 and said it would require companies that trade in cryptocurrencies and other digital assets to obtain a license from 2023.
Leader
- Spain’s government reportedly approved a bill that requires cryptocurrency owners to disclose their crypto holdings and any gains on their assets.
- Profits from cryptocurrency transactions are taxable under the Law on Income Tax of Individuals
Banned
- Crypto exchanges and mining operations remain banned in the country.
Sri Lanka’s Central Bank does not consider crypto as legal tender as it has not given any license or other authorisation to any crypto entity for them to operate in the country.
Undecided
- Cryptocurrency has no legal status
- No formal cryptocurrency regulation put into place
Undecided
- Cryptocurrency has no legal status
- No formal cryptocurrency regulation put into place
Undecided
- Cryptocurrency has no legal status
- No formal cryptocurrency regulation put into place
Leader
- There is no specific regulation dealing with cryptocurrencies
- Sweden’s central bank is actively pushing for more widespread adoption of digital currencies.
Leader
- Cryptocurrencies are legal and are classified as assets
- Exchanges are legal but must obtain a licence from the Swiss Financial Market Supervisory Authority (FINMA)
- FINMA has also introduced guidelines to help local start-ups launch ICOs
- The Swiss canton of Zug now allows its residents to pay taxes in cryptocurrencies.
- Widely referred to as the “Crypto Valley” for its positive stance towards crypto, the canton of Zug started experimenting with crypto payments around five years ago.
Improving
- Cryptocurrency has no legal status
- No formal cryptocurrency regulation put into place
- The United Nations’ World Food Program recently used the Ethereum Blockchain technology to send, record and verify aid to 10,000 Syrian refugees.
- A region in Northern Syria called Rojava is even looking to use cryptocurrency to overcome economic sanctions and ‘redesign’ its society.
T
Improving
- Cryptocurrency is legal
- Money Laundering Control Act and the Terrorism Financing Prevention Act give Taiwan’s Financial Supervisory Commission (FSC) the authority to crack down on anonymous virtual currency transactions.
Hostile
- Cryptocurrencies are not illegal
- They are not legal tender
- The central bank warns against their use
Banned
- The Bank of Tanzania has banned the use of cryptocurrencies
- The circular states, among other things, that ‘The only acceptable and used legal tender in the country is the Tanzanian Shilling’.
- Tanzania’s National Payments System Act No. 4 of 2015 (the NPS) clearly prohibits digital payments
- Section 15 of the NPS provides that a person shall not issue an electronic payment system without a licence or approval from BoT.
Improving
- Cryptocurrencies are legal
- They are regulated and subject to Capital Gains Tax
- Financial institutions are currently asked to refrain from involving themselves with cryptocurrencies
- Current laws have been implemented as a stopgap to protect consumers, while regulations are still being developed
Undecided
- Cryptocurrency has no legal status
- No formal cryptocurrency regulation put into place
Undecided
- Cryptocurrency has no legal status
- No formal cryptocurrency regulation put into place.
- A bill has been planned to make bitcoin legal tender by the end of 2022.
Undecided
- Cryptocurrency has no legal status
- No formal cryptocurrency regulation put into place
- Central Bank of Trinidad and Tobago (CBTT), the Financial Intelligence Unit of Trinidad and Tobago (FIU), and the Trinidad and Tobago Securities and Exchange (TTSE) have all warned against the use of cryptocurrency
Improving
- In 2019, it was announced that Tunisia became the first country to start moving its national currency to a blockchain platform.
- The Central Bank of Tunisia announced that the digitisation of the Tunisian dinar has started and that the paper backed CBDC will be issued on the Universa Blockchain.
Improving
- Cryptocurrencies are legal
- After lawmakers originally deemed bitcoin incompatible with Islam, government policy is starting to shift
- The government has expressed interest in developing a national cryptocurrency.
- Crypto asset trading platforms are required to be licensed by the Capital Markets Board of Turkey.
Undecided
- There’s no concrete information regarding virtual currencies’ legal status in Turkmenistan.
- Cryptocurrency is limited to purchase in foreign currency, which is hard to get a hold of due to Government limiting access to foreign currency.
Undecided
- The National Bank of Tuvalu (NBT) hasn’t yet expressed its opinion on cryptocurrencies and trading digital cash as well as organizing ICOs both are technically legal in Tuvalu.
U
Improving
- Cryptocurrencies are legal
- They are not regulated
- In cooperation with a local UN body, regulations are being developed
Improving
- The crypto market is regulated.
The country’s National Securities and Stock Market Commission will determine policies on digital assets, issue licenses to crypto firms and act as a financial watchdog.
Improving
- The landscape is confusing and ambiguous, although making various steps towards regulation
- The financial regulator of the Abu Dhabi Global Market (ADGM) introduced its own crypto regulatory framework in June 2018
- Dubai was set to launch a digital currency in 2018, emcash, pegged to the dirham and backed by the state
Leader
- Cryptocurrencies are legal but are not legal tender
- There are registration requirements for exchanges.
- There are no laws specifically relating to cryptocurrencies, however recent amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 saw the appointment of the FCA as the official regulatory body overseeing crypto-activities.
- The U.K. introduced a bill to Parliament in September 2022 to make it easier for law enforcement agencies to seize, freeze and recover crypto assets when used for criminal activities such as money laundering, drugs and cybercrime.
The bill is designed to build on the earlier Economic Crime (Transparency and Enforcement) Act that helped regulators place sanctions against Russia and freeze relevant assets in the country. Regulators have been concerned that some Russians have been using crypto to avoid sanctions imposed following the invasion of Ukraine.
Leader
- Cryptocurrencies are legal but are not legal tender
- Regulation of exchanges varies by state
- The US is crypto-friendly, but tax laws and regulation vary widely from state to state, for more details check out our United States of America Cryptocurrency Tracker
Improving
- Cryptocurrency has no legal status
- There is no regulation
- The Uruguayan Central Bank has been conducting pilot projects to monitor and assess cryptocurrency
Leader
- Cryptocurrencies are legal.
- A presidential decree on July 3, 2018, enacted mandates to encourage the development of blockchain and cryptocurrency industries in the nation
- Another decree on September 2, 2018, established a state blockchain development fund and legalised mining.
- Uzbekistan is now preparing prepares to exempt income obtained in cryptocurrency operations from taxation.
- From January 1, 2023, Uzbek citizens and companies are legally permitted to conduct transactions only with licensed cryptocurrency exchanges.
V
Improving
- There is currently no regulation in place for cryptocurrency
- In 2017, Vanuatu became host to the world’s first government to accept bitcoin in exchange for citizenship.
- In 2019, cryptocurrency was also distributed in Vanuatu as humanitarian relief. 200 residents of Vanuatu were given tap-and-pay cards loaded with $50 of the Dai stable coin to spend as needed.
Improving
- A rumoured proposal was made for the Holy See to use its ‘blessing power’ over a virtual currency with a cut taken from the recipient of the currency in any transaction.
- This would be marked as Vatican Owner and convertible per its current rate to any fiat currency[39].
- There has been no further advancing on this.
Hostile
- Against the backdrop of a failed fiat currency, cryptocurrency is very widely used in Venezuela
- Crackdowns are common, and bitcoin users can be arrested
- Despite this, the Venezuelan government has introduced its own cryptocurrency, the Petro, to attempt to overcome US sanctions
Hostile
- The State Bank of Vietnam has declared that the issuance, supply and use of bitcoin and other similar virtual currency is illegal as a mean of payment and subject to punishment ranging from 150 million to 200 million VND, but the government doesn’t ban bitcoin trading as virtual goods or assets.
- The Vietnamese government has, however, set up a committee with the charge of monitoring crypto activities and proposing appropriate government policies, leading some to believe they may be ready to regulate cryptocurrency rather than banning it outright[40].
W
Toggle Content
Y
Hostile
- Yemen is a case study showing the potential danger of cryptocurrency.
- Cryptocurrency has become a weapon in Yemen’s civil war, with the Houthis issuing their own digital currency and banning the possession of new Yemeni rial bills
Z
Undecided
- Cryptocurrency is not legal tender
- Cryptocurrency is not regulated
Improving
- The Reserve Bank of Zimbabwe was initially against cryptocurrencies and issued a complete ban.
- In March 2020, it was announced that the Reserve Bank is developing a regulatory sandbox for cryptocurrency companies in the country. This will help the bank decide if a particular company can be allowed to be run independently.
- The country is also partnering with Apollo Fintech to develop a gold-backed cryptocurrency for the country[41]
[1] Law No. 17-11 of 1917 (Dec. 27, 2017) art. 117, Official Gazette No. 76 of 2017 (Dec. 28, 2017), https://www.joradp.dz/FTP/JO-ARABE/2017/A2017076.pdf (in Arabic)
[2] https://www.lexology.com/library/detail.aspx?g=fcb04760-b781-4b8b-829e-02a279192a5b
[3]http://www.parliament.am/drafts.php?sel=showdraft&DraftID=9504&Reading=0&fbclid=IwAR07Ok_a0yB1ENjT41jf2tZfXSKCsf5BcrHUq2OwHThtarK3sPvTPA9sbQQ
[4] https://www.lexology.com/library/detail.aspx?g=d8b280bf-6f89-464b-820f-cee07f96159b
[5] https://www.thedailystar.net/opinion/news/digital-bangladesh-needs-digital-currency-1930845
[6] https://www.porat.com/regulation-of-crypto-currencies-in-africa/
[7] Banco Central de Bolivia Prohibe el Uso del Bitcoin y Otras 11 Monedas Virtuales [Central Bank of Bolivia Prohibits the Use of Bitcoin and Other 11 Virtual Currency], Enlaces Bolivia (Apr. 2017), http://www.enlaces bolivia.net/9263-Banco-Central-de-Bolivia-prohibe-el-uso-de-bitcoins-y-otras-11-monedas-virtuales,
[8] Comunicado, Banco Central Bolivia (Apr. 2017), https://www.bcb.gob.bo/webdocs/11_comunicados/04_ 2017_COMUNICADO_Uso_monedas.pdf, archived at https://perma.cc/YW8G-2Z73.
[9] https://www.cryptowisser.com/crypto-regulation-in-different-countries/
[10] https://www.bloomberg.com/news/articles/2019-09-04/crypto-blockchain-burundi-says-none-of-that-craze-here-please#:~:text=Burundi%20Bans%20Trading%20of%20Digital%20Currencies,-By&text=Burundi%20banned%20all%20trading%20of,protection%20in%20case%20of%20problems.&text=Digital%20coins%20such%20as%20Bitcoin,in%20the%20country%2C%20he%20said.
[11] https://news.bitcoin.com/cambodia-announces-own-cryptocurrency/
[12] https://www.rfi.fr/en/africa/20190101-cameroon-separatists-sell-ambazonia-cryptocurrency-replacement-cfa-franc
[13] https://qz.com/africa/1492745/cameroon-anglophone-separtists-create-cryptocurrency-ambacoin/
[14] https://cointelegraph.com/news/chilean-government-introduces-new-cryptocurrency-and-fintech-regulation-bill-to-congress
[15] https://news.bitcoin.com/chile-to-start-taxing-cryptocurrency-earnings-in-second-quarter-of-2019/
[16] https://www.porat.com/regulation-of-crypto-currencies-in-africa/
[17] https://medium.com/@blockpit/how-are-cryptocurrencies-regulated-in-the-czech-republic-6db777409306
[18] Press Release, Central Bank of Egypt, A Warning Statement (Jan. 10, 2018), http://www.cbe.org.eg/en/ Pages/HighlightsPages/Bitcoin%20Press%20Release.aspx, archived at https://perma.cc/3X6D-WFEG.
[19] https://www.loc.gov/law/help/cryptocurrency/cryptocurrency-world-survey.pdf
[20] Statement, Central Bank of Iraq, Bitcoin (Dec. 3, 2017), https://cbi.iq/news/view/512 (in Arabic)
[21] https://www.fscmauritius.org/media/55003/guidance-note-on-the-recognition-of-digital-assets.pdf
[22]Ley para Regular las Instituciones de Tecnología Financiera [Law to Regulate Financial Technology Companies] arts. 30–34, Diario Oficial de la Federación [D.O.F], Mar. 9, 2018, available as originally enacted on the website of Mexico’s House of Representatives at http://www.diputados.gob.mx/LeyesBiblio/pdf/LRITF_ 090318.pdf,
[23] https://www.wealthmonaco.com/en/monaco-votes-an-unprecedented-legislative-framework-for-cryptocurrency-fundraisers/
[24] Press Release, Office des Changes, Mise au point au sujet del’utilisation des monnai es virtuelle [Focusing on the use of virtual currency] (undated) http://www.oc.gov.ma/portal/sites/default/files/actualites/communiqu%C3%A 9%20monnaies%20virtuelles.pdf (in French) (last visited Mar. 21, 2018), archived at https://perma.cc/B3K7-T6Z6.
[25] https://www.bon.com.na/CMSTemplates/Bon/Files/bon.com.na/c6/c6e59534-4bc8-4730-a091-eaffa172d2e9.pdf
[26] 7 Nabbed for Running Bitcoin Exchange Business, Kathmandu Post (Dec. 27, 2017), http://kathmandu post.ekantipur.com/news/2017-10-06/7-nabbed-for-running-bitcoin-exchange-business.html, archived at https://perma.cc/J4BY-4Q7E.
[27] https://tribune.com.pk/story/1941180/1-govt-introduces-emi-regulations
[28] https://www.crowdfundinsider.com/2020/01/155865-report-paraguay-consolidating-cryptocurrency-industry-oversight/
[29] https://cointelegraph.com/news/peru-is-studying-crypto-exchanges-to-figure-out-future-laws
[30] https://www.pymnts.com/cryptocurrency/2020/qatar-bans-crypto/
[31] https://coinidol.com/san-marino-regulation/#:~:text=The%20Most%20Serene%20Republic%20of,operations%20related%20to%20this%20technology.
[32] https://decentralize.africa/senegals-ecfa-four-years-in-retrospect/
[33] https://www.forbes.com/sites/korihale/2020/08/18/akon-is-ready-to-build-a-6-billion-cryptocurrency-city/?sh=212bfe2d1fba
[34] https://balkaninsight.com/2020/09/17/ditching-dinars-will-the-balkans-take-to-cryptocurrency/
[35] https://www.ledgerinsights.com/kiva-sierra-leone-blockchain-id-system/
[36] https://complyadvantage.com/knowledgebase/crypto-regulations/cryptocurrency-regulations-singapore/#:~:text=The%20Payment%20Services%20Act%20(PSA,Singapore%20and%20outside%20of%20Singapore.
[37] http://www.cbsi.com.sb/cbsis-position-on-cryptocurrencies/
[38] https://bitcoinke.io/2018/09/somalia-among-the-most-active-mobile-money-countries-globally/
[39] https://medium.com/@bitmintnews/a-catholic-bitcoin-vatican-may-launch-a-blessed-cryptocurrency-taxed-in-favor-of-world-poor-102e594cf700
[40] https://coinidol.com/vietnam-regulating-cryptocurrency/
[41] https://cointelegraph.com/news/zimbabwe-u-turns-on-crypto-looking-to-stabilize-local-economy
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