Update: Legality of Cryptocurrencies as for the Beginning of the Year

We at Finrazor present list of countries and updates on the legality of cryptocurrencies, updated for the fourth quarter of 2018 (full list: https://finrazor.com/trending/country)

In 2018, the blockchain industry and the cryptocurrency sector gained a fair amount of publicity; from an all-time price high to a series of market crashes. As new forms of fundraising, enterprises, startups, and use cases built on the technology emerged governments have been working on overdrive to put order in the clamor, to standardize the industry, and to secure against fraud and other criminal acts.

Here is an updated list of how governments from different parts of the world progressed in its policies for the new industry for the last quarter of 2018.

Territories and Their Updates

Australia

Status: Legal

Bitcoin is treated ‘just like money’, not subject to double taxation; debating a bill to apply AML to exchanges, will prosecute exchanges without a license.

UPDATE: The Australian Securities and Investments Commission (ASIC) will monitor the crypto markets and ICOs. Will create a policy for regulation subjecting cryptocurrencies to the same scrutiny as stock exchanges.

Brazil

Status: Legal

Statement concerning cryptocurrencies, but is discouraged because of operational risks.

UPDATE: Exchange operators are required to submit monthly reports to the RFB, Brazil’s tax collector, on all operations related to crypto. Non-compliance will be fined.

Canada

Status: Legal

Cryptocurrencies must comply with AML and KYC requirements

the Bank of Montreal (BMO) announced that it would ban its credit and debit card customers from participating in cryptocurrency purchases with their cards. This is following another banking ban in Canada from Toronto Dominion. Canadian government postpones release of final regulations for cryptocurrencies and blockchain August 28, 2018.

UPDATE: House of Commons Standing Committee on Finance (FINA) wants to register crypto to fiat transactions and establish a licensing unit similar to BitLincense in the US.

Catalonia

Status: Legal

Barcelona’s own cryptocurrency REC (Recurso Económico Ciudadano — Civic Economic Facility).

UPDATE: Government prospects blockchain for e-voting.

Chile

Status: Legal

Central bank considers crypto regulation. 5000 merchants can now accept crypto payments.

UPDATE: The country’s Finance Minister says crypto regulation draft bill is in progress. The country’s central bank, the Ministry of Finance, and the Financial Stability Board are working together for a fair framework for the industry.

China

Status: Illegal

Mining firms told to orderly exit business, ICOs banned, shut down domestic exchanges, blocked 124 offshore exchanges, Baidu and WeChat restrict or ban crypto related content.

UPDATE: Security token offerings (STOs) are illegal. The MInistry of Industry and Information Technology calls for the acceleration of the development of blockchain related standards.

Cyprus, France, Greece, Italy, Malta, Portugal, and Spain

Status: Legal

UPDATE: Joined 6 other Southern European countries in signing an agreement for the advancement of DLT through promotion and legislation.