Cryptocurrencies Regulation in Different Countries
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Cryptocurrencies Regulation in Different Countries
Subject – Science and Tech
Context – The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is listed for introduction in Parliament’s Winter Session
Concept –
- The stance of countries and regulators has ranged from a total ban on these financial assets, to allowing them to operate with some regulations, to the other extreme of allowing virtual currency trading in the absence of any guidelines.
Country | Status |
| CANADA | Treats cryptocurrency like a commodity for purposes of the country’s Income Tax Act. |
| ISRAEL | Defines cryptocurrency as an asset and demands 25% on capital gains. |
| GERMANY | Qualify virtual currencies as “units of account” and therefore, “financial instruments”. |
| UNITED KINGDOM | Does not consider crypto assets to be currency or money. |
| US | Federal government does not recognise cryptocurrencies as legal tender. |
| THAILAND | Digital asset businesses are required to apply for a licence, monitor for unfair trading practices. |
| EL SALVADOR | Approved bitcoin as legal tender. |
| CHINA | Total clamp down on both cryptocurrencies and service providers. |