Legality of bitcoin by country or territory

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The legal status of bitcoin varies substantially from country to country and is still undefined or changing in many of them. Whilst the majority of countries do not make the usage of bitcoin itself illegal (with the exceptions of: Bangladesh, Bolivia, Ecuador & Kyrgyzstan), its status as money (or a commodity) varies, with differing regulatory implications. While some countries have explicitly allowed its use and trade, others have banned or restricted it. Likewise, various government agencies, departments, and courts have classified bitcoins differently. While this article provides the legal status of bitcoin, regulations and bans that apply to this cryptocurrency likely extend to similar systems as well.

Detail by union[edit]

Country or territory Legality
 European Union Yes Legal

The European Union has passed no specific legislation relative to the status of the bitcoin as a currency, but has stated that VAT/GST is not applicable to the conversion between traditional (fiat) currency and bitcoin.

VAT/GST and other taxes (such as income tax) still apply to transactions made using bitcoins for goods and services. [1]:European Union

In October 2015, the Court of Justice of the European Union ruled that "The exchange of traditional currencies for units of the ‘bitcoin’ virtual currency is exempt from VAT" and that "Member States must exempt, inter alia, transactions relating to ‘currency, bank notes and coins used as legal tender’", making bitcoin a currency as opposed to being a commodity.[2][3] According to judges, the tax shouldn’t be charged because bitcoins should be treated as a means of payment.[4]

According to the European Central Bank, traditional financial sector regulation is not applicable to bitcoin because it does not involve traditional financial actors.[5]:5 Others in the EU have stated, however, that existing rules can be extended to include bitcoin and bitcoin companies.[6]

The European Central Bank classifies bitcoin as a convertible decentralized virtual currency.[5]:6 In July 2014 the European Banking Authority advised European banks not to deal in virtual currencies such as bitcoin until a regulatory regime was in place.[7]

In 2016 the European Parliament's proposal to set up a taskforce to monitor virtual currencies to combat money laundering and terrorism, passed by 542 votes to 51, with 11 abstentions, has been sent to the European Commission for consideration.[8] The European Commission also notably presented a "parallel" proposal aimed at preventing tax evasion techniques as revealed in the Panama Papers.[9] In 2017 it was revealed that the proposal will require cryptocurrency exchanges and wallets to identify suspicious activity.[10]

G7 Yes Legal

In 2013 the G7's Financial Action Task Force issued the following statement in guidelines which may be applicable to companies involved in transmitting bitcoin and other currencies, "Internet-based payment services that allow third party funding from anonymous sources may face an increased risk of [money laundering/terrorist financing]." They concluded that this may "pose challenges to countries in [anti-money laundering/counter terrorist financing] regulation and supervision".[11]

Detail by country or territory[edit]

Alphabetical index to classifications[edit]

Africa[edit]

Northern Africa[edit]

Western Africa[edit]

Country or territory Legality
 Nigeria Yes Legal

As of 17 January 2017, The Central Bank of Nigeria (CBN) has passed a circular to inform all Nigerian banks that bank transactions in bitcoin and other virtual currencies have been banned in Nigeria.[12]

Central Africa[edit]

Southeast Africa[edit]

Horn of Africa[edit]

Indian Ocean States[edit]

Southern Africa[edit]

Country or territory Legality
 South Africa Yes Legal

In December 2014 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’.[13]

The South Africa Reserve Bank Position Paper on Virtual Currencies issued a position paper on 3 December 2014.[14]

 Zimbabwe Yes Legal

The Reserve Bank Of Zimbabwe is sceptical about bitcoin and has not officially permitted its use. On 5 April 2017 however, BitMari, a Pan-African Blockchain platform got licensed, through its banking partner, AgriBank, to operate in the country.[15]

Americas[edit]

North America[edit]

Country or territory Legality
 Canada Yes Legal

Bitcoin would seem to be classified pursuant to the current provisions of the PPSA simply as an "intangible".[16]
Bitcoin is regulated under anti-money laundering and counter-terrorist financing laws in Canada.[1]:Canada[17]

Country or territory Legality
 United States Yes Legal

The U.S. Treasury classified bitcoin as a convertible decentralized virtual currency in 2013.[18] The Commodity Futures Trading Commission, CFTC, classified bitcoin as a commodity in September 2015. Per IRS, bitcoin is taxed as a property.[19]

In September 2016, a federal judge ruled that "Bitcoins are funds within the plain meaning of that term".[20]

United Mexican States[edit]

Central America[edit]

Country or territory Legality
 Nicaragua Yes Legal

News reports indicate that bitcoins are being used in the country.[1]:Nicaragua

Caribbean[edit]

South America[edit]

Country or territory Legality
 Argentina Yes Legal

Under the National Constitution of Argentina, bitcoins may be considered money but not legal currency.[1]:Argentina.

 Bolivia No Illegal

Banco Central de Bolivia issued a resolution banning bitcoin in 2014.[21]

 Brazil Yes Legal

Not regulated, according to communication of Brazilian Central Bank 25.306/2014.[22]

 Chile Yes Legal

There is no regulation on the use of bitcoins.[1]:Chile

 Colombia Yes Legal

The circular from 26 March 2014 by Superintendencia Financiera de Colombia states that the use of bitcoin is not regulated in Colombia.[23]

 Ecuador No Illegal

Ecuadorian government issued a ban on bitcoin and other digital currencies.[24]

The National Assembly of Ecuador banned bitcoins including other decentralized digital/crypto currencies, due to the establishment of a new state-run electronic money system. Ecuador's new project would be controlled by the government and tied directly to the local currency—the dollar. Users will be able to pay for select services and send money between individuals. This will begin in mid-February 2015. "Electronic money is designed to operate and support the monetary scheme of dollarization," economist Diego Martinez, a delegate of the President of the Republic to the Board of Regulation and Monetary and Financial Policy.[25]

Asia[edit]

Central Asia[edit]

Country or territory Legality
 Kyrgyzstan No Illegal

In a July 2014, statement of the National Bank of the Kyrgyz Republic made clear that "the use of 'virtual currency', bitcoins, in particular, as a means of payment in the Kyrgyz Republic will be a violation of the law of our state."[26]

Eurasia[edit]

Country or territory Legality
 Cyprus Yes Legal

The use of bitcoins is not regulated in Cyprus.[1]:Cyprus

Western Asia[edit]

Country or territory Legality
 Israel Yes Legal

As of 23 December 2013, Israel had not adopted any specific legislation regulating bitcoins.[1]:Israel

 Jordan Yes Legal

The government of Jordan has issued a warning discouraging the use of bitcoin and other similar systems.[27]

The Central Bank of Jordan prohibits banks, currency exchanges, financial companies, and payment service companies from dealing in bitcoins or other digital currencies.[28] While it warned the public of risks of bitcoins, and that they are not legal tender, bitcoins are still accepted by small businesses and merchants.[28]

 Lebanon Yes Legal

The government of Lebanon has issued a warning discouraging the use of bitcoin and other similar systems.[27]

Southern Asia[edit]

Country or territory Legality
 Bangladesh No Illegal

In September 2014, Bangladesh Bank said that "anybody caught using the virtual currency could be jailed under the country's strict anti-money laundering laws".[29]

 India Yes Legal

On 28 December 2013, the Deputy Governor of the Reserve Bank of India, K. C. Chakrabarty, made a statement that the Reserve Bank of India had no plans to regulate bitcoin.[30][31]

 Pakistan Yes Legal

Currently there are no regulations in Pakistan. As per State Bank of Pakistan,[32] bitcoin is unregulated until some bigger player wants to enter the market.

Eastern Asia[edit]

Country or territory Legality
 China (PRC) Yes Legal

While private parties can hold and trade bitcoins in China, regulation prohibits financial firms like banks from doing the same.[6]:China

On 5 December 2013, People's Bank of China (PBOC) made its first step in regulating bitcoin by prohibiting financial institutions from handling bitcoin transactions.[33] In a statement on the central bank’s website the PBOC said financial institutions and payment companies cannot give pricing in, buy and sell bitcoin or insure bitcoin-linked products.

On 16 December 2013 it was speculated that the PBOC had issued a new ban on third-party payment processors from doing business with bitcoin exchanges,[34] however a statement from BTC China suggests this isn't accurate, and rather payment processors had voluntarily withdrawn their services.[35]

On 1 April 2014 PBOC ordered commercial banks and payment companies to close bitcoin trading accounts in two weeks.[36] Trading bitcoins by individuals is legal in China.[33][37]

On 9 February 2017, multiple bitcoin exchanges in China delay or pause bitcoin withdraw service, with or without announcement. Some of the announcements,[38][39][40][41] if not all, claim that regulation activities have been or are to be taken. News resources[42] also show that, although such activities were carried out by PBOC, they were not done via legal approaches, but by "appointment" instead. None of the exchanges presented or have claimed to receive any lawful paperwork.

 Hong Kong Yes Legal

On 8 January 2014, the Secretary for Financial Services and the Treasury addressed bitcoin in the Legislative Council stating that "Hong Kong at present has no legislation directly regulating bitcoins and other virtual currencies of [a] similar kind. However, our existing laws (such as the Organised and Serious Crimes Ordinance) provide sanctions against unlawful acts involving bitcoins, such as fraud or money laundering."[1]:Hong Kong

On 16 November 2013, Norman Chan, the chief executive of Hong Kong Monetary Authority (HKMA) said that bitcoins is only a virtual commodity. He also decided that bitcoins will not be regulated by HKMA. However, the authority will be closely watching the usage of bitcoins locally and its development overseas.[43]

 Japan Yes Legal

Japan officially recognizes bitcoin and digital currencies as money.[44]

On 7 March 2014, the Japanese government, in response to a series of questions asked in the National Diet, made a cabinet decision on the legal treatment of bitcoins in the form of answers to the questions.[45] The decision did not see bitcoin as currency nor bond under the current Banking Act and Financial Instruments and Exchange Law, prohibiting banks and securities companies from dealing in bitcoins. The decision also acknowledges that there are no laws to unconditionally prohibit individuals or legal entities from receiving bitcoins in exchange for goods or services. Taxes may be applicable to bitcoins.

According to Nikkei Asian Review, in February 2016, "Japanese financial regulators have proposed handling virtual currencies as methods of payment equivalent to conventional currencies".[46]

The city of Hirosaki is officially accepting bitcoin donations with the goal of attracting international tourists and financing local projects.[47][48] In 2017, the country’s government officially recognized bitcoin as a method of payment.[49][50]

 South Korea Yes Legal

While not illegal in the country, Korean authorities will prosecute illegal activity involving bitcoin[51] and have indicted at least one individual for purchasing drugs with bitcoin.[52]

There are no laws in South Korea regulating the use of bitcoin at present.[1]:South Korea On December 12, 2013, the president of the Bank of Korea recommended at a press conference that bitcoin be regulated in the future.[53]

 Taiwan Yes Legal

Bitcoin ATMs are banned here[6]:Taiwan but bitcoins can be purchased at over 6000 convenience store kiosks.[54][55]

Regulators have warned the public that bitcoin does not have legal protection, "as the currency is not issued by any monetary authority and is therefore not entitled to legal claims or guarantee of conversion".[56]

While bitcoin is not illegal in Taiwan, financial institutions have been warned by regulators that necessary regulatory actions may be taken if they use it..[1]:Taiwan

On 6 December 2013, Perng Fai-nan said that bitcoin is only used in certain communities. Besides, he also opined that the value of bitcoin is a bubble and is highly volatile. Therefore, he advised the public against the speculation of bitcoins to prevent making a loss during the process. The central bank is closely watching the development of bitcoin and plan to impose regulations in the future.[57]

On 31 December 2013, Financial Supervisory Commission (Republic of China) (FSC) and CBC issued a joint statement which warns against the use of bitcoins. It is stated that bitcoins remains highly volatile, highly speculative, and is not entitled to legal claims or guarantee of conversion.[58]

On 5 January 2014, FSC chairman Tseng Ming-chung stated that FSC will not allow the installation of bitcoin ATM in Taiwan because bitcoin is not a currency and it should not be accepted by individuals and banks as payment.[59]

However, despite this, one of the four major convenience store chains in Taiwan make available bitcoin purchases through their kiosk systems,[60] and the largest chain now allows bitcoin to be used for purchases.[61]

Southeast Asia[edit]

Country or territory Legality
 Indonesia Yes Legal

Currently Bank Indonesia does not have detailed policies of regulating or banning bitcoins usage.[62][63]

 Malaysia Yes Legal

No official statement regarding the Bank Negara Malaysia’s views of the bitcoin system was located.[1]:Malaysia

On 4 November 2013, Bank Negara Malaysia (BNM) met with local bitcoin proponents to learn more about the currency but did not comment at the time.[64] BNM issued a statement on 6 January 2014 that bitcoin is not recognised as a legal tender in Malaysia. The central bank will not regulate bitcoin operations at the moment and users should aware of the risks associated with bitcoin usage.[65][66]

 Philippines Yes Legal

On 6 March 2014, Bangko Sentral ng Pilipinas (BSP) issued a statement on risks associated with bitcoin trading and usage. Recently virtual currencies were legalized and cryptocurrency exchanges are now regulated by Central Bank of the Philippines (Bangko Sentral ng Pilipinas) under Circular 944[67]

 Singapore Yes Legal

In December 2013, the Monetary Authority of Singapore reportedly stated that "[w]hether or not businesses accept bitcoins in exchange for their goods and services is a commercial decision in which MAS does not intervene."[1]:Singapore

On September 22, 2013, the Monetary Authority of Singapore (MAS) warned users of the risks associated with using bitcoin stating "If bitcoin ceases to operate, there may not be an identifiable party responsible for refunding their monies or for them to seek recourse"[68] and in December 2013 stated "Whether or not businesses accept bitcoins in exchange for their goods and services is a commercial decision in which MAS does not intervene"[69] In January 2014, the Inland Revenue Authority of Singapore issued a series of tax guidelines according to which bitcoin transactions may be treated as a barter exchange if it is used as a payment method for real goods and services. Businesses that deal with bitcoin currency exchanges will be taxed based on their bitcoin sales.[70]

 Thailand Yes Legal

Bank of Thailand declared bitcoin illegal in 2013, but some bitcoin companies have been able to obtain business licenses.[71] One startup denied a business license was reportedly told that "buying and selling bitcoins, using bitcoins to buy or sell goods and services, and transferring bitcoins in and out of Thailand were all currently illegal."[72]

Bank of Thailand suggested that bitcoin is not illegal but warned against its use in 2016.[73]

In 2013, the Thai monetary authority, the Bank of Thailand, "issued a preliminary ruling that using bitcoins as described was illegal."[72] A bitcoin startup denied a business license was reportedly told that "buying and selling bitcoins, using bitcoins to buy or sell goods and services, and transferring bitcoins in and out of Thailand were all currently illegal."[72]

 Vietnam Yes Legal

Trading in bitcoin in Vietnam is still unrestricted and unregulated by law, and two largest bitcoin markets in Vietnam - VBTC and Bitcoin Vietnam are working without being restricted. In December 2016, the government confirmed to develop legal framework for bitcoin in Vietnam that should be finished by December 2017.[74]

Europe[edit]

Central Europe[edit]

Country or territory Legality
 Croatia Yes Legal

On 6 December 2013, the Croatian National Bank reportedly conducted a discussion on the circulation of digital currencies and concluded that the bitcoin is not illegal in Croatia.[1]:Croatia

 Czech Republic Yes Legal

Bitcoin trading does not require authorization by the Czech National Bank and the Czech National Bank cannot grant such an authorization (2015).[75]

 Germany Yes Legal

On 19 August 2013, the German Finance Ministry announced that bitcoin is now essentially a "unit of account" and can be used for the purpose of tax and trading in the country. It is not classified as a foreign currency or e–money but stands as "private money" which can be used in "multilateral clearing circles", according to the ministry.[76]

 Poland Yes Legal

The use of the bitcoin in Poland is not regulated by a legal act at present.[1]:Poland

Szymon Woźniak of the Ministry of Finance made an official announcement on the legality of bitcoin on 18 December 2013 at a conference at the Warsaw School of Economics stating that the Ministry of Finance does not consider bitcoin illegal and does not want to hinder its development.[77] He clarified that while not illegal, bitcoin cannot be considered legal tender, and, in the light of the directives of the European Union, it is neither electronic money.[77] As of January 27, 2015 several banks have closed accounts of clients trading bitcoin, and indicated "presumption of criminal offense" as the cause, with "criminal offense" presumably being "cryptocurrency trade".[78]

 Romania Yes Legal

As of March 2015, an official statement of the Romanian National Bank mentioned that "using digital currencies as payment has certain risks for the financial system".[79]

 Slovakia Yes Legal

The National Bank of Slovakia (NBS), stated[80] that bitcoin does not have the legal attributes of a currency, and therefore does not fall under national control.[note 1] European legislation, including the Slovak law, does not define the activities associated with virtual currency. Such activities are not regulated and supervised by the National Bank of Slovakia or the European Central Bank. At the same time NBS points out that any legal person or natural person in the Slovak Republic shall not issue any notes or any other coins. Unlawful manufacturing of banknotes and coins and putting them into circulation is punishable by law. In this context, NBS points out that virtual currencies have not a physical counterpart in the form of legal tender and participation in such a scheme (virtual currency) is at your own risk. Exchanges or purchases of virtual currencies represent the business risk of investors and investors' money are not protected. For any compensation of losses caused by such exchanges or purchases there is no legal entitlement.

 Slovenia Yes Legal

On December 23, 2013 the Slovenian Ministry of Finance made an announcement [81] stating that bitcoin is neither a currency nor an asset. There is no capital gains tax chargeable on bitcoin, however bitcoin mining is taxed and businesses selling goods/services in bitcoin are also taxed.

  Switzerland Yes Legal

Bitcoin businesses in Switzerland are subject to anti-money laundering regulations and in some instances may need to obtain a banking license.[82]

On 5 December 2013 a proposal was put forth by 45 members of the Swiss Parliament for digital sustainability (Pardigli), that calls on the Swiss government to evaluate the opportunities for utilization of bitcoin by the country’s financial sector.[83] It also seeks clarification on bitcoin’s legal standing with respect to VAT, securities and anti-money laundering laws.[84]

In response to the parliament postulates, the Swiss Federal Council issued a report on virtual currencies in June 2014.[85] The report states that since virtual currencies are not in a legal vacuum, the Federal Council has concluded that there is no need for legislative measures to be taken at the moment.

In 2016, Zug added bitcoin as a means of paying city fees, in a test and an attempt to advance Zug as a region that is advancing future technologies.[86] Swiss Federal Railways, government-owned railway company of Switzerland, sells bitcoins at its ticket machines.[87]

Eastern Europe[edit]

Northern Europe[edit]

Country or territory Legality
 Denmark Yes Legal

Denmark’s Financial Supervisory Authority issued a statement declaring that bitcoin is not a currency and stating that it will not regulate its use.[1]:Denmark

On 17 December 2013, Denmark's Financial Supervisory Authority (FSA) has issued a statement that echoes EBA's warning. In addition, FSA says that doing business with bitcoin does not fall under its regulatory authority and therefore FSA does not currently prevent anyone from opening such businesses.[88] FSA's chief legal adviser says that Denmark might consider amending existing financial legislation to cover virtual currencies.[89]

 Estonia Yes Legal

In Estonia, the use of bitcoins is not regulated or otherwise controlled by the government.[1]:Estonia

The Estonian Ministry of Finance have concluded that there is no legal obstacles to use bitcoin-like crypto currencies as payment method. Traders must therefore identify the buyer when establishing business relationship or if the buyer acquires more than 1,000 euros of the currency in a month.[90]

 Finland Yes Legal

The Finnish Tax Administration has issued instructions for the taxation of virtual currencies, including the bitcoin.[1]:Finland

Ruling 034/2014 by the Finnish Central Board of Taxes (CBT) stated that commission fees charged on bitcoin purchases by an exchange market were, under the EU VAT Directive, banking services and therefore VAT exempt. 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.[91]

 Iceland Yes Legal

According to a 2014 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." [92] This does not stop[93] businesses in Iceland from mining bitcoins.[94] The Icelandic Central Bank confirmed that "it is prohibited to engage in foreign exchange trading with the electronic currency bitcoin, according to the Icelandic Foreign Exchange Act".[95]

On March 12 2017 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. 87/1992 [96]

 Lithuania Yes Legal

Bank of Lithuania released a warning on 31 January 2014 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.[97]

 Norway Yes Legal

The Norwegian Tax Administration stated in December 2013 that they don't 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.[98]

The Norwegian government stated in February 2017 that they would not levy VAT on the purchase or sale of bitcoin.[99]

 Russia Yes Legal

Russia had previously banned the use of bitcoin, but as of November 2016 declared, bitcoins are "not illegal" according to the Federal Tax Service of Russia.[100][101]

 Sweden Yes Legal

The Swedish Tax Agency has given a preliminary ruling on Value Added Tax (VAT) on bitcoins, stating that trade in bitcoins is not subject to Swedish VAT, but is instead subject to the Finansinspektionen (Financial Supervisory Authority) regulations and treated as a currency. The decision has been appealed by the Swedish Tax Authority.[1]:Sweden

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. For certain businesses interacting with fiat (mainly exchanges) the current regulation dictates that an application for approval/license must be filed and all the AML/CTF and KYC regulations applicable to more traditional financial service providers must be followed.

Southern Europe[edit]

Country or territory Legality
 Bosnia and Herzegovina Yes Legal

No regulation on the use of bitcoins.

 Bulgaria Yes Legal

Bitcoin is regulated by law that discusses payment systems and payment services.[102]

 Greece Yes Legal

No specific legislation on bitcoins exists in Greece.[1]:Greece

 Italy Yes Legal

Italy does not regulate bitcoin use by private individuals.[1]:Italy

 Malta Yes Legal

Malta currently does not have any regulations specifically pertaining to bitcoins.[1]:Malta

In 2017, the country’s prime minister Joseph Muscat announced the approval of a national strategy to promote bitcoin and blockchain technology. Muscat specifically addressed the bitcoin blockchain’s ability to handle, store and process sensitive data in an immutable and decentralized ecosystem.[103]

 Portugal Yes Legal

Bitcoin has no specific legal framework in Portugal.[1]:Portugal

 Spain Yes Legal

Transactions in bitcoins are subject to the same laws as barter transactions.[1]:Spain

 Turkey Yes Legal

Bitcoin is not regulated as it is not considered to be electronic money according to the law.[1]:Turkey[104]

Western Europe[edit]

Country or territory Legality
 Belgium Yes Legal

The Minister of Finance indicated that government intervention with regard to the bitcoin system does not appear necessary at the present time.[1]:Belgium

 France Yes Legal

The French Ministry of Finance issued regulations on July 11, 2014 pertaining to the operation of virtual currency professionals, exchanges, and taxation.[105]

 Ireland Yes Legal

The Central Bank of Ireland was quoted in the Assembly of Ireland as stating that it does not regulate bitcoins.[1]:Ireland

 Luxembourg Yes Legal

The Commission de Surveillance du Secteur Financier has issued a communication in February 2014 acknowledging the status of currency to the bitcoin and other cryptocurrencies.[106][107] The first BitLicence was issued in October 2015,[108] and the government is actively supporting this development.[107][109]

 Netherlands Yes Legal

Virtual currencies such as bitcoins currently do not fall within the scope of the Act on Financial Supervision of the Netherlands.[1]:Netherlands

 United Kingdom Yes Legal

The government of the United Kingdom has stated that the bitcoin is currently unregulated and is treated as a 'foreign currency' for most purposes, including VAT/GST.[1]:United Kingdom

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.[110]

Oceania[edit]

Australasia[edit]

Commonwealth of Australia[edit]
Country or territory Legality
 Australia Yes Legal

In December 2013, 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."[111] Australia has officially confirmed it will treat bitcoin “just like money” on 1st July 2017 and it will no longer be subject to double taxation. [112]

 New Zealand Yes Legal

The Reserve Bank of New Zealand states: "Non-banks do not need our approval for schemes that involve the storage and/or transfer of value (such as ‘bitcoin’) – so long as they do not involve the issuance of physical circulating currency (notes and coins)."[1]:New Zealand

Melanesia[edit]

Micronesia[edit]

Polynesia[edit]

Footnotes[edit]

  1. ^ Translated from: ...bitcoin nespĺňa atribúty meny v právnom zmysle (jeho platnosť na určitom území nie je mocensky ustanovená, právny poriadok neupravuje jej obeh ani ochranu), zastávame názor, že ho nie je možné označovať za menu.

References[edit]

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