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According to a report from the US Congress, over 25% of countries are now banning the use of crypto-assets within their borders, in November 2021. A figure on the rise especially because of the illegal activities that cryptocurrencies could allow.
51 Countries are now banning Cryptocurrency.
As stated by a report from the Global Legal Research Directorate of the Law Library of Congress, 51 countries currently restrict the use of cryptocurrency in various forms. This report constitutes an update of its first version established in 2018. It can be read in particular that the number of countries totally prohibiting the circulation of crypto-assets has increased from 8 to 9, while those partially limiting their use has gone from 15 to 42.
The 9 countries totally banning the use of cryptocurrencies are the following: Algeria, Bangladesh, Egypt, Iraq, Morocco, Nepal, Qatar, Tunisia and China.
In a number of jurisdictions, authorities have wished to highlight that crypto-assets, unlike global currencies, are neither issued nor controlled by central banks and are furthermore subject to high volatility. It is also pointed out that the anonymity provided by exchanges made in cryptocurrencies creates illegal market opportunities such as money laundering or terrorism.
Indeed, in 2013, more than a billion dollars had been seized in the form of bitcoin following the closure of the Silk Road site, one of the largest illegal online markets, selling among other things weapons and drugs.
According to a Chainalysis report published in January 2022, Cryptocurrency crime hit an all-time high in 2021. It is therefore questionable whether the trend of cryptocurrency ban will continue to grow.
You can read the 67 pages report made by the Global Legal Research Directorate here or read below our summary, focusing only on the countries with cryptocurrency restrictions.
42 Implicit ban on cryptocurrencies.
African countries which have an implicit ban on cryptocurrencies.
Bahrain: Banks and other financial institutions are prohibited from dealing in cryptocurrencies or offering services to individuals/businesses dealing in cryptocurrencies. Al Maraj: “We Do Not Recognize Bitcoin and It Is Dangerous to Deal with It“, Al-Watan (Jan. 7, 2018).
ADDITIONAL DETAILS / SOURCES | |
Tax regulations. | Bahrain does not have a personal income tax law (2020) (in Arabic).Other tax laws are not applied to cryptocurrencies. |
Anti Money Laundering (AML) / Counter-Financing of Terrorism regulations (CFT). | Royal Decree Promulgating Law No. 29 of 2020, art. 1(a), al-Jarīdah al-Rasmīyah, vol. 3491, Jan. 20, 2020 (in Arabic). |
Benin, Burkina Faso, Côte d’Ivoire, Mali, Niger : Those countries are served by the Central Bank of West African States (BCEAO). The BCEAO declared that it is “against” Bitcoin, and that crypto currencies are “not admitted” in the BCEAO zone.
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | Adama Wade, Tiemoko Meyliet Koné, gouverneur de la BCEAO : « le Bitcoin ? Non merci », FinancialAfrik (Mar. 1, 2018) (in French). |
Cryptocurrency regulation. | Fortuné B. Ahoulouma & Fabien Lawson, Crypto-monnaies : cartographie de la régulation en Afrique, La Tribune Afrique (June 11, 2018) (in French). |
Burundi: Since virtual currencies or crypto-currencies are not regulated and are not issued or guaranteed by any Government or Central Bank, these currencies are not legal tender in the territory of Burundi.
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | Avis de la Banque Centrale sur les cryptomonnaies au Burundi, Banque de la République du Burundi (in French). |
Cryptocurrency regulation. | Vivien Coronel, Le Burundi interdit la négociation de crypto-monnaies, Cryptonaute (Sept. 5, 2019) (in French). |
Cameroon, Central African Republic, Chad, Gabon: Those countries are members of the Economic and Monetary Community of Central Africa (CEMAC). The communiqué is stating that since cryptoassets are unregulated within the CEMAC, the offer of services related to cryptoassets is illegal.
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | Alerte sur les communications d’offres de crypto-actifs, COSUMAF (Commission of Surveillance of Financial Markets of Central Africa) (Oct. 23, 2020). |
Democratic Republic of the Congo: Cryptocurrencies, bitcoins and other virtual currencies on electronic platforms are neither regulated nor permitted.
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | Amédée Mwarabu, La Banque centrale alerte le public que les crypto-monnaies, bitcoins et autres monnaies virtuelles sont proscrits en RDC, Desk Eco (July 16, 2020) (in French). |
Cryptocurrency regulation. | Rachidi Mabandu, RDC : « Les cryptomonnaies, bitcoins et autres monnaies virtuelles sur des plateformes électroniques ne sont ni règlementés ni autorisés » (BCC), Actu7 (July 16, 2020) (in French). |
Lesotho: The Central Bank of Lesotho (CBL) has warned the country against embracing cryptocurrencies, saying they were not legal tender in this Kingdom and those who did so risked violating tax, exchange control and anti-money laundering laws.
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | Press Statement, Central Bank of Lesotho, The Emerging and Growing Promotion of Cryptocurrencies (Feb. 7, 2018). |
Libya: Financial institutions are banned from dealing in cryptocurrencies.
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | Notice, issued on May 15, 2021, Central Bank of Libya (in Arabic). |
Anti Money Laundering (AML) / Counter-Financing of Terrorism regulations (CFT). | Statement No. 1 of 2016 on Combating Money Laundering, issued by the Director of the Central Bank of Libya on October 30, 2016 (in Arabic). |
Namibia: The Bank Of Namibia “does not recognize, support and recommend the possession, utilization and trading of cryptocurrencies by members of the public.”
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | Bank of Namibia will not defend victims of crypto scammers (June 6th, 2021). |
Cryptocurrency regulation. | Bank of Namibia, Revised Position on Cryptocurrencies §§ 2, 4, 4, 5, & 6 (May 2018). |
Nigeria: Nigeria imposed a crypto ban on February 5th, 2021. Africa’s largest cryptocurrency market has banned banks and financial institutions offering crypto services since 2017. Moreover, the announcement even threatened to close bank accounts that use cryptocurrency exchanges.
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | Central Bank of Nigeria, Letter to All Deposit Money Banks, Non-Bank Financial Institutions and Other Financial Institutions (BSD/DIR/GEN/LAB/14/001) (Feb. 5, 2021). |
Cryptocurrency regulation. | Central Bank of Nigeria, Circular to Banks and Other Financial Institutions on Virtual Currency Operations in Nigeria (FPR/DIR/GEN/CIR/06/010) (Jan. 12, 2017). |
Zimbabwe: The Reserve Bank of Zimbabwe issued a Warning Against Trading in Cryptocurrencies in May 2018. However, the Zimbabwe Court temporally Lifts Central Banking Ban on Bitcoin Exchanges few days later. Following the High Court Order, the Reserve Bank is said to have filed a notice of objection with the Court. At the moment, no source indicating a resolution of the matter was updated.
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | Press Statement, Reserve Bank of Zimbabwe, Warning Against Trading in Cryptocurrencies, 8 (May 2018). |
Cryptocurrency regulation. | Tawanda Karombo, Zimbabwe Court Lifts Central Banking Ban on Bitcoin Exchanges, Yahoo News (May 24, 2018). |
Cryptocurrency regulation. | Baker McKenzie, Blockchain and Cryptocurrency in Africa: A Comparative Summary of the Reception and Regulation of Blockchain and Cryptocurrency in Africa 15 (Nov. 2018). |
American countries which have an implicit ban on cryptocurrencies.
Bolivia: The government has imposed a complete ban in 2014 on all currencies that aren’t regulated by a country or economic zone. The Bolivian government justified this decision with the possibility of various Ponzi schemes and criminal activities. Financial entities are forbidden from using, commercializing, and negotiating cryptoactives (digital or virtual coins) in national payment system.
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | Resolution of the Central Bank of Bolivia No. 144 of Dec. 15, 2020, which also repealed Resolution No. 044 of May 6, 2014 (in Spanish). |
Cryptocurrency regulation. | Press Release, Banco Central de Bolivia, CP 27-2021, Prohibición del Uso de Criptoactivos (May 17, 2021) (in Spanish). |
Ecuador: Bitcoin and other cryptocurrencies have been banned in Ecuador by a majority vote of the National Assembly. Cryptocurrency is not an authorized means of payment; sale and purchase of cryptocurrencies is not prohibited.
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | Organic Code on Monetary and Financial Matters, art. 98, para. 3 (in Spanish). |
Cryptocurrency regulation. | Las Operaciones en Criptomonedas No Están Autorizadas en el Ecuador, Ministry Econ. & Fin (in Spanish). |
Cryptocurrency regulation. | Communicado Oficial Sobre el Uso del Bitcoin, Banco Central del Ecuador (Jan. 8, 2018) (in Spanish). |
Guyana: Cryptocurrency is Not Legal in Guyana.
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | Attorney General, KaieteurNews (Nov. 12, 2020). |
Asian countries which have an implicit ban on cryptocurrencies.
Indonesia: Indonesia does not allow cryptocurrencies to be used as a payment instrument, but does allow them to be traded as a commodity.
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | Bappebti Regulation No. 7 of 2020 concerning Establishment of a List of Tradeable Crypto Assets in the Crypto Physical Market (in Indonesian). |
Cryptocurrency regulation. | Indonesia’s Current Legal Climate on Crypto Assets, Bagus Enrico & Partners (Mar. 9, 2021). |
Cryptocurrency regulation. | Yihui Xie, Indonesian Regulators Play Catch-up as Crypto Investment Soars, Forkast (July 23, 2021). |
Jordan: Financial institutions are prohibited from dealing in cryptocurrencies. The public is warned against dealing and investing in cryptocurrencies.
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | Statement, Central Bank of Jordan, (undated)(in Arabic). |
Cryptocurrency regulation. | Omar Obeidat, Central Bank Warns Against Using Bitcoin, Jordan Times (Feb. 22, 2014). |
Kazakhstan: In July 2020, Kazakhstan officially recognized Bitcoin as a digital asset that could be accounted as any other commodity. The AIFC (which is a national financial hub has as main objective to ensure a friendly ecosystem for foreign investments and secure independent regulation.) Fintech rules allow establishment of crypto exchanges and building other regulated activities based on digital assets.
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | Law of the Republic of Kazakhstan No. 347-VI of June 25, 2020, on Amending Legislative Acts Concerning the Regulation of Digital Technologies (in Russian). |
Kuwait: Ministry of Finance Says [It] Does Not Recognize Virtual Currency Bitcoin. Kuwait does not have a personal income tax law. Other tax laws are not applied to cryptocurrencies.
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | Ministry of Finance Says [It] Does Not Recognize Virtual Currency Bitcoin, Arab Times (Dec. 18, 2017). |
Cryptocurrency regulation. | Press Release, Central Bank of Kuwait (Jan. 18, 2018) (in Arabic). |
Anti Money Laundering (AML) / Counter-Financing of Terrorism regulations (CFT) | Law No. 106 of 2013 on Combating Money Laundering and the Financing of Terrorism, art. 1 para. 1, issued on May 8, 2013, Ministry of Justice (in Arabic). |
Lebanon: Financial institutions are banned from dealing in cryptocurrencies.
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | Notice No. 900, Risks Related to Electronic Money, 19 Dec. 2013, Banque du Liban (in Arabic). |
Anti Money Laundering (AML) / Counter-Financing of Terrorism regulations (CFT) | Law No 44 of 2015 on Combating Money Laundering and the Financing of Terrorism, issued on Nov. 24, 2015, art. 1, Central Bank of Lebanon (in Arabic). |
Macao: Macau cautioned the public against firms offering cryptocurrencies in the autonomous region, reminding local residents that virtual currencies are not legal currencies or financial instruments.
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | Monetary Authority of Macau, Alert to Risks of Virtual Commodities and Tokens (Sept. 27, 2017). |
Maldives: The Maldives Monetary Authority brings to the attention of the public that no party has been granted permission to conduct any financial transactions using crypto currencies or other virtual currencies in the Maldives. Furthermore, the issuance of any legal tender by any other party is against the law.
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | Concerns Over Crypto Currency Trading in the Maldives, Maldives Monetary Auth. (Oct. 11, 2018). |
Oman: Financial institutions are prohibited from dealing in cryptocurrencies. Omani citizens should be careful with anything related to cryptocurrencies. Oman does not have a personal income tax. Other tax laws are not applied to cryptocurrencies.
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | Press Release, Central Bank of Oman (Dec. 12, 2017) (in Arabic). |
Anti Money Laundering (AML) / Counter-Financing of Terrorism regulations (CFT) | Royal Decree No. 30 of 2016 on Combating Money Laundering and the Financing of Terrorism, art. 1, issued on June 2, 2016, State Audit Auth., Sultanate of Oman (in Arabic). |
Pakistan: Prohibition of Dealing in Virtual Currencies / Tokens. However, according to a news report, “The State Bank has not imposed a ban on cryptocurrency in Pakistan, the central’s bank lawyer told the Sindh High Court,” only a warning.
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | Yasal Munim, State Bank Hasn’t Banned Cryptocurrency in Pakistan, Lawyer Tells SHC, Samaa (Nov. 5, 2020). |
Cryptocurrency regulation. | Prohibition of Dealing in Virtual Currencies / Tokens, SBP (Apr. 18, 2018). |
Cryptocurrency regulation. | Press Release, State Bank of Pakistan (SBP), Caution Regarding Risks Of Virtual Currencies (Apr. 6, 2018). |
Turkey: On April 16, 2021, the Central Bank of the Republic of Turkey issued a regulation banning the use of cryptocurrencies, including Bitcoin. The following day, Turkish President Recep Tayyip Erdoğan went further, issuing a decree placing crypto exchanges on a list of entities subject to anti-money laundering and terrorist financing regulations.
ADDITIONAL DETAILS / SOURCES | |
Tax regulations | Revenue Administration, General Communiqué on Tax Procedure Law, Declaration No. 529, art. 4(2)(ü) (in Turkish). |
Anti Money Laundering (AML) / Counter-Financing of Terrorism regulations (CFT) | Laundering Proceeds of Crime and Terrorism Regulation on Measures to Prevent Financing], Regulation of Dec. 10, 2007, Council of Ministers Decision No. 2007/13012, as amended (in Turkish). |
Turkmenistan: Digital assets are recognized as property and cannot be used as a means of payment. They have been divided into two types – secure and unsecure. Cryptocurrencies have been classified into the second type. Their release and movement within the territory of Kazakhstan are prohibited “except in cases provided for by law”.
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | Karolina Salinger, Between Prohibition and Development: How Cryptocurrencies Are Regulated in Central Asia, ForkLog (Mar. 19, 2021) (in Russian). |
United Arab Emirates (UAE): UAE Has Not Legalized Cryptocurrencies, Says Central Bank on December 6th, 2020. The Central Bank does not recognize cryptocurrencies as a form of payment yet. However, it is working on a new regulation for retail payment services that introduces the concept of tokens that could be used for payment purposes.
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | Central Bank, Emirati News (Dec 6, 2020). |
Tax regulations | Law No. 8 of 2017, art. 8, issued on August 23, 2017, Ministry of Finance (in Arabic). |
Anti Money Laundering (AML) / Counter-Financing of Terrorism regulations (CFT) | Law No. 20 of 2018 on Combating Money Laundering, art. 1, issued on September 23, 2018, Ministry of Finance. |
Vietnam: Cryptocurrencies are not legal currencies or a means of payment in Vietnam, and any issuance, supply, or use of them as currency or a means of payment is prohibited, and subject to administrative or even criminal sanctions.
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | State Bank of Vietnam (SBV) Official Letter No. 5747/NHNN-PC dated July 21, 2017 (in Vietnamese). |
Anti Money Laundering (AML) / Counter-Financing of Terrorism regulations (CFT) | Directive No: 10/CT-TTg on Improving the Management of Activities Related to Bitcoins and other Similar Virtual Currencies (Apr. 11, 2018). |
European countries which have an implicit ban on cryptocurrencies.
Georgia: As of June 28th, 2019, “Cryptoactive is neither a legal tender nor an electronic money under Georgian law” (Page 1, 2- Substantiation of public decision and legal grounds).
ADDITIONAL DETAILS / SOURCES | |
Tax regulations | Natural persons are exempt from income tax on profit from cryptocurrency operations. The gain received from selling cryptocurrency by Georgian companies is subject to 15% corporate income tax. Ministry of Finance Regulation No. 201 of June 28, 2019, on Taxation of Cryptocurrency in Georgia ( in Georgian). |
Moldova: the National Bank of Moldova confirmed its position that virtual currencies are not currencies in the general sense of the term, but instead are virtual assets without real coverage and backing, which does not allow accepting it as means of payment and means of reimbursement by the monetary authorities.
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | Press Release, National Bank of Moldova, National Bank of Moldova, NBM Warns About High Risks of Investing in Cryptocurrencies (Feb. 15, 2018) (in Russian). |
Oceanian countries which have an implicit ban on cryptocurrencies.
Palau: The Financial Institutions Commission (FIC) issued a resolution on Mar. 19, 2019, that places a moratorium on all financial activities involving virtual assets or currencies until such activity can be regulated.
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | Press Release, Republic of Palau Financial Institutions Commission (FIC) & Bureau of Revenue and Taxation (Nov. 20, 2019). |
Cryptocurrency regulation. | Bernadette Carreon, FIB Denies Application of Cryptocurrency Exchange Firm, Island Times Palau (Apr. 12, 2019). |
Cryptocurrency regulation. | Palau Orders Stay on Cryptocurrencies, RNZ (Apr. 3, 2019). |
9 Absolute ban on cryptocurrencies.
African countries which have an Absolute Ban on Cryptocurrencies.
Algeria: All use of private cryptocurrencies is prohibited. No person or bank can deal in cryptocurrencies.
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | Finance Law No. 11-17, art. 117, al-Jarīdah al-Rasmīyah (official gazette), vol. 76, 27 Dec. 2017 (in Arabic). |
Anti Money Laundering (AML) / Counter-Financing of Terrorism regulations (CFT) | Law No. 01-05 on Combating Money Laundering and the Financing of Terrorism, art. 4, para. 1, al-Jarīdah al-Rasmīyah (official gazette), vol. 76, 9 Feb. 2005 (in Arabic). |
Egypt: Egypt’s main Islamic advisory body, Dar al-Ifta, issued a religious decree classifying Bitcoin transactions as “haram,” something that is forbidden under Islamic law. So the country is abiding by the decree and considers any transaction involving cryptocurrencies as “haram”. Individuals, banks, and other financial institutions are prohibited from dealing in cryptocurrencies. No person can deal in cryptocurrencies.
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | Press Release, Central Bank of Egypt, A Warning Statement (Jan. 10, 2018) |
Cryptocurrency regulation. | Law No. 194 of 2020, art. 206, al-Jarīdah al-Rasmīyah, vol. 37 (duplicate), 15 Sep. 2020 (in Arabic). |
Cryptocurrency regulation. | Religious Decree No. 4205, The Status of Transactions in Bitcoins and Other Cryptocurrencies Under Islamic Law, Egypt’s Dar Al-Ifta (Dec. 28, 2017) (in Arabic). |
Anti Money Laundering (AML) / Counter-Financing of Terrorism regulations (CFT) | Law No. 15 of 2020 Amending Law No. 94 of 2015 on Combating the Financing of Terrorism, art. 1(w) as amended, al-Jarīdah alRasmīyah, vol. 9 (duplicate)(a), 3 Mar. 2020 (in Arabic). |
Morocco: Morocco has banned bitcoin and cryptocurrency transactions which may be used for illegal purposes, including money laundering and terrorism since November 20, 2017. The Moroccan Exchange Office informed the public that transactions conducted using virtual currencies constitute a violation of the exchange regulations and are subject to penalties and fines.
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | Press Release, Office des Changes, Update on the Use of Virtual Currencies (Nov. 20, 2017) (in French). |
Anti Money Laundering (AML) / Counter-Financing of Terrorism regulations (CFT) | Royal Decree No. 1.07.79 Promulgating Law No. 12.18 of 2021 Amending Law No. 43.05 of 2007 on Combating Money Laundering and the Financing of Terrorism, al-Jarīdah alRasmīyah, vol. 6995, 14 June 2021 (in Arabic). |
Tunisia: Tunisia’s Central Bank does not recognize or deal in cryptocurrencies as a form of payment. A 17-year-old Tunisian boy was arrested in Tunisia in 2021 for using cryptocurrency in an online activity.
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | Press Release, Central Bank of Tunisia (undated). |
Cryptocurrency regulation. | Tunisian Authorities Confuse Cryptocurrency with Money Laundering, Tunisie.fr (May 10, 2021) (in French). |
Anti Money Laundering (AML) / Counter-Financing of Terrorism regulations (CFT) | Basic Law No. 9 of 2019 on Combating Terrorism and Prevention of Money Laundering, art. 1, Official Gazette, vol. 9, 29 June 2019 (in Arabic). |
Asian countries which have an Absolute Ban on Cryptocurrencies.
Bangladesh: Although repeated notices have been issued on the illegality of cryptocurrency transactions in Bangladesh, confusion was created after reports that the Bangladesh Central Bank sent a letter sent to the Criminal Investigation Department of the Police suggesting that trading in cryptocurrency in itself is not a criminal offense, and “should be deemed as crimes if they involve money laundering or terror financing.” the Central Bank of Bangladesh does not allow crypto trading as it violates the country’s financial regulations (Money Laundering Prevention Act) for trading foreign currencies that are too decentralized. Crypto traders caught trading cryptocurrencies can face years in prison in the country.
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | Bangladesh Bank to CID: Trading, Owning Cryptocurrency Not Illegal, Dhaka Tribune (July 27, 2021). |
Cryptocurrency regulation. | Cryptocurrency Trading Not Allowed at All: Bangladesh Bank, Daily Star (July 29, 2021). |
China: Since the advent of digital currencies, China has been cracking down on cryptocurrencies and has been quite brutal with its restrictions. To deal with cryptocurrency giants like Bitcoin, China has even introduced its own centrally regulated digital currency called Digital Renminbi (RMB). The government has also cracked down on Bitcoin mining in the country. With this, it can be said that Bitcoin is essentially banned in China.
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | People’s Bank of China, Circular on Further Preventing and Disposing of Speculative Risks in Virtual Currency Trading (Sept. 15, 2021), § 1(2) (in Chinese). |
India: On April 6, 2018, the Reserve Bank of India (RBI) issued a notification prohibiting banks, lenders, and other regulated financial institutions from “dealing with virtual currencies. However, the Supreme Court of India overturned the RBI’s 2018 circular prohibiting banks from dealing with cryptocurrency exchanges. The court found that a blanket ban “was disproportionate and that virtual currencies had caused no visible damage to banks regulated by the RBI”.
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | Press Release, RBI, Prohibition on Dealing in Virtual Currencies (VCs) (Apr. 6, 2018). |
Cryptocurrency regulation. | Reserve Bank of India, Writ Petition (Civil) No. 528 of 2018. |
Tax regulations. | Vijay Pal Dalmia, Taxation of Cryptocurrencies in India, Mondaq (Jan. 7, 2021). |
Anti Money Laundering (AML) / Counter-Financing of Terrorism regulations (CFT). | Reserve Bank of India (RBI), Customer Due Diligence for Transactions in Virtual Currencies (VC), (May 31, 2021). |
Iraq: Penalties in anti-money laundering law will apply to anyone dealing in cryptocurrencies.
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | Statement, Central Bank of Iraq, Bitcoin (Dec. 3, 2017)(in Arabic). |
Anti Money Laundering (AML) / Counter-Financing of Terrorism regulations (CFT). | Law No. 39 of 2015 on Combating Money Laundering, art. 1(5), Waqa’a Al-Iraqiah (official gazette), vol. 4387, 16 Nov. 2015 (in Arabic). |
Nepal: All transactions related to or regarding bitcoins are illegal.
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | Nepal Rastra Bank (NRB), Bitcoin Notice (in Nepali). |
Cryptocurrency regulation. | Is It Possible to Trade Cryptocurrencies Including Bitcoin in Nepal?, Nepal Rastra Bank (in Nepali). |
Cryptocurrency regulation. | Notice That Cryptocurrency Transactions Are Illegal, Nepal Rastra Bank (Sept. 9, 2021) (in Nepali). |
Qatar: Qatar warned banks against trading cryptocurrencies in 2018. The government urged banks “not to trade bitcoin, exchange it for another currency, open an account to trade it, or send or receive money transfers to buy or sell this currency.” Those caught have been told to expect penalties. The Central Bank effectively prohibits all banks operating in Qatar from dealing in cryptocurrencies, subject to penalties for violators. The Qatar Financial Centre (QFC) bans all cryptocurrency-related activities, including cryptocurrency exchanges, within the sector to combat money laundering and the financing of terrorism.
ADDITIONAL DETAILS / SOURCES | |
Cryptocurrency regulation. | Circular No. 6/2018, Central Bank of Qatar (Feb. 2, 2018). |
Cryptocurrency regulation. | David Hamilton, Qatar Bans All Cryptocurrency in QFC, Securities.io (June 7, 2020). |
Anti Money Laundering (AML) / Counter-Financing of Terrorism regulations (CFT). | Law No. 27 of 2019 on Combating Terrorism, art. 1, al-Jarīdah al-Rasmīyah, vol. 26, 29 Dec. 2019 (in Arabic). |
But remember,
Disclaimer: All details found on this post, and more generally on this website (neverfomoagain.com) are for informational purposes only. I don’t provide any financial advices. Please, Do your own research before undertaking to any investment/trading actions.
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