Top countries where Bitcoin is legal

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Top countries where Bitcoin is legal

So, let’s outline the top countries where bitcoin is legal.

Bitcoin is legal in the United States, partially

The US has adopted a positive stance in regards to Bitcoin. Meanwhile, it also has ordered several government bodies to assure that transactions in Bitcoin are carried out only in legal terms.

Bitcoin is legal in Canada

Canada’s relationship with Bitcoin is similar to that of the US. The country’s Canada Revenue Agency (CRA) has classified this digital currency as a commodity. This implies that transactions in Bitcoin are perceived as barter transactions. The income generates by these transactions is considered to be the business income. The taxation of Bitcoin is depending on its nature.

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Australia calls Bitcoin a non-harmful mean of the transaction

Australia continues our list of top countries where Bitcoin is legal. Australian authorities perceive Bitcoin as a non-harmful mean of the transaction, thus allowing trading, mining and buying Bitcoin across the country

Bitcoin in Europe

Europe and the EU have been following the developments in the Bitcoin market for a long time. However, they still did not issue any specific united framework for the bitcoin and cryptocurrency regulation. Thus, every EU nation has developed its own vision in relation to the digital currency. Some of the countries are favoring Bitcoin presence, where others are indifferent or issuing warnings.

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Bitcoin in Singapore

The government of Singapore has declared Bitcoin as a good to buy another, thus determining the taxation need. The Monetary Authority of Singapore also obliged exchanges and ATM provides to Green list, similar to the French Bitcoin law.

Bitcoin in Japan

Bitcoin in Japan is a big trend. Japanese government has a positive stance in relation to the Digital currency, in spite of the Mt. Gox Bitcoin’s $460 Million Disaster. Back in March 2014, Japanese authorities ruled out that Bitcoin must be self-regulated. Presently, the country is striving to ensure the safest transactions in Bitcoin.

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Bitcoin in Israel

Bitcoin in Israel is also gaining momentum. At the moment, the Israeli government is seeking introduction of the tax on Bitcoin.

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