Cryptocurrency is Legal in Which Countries?

If you know everything about cryptocurrencies and are probably even using them, you might be thinking that you could use it everywhere. Well, sorry to disappoint you, but there are some countries in this world that have banned the use of cryptocurrencies. In fact, there are 125 out of 195 countries where cryptocurrency is legal but it is encouraged in only 54.

There can be many reasons for banning cryptocurrency in a country, one of the most important one being that they aren’t regulated by banks. Mostly for safety measures, some countries have banned the usage of cryptocurrencies while some simply don’t encourage it full-fledged.

In this article, we’ll take a look at the regulation of cryptocurrency in every country.

Countries Where Cryptocurrency is Legal and Used the Most

Mostly, cryptocurrencies are popularly used in the developed countries. Trading and mining in cryptocurrencies has become popular here and is therefore encouraged. The following have witnessed the maximum cryptocurrency trade last year:

  1. Nigeria
  2. Vietnam
  3. South Africa
  4. Turkey
  5. Peru
  6. Spain
  7. USA
  8. Germany
  9. Japan

Countries Where Cryptocurrency is Legal & Accepted

Most countries have accepted cryptocurrency for trading. Some of the developing countries are taking initiatives to regulate it too while in some its usage is increasing already. These include:

  1. Bermuda
  2. Canada
  3. Afghanistan
  4. Albania
  5. Brazil
  6. Argentina
  7. Venezuela
  8. Cuba
  9. Haiti
  10. Lesotho
  11. Anguilla
  12. Azerbaijan
  13. Belarus
  14. Australia
  15. Bulgaria
  16. Croatia
  17. Czech Republic
  18. Denmark
  19. Gibraltar
  20. Estonia
  21. Finland
  22. Guernsey
  23. France
  24. Italy
  25. Kazakhstan
  26. Uzbekistan
  27. Isle of Man
  28. Jersey
  29. India
  30. Indonesia
  31. Switzerland
  32. Philippines
  33. Ukraine
  34. Luxembourg
  35. Kuwait
  36. Israel
  37. Liechtenstein
  38. Norway
  39. Marshall Islands
  40. Malta
  41. Poland
  42. Slovakia
  43. Sweden
  44. UK
  45. Vanuatu

Countries Where Cryptocurrency is Unregulated or Discouraged but Not Illegal

There are still a lot of countries that do not recognize cryptocurrency to be a legal tender. These governments discourage its usage by issuing warnings while others neither have regulations nor any crypto users. These include:

  1. Austria
  2. Belize
  3. Chile
  4. Iceland
  5. Latvia
  6. Antigua & Barbuda
  7. Bahamas
  8. Barbados
  9. British Virgin Islands
  10. Cayman Islands
  11. Grenada
  12. Slovenia
  13. Macau
  14. Samoa
  15. Singapore
  16. South Korea
  17. Taiwan
  18. Thailand
  19. New Zealand
  20. Malaysia
  21. Bosnia and Herzegovina
  22. Mozambique
  23. Georgia
  24. Macedonia
  25. Swaziland
  26. Uganda
  27. Zambia
  28. Zimbabwe
  29. Moldova
  30. Montero
  31. Bahrain
  32. Egypt
  33. Kosovo
  34. Montserrat
  35. Portugal
  36. Jordan
  37. Armenia
  38. Romania
  39. Saint Kitts & Nevis
  40. Belgium
  41. Costa Rica
  42. Saint Lucia
  43. Ecuador
  44. El Salvador
  45. Saint Vincent & the Grenadines
  46. Guatemala
  47. Honduras
  48. Mexico
  49. Lebanon
  50. Morocco
  51. Oman
  52. Qatar
  53. Saudi Arabia
  54. UAE
  55. Ghana
  56. Kenya
  57. Dominica
  58. Dominican Republic
  59. Jamaica
  60. Hong Kong
  61. Trinidad & Tobago
  62. Cyprus
  63. Pakistan
  64. Brunei
  65. Tajikistan
  66. Greece
  67. Hungary
  68. Ireland
  69. Lithuania
  70. Netherlands
  71. Serbia

Countries Where Cryptocurrency is Banned and Illegal

Due to issues in security or struggles in the economy, there are some countries in the world that have imposed a strict ban on cryptocurrency. You can neither trade in them nor mine them here. These include:

  • Algeria
  • China
  • Bolivia
  • Iran
  • Russia
  • Colombia
  • Bangladesh
  • Iraq
  • Namibia
  • Kyrgyzstan
  • Nepal
  • Cambodia

Should You Trade in Cryptocurrency?

Even though you have most countries discouraging its trade in the world, there is no doubt there are crypto miners and traders who are making a fortune too. So, if your country encourages and regulates its trade in any way, you won’t be at a loss in trading them. However, this implies that you understand the market well as it is not totally risk-free.

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