Pythes

The alt world

Crypto regulations per country

Below a list of countries that have regulations or a ban on crypto exchanges:

Algeria 

Doesn’t support internet money.

In 2018, Algeria outlawed the use of cryptocurrencies. A translation of the law from Arabic defines cryptocurrency as: 

“A virtual currency is one used by internet users over the internet. It is characterized by the absence of physical support such as coins, paper money, or payments by check or credit card.” 

Bangladesh

Doesn’t support crypto.

Since 2017, Bangladesh has banned cryptocurrencies. The central bank warned against transactions in bitcoin. As it said these are illegal. As a result, trading with unnamed people may go against the country’s Money Laundering Prevention Act.

It asked citizens “to refrain from performing, assisting, and advertising all kind of transactions through virtual currencies like Bitcoin to avoid financial and legal damage.” 

Bolivia’s 

Active ban on cryptos.

Bolivia’s central bank banned any decentralized cryptocurrencies in 2014. It made provisions to allow those created by the government, however. This ruling was put in place to protect the national currency and protect investors. 

At the time, Bolivia was the only country in South America with an outright ban.

China

Continuing threat for crypto exchanges. Deleloping it’s own crypto currency, the Digital Yuan.

Egypt 

Cryptos are Haram.

Cryptocurrencies are not directly banned in Egypt. However, the Islamic legislator declared transactions with cryptocurrencies haram (prohibited) under Sharia law, in 2017. 

The Dar al-Ifta considers cryptocurrencies possibly damaging to national security and the economic health of Egypt. 

Ecuador 

has an active ban on crypto.

Ecuador quickly followed Bolivia, implementing an outright ban on decentralized currencies, later in 2014. 

In a vote in the National Assembly, the government amended the monetary and financial laws to allow for payments using “electronic money,” while prohibiting coins not controlled by the state. 

India

Continues with threat of crypto ban, not yet active.

India’s government has yet to pass anti-crypto regulations. However, a draft bill proposing the ban on private cryptocurrencies will soon go before the Indian parliament. One of the reasons is because it believes cryptocurrencies fund illegal activities. 

However, the government isn’t against digital currencies entirely. It is also looking at its own central bank digital currency (CBDC), the digital rupee. 

Nepal 

Trading crypto can mean jail.

Nepal banned cryptocurrencies in a 2017 notice by the Nepal Rastra Bank. 

Shortly after this notice, law enforcement arrested seven people for running a cryptocurrency exchange. At the time, they faced fines and possible jail time. Currently, the case is still pending. 

Nigeria

Active ban on crypto exchanges focussed on banks and financial institutions.

Nigeria doubled down on its crypto ban in February 2021. The largest cryptocurrency market in Africa has had a ban on banks and financial institutions providing on and off-ramp crypto services since 2017. 

In addition, the announcement even threatened to close bank accounts found using cryptocurrency exchanges.

Qatar

Prohibits banks from dealing with crypto. Qatar warned banks against trading in cryptocurrencies, in 2018. 

A circular from the Supervision and Control of Financial Institution Division at Qatar’s Central Bank warned banks not “deal with bitcoin, or exchange it with another currency, or open an account to deal with it, or send or receive any money transfers for the purpose of buying or sell this currency.” Those caught were told they will face penalties. 

South Korea

Not interested in privacy coins.

Cryptocurrencies are legal in South Korea, with some big players coming from the region. However, the country started 2021 by banning privacy coins like zcash (ZEC) and monero (XMR). The government told crypto exchanges in the country to delist the coins from March 21. 

The reasons for the ban are related to cybercrime syndicates and money laundering. As a result, the South Korean government considers the extent to which privacy coins provide anonymity a hindrance to law enforcement. 

Turkey

Ban on crypto payments. Government is actively trying to take down crypto trading platforms, as they consider crypto a risk to investors.

The central bank of Turkey enacted a ban on cryptocurrency payments. However, this move wasn’t a surprise, as the country had been tightening restrictions on the cryptocurrency exchanges over the last few months. 

Turkey’s reason for this ban is the lack of regulation and a central authority for the coins.

USA

Continuing threat for crypto ban, is thinking about own digital currency, the Digital Dollar.

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