Konstantin Kryvopust analyzed the legal status of cryptocurrency in the world

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There are already several thousand cryptocurrencies in the world, which confirms the popularity of this field of digital technologies. It grew to such an extent that many jurisdictions urgently took part in providing legal status to these virtual assets

Legality of cryptocurrencies in different countries

Cryptocurrency today significantly affects various social and economic processes in the world. This rapid development of digital money has led to the creation of a precedent. Some consider them a means of exchange, others consider them exclusively as a means of payment. International communities do not have a consensus on the legal aspect of this issue. By the way, the situation is similar with tokens.

There is no clear definition in the formal plane. This creates a great wave of discussion. The main issues concern the taxation of digital money and the licensing of the activities of exchangers that trade in it. Each country responds to them in its own way.

Currently, only in Japan, cryptocurrency is 100% considered a means of payment. The country was able to draw up a single set of rules for the use of this digital money. Established a strict taxation system. The largest banks in Japan have been actively working in this direction for years.

In the United States, cryptocurrency is more widely valued. For example, it is considered not only as a means of payment, but also as an analogue of traditional property / various exchange products. In Germany, they are considered a financial instrument. The country exempts from taxes people who participate in cryptocurrency exchanges involving Fiat Money.

These three countries are major players in the digital money industry. Also acting in this direction:

  • Israel;
  • Great Britain;
  • France;
  • Italy;
  • Spain;
  • UAE

They are already working on the legal basis of cryptocurrency. They understand that this technology is the future not only of the financial sphere, but also of other spheres of life. Dozens of other jurisdictions have also weighed in on the prospects for digital assets.

Author: Konstantin Kryvopust

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