Bitcoin will be illegal in india ? RBI cautions users of virtual currencies
Bitcoin will be legal or illegal in India ????? RBI cautions users of virtual currencies
Nishith Desai Associates is India’s leading international law firm. They have published above white paper which concludes that bitcoin is legal in India.
Top global bitcoin regulations
One of the most common questions or rather statement we get is “but bitcoin is not legal”. When we inform that bitcoin is legal and in fact regulated in an increasing number of countries, we can sense disbelief. So below we have mentioned the legal status of bitcoins in some countries with links.
USA
BITCOIN IS LEGAL AND REGULATED IN USA
Financial Crimes Enforcement Network (FinCEN), United States Department of the Treasury issues guidance on virtual currencies and regulatory responsibilities.
Global Advisors Bitcoin Investment Fund (GABI) is the first regulated bitcoin hedge fund to receive regulatory approval from the Jersey Financial Services Commission (JFSC). View article / View article / View article
New York State Department of Financial Services (NYSDFS) started issuing BitLicense to businesses related to virtual currency activities.
Coinbase launched the first regulated bitcoin exchange in the U.S.
Winklevoss brothers’ bitcoin exchange, Gemini, had been granted a license by the New York State Department of Financial Services.
EUROPEAN UNION
European Union’s top court, European Court of Justice, ruled that exchanging bitcoin should be exempt from value-added tax in the same way as traditional money.
Bitstamp to be the first fully licensed bitcoin exchange in Europe, w.e.f. July 1, 2016. It has been granted the license by Luxembourg Financial Industry Supervisory Commission (CSSF).
JAPAN
Japan has officially recognized bitcoin and digital currencies as money w.e.f April 1, 2017. Japan has a new law that will make bitcoins usable as legal tender.
SINGAPORE
Inland Revenue Authority of Singapore (IRAS) has issued tax guidelines for Bitcoins stating that businesses that choose to accept virtual currencies such as Bitcoins for their remuneration or revenue are subject to normal income tax rules. View article / View article
BITCOIN ETF
A bitcoin exchange-traded fund (ETF) is issued by the Bitcoin Investment Trust (BIT), owned and operated by Grayscale Investments, LLC. It trades with symbol GBTC, and is also known as BITShare.
PHILIPPINES
On 6 March 2014, Bangko Sentral ng Pilipinas (BSP) issued a statement on risks associated with bitcoin trading and usage. Recently virtual currencies were legalized and cryptocurrency exchanges are now regulated by Central Bank of the Philippines (Bangko Sentral ng Pilipinas) under Circular 944
To see the legal status of bitcoin in all countries, visit: https://coin.dance/poli#legalitybycountry