Bitcoin (BTC) is considered to be the first cryptocurrency to be issued under the term of representing a decentralized blockchain-based digital asset.
Created back in 2009 by an anonymous hacker or a group of hackers named Satoshi Nakamoto, Bitcoin is now widely used, around for almost 10 years now and ranked as the top crypto in the market
Although this is the case, and Bitcoin is running over 110 billion dollars in market cap, BTC is still not widely regulated across all countries in the world in the same manner.
Even though many countries marked BTC as a legal entity, there are many parts of the worlds where Bitcoin trading is considered illegal.
United States of America Bitcoin Legality: Yes
Bitcoin got a green light from the United States, as trading this digital asset is not set as illegal by the law. The Securities and Exchange Commission found proof that Bitcoin does not represent a security but rather currency, and FinCEN deemed it as legal.
FinCEN has been following up with Bitcoin on legality matters since 2013, so there are no laws prohibiting the trading of Bitcoin in the United States of America.
The European Union Bitcoin Legality: Yes
The European Union as a whole hasn’t yet issued any specific regulations or laws that would prohibit Bitcoin from being traded within the states that belong to the European Union.
That is how trading Bitcoin is legal in EU, while some countries like Bulgaria, Cyprus, United Kingdom, Germany, Belgium, and more have issued their own regulations all in favor of the top currency in the market, BTC.
Australia Bitcoin Legality: Yes
Bitcoin is a perfectly legal entity in Australia. That means that all activities regarding Bitcoin are allowed and legal in Australia.
Canada Bitcoin Legality: Yes
Canada says “Yes” to Bitcoin as far as the law is concerned, observing Bitcoin like any other entity that allows trading.
That means that Bitcoin is being regulated the same way as any other investment in Canada. However, this country is concerned about the possibility of money laundering when it comes to using Bitcoin.
That is why all Canadian Bitcoin exchanges have to report their records and suspicious transfers.
Countries Where Bitcoin is Illegal
Even though most of Europe said “Yes” to Bitcoin, with the United States, Australia, and Canada also applying similar rules on BTC, there are still countries that don’t trust Bitcoin.
Bitcoin is ruled as illegal by the Republic of China, where BTC as an entity is considered illegal and a threat to the economy.
Bitcoin is also illegal in Russia where trading BTC is strictly prohibited. Vietnam, Bolivia, Ecuador, and Columbia all claim that Bitcoin is illegal and not in any way welcome in these countries.
In some countries regulations are being imposed against Bitcoin mining as well, considering it to be an illegal activity.
Saudi Arabia is as well against Bitcoin, followed with entire Northern Africa. South Africa, Nigeria, Namibia, and Zimbabwe, all accept Bitcoin as legal on the other hand.