OCT 11, 2023
TOP 10 COUNTRIES WITH THE STRICTEST CRYPTOCURRENCY REGULATIONS
SEP 11, 2022
As a matter of fact, cryptocurrencies are not that welcome in all parts of the globe. There are some countries where holding and trading crypto is legal while somewhere the same is extremely unacceptable. If you are interested in knowing about the countries that have strict rules and regulations pertaining to the cryptocurrency market, you are at the right place. In this article, we will throw light on what are the top 10 countries with the strictest cryptocurrency regulations. Have a look!
There have been countless discussions in Russia pertaining to the legal status of cryptocurrency. The issue got intensified after the Bank of Russia filed a proposal for banning cryptocurrency mining and trading. The Bank stated that these digital currencies pose threats to the financial system of the economy. As of now, cryptocurrencies are banned from day-to-day payment methods in the country but their legal status still prevails.
China is yet another country to lay restrictions on cryptocurrencies in the year 2021. The country strongly believes that crypto mining harms the environment and promotes money laundering. China had put up a ban on cryptocurrencies in a phased manner wherein it first asked the financial institutions not to get engaged in any transaction involving cryptos. Later, it disallowed all the domestic mining agencies from operating.
If you are involved in any kind of cryptocurrency transaction whatsoever, you are against the law. The Algerian government passed a law in 2018, according to which, buying, selling, using, or simply holding cryptocurrencies in possession is strictly prohibited.
Dar al-Ifta, an Islamic body in Egypt, issued a religious law against Bitcoin, claiming that its use is “haram”, in the year 2018. The country’s banking laws are reflective of the same. And from the month of September 2020, Bitcoin trading can no longer be done without a Central Bank license.
One of the first countries to completely ban the use of Bitcoin is Bolivia. This Government had banned Bitcoin and a wide range of other cryptocurrencies in 2014. The country is quite clear with its view – “Cryptocurrencies cannot be trusted as an investment”.
Bangladesh has quite strict rules and regulations pertaining to the financial sector – be it prevention of money laundering or prohibition of cryptocurrencies. In this country trading in cryptocurrencies is deemed illegal and any person who is found doing so would be punishable by law.
Though the country’s Government does not exactly have anything against trading Bitcoin or holding them as assets, the State Bank of Vietnam claims that it is illegal to use Bitcoin and other cryptocurrencies for payments. If anyone fails to comply, a serious punishment would follow.
Nigeria is known to be the largest cryptocurrency market in Africa. However, the government here has banned financial institutions and banks to provide crypto-related services. What followed was all the banks that were found to use crypto regulations have been threatened with closure.
There was a time when the Turkish people made use of cryptos to hedge against inflation. However, in the year 2021, the country came up with a regulation to ban the usage of cryptocurrencies via its central bank. Eventually, a lot of cryptocurrency fraudsters were also arrested.
The country considers digital currency transactions to be an infringement on forex regulations. By this, we can picturise how strict Morocco is when it comes to cryptocurrency regulations. No wonder why Morocco makes it to the list of top 10 countries with the strictest cryptocurrency regulations.