Cryptocurrency regulation around the world varies significantly.
In some countries, cryptocurrency is completely banned, in others it may be recognised as money but not accepted as a currency.
Some countries even have laws on how cryptocurrency should be taxed and defined.
Many countries warn against their use but leave to people to decide. They point out how risky it is to trade or even own cryptocurrencies.
This may largely be down to them being aware only of the bad news surrounding cryptocurrency and are yet to see the full potential it has to offer.
Usually government regulation is slow to react to changes. It may take years for it to catch up with what cryptocurrency is capable of.
Different countries refer to cryptocurrency using different wording and they may also have a policy in place for different types of cryptocurrency.
Much of the cryptocurrency regulation in place already is designed around Bitcoin and not cryptocurrency in general.
Some criticise government intervention into cryptocurrency, saying that it will halt its growth too early.
Cryptocurrency regulation should be loose to let the industry grow, but tight enough to catch bad actors.
However, from a traders perspective, cryptocurrency regulation can be seen as a good thing because it means that you are more protected if things go wrong, theoretically.
In this article, we’ll look at every single country’s policy on cryptocurrency and we’ll also incorporate their safety rank from cointobuy.io.
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Cryptocurrency regulation around the world, every single country listed!
Africa
In much of Africa, cryptocurrency still operates in a grey area with not much cryptocurrency regulation yet in place.
However, some experts have noted that interest in cryptocurrency in Africa is strong. This is particularly true among people who work abroad and want to send money back home to family.
Often such people face hefty remittance fees.
Generally speaking, northern African countries are more likely to ban cryptocurrency and implement harsher laws and penalties for its use.
Contrarily, Sub-Saharan Africa remains largely unregulated with a few nations where cryptocurrency has a legal status.
Some of the lowest-ranking nations in terms of cryptocurrency adoption are based in Africa.
Algeria
Safety rank: 1.3
Algeria is extremely strict on cryptocurrencies, prohibiting all use within their country. Purchase, sale, use, and possession of cryptocurrencies is punishable by the law, since 2018.
It is highly advised that you do not conduct business with cryptocurrencies in Algeria.
Angola
Safety rank: 2.0
Angola isn’t seen as a great place to be involved in cryptocurrency as of 2019.
The status of Bitcoin and cryptocurrency at this time is controversial and there are no specific laws on cryptocurrency in Angola yet.
Three ICOs have banned people from taking part in ICOs from Angola.
Benin
Safety rank: 2.5
In Benin, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
Two ICOs have restricted people from Benin taking part.
Botswana
Safety rank: 2.5
In Botswana, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
Two ICOs have restricted people from Botswana taking part.
Burkina Faso
Safety rank: 2.0
In Burkina Faso, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
Two ICOs have restricted people from Burkina Faso taking part.
Burundi
Safety rank: 1.2
In Burundi, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
18 ICOs have restricted people from Burundi taking part, a significant number.
Cameroon
Safety rank: 2.1
In Cameroon, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
Two ICOs have restricted people from Cameroon taking part.
Cape Verde
Safety rank: 2.8
In Cape Verde, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
That said, no ICOs so far have banned people from Cape Verde taking part, which is a promising sign.
Central African Republic
Safety rank: 1.2
In the Central African Republic, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
17 ICOs have restricted people from the Central African Republic taking part, a significant number.
Chad
Safety rank: 2.4
In Chad, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
Two ICOs have restricted people from Chad taking part.
Comoros
Safety rank: 2.2
In Comoros, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
Two ICOs have restricted people from Comoros taking part.
Côte d'Ivoire
Safety rank: 1.3
In Côte d'Ivoire, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
Seven ICOs have restricted people from Côte d'Ivoire taking part, a significant number.
Democratic Republic of Congo
Safety rank: 2.8
In the Democratic Republic of Congo, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
However, no ICOs have restricted people from the Democratic Republic of Congo taking part, which is a good sign.
Djibouti
Safety rank: 2.0
In Djibouti, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
Two ICOs have restricted people from Côte d'Ivoire taking part.
Egypt
Safety rank: 2.3
In Egypt, the status of cryptocurrency is currently illegal. The Central Bank of Egypt has said that only paper notes issued by the central bank are legal tender.
Further to that, it also warned its citizens about the dangers of trading cryptocurrencies and Islamic legislators have said that cryptocurrency is prohibited under Islamic law.
Despite this, three ICOs have been launched from Egypt, though seven have banned Egyptians from joining.
Equatorial Guinea
Safety rank: 2.2
In Equatorial Guinea, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
Two ICOs have restricted people from Equatorial Guinea taking part.
Eritrea
Safety rank: 1.0
In Eritrea, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
24 ICOs have restricted people from Eritrea taking part, which is very severe. Eritrea’s ranking makes it not advised to conduct cryptocurrency-related businesses in their country.
Eswatini (formerly Swaziland)
Safety rank: 1.8
In Eswatini, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
The Central Bank of Swaziland has stated that cryptocurrencies do not enjoy legal-tender status and is not regulated, issuing a warning to those that decide to use it.
Two ICOs have restricted people from Eswatini taking part.
Ethiopia
Safety rank: 0.8
In Ethiopia, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
52 ICOs have restricted people from Ethiopia taking part, which is very severe and perhaps the highest on this list.
Ethiopia’s ranking makes it not advised to conduct cryptocurrency-related businesses in their country.
Gabon
Safety rank: 2.3
In Gabon, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
Two ICOs have restricted people from Gabon taking part.
Ghana
Safety rank: 2.5
In Gabon, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
Currently, the Bank of Ghana advises people not to involve themselves with cryptocurrency as such activities are not sanctioned by the government.
Two ICOs have restricted people from Gabon taking part, however, two have also been launched from the country as well.
Guinea
Safety rank: 1.4
In Guinea, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
Six ICOs have restricted people from Guinea taking part.
Guinea-Bissau
Safety rank: 1.6
In Guinea-Bissau, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
10 ICOs have restricted people from Guinea-Bissau taking part, though one has been launched from the country.
Kenya
Safety rank: 2.1
In Kenya cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
The Central Bank of Kenya has issued a public notice warning people to stay away from cryptocurrency, citing that they can be used for money laundering and terrorist financing.
Two ICOs have restricted people from Guinea-Bissau taking part, though two have been launched from the country.
Lesotho
Safety rank: 1.8
In Lesotho, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
The Central Bank of Lesotho has warned the public about the use of cryptocurrencies, citing the fact that they do not oversee them.
Lesotho does not recognise cryptocurrency as legal tender or even foreign currency. If people decide to trade cryptocurrency, they do so at their own risk.
Two ICOs have restricted people from Lesotho taking part.
Libya
Safety rank: 0.7
In Libya, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
37 ICOs have restricted people from Libya taking part, which is very severe.
Madagascar
Safety rank: 1.9
In Madagascar, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
Two ICOs have restricted people from Madagascar taking part.
Malawi
Safety rank: 1.5
In Malawi, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
Three ICOs have restricted people from Malawi taking part.
Mali
Safety rank: 1.0
In Mali, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
11 ICOs have restricted people from Mali taking part.
Mauritania
Safety rank: 2.0
In Mauritania, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
Two ICOs have restricted people from Mauritania taking part.
Mauritius
Safety rank: 2.9
In Mauritius, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
Two ICOs have restricted people from Mauritius taking part, however, eight have been launched, which is a good sign.
Morocco (including Western Sahara)
Safety rank: 0.9
In Morocco, cryptocurrency is illegal. The Moroccan Exchange Office has said that those who handle cryptocurrency can be fined or face penalties.
14 ICOs have restricted people from Morocco taking part.
Mozambique
Safety rank: 1.5
In Mozambique, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
The Mozambican Federal Reserve Bank has warned citizens that it does not regulate or supervise Bitcoin and it is not responsible for any impact it may have.
They also said that any companies or organisations that use Bitcoin are not regulated by them.
Three ICOs have restricted people from Mozambique taking part.
Namibia
Safety rank: 4.5
In Namibia, cryptocurrency is legal.
The Bank of Namibia has said that cryptocurrency is not considered legal and not regulated and that people that trade cryptocurrency do at their own risk.
Two ICOs have restricted people from Mozambique taking part.
Niger
Safety rank: 1.6
In Niger, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
Two ICOs have restricted people from Niger taking part.
Nigeria
Safety rank: 5.7
In Nigeria, cryptocurrency is legal.
Four ICOs have restricted people from Niger taking part, however, 23 ICOs have been launched in the country which is a good sign.
Republic of the Congo
Safety rank: 1.5
In the Republic of the Congo, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
14 ICOs have restricted people from the Republic of the Congo taking part, though one has taken place there.
Rwanda
Safety rank: 1.0
In Rwanda, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
Eight ICOs have restricted people from Rwanda taking part.
São Tomé and Príncipe
Safety rank: 1.7
In São Tomé and Príncipe, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
Two ICOs have restricted people from São Tomé and Príncipe taking part.
Senegal
Safety rank: 1.7
In Senegal, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
Two ICOs have restricted people from Senegal taking part.
Seychelles
Safety rank: 2.7
In Seychelles, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
While six ICOs have restricted people from Seychelles taking part, 40 are based there as well as one cryptocurrency exchange.
Sierra Leone
Safety rank: 1.0
In Sierra Leone, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
Eight ICOs have restricted people from Sierra Leone taking part, though one is based there.
Somalia
Safety rank: 0.3
In Somalia, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
49 ICOs have restricted people from Somalia taking part, which is very serious.
South Africa
Safety rank: 5.7
In South Africa, cryptocurrency is legal which is a huge plus, but they do not hold any status as a currency. Instead, they are viewed as assets.
Currently, cryptocurrency sits in a grey area where it is not regulated, however, some believe that in the future some form of cryptocurrency regulation may come into play.
There are 39 ICOs located in South Africa and two exchanges, however, seven ICOs have not been allowed to South Africans.
South Sudan
Safety rank: 0.6
In South Sudan, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
23 ICOs have restricted people from South Sudan taking part.
Sudan
Safety rank: 0.2
In South Sudan, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
77 ICOs have restricted people from South Sudan taking part. Sudan is one of the lowest-ranked countries in the world.
Tanzania
Safety rank: 0.9
In Tanzania, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
Nine ICOs have restricted people from Tanzania taking part, however, one ICO and one exchange are based there.
The Gambia
Safety rank: 2.0
In The Gambia, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
Two ICOs have restricted people from The Gambia taking part.
Togo
Safety rank: 1.5
In Togo, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
Two ICOs have restricted people from Togo taking part.
Tunisia
Safety rank: 0.2
In Tunisia, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
Two ICOs have restricted people from Tunisia taking part. Tunisia is the second-lowest ranked nation in terms of cryptocurrency adoption.
Uganda
Safety rank: 0.4
In Uganda, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
The Bank of Uganda has warned Ugandans that taking part in trading cryptocurrencies is very risky. Uganda has been particularly vocal towards the scam OneCoin.
25 ICOs have restricted people from Uganda taking part. Uganda is one of the lowest-ranked nations in terms of cryptocurrency adoption.
Zambia
Safety rank: 1.1
In Zambia, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
That said, the Zambia Securities and Exchange Commission while not banning cryptocurrency, has issued a warning to those interested, stating that cryptocurrencies are largely unregulated.
Three ICOs have restricted people from Zambia taking part.
Zimbabwe
Safety rank: 3.8
In Zimbabwe, cryptocurrency is legal.
That said, the Reserve Bank of Zimbabwe has said that cryptocurrency is not legal tender and remains unregulated.
The Reserve Bank of Zimbabwe also cited that cryptocurrency can be used for illegal purposes, such as money laundering and financing terrorism.
While 17 ICOs have restricted people from Zimbabwe taking part, two ICOs are located there.
Asia
Asia is a very complicated continent to summarise because it is so diverse and so large. Because of this, some nations can be very different in how far they can come to accepting cryptocurrency.
Afghanistan
Safety rank: 2.0
In Afghanistan, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
38 ICOs have restricted people from Afghanistan taking part, though five ICOs are located there.
Bahrain
Safety rank: 2.9
In Bahrain, cryptocurrency, particularly Bitcoin is illegal, however, citizens can invest in cryptocurrency outside the country.
The Central Bank of Bahrain has also cited that no financial institutions recognise Bitcoin.
No ICOs have restricted people from Bahrain taking part.
Bangladesh
Safety rank: 2.7
In Bangladesh, cryptocurrency is illegal as it can be used for money laundering or financing terrorism.
Supposedly, police forces within Bangladesh have had meetings on hunting down those that use cryptocurrency. Those caught may face legal consequences.
28 ICOs have restricted people from Bangladesh taking part, though one is located there.
Bhutan
Safety rank: 2.6
In Bhutan, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
Two ICOs have restricted people from Bhutan taking part.
Brunei
Safety rank: 2.6
In Brunei, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
So far, Central Bank of Brunei, Autoriti Monetari Brunei Darussalam has only advised citizens extreme caution when dealing with cryptocurrencies.
Two ICOs have restricted people from Brunei taking part.
Cambodia
Safety rank: 4.1
In Cambodia, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
For the meantime, Cambodia has asked banks to prevent people making transactions with cryptocurrency, however, it is not strictly illegal to own cryptocurrency.
Interestingly, The National Bank of Cambodia has signed an agreement with a Japanese company to create a blockchain-based technology for interbank transactions.
Four ICOs have restricted people from Brunei taking part, though three are located there.
China
Safety rank: 6.0
In China, the legality of cryptocurrency is very complicated. Some areas related to cryptocurrency are flourishing while other areas are banned or restricted.
Most of the restrictions in place are to weed out money laundering and ‘bad actors’.
Largely, China seems to want to have complete control over cryptocurrency. Anything that seems to threaten this control is viewed as suspicious.
The People’s Bank of China is creating their own cryptocurrency that will replace the yuan, however, little is known about what this will look like.
Some of the biggest mining pools are based in China as well as a number of big cryptocurrency projects.
Despite the harsh restrictions on ICOs, 50 are still located in China as well as 19 exchanges.
Hong Kong
Safety rank: 6.7
In Hong Kong, cryptocurrency is legal and regarded as a ‘virtual commodity’, and is a lot more relaxed in comparison to mainland China.
However, cryptocurrency is not regulated but there are plans to regulate it in the future mostly out of concern about money laundering and illicit activities.
Despite the above, Hong Kong’s Securities and Futures Commission has issued a warning to potential investors dealing with ICOs and some have been regulated and defined as securities.
31 ICOs have been restricted to people in Hong Kong, however, 149 are located there as well as nine exchanges.
India
Safety rank: 4.5
In India, cryptocurrencies are not classed as legal tender, however, there is no legal framework in place to regulate them, though cryptocurrency regulation may be put into place soon.
The Reserve Bank of India has issued warnings to Indian citizens over their use and has issued notifications prohibiting banks, lenders and other financial institutions from dealing with cryptocurrencies.
Meanwhile, the Indian government has recognised the benefits of blockchain technology and is looking to explore how it can be used.
While 13 ICOs are restricted in India, 49 ICOs are based there and two exchanges are located there.
Indonesia
Safety rank: 4.2
In Indonesia, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
Indonesia’s central bank, Bank Indonesia, has stated that cryptocurrencies are not seen as legal tender and therefore not allowed to be used as payment in Indonesia.
However, this does not mean that people do not use it.
Nine ICOs have restricted people from Indonesia taking part, though 16 are located there as two exchanges.
Iran
Safety rank: 2.5
In Iran, financial institutions and banks are prohibited from handling cryptocurrencies, this is largely to combat money laundering.
That said, there is no formal law on individuals handling cryptocurrencies.
Some have suggested that taking up cryptocurrencies may be very beneficial to Iran as it will be able to overcome US sanctions.
191 ICOs have restricted people from Iran taking part.
Iraq
Safety rank: 0.6
In Iraq, cryptocurrencies are completely illegal and users can be punished by anti-money laundering laws.
78 ICOs have restricted people from India taking part.
Israel
Safety rank: 5.7
In Israel, cryptocurrency is legal and is classed as a financial asset and anyone who seeks to provide services related to cryptocurrency in Israel needs to obtain a license.
The Bank of Israel, however, has warned the public against dealing with cryptocurrencies because of the dangers associated with them, such as fraud, money laundering and financing terrorism.
The Bank of Israel also stated that it does not class cryptocurrency as actual currency and that it was difficult to devise cryptocurrency regulation to monitor the risks related to it.
Cryptocurrency in Israel is subject to capital gains tax and the tax authority requires documentation of your trades.
12 ICOs have been restricted to Israelis, however, 33 are located there and one exchange.
Japan
Safety rank: 6.3
In Japan, cryptocurrency is legal and Bitcoin is recognised as legal tender but not as a currency and cryptocurrency businesses are regulated.
Because of the way cryptocurrencies are classed it appears that banks and securities institutions are not allowed to deal with them.
Supposedly, Japan is the world’s largest Bitcoin market and is generally friendly towards investors. The future looks good for cryptocurrency in Japan.
That said, anonymous cryptocurrencies such as Monero and Zcash still operate in a grey area.
Income earned from trading cryptocurrency is regarded as miscellaneous income and not capital gains.
44 ICOs have been restricted to people in Japan and 44 ICOs are based there as well as nine exchanges.
Jordan
Safety rank: 2.8
In Jordan, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
The Central Bank of Jordan has warned against their use and stated that they are not regarded as legal tender.
Six ICOs have been restricted in Jordan.
Kuwait
Safety rank: 2.7
In Kuwait, cryptocurrency is still a controversial issue and the Ministry of Finance does not recognise cryptocurrencies for official commercial transactions.
Further to that, the Central Bank of Kuwait prohibits the banking sector from trading cryptocurrencies. That said, there is no specific cryptocurrency regulation for individuals.
However, the Central Bank of Kuwait also said that it is in the process of creating its own ‘e-currency’ which will be monitored by the Kuwaiti government.
No ICOs have been restricted in Kuwait and one ICO is located there.
Kyrgyzstan
Safety rank: 4.4
In Kyrgyzstan, cryptocurrency is legal and the National Bank does not want to impede its development and no cryptocurrency regulation is yet in place.
However, they have stated that citizens that trade cryptocurrency do at their own risk.
10 ICOs have restricted people from Kyrgyzstan from taking part, however, one ICO is based there.
Laos
Safety rank: 1.3
In Laos, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
10 ICOs have been restricted in Laos, however, one ICO is located there.
Lebanon
Safety rank: 3.8
In Lebanon, cryptocurrency is legal, however, it is still regarded as dangerous as it is unregulated.
Interestingly, the Banque du Liban has stated that it will create its own ‘cybercurrency’, noting its importance in the future, and will be directly monitoring its use.
24 ICOs have restricted people in Lebanon from taking part, though one is based there.
Macau
Safety rank: 1.4
In Macau, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
The Monetary Authority of Macau has warned the financial industry and the public about the dangers of cryptocurrency, citing that it can be used for money laundering and financing terrorism.
Four ICOs have been restricted in Macau.
Malaysia
Safety rank: 5.4
In Malaysia, cryptocurrency is legal though it is not recognised as legal tender.
The public is advised by Bank Negara Malaysia to be cautious of the risks associated with cryptocurrency and ICOs.
Most cryptocurrency regulation in Malaysia focuses on exchanges which must identify and verify individuals who use them.
Eight ICOs have restricted people from Malaysia taking part, however, 20 are located there.
Maldives
Safety rank: 2.3
In the Maldives, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
One ICO has banned people from the Maldives from taking part.
Mongolia
Safety rank: 2.2
In Mongolia, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
Two ICOs have banned people from Mongolia from taking part, though one is located there.
Myanmar
Safety rank: 0.7
In Myanmar, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
26 ICOs have banned people from Myanmar from taking part.
Nepal
Safety rank: 0.8
In Nepal, cryptocurrency is illegal. In 2017, police arrested seven people for allegedly running a Bitcoin exchange.
20 ICOs have restricted people from Nepal taking part.
North Korea
Safety rank: 1.6
In North Korea, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
Two ICOs have banned people from North Korea from taking part.
Oman
Safety rank: 1.8
In Oman, cryptocurrency is still a controversial issue and there is not yet any formal cryptocurrency regulation put in place.
The Central Bank of Oman has declared that there are no guidelines in place for cryptocurrencies and that citizens should be cautious.
Two ICOs have banned people from Oman from taking part, though one is located there.
Pakistan
Safety rank: 1.4
In Pakistan, cryptocurrency is currently illegal and the government has launched operations against individuals who use it.
The Federal Board of Revenue is investigating if cryptocurrency can be used for tax evasion and money laundering.
Despite all the above, no specific laws have been put into place regarding cryptocurrencies yet.
26 ICOs have restricted people from Pakistan taking part, though two are based there as well as one exchange.
Palestine
Safety rank: 2.3
In Palestine, cryptocurrency is still controversial and there isn’t yet any cryptocurrency regulation in place.
No ICOs have restricted people from Palestine.
Philippines
Safety rank: 5.5
In the Philippines, cryptocurrency is legal but is not classified as legal tender.
Services that conduct business with cryptocurrency must be registered with the Bangko Sentral ng Pilipinas - the central bank of the Philippines. Companies that do not can face penalties.
Six ICOs have been banned in the Philippines, though 16 are located there as well as one exchange.
Qatar
Safety rank: 2.1
In Qatar, cryptocurrency is illegal and banks are forbidden to do business with cryptocurrencies.
The Supervision and Control of Financial Institution Division at Qatar’s Central Bank has also stated that trading cryptocurrencies involves high risk and volatility, and can be used to facilitate crimes.
One ICO has been restricted from people in Qatar from taking part.
Russia
Safety rank: 6.6
In Russia, cryptocurrency is legal and does not recognise them as foreign currency.
Exchange of cryptocurrency for Russian rubles is only allowed through licensed operators.
Mining is treated as an entrepreneurial activity and because of this can be taxed, and only qualified investors are allowed to participate in ICOs.
Some believe that Russia is likely to impose harsh laws on cryptocurrency or maybe even ban it in the near future.
Eight ICOs have restricted people from Russia from taking part, though 318 are located there and seven exchanges.
Saudi Arabia
Safety rank: 3.6
In Saudi Arabia, cryptocurrency is still controversial and there is not yet any cryptocurrency regulation in place.
The Saudi Arabian Monetary Agency has warned citizens on the dangers of cryptocurrency as it is not regulated or supported by any authority.
Despite this, the Saudi Arabian Monetary Agency is piloting a project to create a digital version of the Riyal (Saudi Arabia’s currency), but it will only be used among banks.
Three ICOs have been restricted for people living in Saudi Arabia.
Singapore
Safety rank: 5.6
In Singapore, cryptocurrency is legal and ICOs are regulated by the Monetary Authority of Singapore, when considered to be securities.
However, cryptocurrencies themselves are not technically regulated, though the government does not have a problem with people and businesses using cryptocurrencies to make transactions with one another.
Regulation of ICOs is largely in place to prevent money laundering and terrorist financing.
243 ICOs have been restricted to people in Singapore, however, 471 are based there as well as four exchanges.
South Korea
Safety rank: 5.1
In South Korea, cryptocurrency is legal, however, some of the regulations of how cryptocurrency can be handled is quite rigid.
Cryptocurrency regulation is largely in place to spot potential illicit transactions, but in most cases, people can make transactions with cryptocurrency without worry.
That said, in 2018, the chief of South Korea’s Financial Supervisory Service has said that the government would support cryptocurrency trading and encourages financial institutions to conduct transactions with cryptocurrency.
It should also be pointed out that interest in cryptocurrency in South Korea is huge. It is estimated that up to 30% of the overall cryptocurrency market is contributed by South Korea.
120 ICOs have restricted people from South Korea taking part, however, 20 are located there as well as five exchanges.
Sri Lanka
Safety rank: 0.8
In Sri Lanka, cryptocurrency is still controversial and there is not yet any cryptocurrency regulation in place.
47 ICOs have restricted people from Sri Lanka taking part, though two ICOs are based there.
Syria
Safety rank: 1.0
In Syria, cryptocurrency is still a controversial topic and there isn’t yet any cryptocurrency regulation in place.
Five ICOs have restricted people from Syria from taking part.
Taiwan
Safety rank: 3.6
In Taiwan, cryptocurrencies are regarded as ‘highly speculative virtual commodities’ and tokens involved in ICOs are regarded as securities.
Taiwan’s Financial Supervisory Commission prohibited banks and financial institutions from using cryptocurrency or cryptocurrency-related services.
15 ICOs have been restricted to people living in Taiwan, however, 19 are located there and two exchanges.
Tajikistan
Safety rank: 1.1
In Tajikistan, cryptocurrency is still controversial and there is not yet any formal cryptocurrency regulation in place.
The National Bank of Tajikistan has warned the public about using cryptocurrency, stating that it is vulnerable to cyberattacks, and can be used for money laundering and terrorist financing.
Three ICOs have restricted people from Tajikistan from taking part.
Thailand
Safety rank: 3.8
In Thailand, cryptocurrencies are largely regarded as legal and there is some form of cryptocurrency regulation in place.
Most regulation is in regards to cryptocurrency exchanges and ICOs. Thailand is also seeking to claim capital gains tax from cryptocurrencies as well.
Businesses that handle cryptocurrency transactions would also have to be registered with the relevant authorities.
Eight ICOs have been restricted from people in Thailand, however, 21 ICOs are located there and one exchange.
Timor-Leste
Safety rank: 1.9
In Timor-Leste, cryptocurrency is still controversial and there is not yet any cryptocurrency regulation in place.
One ICO has been restricted in Timor-Leste.
Turkmenistan
Safety rank: 1.9
In Turkmenistan, cryptocurrency is still controversial and there is not yet any cryptocurrency regulation in place.
Two ICOs have been restricted in Turkmenistan.
Turkey
Safety rank: 6.0
In Turkey, cryptocurrency is legal and not regulated.
So far the government seems more interested in gaining revenues from cryptocurrencies than banning them.
Interestingly, the Turkish government has drafted what they call ‘Turkcoin’ which may one day be a national cryptocurrency.
Two ICOs have been restricted to people in Turkey, though 14 are based there and one exchange.
United Arab Emirates
Safety rank: 6.8
In the United Arab Emirates, while there isn’t strictly any cryptocurrency regulation on cryptocurrencies, it can be difficult to get a hold of as many banks do not want to work with businesses working with cryptocurrency.
So far, the country seems to be quite favourable towards cryptocurrency and cryptocurrency appears to be legal.
56 ICOs are located in the United Arab Emirates.
Uzbekistan
Safety rank: 4.0
In Uzbekistan, cryptocurrency is legal and cryptocurrency regulation is slowly coming into place.
However, the Central Bank of Uzbekistan has expressed the belief that cryptocurrency may be used to finance terrorism and other criminal activities and therefore should not allow cryptocurrency transactions to take place.
Three ICOs have restricted people from Uzbekistan from taking part.
Vietnam
Safety rank: 3.2
In Vietnam, cryptocurrency is technically outlawed and users found violating this can be fined. However, it appears that cryptocurrency regulation may soon be put into place
23 ICOs have been restricted to people in Vietnam, though nine ICOs are located there and three exchanges.
Yemen
Safety rank: 0.1
In Yemen, cryptocurrency is still a controversial issue and there is no cryptocurrency regulation yet in place.
60 ICOs have been restricted to people based in Yemen. Yemen ranks the lowest in terms of cryptocurrency adoption.
Europe
In general, most of Europe is friendly towards cryptocurrency with a few microstates and countries in the eastern half that do not have much in the way of cryptocurrency regulation.
Although the EU has a policy on cryptocurrency, not every country within the European Union has the same laws on usage and taxation.
Europe is perhaps the most regulated continent at the moment, but cryptocurrency regulation can vary significantly depending on how cryptocurrency is defined.
Andorra
Safety rank: 3.6
In Andorra, cryptocurrency is still a controversial issue and there is not yet any cryptocurrency regulation in place.
Three ICOs are based in Andorra.
Albania
Safety rank: 2.9
In Albania, cryptocurrency is still a controversial issue and there is not yet any cryptocurrency regulation in place.
The Bank of Albania has cited that due to the anonymity of cryptocurrency, it could be used for criminal activities, such as money laundering, financing terrorism and smuggling.
One ICO has restricted people from Albania taking part.
Armenia
Safety rank: 2.5
In Armenia, cryptocurrency is still a controversial issue and there is not yet any cryptocurrency regulation in place.
For the time being, the government of Armenia has decided that it is not advisable to adopt any law on cryptocurrency as most leading countries are advising not to use them.
Two ICOs are located in Armenia.
Austria
Safety rank: 7.2
In Austria, cryptocurrency is legal though it is classed as neither a legal tender or as a financial instrument.
Instead, the Austrian Ministry of Finance classes cryptocurrencies as ‘other (intangible) commodities’.
Mining should also be treated as any other product of goods and transactions from cryptocurrency to fiat are not taxed.
It looks like that in the future there may be more cryptocurrency regulation in place.
Austria, like many other nations, has warned its citizens about the dangers of investing in cryptocurrencies.
One ICO has been restricted for people in Austria taking part, however, 20 are located there as well as one exchange.
Azerbaijan
Safety rank: 2.9
In Azerbaijan, cryptocurrency is still a controversial issue and there isn’t yet any cryptocurrency regulation in place.
However, it does seem that the Azerbaijan government is looking at ways to regulate cryptocurrency.
One ICO is located in Azerbaijan.
Belarus
Safety rank: 5.6
In Belarus, it is legal to buy, sell and mine cryptocurrency.
ICOs and cryptocurrency exchanges are yet to have any regulation in place. They will regulate themselves for now.
Income made from mining and other cryptocurrency operations is tax-free until 2023, though certain businesses are expected to have sufficient capital.
16 ICOs have restricted people from Belarus from taking part, though 17 are located there.
Belgium
Safety rank: 7.0
In Belgium, cryptocurrency is legal and unregulated, but they are not considered legal tender.
Regulation is likely to come into place at some point in the future, though currently, Belgium doesn’t see cryptocurrency regulation as that important as the market is still very small.
That said, they have noted that there are problems related to money laundering.
13 ICOs are located in Belgium.
Bosnia and Herzegovina
Safety rank: 4.6
In Bosnia and Herzegovina, cryptocurrency is legal.
However, the Central Bank of Bosnia and Herzegovina has said that the only currency of the nation is the convertible mark and cryptocurrency cannot be exchanged for it.
As of today, the government has no plans to regulate cryptocurrency.
21 ICOs are restricted to people in Bosnia and Herzegovina, however, two are located there.
Bulgaria
Safety rank: 7.4
In Bulgaria, cryptocurrency is legal.
Tax authorities have stated that individuals who earn from selling cryptocurrency must pay tax, though there are no licensing requirements for people buying, selling or paying with cryptocurrency.
Bulgaria has supposedly confiscated enough Bitcoin to pay off a large chunk of its national debt. So much in fact that it has more Bitcoin than gold reserves.
34 ICOs are located in Bulgaria and one exchange.
Croatia
Safety rank: 6.8
In Croatia, cryptocurrency is legal, though the government has warned that people use cryptocurrency at their own risk and may have to pay taxes.
Nine ICOs are located in Croatia.
Cyprus
Safety rank: 7.5
In Cyprus, cryptocurrency is legal and in 2014 declared that cryptocurrency is legal tender.
Currently, there is no regulation in place for buying, selling and owning cryptocurrency and it looks like there are no plans to put any kind of regulation in place, including tax.
Cyprus is a very popular nation for ICO organisers and blockchain companies.
45 ICOs are located in Cyprus and one exchange.
Czech Republic
Safety rank: 7.5
In Czechia, cryptocurrency is legal and is regarded as a commodity rather than a currency.
The Czech National Bank has said that it neither wants to hinder the development of cryptocurrency or promote it.
42 ICOs are located in Czechia and one exchange.
Denmark
Safety rank: 6.7
In Denmark, cryptocurrency is legal and there are currently no laws or regulations on cryptocurrency.
Cryptocurrencies profits and losses from investing are tax-deductible, though mining is exempt from VAT.
ICOs are largely unregulated, however, they may be regulated by the Financial Supervisory Authority, if they are conducted in a certain way.
Eight ICOs are located in Denmark.
Estonia
Safety rank: 6.5
In Estonia, cryptocurrency is legal and cryptocurrency regulation is very relaxed.
That said, Estonia has updated its money laundering laws to include cryptocurrencies and businesses that handle more than 1,000 euros a month must be identified.
Further to that, businesses that handle cryptocurrency must have a license.
Estonia even tried to launch its own ICO for Estcoin, however, the EU would not declare it legal tender.
Four ICOs have restricted people from Estonia from taking part, though 241 ICOs are located in Estonia.
Finland
Safety rank: 6.5
In Finland, cryptocurrency is legal and there appears to be no plans to introduce any regulation at this point, though income tax is applicable to those that hold cryptocurrency.
Interestingly, Finnish Customs may auction off Bitcoins used for drug-related crimes. Supposedly, they have €19 million worth.
Five ICOs are located in Finland.
France
Safety rank: 7.8
In France, cryptocurrency is legal and they began putting together legislation back in 2014 and so far has been very friendly towards cryptocurrency companies.
That said, France has still issued warnings on the dangers of trading cryptocurrencies.
France is the highest-ranked nation on this list. Along with Germany, France has asked that cryptocurrencies be discussed at G20 so cryptocurrency regulation can be more coordinated on an international level.
More cryptocurrency regulation may come into place later as France investigates more about how cryptocurrency and blockchain technology can be used.
One ICO has restricted people in France from taking part, however, 63 ICOs are located there and one exchange.
Germany
Safety rank: 6.5
In Germany, cryptocurrency is legal and classed as a financial instrument.
Companies that distribute cryptocurrencies are required to be authorised by the German Federal Financial Supervisory Authority and ICOs will be looked at on a case-by-case basis.
It also appears that for now, Germany is not taxing cryptocurrencies because they do not fully encompass their definition of money.
Five ICOs have restricted people from Germany taking part, however, 100 are based there and one exchange.
Georgia
Safety rank: 4.0
In Georgia, cryptocurrency is still a controversial topic and there is not yet any cryptocurrency regulation in place and currently, cryptocurrency is not regarded as legal tender.
So far the National Bank of Georgia has urged people to be cautious when dealing with cryptocurrencies.
18 ICOs are located in Georgia.
Greece
Safety rank: 6.5
In Greece, cryptocurrency is legal, though the government has echoed warnings from European supervisory authorities on the dangers of trading cryptocurrency.
Five ICOs have been launched from Greece.
Guernsey
Safety rank: 2.6
In Guernsey, there is not yet any solid cryptocurrency regulation in place.
Guernsey Financial Services Commission has stated that it may reject some companies to register as financial services if they deal with cryptocurrency.
There are not ICOs located in Guernsey.
Hungary
Safety rank: 6.4
In Hungary, cryptocurrency is legal, though it has warned its citizens over the dangers of trading cryptocurrency.
Four ICOs are located in Hungary.
Iceland
Safety rank: 5.2
In Iceland, cryptocurrency appears to be legal, though the government’s stance has been a little unclear in the past.
Income from cryptocurrency is taxable. The Icelandic government is looking at ways to tax earnings from mining based on energy consumption.
Six ICOs have restricted people from Iceland taking part, though three are located there as well as one exchange.
Isle of Man
Safety rank: 3.7
In the Isle of Man, there is some cryptocurrency regulation in place and ICOs need to adhere to anti-money laundering laws.
Many businesses accept payment in Bitcoin, earning the island the nickname ‘Bitcoin Island’. Such businesses are regulated by the Isle of Man Financial Services Authority.
The Isle of Man is also one of the first government in the world to use blockchain technology to store data. It also amended its gambling laws to include cryptocurrency.
12 ICOs are located in the Isle of Man.
Ireland
Safety rank: 6.9
In Ireland, cryptocurrency is legal, though it does seem the nation has a bit of a wait-and-see approach.
Capital gains tax is applicable to cryptocurrency transactions, but only when an individual profits from the transaction.
In regards to ICOs, if an ICO is viewed as transferable security, it will be regulated.
Interestingly, Ireland has created Irishcoin, a cryptocurrency to help its tourism industry and is accepted in some parts of the country.
One ICO has restricted people from Ireland taking part, though 28 are located there.
Italy
Safety rank: 6.8
In Italy, cryptocurrency is legal.
Profits and losses from trading cryptocurrency can be taxed, though those that hold cryptocurrency are not subject to tax.
One ICO has restricted people from Italy from taking part, though 20 are based there.
Jersey
Safety rank: 2.8
In Jersey, it appears that cryptocurrency is largely accepted, and the government wants to implement friendly cryptocurrency regulation.
Largely, they see regulation as only important to prevent money laundering and terrorist financing. They do not want to be overly burdensome at this point which could stifle innovation.
One ICO is located in Jersey.
Kosovo
Safety rank: 2.0
In Kosovo, cryptocurrency is still a controversial issue and there is not yet any cryptocurrency regulation in place.
One ICO has restricted people from Kosovo from taking part.
Latvia
Safety rank: 3.2
In Latvia, cryptocurrency is still a controversial issue, though there is some cryptocurrency regulation in place. Technically, it appears to be legal to own and traded, however, it is not viewed as legal tender.
Latvia has also updated its money laundering laws to include cryptocurrencies.
Two ICOs have restricted people from Latvia from taking part, though 26 are located there.
Liechtenstein
Safety rank: 3.7
In Liechtenstein, there is not yet any solid cryptocurrency regulation yet and appears to still be defining what legislation should regulate them.
ICOs may be regulated as financial instruments if they are defined in such a way.
14 ICOs are located in Liechtenstein.
Lithuania
Safety rank: 6.9
In Lithuania, the Bank of Lithuania has advised that financial services must be disassociated with cryptocurrency and not provide services to them or with them.
Despite this, Lithuania has plans to create the world’s first digital collector which will most likely use blockchain technology.
33 ICOs are located in Lithuania.
Luxembourg
Safety rank: 6.5
In Luxembourg, cryptocurrency is legal, though there is little in the way of cryptocurrency regulation.
Meanwhile, Luxembourg’s Financial Sector Monitoring Commission has issued a warning on the risks involved with cryptocurrency.
However, Luxembourg does seem to accept cryptocurrency as currency and businesses that operate with cryptocurrency are bound by the same laws as other financial institutions.
One ICO has restricted people from Luxembourg taking part, though 11 are located there.
Malta
Safety rank: 7.4
Nicknamed ‘Blockchain Island’, Malta is one of the most liberal countries in cryptocurrency regulation and cryptocurrency is completely legal.
The Maltese government is very positive about cryptocurrency and blockchain technology, though more regulation is likely to come, however, it is believed that it will be friendly to cryptocurrency.
Most recently Binance, one of the world’s largest cryptocurrency exchanges, relocated there from Japan.
84 ICOs are located in Malta and two exchanges.
Moldova
Safety rank: 1.2
In Moldova, cryptocurrency is still controversial and there is not yet any cryptocurrency regulation in place. So far, the government has advised caution when using them.
In the breakaway region of Transnistria, mining has been legalised and appears to be keen to help miners develop within their borders.
Six ICOs have been restricted to people in Moldova.
Monaco
Safety rank: 3.0
In Monaco, cryptocurrency is still a controversial issue and there is not yet and cryptocurrency regulation in place.
Two ICOs are located in Monaco.
Montenegro
Safety rank: 2.2
In Montenegro, cryptocurrency is still a controversial issue and there is not yet any cryptocurrency regulation in place.
One ICO has restricted people from Montenegro from taking part, though one ICO is based there.
Netherlands
Safety rank: 7.3
In the Netherlands, cryptocurrency is legal and supposedly up to 500,000 households have cryptocurrency in the Netherlands.
The Netherlands seems to understand cryptocurrency quite well and De Nederlandsche Bank has even experimented with what it calls DNBcoin.
Regulation will likely come into place soon, though it is believed that it will be favourable.
95 ICOs are located in the Netherlands and one exchange.
North Macedonia
Safety rank: 4.7
In North Macedonia, while cryptocurrency is legal, it is problematic to get hold of.
The National Bank of Macedonia has said that Macedonians are not allowed to have bank accounts or own securities from abroad, which to them means they are not allowed cryptocurrency.
Nine ICOs have restricted people from Macedonia taking part, though two are based there.
Norway
Safety rank: 5.3
In Norway, cryptocurrency is legal though they are not recognised.
Cryptocurrency is taxed as capital gains, though losses are deducted, and the sale of cryptocurrency is exempt from VAT.
Four ICOs have restricted people from Norway taking part, though nine ICOs are located there.
Poland
Safety rank: 6.9
In Poland, cryptocurrency is legal though they are not considered legal tender.
Cryptocurrency is subject to income tax and the transfer of cryptocurrency is seen as a transfer of property and so a 1% levy must be paid.
Worryingly, Prime Minister Morawiecki has said in 2018 that either they will ban cryptocurrency or develop regulation for it.
36 ICOs are based in Poland and one exchange.
Portugal
Safety rank: 6.1
In Portugal, cryptocurrency is legal and there is not yet any regulatory framework in place.
However, the Federal Reserve Bank of Portugal has advised caution using cryptocurrency because of the lack of regulation.
Six ICOs are located in Portugal.
Romania
Safety rank: 6.7
In Romania, cryptocurrency is legal though Romania’s National Bank has discouraged financial institutions from dealing with cryptocurrency.
Because of this several cryptocurrency exchanges were closed down.
Income from cryptocurrency is taxable in Romania.
25 ICOs are located in Romania.
San Marino
Safety rank: 2.1
In San Marino, cryptocurrency is still a controversial issue and there is not yet any cryptocurrency regulation in place.
There are no ICOs located in San Marino.
Serbia
Safety rank: 1.3
In Serbia, cryptocurrency is not considered legal tender and there is no regulation in place yet, though it has said it is willing to work with other nations to put regulations into place.
29 ICOs have restricted people from Serbia from taking part, though seven are located there.
Slovakia
Safety rank: 5.6
In Slovakia, cryptocurrency is legal, and the Ministry of Finance has said that income from cryptocurrency must be taxed.
Cryptocurrency is considered short-term financial assets rather than money and purchasing cryptocurrency is also taxable.
One ICO is restricted to people in Slovakia, though four are located there.
Slovenia
Safety rank: 7.6
In Slovenia, cryptocurrency is legal and there is not much in the way of cryptocurrency regulation yet.
Businesses that are involved in mining or use cryptocurrencies as a method of payment are subject to tax.
In 2018, the Bank of Slovenia warned the public about the dangers of cryptocurrency and shortly after some banks stopped selling cryptocurrency at ATMs.
It should also be mentioned that the governor of the Bank of Slovenia is also in charge of financial stability board which could be a conflict of interest.
44 ICOs are located in Slovenia.
Spain
Safety rank: 6.5
In Spain, cryptocurrency is legal and profits from transactions are taxable though exempt from VAT.
That said, Spain has still warned investors about the dangers that come with cryptocurrencies.
One ICO has restricted people from Spain taking part, though 37 ICOs are located there and one exchange.
Sweden
Safety rank: 6.0
In Sweden, cryptocurrency is legal and are regulated by the Swedish Financial Supervisory Authority, though they are not regarded as money.
Generally speaking, cryptocurrency mining is tax-exempt, and cryptocurrency is exempt from VAT.
Interestingly, Sweden has been exploring the idea of launching an ‘e-currency’, though it is still in the early stages.
Another interesting thing happening in Sweden is that the government has started seizing cryptocurrency from those with debts.
One ICO has restricted people from Sweden from taking part, though 11 are located there and one exchange.
Switzerland
Safety rank: 6.3
In Switzerland, cryptocurrency is legal and is in relatively good standing.
In Zug and Tucino, payments in cryptocurrency are legal, even for government agencies, and there is currently no regulation on ICOs, however, in some cases, a banking license may be needed.
Switzerland is known as one of the most cryptocurrency-friendly nations in the world. It has led the Ethereum Foundation and Libra Association headquartering themselves there.
More comprehensive cryptocurrency regulation may be put into place at some point in the future.
Three ICOs have restricted people from Switzerland from taking part, though 238 are located there and two exchanges.
United Kingdom
Safety rank: 6.2
In the United Kingdom, cryptocurrency is legal and there isn’t any specific regulation yet in place. That said, there are a number of tax laws that people must abide to.
Cryptocurrency is viewed as foreign money (though not legal tender) and affects how it is taxed in comparison to many nations that view it as a commodity or financial instrument.
A VAT is applicable to cryptocurrency when bought from a supplier.
Corporate tax is applicable to currency exchanges and income tax must be paid by unincorporated companies.
One of the main drawbacks to the UK is that ICOs are rigidly regulated.
11 ICOs are restricted to people from the UK, though 421 are located there and six exchanges.
Ukraine
Safety rank: 5.8
In Ukraine, cryptocurrency is legal and there is no cryptocurrency regulation in place, though it is not considered money.
The situation could easily change though as Ukraine has considered banning cryptocurrency if there is no regulation put into place in the next few years.
That said, currently, cryptocurrency mining is not taxed and there are no laws on ICOs.
Five ICOs have restricted people from Ukraine from taking part, though 39 are located there as well as three exchanges.
North America
The USA is the most progressive country in North America in terms of cryptocurrency regulation.
Much of Central America and the Caribbean is lagging behind with a few exceptions such as Costa Rica and Jamaica.
There are a few exceptions in North America of nations that have a harsh stance on cryptocurrency. Largely though, regulation is non-existent.
Anguilla
Safety rank: 3.4
In Anguilla, cryptocurrency is still controversial though there is some cryptocurrency regulation already in place, though it is mostly in regards to ICOs.
Anguilla introduced the Anguilla Utility Token Offering Act to regulate some ICOs, while others considered securities would be regulated by existing regulation.
ICOs in Anguilla will have to pay a registration fee and a pay 1.5% levy on the total amount they raise.
Anguilla is part of the ECCB’s (Eastern Caribbean Central Bank) pilot to test cryptocurrency alongside their own national currency.
Two ICOs are located in Anguilla.
Antigua and Barbuda
Safety rank: 2.8
In Antigua and Barbuda, cryptocurrency is still controversial and there is not yet any cryptocurrency regulation in place, though there may be some in the future and ICOs are allowed.
The government has supported the development of Antigua and Barbuda Development Coin, though it is not state-sponsored.
Antigua and Barbuda is part of the ECCB’s pilot to test cryptocurrency alongside their own national currency.
One ICO has restricted people from Antigua and Barbuda from taking part.
Aruba
Safety rank: 2.5
In Aruba, cryptocurrency is still controversial and there is not yet any cryptocurrency regulation in place.
Two ICOs have restricted people from Aruba taking part.
Bahamas
Safety rank: 3.1
In the Bahamas, cryptocurrency is still controversial, and regulation depends on whether a cryptocurrency is defined as a security, currency or commodity.
The government of the Bahamas is keen to use blockchain technology to simplify transactions.
The Bahamas is also looking into implementing a bill to prevent cryptocurrency from being used for money laundering and terrorist financing.
The Bahamas may also bring cryptocurrencies under the Central Bank of the Bahamas and may introduce a digital version of the Bahamian dollar.
Two ICOs have been restricted to people in the Bahamas from taking part, though six are located there.
Barbados
Safety rank: 3.4
In Barbados, cryptocurrency is still controversial and there is not yet any cryptocurrency regulation in place.
Barbados may soon create its own cryptocurrency that would be tied to the Barbadian dollar through a company called Bitt Inc.
One ICO has restricted people from Barbados taking part, though four ICOs are based there.
Belize
Safety rank: 3.2
In Belize, cryptocurrency is still controversial and there is not yet any cryptocurrency regulation in place.
Companies that conduct trading are regulated by the International Financial Services Commission of Belize, however, they do not have any regulations on cryptocurrency.
Seven ICOs have restricted people from Belize taking part, though 41 are located there.
Bermuda
Safety rank: 3.3
In Bermuda, cryptocurrency is still controversial and there is not yet any cryptocurrency regulation in place.
One ICO has restricted people from Bermuda taking part, though four ICOs are located there.
Bonaire
Safety rank: 2.9
In Bonaire, cryptocurrency is still controversial and there is not yet any cryptocurrency regulation in place.
No ICOs have restricted people from Bonaire.
The British Virgin Islands
Safety rank: 4.0
In the British Virgin Islands, cryptocurrency is still controversial and there is not yet any cryptocurrency regulation in place, though it has been suggested that some of the current regulations apply.
Two ICOs have restricted people from the British Virgin Islands taking part, though 62 are located there and two exchanges.
Canada
Safety rank: 4.4
In Canada, owning and using cryptocurrency is legal, however, many banks have made it not possible to purchase cryptocurrency with debit or credit cards.
Supposedly this ban is only temporary until regulators have a better understanding of cryptocurrency. Solid cryptocurrency regulation is yet to come, and cryptocurrency is also not regarded as legal tender.
Cryptocurrency also is subject to income tax and is regarded as a commodity.
153 ICOs have restricted people from Canada taking part, though 100 are located there and two exchanges.
Cayman Islands
Safety rank: 3.1
In the Cayman Islands, there is no specific cryptocurrency regulation yet, though existing laws could be applicable in certain circumstances.
These could be laws on money laundering, securities and electronic transactions.
16 ICOs have restricted people from the Cayman Islands taking part, though 101 are located there.
Costa Rica
Safety rank: 6.9
In Costa Rica, cryptocurrency is legal though it is not considered legal tender or even foreign currency.
While the Central Bank of Costa Rica has issued warnings on cryptocurrency, it has also said that it does not want to regulate or supervise cryptocurrencies for payments.
11 ICOs are located in Costa Rica.
Cuba
Safety rank: 0.8
In Cuba, cryptocurrency is still controversial and there is no known cryptocurrency regulation in place yet.
88 ICOs have banned people from Cuba from taking part.
Curaçao
Safety rank: 3.0
In Curaçao, cryptocurrency is still controversial and there is not yet any cryptocurrency regulation in place.
One ICO is located in Curaçao.
Dominica
Safety rank: 2.2
In Dominica, cryptocurrency is still controversial and there is not yet any cryptocurrency regulation in place.
Dominica is part of the ECCB’s pilot to test cryptocurrency alongside their own national currency.
Two ICOs have restricted people from Dominica taking part.
Dominican Republic
Safety rank: 2.8
In the Dominican Republic, cryptocurrency is still a controversial issue. Cryptocurrency is not considered legal tender and financial institutions are not allowed to use it for transactions.
Individuals may still use cryptocurrency at their own risk.
Two ICOs have restricted people from the Dominican Republic taking part, though three are located there.
El Salvador
Safety rank: 1.6
In El Salvador, cryptocurrency is still controversial, and they are not considered legal tender. ICOs are also technically prohibited.
Four ICOs have restricted people from El Salvador taking part.
Greenland
Safety rank: 2.6
In Greenland, cryptocurrency is still controversial and there is not yet any cryptocurrency regulation in place.
No ICOs are located in Greenland.
Grenada
Safety rank: 2.6
In Grenada, there is currently no regulation of cryptocurrencies, though it is part of the ECCB’s pilot to test cryptocurrency alongside their own national currency.
One ICO has restricted people from Grenada taking part.
Guadeloupe
Safety rank: 2.6
In Guadeloupe, is still controversial and there is not yet any cryptocurrency regulation in place.
No ICOs have restricted people from Guadeloupe from taking part.
Guatemala
Safety rank: 2.0
In Guatemala, cryptocurrency is controversial and there is not yet any cryptocurrency regulation in place.
Cryptocurrencies are not regarded as legal tender or even foreign currency and Citizens are warned about the dangers of cryptocurrency.
Two ICOs have restricted people from Guatemala from taking part.
Haiti
Safety rank: 1.5
In Haiti, cryptocurrency is still controversial and there is not yet any cryptocurrency regulation in place.
Five ICOs have restricted people from Haiti taking part.
Honduras
Safety rank: 1.9
In Honduras, cryptocurrency is still a controversial issue and there is no cryptocurrency regulation in place yet.
The Central Bank of Honduras said that it does not support cryptocurrencies and citizens handle them at their own risk.
Two ICOs have restricted people from Honduras taking part.
Jamaica
Safety rank: 5.8
In Jamaica, cryptocurrency is legal, though it is not considered legal tender or foreign currency and the government has warned of the risks associated with them.
One ICO has restricted people from Jamaica taking part, though one is located there.
Martinique
Safety rank: 2.4
In Martinique, cryptocurrency is still controversial and there is not yet any cryptocurrency regulation in place.
No ICOs are located in Martinique.
Mexico
Safety rank: 6.7
In Mexico, cryptocurrency is legal and regulated by the Central Bank.
Mexico has updated its money laundering laws to include cryptocurrency and companies offering cryptocurrency-related services must explain the risks associated with them.
One ICO has restricted people from Mexico taking part, though 14 are located there and one exchange.
Montserrat
Safety rank: 2.4
In Montserrat, there are no specific laws in place in regards to cryptocurrency regulation.
Montserrat is part of the ECCB’s pilot to test cryptocurrency alongside their own national currency.
No ICOs are located in Montserrat.
Nicaragua
Safety rank: 4.6
In Nicaragua, cryptocurrency is legal.
Two ICOs have restricted people from Nicaragua from taking part.
Panama
Safety rank: 2.6
In Panama, cryptocurrency is still controversial and there is not yet any cryptocurrency regulation in place.
Four ICOs have restricted people from Panama taking part, though 15 are located there and two exchanges.
Saint Kitts and Nevis
Safety rank: 3.2
In St Kitts and Nevis, cryptocurrency is still controversial and there is not yet any cryptocurrency regulation in place.
St Kitts and Nevis is part of the ECCB’s pilot to test cryptocurrency alongside their own national currency.
One ICO is restricted in St Kitts and Nevis, though 14 are located there.
Saint Lucia
Safety rank: 2.1
In St Lucia, cryptocurrency is still controversial and there is not yet and cryptocurrency regulation in place.
St Lucia is part of the ECCB’s pilot to test cryptocurrency alongside their own national currency.
One ICO has restricted people from St Lucia taking part, though one is based there.
Saint Martin
Safety rank: 2.2
In Saint Martin, cryptocurrency is still controversial and there is not yet any cryptocurrency regulation in place.
No ICOs have restricted people from Saint Martin taking part.
Saint Vincent and the Grenadines
Safety rank: 2.8
In St Vincent and the Grenadines, cryptocurrency is still controversial and there is not yet any cryptocurrency regulation in place.
St Vincent and the Grenadines is part of the ECCB’s pilot to test cryptocurrency alongside their own national currency.
One ICO has restricted people from St Vincent and the Grenadines from taking part, though four ICOs are located there and one exchange.
Sint Maarten
Safety rank: 2.2
In Sint Maarten, cryptocurrency is still controversial and there is not yet any cryptocurrency regulation in place
No ICOs have restricted people from Sint Maarten taking part.
Trinidad and Tobago
Safety rank: 3.3
In Trinidad and Tobago, cryptocurrency is legal though the government does not approve of ICOs, citing the numerous risks related to them.
27 ICOs have restricted people from Trinidad and Tobago taking part.
Turks and Caicos Islands
Safety rank: 2.7
In the Turks and Caicos Islands, cryptocurrency is still controversial and there is not yet any cryptocurrency regulation in place.
Three ICOs are located in the Turks and Caicos Islands.
USA
Safety rank: 7.5
In the USA, cryptocurrency is legal, though regulation is perhaps the strictest in the world.
Because of this, many international companies dealing with cryptocurrencies do not offer services to American citizens.
The USA is perhaps the most important country to watch as cryptocurrency regulation implemented there will likely be followed among its allies and the rest of the world.
Like many other nations, the USA is largely concerned with curbing money laundering and countering terrorist financing, which is why it is so strict on cryptocurrencies, specifically ICOs.
In different states, there may be different laws on how cryptocurrency can be used. For example, the BitLicense in New York.
Heavy requirements are also in place for cryptocurrency exchanges as well and cryptocurrency is regarded as property, not currency. Taxes are also applicable on cryptocurrencies.
1,475 ICOs are restricted in the USA, though 681 are located there and 15 exchanges.
US Virgin Islands
Safety rank: 2.8
In the US Virgin Islands, cryptocurrency is still controversial and there isn’t any cryptocurrency regulation yet in place.
There are no ICOs in the US Virgin Islands.
Oceania
Australia and New Zealand largely lead the way for cryptocurrency regulation in Oceania with the majority of pacific island nations having little in the way of regulation at this point.
American Samoa
Safety rank: 1.9
In American Samoa, cryptocurrency is still a controversial issue and there is currently no cryptocurrency regulation at this point.
Three ICOs have restricted people from American Samoa from taking part.
Australia
Safety rank: 6.7
In Australia, cryptocurrency is legal, though it is viewed as neither money nor foreign currency.
If transactions of more than the equivalent of $10,000 are made, they may be applicable to capital gains tax. Goods and service tax is also applicable.
Mining companies also need to pay tax as well.
Australia has amended its laws on money laundering and counterterrorism to include cryptocurrency exchanges into regulation. They will be required to report suspicious transactions.
The Australian Securities and Investments Commission has also warned citizens about the dangers of trading cryptocurrencies.
12 ICOs have restricted people from Australia taking part, though 99 are located there and four exchanges.
Federated States of Micronesia
Safety rank: 2.0
In the Federated States of Micronesia, cryptocurrency is still controversial and there is no cryptocurrency regulation in place yet.
Two ICOs have restricted people from the Federated States of Micronesia taking part.
Fiji
Safety rank: 2.6
In Fiji, cryptocurrency is still controversial and there is no cryptocurrency regulation in place yet.
One ICO has restricted people from Fiji taking part.
French Polynesia
Safety rank: 3.0
In French Polynesia, cryptocurrency is still controversial and there is not yet any cryptocurrency regulation in place.
One ICO is located in French Polynesia.
Guam
Safety rank: 1.7
In Guam, cryptocurrency is controversial and there is no cryptocurrency regulation in place yet.
Three ICOs have restricted people from Guam taking part.
Kiribati
Safety rank: 2.5
In Kiribati, cryptocurrency is still controversial and there is no cryptocurrency regulation in place yet.
There are no ICOs in Kiribati.
Marshall Islands
Safety rank: 3.2
In the Marshall Islands, while cryptocurrency regulation resides in a grey area, the country is creating its own cryptocurrency called SOV.
SOV will work alongside the US dollar and can be used for debts, public charges, taxes, and dues. At some point in the future, there will also be an ICO for SOV as well.
One ICO has been restricted to the people of the Marshall Islands, though seven have been launched from there.
Nauru
Safety rank: 1.5
In Nauru, cryptocurrency is still controversial and there is no cryptocurrency regulation in place yet.
Two ICOs have restricted people from Nauru from taking part.
New Caledonia
Safety rank: 1.7
In New Caledonia, cryptocurrency is still controversial and there is not yet any cryptocurrency regulation in place.
Two ICOs have restricted people from New Caledonia from taking part, though one is located there.
New Zealand
Safety rank: 5.0
In New Zealand, cryptocurrency is legal, though cryptocurrency regulation isn’t completely clear yet.
Depending on how an ICO is categorised, different rules may apply and it is also not yet clear how cryptocurrency will be taxed, with some claiming it should be done in a similar way to gold.
29 ICOs have restricted people from New Zealand taking part, though eight are located there and four exchanges.
Palau
Safety rank: 2.1
In Palau, cryptocurrency is still controversial and there is no cryptocurrency regulation in place yet.
One ICO has restricted people from Palau from taking part.
Papua New Guinea
Safety rank: 1.4
In Papua New Guinea, cryptocurrency is controversial and there is not yet any cryptocurrency regulation in place.
Three ICOs have restricted people from Papua New Guinea from taking part.
Samoa
Safety rank: 1.7
In Samoa, cryptocurrency is still controversial and there is no cryptocurrency regulation yet in place, though the government has warned its citizens of the risks involved.
Three ICOs have restricted people from Samoa from taking part, though two are located there.
Solomon Islands
Safety rank: 2.2
In the Solomon Islands, cryptocurrency is still controversial and there is no cryptocurrency regulation yet in place.
There are no ICOs in the Solomon Islands.
Tonga
Safety rank: 1.5
In Tonga, cryptocurrency is still controversial and there is no cryptocurrency regulation yet in place.
Two ICOs have restricted people from Tonga taking part.
Tuvalu
Safety rank: 2.1
In Tuvalu, cryptocurrency is still controversial and there is no cryptocurrency regulation yet in place.
There are no ICOs in Tuvalu.
Vanuatu
Safety rank: 0.6
In Vanuatu, cryptocurrency is still controversial and there is no cryptocurrency regulation in place.
39 ICOs have restricted people from Vanuatu taking part, though two are based there.
South America
In South America, some nations are very ahead in adopting cryptocurrency, such as Argentina and Venezuela, which has created their own cryptocurrency.
Meanwhile to the north-west, Bolivia and Ecuador, cryptocurrency is illegal.
Argentina
Safety rank: 7.0
In Argentina, cryptocurrency is legal, though they are not considered legal currency nor legal tender.
Argentina is known to have strict controls on foreign currencies, which has boosted the public’s interest in cryptocurrency.
So far there isn’t any regulation on cryptocurrency, though profits from trading cryptocurrency may be taxed.
Seven ICOs are located in Argentina and one exchange.
Bolivia
Safety rank: 1.1
In Bolivia, cryptocurrency is illegal, and the Central Bank has warned citizens of the dangers associated with cryptocurrency.
31 ICOs have restricted people from Bolivia from taking part.
Brazil
Safety rank: 6.6
In Brazil, cryptocurrency is legal, and regulation is essentially non-existent at the moment and the government has warned its citizens of the dangers associated with cryptocurrency.
Interestingly, one of Brazil’s former presidents was jailed for laundering money into cryptocurrencies. However, this seems to have done little to change people’s perception.
Three ICOs have restricted people from Brazil taking part, though 12 are located there as well as six exchanges.
Chile
Safety rank: 6.8
In Chile, cryptocurrency is legal, though they have no specific legal recognition and are not regulated by any authority.
Seven ICOs are located in Chile and one exchange.
Colombia
Safety rank: 5.0
In Colombia, the legal state of cryptocurrency is not completely clear, though it is not regarded as legal tender or even a security and there is no cryptocurrency regulation yet in place.
The Financial Superintendency of Colombia has warned citizens of the risks associated with cryptocurrency.
Four ICOs are located in Colombia.
Ecuador
Safety rank: 1.3
In Ecuador, cryptocurrency is illegal and not considered legal tender.
Technically speaking though, Ecuador cannot prevent people within their country purchasing cryptocurrency over the internet.
The Central Bank of Ecuador has also highlighted some of the risks related to cryptocurrency.
27 ICOs have restricted people from Ecuador from taking part, though one ICO is located there.
Falkland Islands
Safety rank: 2.7
In the Falkland Islands, cryptocurrency is still controversial and there is not yet any cryptocurrency regulation in place.
No ICOs are located on the Falkland Islands.
French Guiana
Safety rank: 2.7
In French Guiana, cryptocurrency is still controversial and there is not yet any cryptocurrency regulation in place.
No ICOs are located in French Guiana.
Guyana
Safety rank: 1.2
In Guyana, cryptocurrency is still controversial and there is not yet any cryptocurrency regulation in place.
12 ICOs have restricted people from Guyana from taking part.
Paraguay
Safety rank: 2.4
In Paraguay, cryptocurrency is still controversial and there isn’t yet any cryptocurrency regulation in place.
One ICO is located in Paraguay.
Peru
Safety rank: 2.7
In Peru, cryptocurrency is still controversial and there isn’t yet any cryptocurrency regulation in place.
Two ICOs are located in Peru.
Suriname
Safety rank: 1.1
In Suriname, cryptocurrency is still controversial and there isn’t yet any cryptocurrency regulation in place.
Three ICOs have restricted people in Suriname from taking part.
Venezuela
Safety rank: 4.2
In Venezuela, cryptocurrency is legal, though cryptocurrency regulation at this point isn’t clear.
In order to get around US sanctions, Venezuela has created its own cryptocurrency called the Petro which is backed by the value of Venezuelan oil.
Venezuela is hoping that over time, the Petro will become the legal tender for all transactions.
16 ICOs have restricted people from Venezuela taking part, though three are located there and one exchange.
Uruguay
Safety rank: 2.2
In Uruguay, cryptocurrency is still controversial and there is not yet any cryptocurrency regulation in place.
One ICO is located in Uruguay.
Key points
If you remember anything from this article, make it these key points.
- Cryptocurrency regulation varies throughout continents. Some regions are more pro cryptocurrency than others.
- Some nations have chosen not to regulate cryptocurrencies. This has allowed the industry to flourish in these countries.
- France is the highest-ranked nation in terms of favourable cryptocurrency regulation. Yemen is the lowest-ranked.
- Different nations categorise and tax cryptocurrency and ICOs in different ways. Cryptocurrency is not always considered a currency; in many cases, it is a commodity.
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