More Than 50 Countries of the World Introduced Crypto Restrictions

According to a report from the Global Legal Research Administration (GLRD) of the US Law Library of Congress, 51 governments around the world imposed some of the restrictions on cryptocurrencies.

The report said that since the first publication, the number of countries that introduced any cryptocurrency regulation rules could have changed significantly.

In the 2018 report, there were only 8 countries that introduced a complete ban on crypto assets, and only 15 introduced partial restrictions on digital currencies. And as of November 2021, 9 countries have completely banned cryptocurrencies, and 42 countries have introduced some regulatory rules.

A complete ban on digital assets was introduced by Algeria, Bangladesh, Egypt, Iraq, Morocco, Nepal, Qatar, Tunisia and China.

Partial restrictions, such as prohibiting banks from performing transactions with digital assets, offering related services or restrictions on the operation of exchanges, among others, were introduced by Kazakhstan, Turkey, Indonesia, Malaysia, Saudi Arabia and most of the African states.

As for the types of restrictions, measures to combat money laundering and terrorist financing or the application of taxation of crypto assets are found in the legislative framework of 103 jurisdictions. As of November 2021, this includes all EU countries, with the exception of Bulgaria – there are no tax rules for digital assets. By comparison, in 2018, only 33 jurisdictions had restrictions on cryptocurrencies in these areas.

The GLRD specialists found the absence of the above-listed norms in countries such as South Africa, Brazil, Chile and Georgia. The latter is one of the mining centres. At the same time, in Kazakhstan, there is no regulation of cryptocurrencies at all, although the country has the second-largest share in the Bitcoin hash rate.

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