It’s been more than ten years since cryptocurrencies hit the market, but they still haven’t seen the traction they deserve or were expected from Satoshi Nakamoto’s amazing gift to the world … and that’s partly because there are many Nations that consider tokens to be illegal currency. Cryptocurrencies have reached international levels with the help of the blockchain network, but it still needs credibility and acceptance to be used in government institutions. The trading market and financial condition of all nations are constantly changing, which makes cryptocurrency complex due to regulations. Let’s take a look at what different lawmakers have to say.

If you think Americans are open-minded and easily accept the concept of cryptocurrencies, then you are definitely mistaken. The United States is one of the main countries that speaks out against the use of cryptocurrencies. It is very hard to find legal crypto traders in the United States. All of America is divided into several small factions. Every state has its own law for dealing with cryptocurrencies. For example, the US FinCen views cryptocurrencies as illegal currency and does not encourage Americans to trade cryptocurrencies.

Even Canada regards cryptocurrencies as illegal currency, but ironically accepts cryptocurrency exchanges and they are legal in the country. Canada has been proactive in its cryptocurrency deals by making sure people are not using cryptocurrencies as their local currency. Canada has taken some tough steps to ensure that the cryptocurrency does not become part of the central financial system. Recently, in 2018, Canada changed its terms for exchanging cryptocurrencies.

Singapore also doesn’t consider cryptocurrency a legal trade, but it’s not as strict as the North Americans mentioned above. It has taken a friendlier approach to combating fraudulent activity. The state of Singapore has a different saying and understanding of cryptocurrency. However, cryptocurrency exchanges will always be viewed as a legal business. Singapore does not view cryptocurrency as legal tender, but does consider bitcoins and the other cryptocurrencies as commodities to ensure they are able to apply commodity tax to cryptocurrency trading.

Australia is one of the countries that consider cryptocurrency to be a legal entity, and everything related to cryptocurrencies is legal. Australia was clear about its intention to treat cryptocurrencies as legal tender, even stressing that Bitcoin is considered property and therefore Bitcoin is subject to the CGT (Capital Gain Tax). The Australian government has proactively introduced several taxes on tokens, but recently an important decision was made to remove the cryptocurrency from the GST and place it under the jurisdiction of the CGT.

India is also one of the countries that are strongly against the use of cryptocurrency. Again, the exchange of cryptocurrencies is legal, and these conflicting guidelines have made it difficult for Indians to regulate cryptocurrencies in India. In essence, the Royal Bank of India supports the use of blockchain, but not cryptocurrencies, and has closed many startups in the country. Despite declaring that the exchange of cryptocurrencies is legal in India, the Indian government has yet to make a specific decision regarding the taxation of profits from cryptocurrencies. There are several high-level demands from government officials that Indian cryptocurrency traders must also fall under tax sovereignty.

There are several countries and all of them have their own views on cryptocurrency trading. Some like the cryptocurrency, others are still confused about its implementation. As of now, the current situation is balanced. And only the future knows how the cryptocurrency will behave. If you are also interested in cryptocurrency investing, you can also be part of the cryptocurrency trading market with the help of https://bitcoins-union.com.