Global situation of Bitcoin regulations as of 16.01.14

USA

The US authorities have previously classified Bitcoins as an electronic means of circulation for criminal groups, and after the closure of Silk Road in October 2013, it was believed that the currency would be banned by the government.

However, the US government changed its mind after two important sessions in the US Congress. The first session ended with a statement from Senator Tom Carpe calling Bitcoin a “legitimate financial service.” The second session expressed more hope for digital money and discussed how to use it and how to make the concept easier for officials to understand.

Shortly after the PBOC (People Bank of China) announcement on Bitcoin, Bank of America published a report entitled “Basic Rules for E-Commerce and Payments.”

In December, a congressional report was published on how Bitcoin could threaten the US dollar. The report examined the potential threats to the economy as a whole. No regulations or statements were made as a result.

Shortly after the report was released, the US online store Overstock and social gaming platform Zynga began accepting Bitcoine as a means of payment.

China

Bitcoin was believed to be well received by China, as early as October 2013, the local search engine Baidu began accepting cryptocurrencies to purchase goods and services. However, this move was short when the PBOC announced shortly that Bitcoin was illegal as a means of payment throughout the country, leaving Bitcoin a commodity. The bank later amended the regulations to prohibit money changers from exchanging local currency for Bitcoins. Today, Bitcoin has the right to own and trade in China, but it is impossible to own a fund or account and use Bitcoin as a means of payment.

Singapore

In September 2013, The Monetary Authority of Singapore (MAS) raised concerns about the use and trading of Bitcoin. The statement focused on security and financial issues that may arise. Just recently, MAS informed the Singapore-based Bitcoin trading platform Coin Republic that they are not currently cooperating with companies or businesses that have any connection to Bitcoin.

Whether or not businesses accept Bitcoin, it is a business decision in which MAS does not interfere. Today, there are no regulations in Singapore to regulate the taxation, trading, buying and selling of Bitcoins.

Korea

In early December, Korean financial institutions expressed their views on virtual money that Bitcoin has no intrinsic value and is unstable. Bitcoin is not currently illegal in Korea. Officials monitor the management of Bitcoins, and special attention is paid to all forms of money laundering and illegal use.

That is

As early as July 2013, Thai officials said Bitcoin was an illegal means of payment in Thailand. Illegal activities related to this currency and the threat to the local economy were mentioned.

India

The Reserve Bank of India (RBI) issued a statement regarding cryptocurrencies, raising concerns about security and technical issues that may arise.

“As long as cryptocurrency is not traded through an authorized registry or agency, the loss of an e-wallet to a customer could mean a permanent loss,” said RBI.

Similar concerns were expressed by Indian officials a little earlier than when comparing Bitcoin and other cryptocurrencies to Ponzi schemes, where an investor could very easily lose his money to cybercriminals.

On December 27, the Indian authorities raided buysellbitco.in, India’s largest Bitcoin changer.

Later, Indian traders will be allowed to operate with certain restrictions.

Germany

In August 2013, German government officials announced that they would not recognize Bitcoin as a foreign currency. They mentioned that Bitcoin is treated as “private money” or a “unit of account” and that it is impossible for the government to tax it.

France

The Bank of France made the statement immediately after the announcement by the PBOC (Bank of China). Like other countries, France warned of the dangers and concerns surrounding Bitcoin and other cryptocurrencies. The statement focused more on the anonymity of the Bitcoin network and how it is being used for money laundering and terrorist activities.

15. In January 2014, after the session, the French Senate ruled that Bitcoin could not be ignored or ignored and was not illegal money and should be regulated separately.

Denmark

The Danish Financial Supervisory Authority December statement on the risks surrounding Bitcoin. The main concerns were security and safety risks, mentioning volatile exchange rates and the possibility of losing Bitcoins to cybercriminals.

Expressing its concern, no mention was made of the illegality, thus making the trade in Bitcoins legal, and no regulations have been implemented so far.

Norway

Hans Christian Holte, Director of the Norwegian Tax Administration, announced on 16 December that Bitcoin is not yet recognized as legal tender and will be subject to the Norwegian tax authorities.

“Bitcoin does not fall within the definition of regular money.” Hans Christian Holte. Holte is rumored to be working with financial institutions in other countries to make Bitcoin more legal.

Switzerland

The Swiss Parliament is currently voting to recognize Bitcoin as a legal tender. So far, the decision has not been heard.

Poland

Poland does not currently have an official position on Bitcoin. The rapidly growing number of businesses accepting Bitcoine as a means of payment in Poland is forcing government officials to look into the technology.

“It simply came to our notice then. But we certainly cannot take Bitcoin as a legal currency, ”said Szymon Wožniak, an official with the Polish Ministry of Finance, at a seminar at the Warsaw School of Economics.

Slovenia

The Slovenian tax authorities issued a statement on 23. December on the taxation of cryptocurrencies. The statement did not mention concerns or the illegality of Bitcoin. However, the proposed tax structure for Bitcoin is ready.

In short, the Slovenian government does not recognize Bitcoin as a currency or an asset and they do not charge VAT on it. However, the tax is levied on companies that reap the benefits of Bitcoins, for example in mining.

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