“ bitcoin & cryptocurrency have as much of a future as the Internet itself. “
– Christine Lagarde,Managing Director, International Monetary Fund.
Top global bitcoin regulations
One of the most common questions or rather statement we get is “but bitcoin is not legal”. When we inform that bitcoin is legal and in fact regulated in an increasing number of countries, we can sense disbelief. So below we have mentioned the legal status of bitcoins in some countries with links.
USA Bitcoin is legal and regulated in USA
Financial Crimes Enforcement Network (FinCEN), United States Department of the Treasury issues guidance on virtual currencies and regulatory responsibilities.
Global Advisors Bitcoin Investment Fund (GABI) is the first regulated bitcoin hedge fund to receive regulatory approval from the Jersey Financial Services Commission (JFSC). View article / View article / View article
New York State Department of Financial Services (NYSDFS) started issuing BitLicense to businesses related to virtual currency activities.
Inland Revenue Authority of Singapore (IRAS) has issued tax guidelines for Bitcoins stating that businesses that choose to accept virtual currencies such as Bitcoins for their remuneration or revenue are subject to normal income tax rules. View article / View article
A bitcoin exchange-traded fund (ETF) is issued by the Bitcoin Investment Trust (BIT), owned and operated by Grayscale Investments, LLC. It trades with symbol GBTC, and is also known as BITShare.
On 6 March 2014, Bangko Sentral ng Pilipinas (BSP) issued a statement on risks associated with bitcoin trading and usage. Recently virtual currencies were legalized and cryptocurrency exchanges are now regulated by Central Bank of the Philippines (Bangko Sentral ng Pilipinas) under Circular 944.