More than 50 countries of the world have banned cryptocurrencies

Brief:

  • Law Library of Congress updated the report on the regulation of cryptocurrencies around the world
  • In 116 the state acts full or partial ban on transactions with digital assets and
  • The toughest policy is in China

Office of Global Legal Research The US Legal Library has added a report on the regulatory regulation of cryptocurrencies in the world. Since 2018 the number of countries where this sector is fully or partially banned has increased significantly.

If only 22 jurisdiction, then in the new – 51. As of December 2021, nine countries of the world have completely banned cryptocurrencies and any actions with them. Also 51 states allow partial use of digital assets by banks and stock exchanges .

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

In some countries from the list, as such, there are no restrictions on cryptocurrencies. However, at the same time, these jurisdictions lack regulatory and tax legislation that regulates this area.

China stands out among the rest of the countries. In recent months alone, restrictions on cryptocurrencies have been significantly tightened here. This led to a massive outflow of crypto miners.

In Europe, only Poland and Bulgaria have adopted laws that are designed to restrict the cryptocurrency sphere. These regulations are needed to control the industry and counter illegal transactions involving digital assets.

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