The Legal Status of Bitcoin in Different Countries

27 March 2015

If you have decided to buy online bitcoin casino software, you should know that the cryptocurrency is accepted in a multitude of countries around the world, with a few exceptions. The popularity of bitcoin has grown a lot due to its benefits, which include payment freedom, low transaction fees and full transparency. Even so, there are countries which have applied special regulations to bitcoin use, in an effort to minimize the impact of cryptocurrencies on national currencies.

The majority of countries around the world are bitcoin-friendly, and some of them are even trying to provide regulatory guidelines for those who want to make transactions with bitcoins. Like so, operators who want to buy online bitcoin casino software should know where the cryptocurrency gained the most popularity, and is also accepted by the authorities.

  • USA is one of the countries where operators and players can freely make bitcoin transactions. The US have chosen to distinguish the bitcoin from real currencies, and do not consider it a threat to the US currency.
  • Canada has accepted bitcoin as a virtual currency, and allows foreign and domestic businesses to work with bitcoin and other digital currencies.
  • Germany has already developed a system that regulates and taxes bitcoin, which means that businesses that make transactions with bitcoins should register with the government and comply with certain requirements.
  • The Netherlands is also a bitcoin-friendly country. Operators who want to buy online bitcoin casino software should know that Amsterdam already has several bitcoin ATMs. More than that, Hague has several restaurants and art galleries that accept bitcoin, and also has boasts its own ‘Bitcoin Boulevard’.
  • China is the largest market for bitcoin transactions at the moment. Even so, financial institutions and payment processors cannot make transactions with bitcoin directly, but individuals can own and trade bitcoins.
  • UK is home to some of the world’s most popular bitcoin products and services, and the government has not interfered with the development of this cryptocurrency. Operators who want to buy online bitcoin casino software should know that UK businesses are not obliged to register with the UK Financial Conduct Authority.  

On the other hand, several countries have already expressed their negative opinions about bitcoin, but the situation could change in the near term due to people who try to advocate it.

  • Iceland has declared the use of bitcoin illegal since 2014, mainly due to the fact that it does not allow any currency to affect the national currency, krona. Iceland does allow the selling and mining of bitcoin, but users cannot purchase the cryptocurrency in this country.
  • Russia has also banned bitcoin since 2014, when it declared that this cryptocurrency is a substitute for real money and no individuals or legal entities are allowed to use it. Operators who want to buy online bitcoin casino software should also know that a law which would ban bitcoin exchange into real money could come into effect this spring.  
  • Vietnam also considers bitcoin illegal, after a warning statement was given in 2014. The State Bank of Vietnam consider bitcoin transactions too risky, and thus bitcoin payments are not legally recognized.
  • Bolivia stands among the countries which have decided to issue a resolution that banned bitcoin in 2014.
  • Ecuador has banned Bitcoin in 2014, in an effort to establish guidelines for the creation of a new, state-run currency.
  • Indonesia does not recognize the legal status of bitcoin, but operators who want to buy online bitcoin casino software should know that authorities are not inclined to punish bitcoin users.
27 March 2015

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