Cryptocurrenc still illegal in many countries. Regulators and governments in many countries still oppose Bitcoin cs and explicitly prohibit it.
However, there have been several countries that have legalized crypto coins, both for crypto mining, they also use as a legal means of payment and so on. It’s depending on the policies in each country.
Countries that Legalize Bitcoin Cs:
Bitcoin is legal in US and listed as decentralized crypto that can be converted by the US Treasury Department in 2013.
In September 2015, the Commodity Futures Trading Commission (CFTC) identify Bitcoin as a commodity. Bitcoin is taxed as property by the IRS.
In the land of Ginseng, bitcoin is legal, but cryptocurrency trading is restricted to minors and other outsiders. Adults in South Korea can transact on a listed exchange using the actual name and account at the bank where the exchange also has the account. Both banks and exchanges are tasked with checking the identity of customers and implementing other anti-money laundering laws.
The Payment Services Act includes Bitcoin and other digital currencies as legal property in Japan, which is considered to have the most dynamic regulatory climate globally for cryptocurrencies.
Cryptocurrency is defined as property value under the Payment Services Act. The law also stipulates that cryptocurrency is limited to the value of property stored electronically in electronic devices. It is also not intended to be used as a legal means of payment.
China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading. However, the regulator in China does not prohibit its citizens from collecting bitcoins and the like.
Denmark has not adopted a law specifically dealing with crypto assets. However, the country does not consider these digital coins to be illegal.
The Danish Financial Supervisory Authority has stated that the use of Bitcoin cs is not regulated by the Authority. Yet, the application of the Danish securities law will depend on the initial coin offering (ICO) specification. An ICO is similar to an initial public offering (IPO) subject to securities laws, and the issuing company must issue a prospectus in connection with an ICO.