Crypto by country:
where it is legal

Decree No. 8 of 21 December 2017 legalised token operations through the Hi-Tech Park. Since 2025 operations outside the park are taxable, and using foreign exchanges from Belarusian territory is barred.

Individuals may hold and mine crypto. Trading is permitted through HTP residents. International sanctions limit access to major exchanges. Decree No. 19 of 16 January 2026 created the status of a crypto bank: such firms enter a National Bank register, work with 26 cryptocurrencies and may lend against crypto collateral. Residency in the High-Tech Park is mandatory.

Crypto is fully legal. Since 2024 the EU MiCA regulation applies, setting unified rules across the EU.

Exchanges and custodial wallets require a MiCA licence. Individuals may freely buy, sell, and hold crypto. Crypto payments are permitted by mutual agreement. As of August 2026 the MiCA transition is over: since 1 July serving EU clients without a service-provider licence is prohibited, and the licence itself passports across all 27 member states.

One of the first EU states to issue crypto licences, and one of the first to revoke them in bulk. The MiCA transition closed on 1 July 2026, and Finantsinspektsioon now runs the market.

Estonia tightened its requirements in 2022 and the great majority of providers lost their licences. Supervision passed from the Financial Intelligence Unit to Finantsinspektsioon: legacy VASP licences expired on 1 July 2026 with no automatic conversion, and in March 2026 the regulator held just ten applications. Firms authorised under MiCA anywhere in the union may serve Estonian clients.

Crypto is legal, regulated by AMF. France was among the first EU countries to issue MiCA licences to crypto providers.

PSAN registry (crypto asset service providers) active since 2020. Stablecoins and DeFi further regulated from 2024. As of August 2026 the MiCA transition is over: since 1 July serving EU clients without a service-provider licence is prohibited, and the licence itself passports across all 27 member states.

One of the most crypto-friendly EU countries. Bitcoin is recognised as "private money". MiCA applies since 2024.

Banks may custody crypto assets for clients. Crypto is not legal tender but use is permitted. BaFin regulates exchanges. As of August 2026 the MiCA transition is over: since 1 July serving EU clients without a service-provider licence is prohibited, and the licence itself passports across all 27 member states.

Crypto is legal under MiCA. A special crypto tax regime was introduced in 2023.

Providers register with OAM (registry). Full transition to MiCA CASP licences is planned. As of August 2026 the MiCA transition is over: since 1 July serving EU clients without a service-provider licence is prohibited, and the licence itself passports across all 27 member states.

Crypto is legal under MiCA. The AFM licenses service providers, and the old DNB registration ended with the transition on 30 June 2025. Strong AML enforcement.

Netherlands was among the first EU regulators to apply AMLD5 to crypto. Binance obtained its first EU registration here. As of August 2026 the MiCA transition is over: since 1 July serving EU clients without a service-provider licence is prohibited, and the licence itself passports across all 27 member states.

Crypto is legal and taxed as property. MiCA applies through the European Economic Area, Finanstilsynet supervises, and the licensing deadline ran to 30 June 2026.

Norway applies MiCA as a European Economic Area state, with the transition extended to 30 June 2026. Data centre operators have had to register with the communications authority since 1 January 2025, and in June 2025 the government announced a temporary bar on new data centres for proof-of-work mining. Individuals under 5 kW fall outside the registration duty.

Crypto is legal under MiCA. One of the largest crypto markets in CEE by user count.

AML legislation applies to crypto exchanges. The president vetoed the MiCA implementing law naming the KNF as supervisor three times, so the KNF cannot accept licence applications. Since 1 July 2026 providing crypto services from Poland without authorisation has been unlawful, while foreign providers passport in freely.

Popular crypto hub since 2021. Since 2023 a tax applies to short-term trades, but long-term gains (over 1 year) remain tax-free.

Bank of Portugal registers crypto service providers. Country attracts crypto nomads with the Digital Nomad visa. As of August 2026 the MiCA transition is over: since 1 July serving EU clients without a service-provider licence is prohibited, and the licence itself passports across all 27 member states.

Holding and mining are permitted, but using crypto as payment is banned. The ruble remains the sole legal tender.

The DFA law (Digital Financial Assets) regulates token issuance. CBR opposes crypto; MinFin supports limited use. Crypto in export settlements permitted since 2024. A law on digital currencies and digital rights grants crypto the status of property and moves transactions into licensed exchange and broker infrastructure. Its core provisions take effect on 1 September 2026.

Crypto is legal under MiCA. CNMV and Bank of Spain jointly regulate the market. Mandatory disclosure of foreign crypto holdings.

Converting crypto to euro and vice versa is treated as a taxable event. As of August 2026 the MiCA transition is over: since 1 July serving EU clients without a service-provider licence is prohibited, and the licence itself passports across all 27 member states.

One of the leading crypto markets in Scandinavia. Finansinspektionen supervises as the competent authority under MiCA, with the EU rules applying since 30 December 2024.

Sweden previously granted individual licences to crypto providers. Now replaced by MiCA CASP licences. As of August 2026 the MiCA transition is over: since 1 July serving EU clients without a service-provider licence is prohibited, and the licence itself passports across all 27 member states.

"Crypto Valley" Zug is a global blockchain hub. One of the most progressive regulatory frameworks worldwide. DLT Act in force since 2021.

FINMA classifies crypto into payment, utility, and asset tokens. Major firms (Ethereum Foundation, Cardano) are incorporated here. The DLT Act has been in force since 2021 and protects client crypto-assets if a custodian fails. In 2026 FINMA issued dedicated guidance on the custody of crypto-based assets.

The Virtual Assets law was adopted in 2022, but the full regulatory regime is not yet operational. Crypto is widely used in practice.

The securities commission is preparing the text for a second reading, and the choice of supervisor between it and the National Bank remains open. Parliament adopted bill 10225-d as a basis on 3 September 2025: 18% income tax plus a 5% military levy, with a transitional 5% plus 5% for assets bought before the law takes effect. The bill leaves exchanges between virtual assets untaxed. Its own deadlines, a 1 January 2026 start and provider registration by 1 July 2026, have been overtaken by the delay.

Crypto is legal. FCA licenses exchanges and providers. Post-Brexit UK has its own independent framework.

Stablecoins regulated as e-money from 2024. Crypto platforms must register with FCA for AML compliance. Cryptoasset regulations were made in February 2026 and the FCA published its final rules on 30 June. The authorisation gateway opens on 30 September 2026 and the regime commences on 25 October 2027.

Crypto is legal and widely used against peso inflation. Service providers must register with the securities commission, and 82 hold registration. Currency controls on individuals eased in April 2025.

ARCA (tax authority) requires crypto asset declaration. Milei government is crypto-friendly. Asset legalisation programme adopted in 2024. Since 31 December 2025 registration with the securities commission is mandatory for every service provider, foreign platforms serving the Argentine market included. Minimum capital ranges from USD 35,000 to 150,000 by activity.

The 2014 ban was lifted on 26 June 2024 by central bank resolution 082/2024. Crypto transactions are permitted through authorised channels.

Owning, buying, and selling digital assets is lawful. The framework is still being built: ASFI resolution 1203/2025 extended the application window for fintech firms and exchanges to 30 April 2026. By 2026 several banks had begun servicing USDT transactions.

Crypto is legal since 2023. The Virtual Assets law established a regulatory framework. However, crypto advertising is strictly limited.

Banco Central do Brasil licenses crypto platforms. Nubank and other banks offer crypto products. Brazil uses crypto for cross-border settlements. Central Bank resolutions 519, 520 and 521 took effect on 2 February 2026: platforms must be authorised like financial institutions and their operations fall under foreign-exchange rules. The former exemption is gone — gains are taxed at a flat 17.5%.

Crypto is legal. First country to approve a Bitcoin ETF (2021). Exchanges regulated by provincial commissions.

CSA (Canadian Securities Administrators) requires crypto platform registration. Major international exchanges must comply. The Stablecoin Act received Royal Assent on 26 March 2026, introducing reserve and registration requirements for fiat-backed stablecoins. New platforms register through CIRO.

First country to adopt Bitcoin as legal tender (2021). Since 29 January 2025 acceptance is voluntary: the duty for businesses to accept Bitcoin was repealed under the terms of an IMF deal.

The 2025 amendments repealed the duty to accept Bitcoin, ended tax payments in it, and wound down the state-run Chivo wallet. Paying in Bitcoin is still possible by mutual agreement, and the state continues to hold it in reserves.

The 2018 fintech law recognises crypto as a "virtual asset", while a 2019 central bank circular bars banks and fintech institutions from offering it to clients. Individuals may own and trade freely.

Mexico still has no dedicated exchange-licensing regime: platforms register as fintech entities while banks stay barred from offering crypto services. Since April 2026 exchanges pass transaction data to the tax administration under the international exchange framework. The industry has been pressing for a reform of the fintech law since June 2026.

The world's largest crypto market. Regulated at federal (SEC, CFTC, FinCEN) and state level. Bitcoin ETFs approved in 2024.

SEC treats most tokens as securities. Exchanges (Coinbase, Kraken) operate with FinCEN licences. Crypto is treated as property. A bill splitting jurisdiction between the SEC and the CFTC passed the House in July 2025 but had not cleared the Senate as of August 2026. In parallel the SEC introduced its Regulation Crypto regime with three pathways for token projects.

Crypto is legal and treated as property. AUSTRAC licenses exchanges. A new licensing regime is being developed (2024–2025).

Exchanges must register with AUSTRAC (AML/CTF). New financial asset markets law will bring crypto under the AFSL regime. The digital assets framework passed on 1 April 2026: exchanges and custodians need a financial services licence. Applications are due by 30 September 2026 and the regime commences on 9 April 2027; small platforms are exempt.

Bangladesh Bank banned all cryptocurrency transactions. Use can lead to imprisonment under foreign exchange law.

The central bank issued its first warning in 2014, and Circular No. 17 of 2017 barred banks and financial institutions from facilitating crypto transactions. Bangladesh has no dedicated crypto law: the prohibition rests on that circular, the foreign exchange act of 1947 and the money laundering prevention act. An entity facilitating crypto remittances risks licence revocation and prosecution.

Complete ban since September 2021. All crypto transactions, exchanges, and mining declared illegal. PBOC launched the digital yuan (e-CNY) as an alternative.

Before the ban China accounted for up to 70% of Bitcoin's global hashrate; afterwards miners moved to the US, Kazakhstan, and Russia. Mining never left entirely — independent estimates put a meaningful share of hashrate still inside the country. Citizens are barred from foreign exchanges, VPN included. Hong Kong operates under its own rules and licenses crypto platforms.

Mining is legal and actively developed. Crypto sales in Georgia are VAT-exempt. But crypto payments are not legally recognised.

Georgia is among the world's leaders in mining per capita. The National Bank is exploring crypto exchange regulation. From 2026 registered providers must display their status openly — in the office, on the website and in the app. A March 2026 order on stablecoins requires issuers to hold GEL 500,000 in capital.

Crypto is legal but with harsh restrictions: 30% tax on income, 1% TDS on each transaction. Many users move to foreign exchanges.

RBI (central bank) opposes crypto but the court prevented it from blocking transactions. Losses from one coin cannot offset gains from another. The 2026 budget kept the 30% rate and the 1% withholding tax, adding penalties for non-reporting of ₹200 per day.

Crypto is permitted as an investment asset, though not as a means of payment. Supervision of exchanges passed to the financial regulator OJK on 10 January 2025, having sat with the commodity futures agency Bappebti before that.

Indonesia is one of the largest crypto markets in South-East Asia. Only licensed entities may advertise crypto. Oversight moved from the commodity regulator Bappebti to the financial authority OJK on 10 January 2025, and amendments to the financial-sector law took effect on 17 June 2026, reclassifying crypto as digital financial assets.

First country to recognise Bitcoin as legal payment (2017). Exchanges licensed by FSA.

All crypto exchanges must register with FSA. Requirements for cold storage and reserves apply. ICOs regulated as securities. A law passed in July 2026 reclassifies 105 crypto-assets as financial products, bringing disclosure requirements and an insider-trading ban. A flat 20% tax, replacing the progressive scale, is expected from January 2028.

Mining is legal and drew in firms after China's ban. Since 1 May 2026 the National Bank licenses exchanges outside the AIFC as well, but crypto is still not legal tender.

AIFC (Astana International Financial Centre) created a separate crypto regulatory regime. Outside AIFC, crypto operations are in a grey zone. Since 1 May 2026 exchanges dealing in unsecured digital assets must be licensed and registered with the National Bank. The lawful route still runs through Astana International Financial Centre venues supervised by AFSA.

Nepal Rastra Bank (NRB) banned all cryptocurrency operations. Police have made arrests for crypto activity.

In 2021 several people were arrested for mining and trading crypto. Access to crypto sites is blocked. The ban rests on the 1962 foreign-exchange act and the 2002 central-bank act. Penalties run from one to three times the transaction value plus up to three years' imprisonment, and up to seven under certain provisions.

The position has shifted more than once: the central bank kept banks away from crypto from 2018, and in 2025 the government formed a crypto council and created the regulator PVARA.

The Virtual Assets Act signed on 7 March 2026 made PVARA a permanent federal regulator in place of the July 2025 ordinance: exchanges, wallets, custodians and token issuers must hold a licence, and operating without one carries fines up to PKR 50 million and up to five years in prison. A State Bank circular of 14 April 2026 restored banking access for licensed providers, ending the 2018 ban.

The central bank has licensed virtual asset service providers since 2017, though it has taken no new applications since September 2022. The securities commission's rules for crypto-asset service providers took effect on 5 July 2025.

Philippines is a global leader in P2P trading and crypto gaming (Axie Infinity originated here). Cagayan SEZ created a separate crypto hub. Rules for crypto-asset service providers took effect on 5 July 2025: a Philippine company and paid-up capital of at least ₱100 million are required. The central bank is not accepting new licence applications in 2026.

One of Asia's top crypto hubs. MAS (central bank) licenses digital payment token service providers.

Payment Services Act 2019 regulates crypto exchanges. Advertising crypto to the general public restricted since 2022. The bar is deliberately high: of more than 380 applications about 90 were approved and over 200 rejected or withdrawn. Licences to serve only overseas clients are granted in exceptional cases.

One of the most active crypto markets globally. Crypto may be held and traded, but only on licensed Korean exchanges with verified identity.

Foreign nationals effectively cannot access the exchanges. ICOs are banned. Strict KYC: real name required for KRW withdrawals. On 12 January 2026 a nine-year ban on corporate crypto accounts was lifted: companies and professional investors may allocate up to 5% of equity to digital assets. A 22% tax on gains above ₩2.5 million starts on 1 January 2027.

Crypto is permitted as a digital asset. SEC licenses exchanges. Using crypto for payments is banned since 2022.

Exchanges must hold a Thai SEC licence. Foreign exchanges are blocked. The government is creating a crypto hub in Phuket. The TouristDigiPay sandbox lets foreign visitors convert crypto into baht and pay through the national QR system, with merchants receiving local currency. Tighter customer-verification rules apply from 16 August 2026.

Crypto can be held and traded, but using it as payment for goods and services is banned since 2021. Exchanges are regulated by CMB.

Turks actively use crypto to hedge against lira inflation. CMB (regulator) requires exchange licensing from 2024. Binance operates with a Turkish licence. The travel rule has applied since 25 February 2025: service providers must pass on sender and recipient data with each transfer.

Crypto exchanges, shops, depositories and mining pools are licensed by the national agency NAPP. Crypto is not a means of domestic payment except where legislation provides. Mining requires a licence and carries its own electricity tariff.

Foreign citizens may trade on licensed exchanges, and since 1 January 2026 their foreign-source income is exempt from personal income tax, with three exchanges accredited to serve them. The state is preparing a separate regime for stablecoin payments, though crypto-assets remain outside the definition of a means of payment. Access to the large foreign platforms is blocked, and since 2026 the agency may refuse a licence on a reasoned judgement.

Crypto has been prohibited since the 2018 finance law, and Law 25-10 of 24 July 2025 made it criminal: buying, selling, using, holding, mining, storing and promoting all fall inside the offence.

Finance Law 2018 explicitly bans any use of virtual currencies. The central bank does not recognise crypto in any form. Law 25-10 of 24 July 2025 hardened the ban: issuing, buying, selling, holding and mining are all criminal offences, punishable by two to twelve months' imprisonment and fines up to one million dinars.

Trading and using cryptocurrencies are banned. Egypt's central bank explicitly prohibited crypto. Islamic fatwas also classify crypto as haram.

Egypt is developing its own digital pound (CBDC) through the central bank as an alternative to cryptocurrencies. The ban rests on article 206 of central-bank law 194/2020: activity requires a licence that has never been granted. Fines reach EGP 10 million.

All cryptocurrency transactions have been banned since 2017. Office des Changes imposed fines for violations.

Despite the ban, Morocco ranks in the global top 30 for crypto adoption — the population uses P2P exchanges. Draft bill 42.25, modelled on the EU's MiCA, was published in November 2025: it defines digital assets, introduces licensing and requires stablecoins to be fully backed. First licences are expected no earlier than late 2026.

No official permit or ban. Central bank SAMA warns of risks. De facto trading is not prohibited.

Saudi Arabia participates in crypto experiments under Vision 2030. In 2023 SAMA joined the international CBDC research project (mBridge). Owning crypto is not prohibited by law, but since 2018 banks may not service crypto transactions and no exchange licences have been issued. A comprehensive law is not expected in the near term.

Since 2023 crypto providers must hold an FSCA licence. One of Africa's most active markets. Crypto is treated as a financial product.

FSCA is Africa's first regulator to create mandatory licensing for crypto. SARB (central bank) is testing a CBDC. By 2026 the regulator had processed 512 applications and granted 300 licences. A joint statement by the Reserve Bank and the FSCA on 28 May 2026 confirmed that crypto is not legal tender and stays outside the national payment system.

Crypto transactions are prohibited: the 1976 foreign exchange code treats them as unauthorised operations. A new exchange code has been before parliament since October 2025 and would let residents declare and hold digital assets.

The Central Bank of Tunisia has expressly prohibited crypto operations: the ban rests on a 2018 directive and the 1976 foreign exchange code, with violations carrying up to five years in prison alongside fines. A new exchange code has sat in parliament as bill 115/2025 since October 2025 and would let a resident declare and hold digital assets inside a framework the central bank defines. A separate bill in committee would decriminalise possession and license service providers. Parliament has adopted neither.

One of the most crypto-friendly regimes globally. VARA (Dubai) and FSRA (ADGM) built a detailed framework, and since 2026 the federal layer runs through the CMA, whose Decision No. 4/R.M/2026 sets out eight licensed activities.

Dubai is a global hub for crypto companies relocating from stricter jurisdictions. No personal income tax. Dubai's VARA operates under rulebook version 2.0 and issued guidance on virtual-asset issuance in April 2026. Federal oversight passed to the newly created Capital Market Authority on 1 January 2026.