The legal status of bitcoin varies substantially from country to country and is still undefined or changing in many of them. While some countries have explicitly allowed its use and trade, others have banned or restricted it.
Here are the “Top 10 Friendly” Countries to Bitcoin:
- Estonia – In Estonia the us of bitcoin is not regulated or otherwise controlled by the government.
- The United States Of America – The U.S. Treasury classified bitcoin as a convertible decentralized virtual currency in 2013.
- Denmark – On March 25, 2014 Denmark declared bitcoin trades to be tax-free.
- Sweden – The first bitcoin ATM is unveiled in Europe by a Swedish Company.
- South Korea – South Korea’s central bank is exploring ways of implementing the blockchain technology that underpins bitcoin.
- The Netherlands – Amsterdam is home to some of the leading bitcoin startups including BitFury and Bitpay.
- Finland – The Central Board of Taxes has given bitcoin a value -added tax exempt status by classifying it as a financial service.
- Canada – Canada regulates bitcoin subjectively on a case-by-case basis.
- The United Kingdom – In the United Kingdom bitcoin is treated as ‘private money. There is no VAT applied to the value of bitcoin when traded with other currencies.
- Australia – Australia classifies bitcoin as property and therefore purchases made with bitcoin as barter.
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To know more about Bitcoin status in your country click here: BitcoinLegality