Even though crypto currencies like bitcoin and Ducatus coin have been deemed as the next big thing of the future, there are certain countries that are yet to legalise the status of crypto currencies within their region.
While most of the European countries have encouraged the usage and trading of crypto currencies within their territories, Asian countries like China and India are still in the developmental stages.
Here, we will look at the crypto currency laws in some of the major countries around the world.
China has always been quite receptive when it comes to the usage of sovereign crypto currency ut they have always been, not that supportive for bitcoin and other list of crypto currencies around. This is why ICO( initial coin offerings is not permitted in the country for any other crypto currency.
Now again, crypto currency is not been regarded as a legal tender in the country even though its not illegal to hold a crypto currency within the country.
Singapore is also ene deemed as the 'crypto haven' and the country is highly supportive of all the crypto currencies around. Although there hasn't been a defined rule or guideline regarding the same, crypto currencies can e sued for payment and trading purposes.
Also, there are not any taxes on capital gains derived from crypto assets within the country, there is GST applied on crypto currencies due to the authorities treating them as goods.
Now here comes a country that is highly supportive of crypto currencies within its region. As the government is been able to attract all the investors and traders to its region, they have even built a 'Crypto Valley' in the Zug-Zurich area.
As crypto currency is been deemed as an asset, it is subjected to wealth tax from the financial authorities in the country.
There is no specific law and guideline to legalize the crypto currency in the UK and it is still been considered as an illegal tender. Although various investors and bankers have pushed for the reforms and policies in some regards, the matter is still unresolved.
Hence, crypto currency cannot be considered or traded as an alternative to the traditional investment portfolios like shares and mutual funds.
Right like the UK, even the United States hasn't been able to regulate crypto currencies within its territory. Still, as Facebook has recently announced its plans to launch Libra- its much-anticipated crypto currency, the legislators are finding ways to get the same done as soon as possible.
Hence, crypto currencies are still been regarded as securities and property while attracting taxes and duties accordingly.
For all those people who are concerned about is crypto currency legal in germany ?, just like the UK and the USA, even Germany doesn't consider crypto currencies as a legal tender. But yes, a recent clarification in the same regards by German authorities has deemed bitcoin as a financial instrument.
On the other side, every entity that is indulged in the pursuance of crypto currency is going to e considered as a financial institution. Hence, as per the germany crypto tax laws will be liable for taxes accordingly. These agencies have given the authority to manage and trade crypto currency on behalf of their clients.
So yes, crypto currency is legal in germany as of now so you can go with the purchase and selling without any hassles.