51 countries around the world have placed restrictions and bans on cryptocurrencies

Such data is provided in a report of the USA agency

24.12.2021 - 10:50

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2 min

What’s new? The Global Legal Research Directorate (GLRD) of the US Law Library of Congress has published a report with data on the regulation of the global cryptocurrency market. According to the report, currently, the bans and restrictions have been imposed in 51 countries around the world.

The full version of the document

The GLRD stressed that the number of jurisdictions with restrictions on the crypto market has increased from 23 to 51 since the research began in 2018. The 9 countries, including Nepal, Algeria, China, Tunisia, Iraq, Qatar, Morocco, Bangladesh, and Egypt, have completely banned cryptocurrencies.

Source: LAW Library of Congress

As for restrictions in other countries, the analysts highlight measures such as a ban on transactions for banks and businesses, a ban on exchanges, and strict measures to declare and tax cryptocurrencies for individuals. In 103 countries, the situation remains favorable for cryptocurrencies, with the tax legislation implemented here, as well as measures against money laundering and terrorist financing.

How did analysts assess the situation in Russia? Interestingly, Russia is not yet on the list of countries that have banned cryptocurrency. On the last page of the report, our country is in the green zone. This means that (according to the document’s creators) Russia has implemented both the industry taxation and the anti-money laundering legislation.

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