- Nine countries have joined China in making cryptocurrency completely illegal.
- 42 countries have established restrictions and implicit bans on crypto.
- 21 countries have not applied any form of anti-money laundering or counter-financing of terrorism laws.
According to a report by the Law Library of Congress, over 50 nations have placed restrictions or outright bans on cryptocurrency. The report, published this year in November, provides an update on the legal standing of cryptocurrencies in numerous countries across the globe.
Nine countries have joined China in making cryptocurrency completely illegal by establishing an absolute ban. Currently, the list of countries with an absolute ban on crypto includes Algeria, Egypt, Nepal, Tunisia, Morocco, Bangladesh, Iraq, Qatar, and China.
An additional 42 countries have placed an implicit ban on cryptocurrencies. The implicit bans restrict banks and other financial institutions from becoming involved in crypto, rather than completely outlawing it. The countries who have established implicit bans on crypto include the Democratic Republic of the Congo, Indonesia, Kazakhstan, and many more.
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The report states that the United States currently has tax laws and anti-money laundering & counter-financing of terrorism laws in place for cryptocurrency. However, no absolute or implicit bans have been enacted.
On the other hand, 21 countries have not applied any form of anti-money laundering or counter-financing of terrorism laws, including Brazil, Ecuador, and Jordan.