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Cryptocurrency!!!
In the past few years, this one thing has stolen the headlines of almost every news portal, with every passing day. Cryptocurrency is becoming more and more popular; that is why more people are studying about them.
You also might be thinking about investing In Crypto, so you are gathering as much information as you can before making the final decision. It is really great. Knowing its legality is the topmost thing you should consider.
Top Countries Where Cryptocurrency Is Used As Legal Tender
When it comes to legality, different countries have different terms and conditions. That is why we will tell you about the top countries where Cryptocurrency is considered as legal tender.
So, you can make your Crypto investment through Crypto Genius in these countries without worrying about the legalities.
Japan
When we are talking about Cryptocurrency, Japan is one of the earliest adopters of Cryptocurrency. There are many assumptions regarding the Maker of Bitcoin, Satoshi Nakamoto being Japanese. However, no concrete information is available on that.
The national currency of Japan holds the largest market share of Bitcoin, which is around 60% of the total Bitcoin circulation of the market. Also, the government of Japan has developed special regulations for Cryptocurrency.
After Cina banned Cryptocurrency in the year 2017, Japan held the Top position as a Bitcoin or Crypto Country. Most of the Cryptocurrency exchanges have shifted to Japan since that incident, and Japan became the largest Bitcoin shareholder.
The United States
Obviously.
The United States should be at the top of the list of the countries where Cryptocurrencies are legal. The USA is the second-largest adopter of Cryptocurrency. Since the year 2013, the FinCEN or Financial Crime Enforcement Network has been issuing guidance for Cryptocurrencies.
The United States Treasury also has defined Cryptocurrency as a convertible currency that has an equivalent value in terms of the real currency or anything else that might act as a substitute for the traditional currencies.
Canada
Just like its southern neighbor, Canada also maintains a Crypto-friendly environment. Particularly for income tax purposes, the CRA, or Canada Revenue Agency, views the U.S. Bitcoin as a commodity.
It means any sort of income from the Cryptocurrency will be viewed as a capital gain or Business income and has to be reported as such. This country considers Cryptocurrency exchanges as money service businesses.
El Salvador
El Salvador is the one and only country which has declared Cryptocurrency as a legal tender. In the month of June 2021, the congress-approved President of this country, Nayib Bikele, has formally adopted Cryptocurrency as a form of Payment.
This is indeed a milestone for Cryptocurrency. El Salvador has always been a Crypto-friendly country. Plus, as the country now has started considering Cryptocurrency or Bitcoin as a legal payment method, a lot of things will change on a global level.
Australia
Similar to Canada, the Australia Taxation office also considers Cryptocurrency as a financial asset with a value, which can be taxed in case of some particular events. When you are selling, trading, exchanging, gifting, converting Cryptocurrency to fiat currency, or using them for any purchases, you are actually triggering the capital gains tax.
For tax purposes, you are also bound to keep records of any transactions you are making using Cryptocurrency.
Some More Countries
Here are some more names where you can trade with Cryptocurrency without thinking about the legalities.
- Germany.
- South Korea.
- France.
- Denmark,
- Mexico.
- Spain.
- European Union.
- Iceland.
Cryptocurrency Can be The Future
With every passing day, more countries are directly adopting Cryptocurrency and considering Crypto investment as a taxable event. It is making more people develop faith in the Crypto space. Eventually, more people are getting interested and making their investment in Crypto.
So, we must say that Cryptocurrency is the future of financial space.
