Crypto regulations.pdf

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Regulation of Cryptocurrency in
Selected Jurisdictions
Argentina • Australia • Belarus • Brazil • Canada • China
France • Gibraltar • Iran • Israel • Japan • Jersey
Mexico • Switzerland
June 2018
The Law Library of Congress, Global Legal Research Center
(202) 707-6462 (phone) • (866) 550-0442 (fax) •
law@loc.gov
•
http://www.law.gov
This
report is provided for reference purposes only.
It does not constitute legal advice and does not represent the official
opinion of the United States Government. The information provided
reflects research undertaken as of the date of writing.
It has not been updated.
Contents
Introduction ......................................................................................................................................1
Argentina..........................................................................................................................................2
Australia ...........................................................................................................................................5
Belarus ...........................................................................................................................................17
Brazil ..............................................................................................................................................21
Canada............................................................................................................................................25
China ..............................................................................................................................................30
France .............................................................................................................................................34
Gibraltar .........................................................................................................................................40
Iran .................................................................................................................................................45
Israel ...............................................................................................................................................49
Japan ..............................................................................................................................................53
Jersey..............................................................................................................................................59
Mexico ...........................................................................................................................................63
Switzerland ....................................................................................................................................66
Introduction
Hanibal Goitom
Foreign Law Specialist
This report summarizes the cryptocurrency policies and regulatory regimes in fourteen
jurisdictions around the world. Among the key issues covered in the report are matters relating to
the legality of cryptocurrency markets; the tax treatment of cryptocurrencies; and the applicability
of anti-money laundering, anti-organized crime, and anti-terrorism-financing laws.
In terms of the legal recognition of cryptocurrency markets, the jurisdictions included in this report
may be categorized into two groups. In the first category are countries that permit cryptocurrency
markets to operate, and within this group some countries (including Belarus, Gibraltar, Jersey, and
Mexico) have been proactive in that they have enacted specific laws recognizing and regulating
the cryptocurrency markets, while others (such as Brazil, Argentina, and France) allow the markets
to exist but have yet to issue industry-specific laws. The second category of countries includes
those that have taken steps to restrict the cryptocurrency markets, mainly by barring financial
institutions within their borders from participating in them (China and Iran).
Of the countries that permit cryptocurrency markets to operate, many impose taxes. However, the
tax treatment of income generated from a cryptocurrency transaction may vary depending on how
it is categorized. For instance, in Argentina a transaction of this nature would be taxed in a manner
similar to revenue generated from the sale of securities and bonds, whereas in Switzerland
cryptocurrency is categorized as a foreign currency for tax purposes. Some of the countries
included in the report do not levy taxes on cryptocurrency transactions (Belarus and Jersey).
Many of the countries that permit cryptocurrency markets to operate have enacted laws subjecting
organizations that participate in these markets to rules designed to prevent money-laundering,
terrorism financing, and organized crime. These include Australia, Belarus, Canada, Gibraltar,
Japan, Jersey, and Switzerland. While a bill that would have the same effect is working its way
through the Brazilian legislative process, countries like Argentina, France, and Mexico have yet
to follow suit.
The Law Library of Congress
1
Argentina
Graciela Rodriguez-Ferrand
Senior Foreign Law Specialist
SUMMARY
Bitcoins are not considered legal currency in Argentina because they are not issued by the
Central Bank and therefore are not considered legal tender. Although bitcoins are not
specifically regulated, they are increasingly being used. Bitcoin may be considered a good
or a thing under the Civil Code, and transactions with bitcoins may be governed by the
rules of the sale of goods under the Civil Code. In 2014, finance authorities warned entities
and individuals who are required by law to report suspicious transactions involving money
laundering or terrorism financing to be particularly alert with regard to operations carried
out with virtual currency. In December 2017 an amendment to the Law on Income Tax
provided that the profits derived from the sale of digital currency will be considered
income from stock and bonds and taxed as such.
I. Applicable Rules
Under the National Constitution of Argentina
1
the only authority capable of issuing legal
currency is the Central Bank.
2
Bitcoins are not legal currency strictly speaking, because they are
not issued by the government monetary authority and therefore are not legal tender.
3
They may
be considered money but not legal currency, since they are not a mandatory means of cancelling
debts or obligations.
4
Although bitcoins are not specifically regulated, they are increasingly
being used in Argentina, a country that has strict control over foreign currencies.
5
According to
some experts
6
a bitcoin may be considered a good or a thing under the Civil Code,
7
and
1
C
ONSTITUCIÓN DE LA
N
ACIÓN
A
RGENTINA
[N
ATIONAL
C
ONSTITUTION OF
A
RGENTINA
] art. 75, para. 6, B
OLETÍN
O
FICIAL
[BO], Aug. 22, 1994,
http://servicios.infoleg.gob.ar/infolegInternet/anexos/0-4999/804/norma.htm,
archived at
https://perma.cc/XN2T-C5G7.
Ley No. 24.144, Carta Orgánica del Banco Central de la República Argentina [Law No. 24,144, Charter of the
Central Bank of the Republic of Argentina] art. 30, BO, Oct. 13, 1992,
http://servicios.infoleg.gob.ar/infoleg
Internet/anexos/0-4999/542/texact.htm,
archived at
https://perma.cc/2CVW-8VNX.
El Banco Central Argentino Considera Riesgoso Operar con Bitcoins [Central Bank of Argentina Considers Risky
Operations with Bitcoins], I
NFOTECHNOLOGY
(May 28, 2014),
http://www.infotechnology.com/internet/El-Banco-
Central-argentino-considera-riesgoso-operar-con-bitcoins-20140528-0003.html,
archived at
https://perma.cc/746A-
JBYG.
4
3
2
Mara Laudonia,
El Vacío Legal del Bitcoin, ¿Es o No Es Dinero?
[The
Legal Vacuum of the Bitcoin, Is It or Is It
Not Money?],
T
ELAM
(Feb. 28, 2018),
http://www.telam.com.ar/notas/201702/180185-el-vacio-legal-del-bitcoin-es-
o-no-es-dinero.html,
archived at
https://perma.cc/P2WE-L8F9.
José Crettaz,
Bitcoin: Fiebre Argentina por la Máquina de Dinero Digital
[Bitcoin:
Argentine Fever for the Digital
Money Machine],
L
A
N
ACIÓN
(June 30, 2013),
http://www.lanacion.com.ar/1596773-bitcoin-pasion-argentina-por-
la-nueva-maquina-de-hacer-billetes-digitales,
archived at
https://perma.cc/PMU9-KWB5;
Diego Geddes,
Argentina
es uno de los países que más usa el bitcoin
[Argentina
Is One of the Countries that Uses the Bitcoin],
C
LARÍN
(Dec.
31, 2013),
http://www.clarin.com/sociedad/Argentina-paises-Bitcoin-moneda-virtual_0_1057694271.html,
archived
at
https://perma.cc/N8SA-5H9L.
5
The Law Library of Congress
2

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