<s>
The	O
legal	B-Architecture
status	I-Architecture
of	I-Architecture
cryptocurrencies	I-Architecture
varies	O
substantially	O
from	O
one	O
jurisdiction	O
to	O
another	O
,	O
and	O
is	O
still	O
undefined	O
or	O
changing	O
in	O
many	O
of	O
them	O
.	O
</s>
<s>
The	O
European	O
Union	O
has	O
passed	O
no	O
specific	O
legislation	O
relative	O
to	O
the	O
status	O
of	O
bitcoin	B-General_Concept
as	O
a	O
currency	O
,	O
but	O
has	O
stated	O
that	O
VAT/GST	O
is	O
not	O
applicable	O
to	O
the	O
conversion	O
between	O
traditional	O
(	O
fiat	O
)	O
currency	O
and	O
bitcoin	B-General_Concept
.	O
</s>
<s>
VAT/GST	O
and	O
other	O
taxes	O
(	O
such	O
as	O
income	O
tax	O
)	O
still	O
apply	O
to	O
transactions	O
made	O
using	O
bitcoins	B-General_Concept
for	O
goods	O
and	O
services	O
.	O
</s>
<s>
In	O
October	O
2015	O
,	O
the	O
Court	O
of	O
Justice	O
of	O
the	O
European	O
Union	O
ruled	O
that	O
"	O
The	O
exchange	O
of	O
traditional	O
currencies	O
for	O
units	O
of	O
the	O
'	O
bitcoin	B-General_Concept
 '	O
virtual	O
currency	O
is	O
exempt	O
from	O
VAT	O
"	O
and	O
that	O
"	O
Member	O
States	O
must	O
exempt	O
,	O
inter	O
alia	O
,	O
transactions	O
relating	O
to	O
'	O
currency	O
,	O
bank	O
notes	O
and	O
coins	O
used	O
as	O
legal	O
tender	O
,	O
making	O
bitcoin	B-General_Concept
a	O
currency	O
as	O
opposed	O
to	O
being	O
a	O
commodity	O
.	O
</s>
<s>
According	O
to	O
judges	O
,	O
the	O
tax	O
should	O
not	O
be	O
charged	O
because	O
bitcoins	B-General_Concept
should	O
be	O
treated	O
as	O
a	O
means	O
of	O
payment	O
.	O
</s>
<s>
According	O
to	O
the	O
European	O
Central	O
Bank	O
,	O
traditional	O
financial	O
sector	O
regulation	O
is	O
not	O
applicable	O
to	O
bitcoin	B-General_Concept
because	O
it	O
does	O
not	O
involve	O
traditional	O
financial	O
actors	O
.	O
</s>
<s>
Others	O
in	O
the	O
EU	O
have	O
stated	O
,	O
however	O
,	O
that	O
existing	O
rules	O
can	O
be	O
extended	O
to	O
include	O
bitcoin	B-General_Concept
and	O
bitcoin	B-General_Concept
companies	O
.	O
</s>
<s>
The	O
European	O
Central	O
Bank	O
classifies	O
bitcoin	B-General_Concept
as	O
a	O
convertible	O
decentralized	O
virtual	O
currency	O
.	O
</s>
<s>
In	O
July	O
2014	O
the	O
European	O
Banking	O
Authority	O
advised	O
European	O
banks	O
not	O
to	O
deal	O
in	O
virtual	O
currencies	O
such	O
as	O
bitcoin	B-General_Concept
until	O
a	O
regulatory	O
regime	O
was	O
in	O
place	O
.	O
</s>
<s>
In	O
2013	O
the	O
G7	B-Device
's	O
Financial	O
Action	O
Task	O
Force	O
issued	O
the	O
following	O
statement	O
in	O
guidelines	O
which	O
may	O
be	O
applicable	O
to	O
companies	O
involved	O
in	O
transmitting	O
bitcoin	B-General_Concept
and	O
other	O
currencies	O
,	O
"	O
Internet-based	O
payment	O
services	O
that	O
allow	O
third	O
party	O
funding	O
from	O
anonymous	O
sources	O
may	O
face	O
an	O
increased	O
risk	O
of	O
[	O
money	O
laundering/terrorist	O
financing ]	O
.	O
"	O
</s>
<s>
"	O
Egypt	O
's	O
Dar	O
al-Ifta	O
,	O
the	O
primary	O
Islamic	O
legislator	O
in	O
Egypt	O
,	O
has	O
issued	O
a	O
religious	O
decree	O
classifying	O
commercial	O
transactions	O
in	O
bitcoin	B-General_Concept
as	O
haram	O
(	O
prohibited	O
under	O
Islamic	O
law	O
)	O
.	O
</s>
<s>
The	O
following	O
day	O
,	O
the	O
monetary	O
authorities	O
also	O
reacted	O
in	O
a	O
statement	O
issued	O
jointly	O
by	O
the	O
Ministry	O
of	O
Economy	O
and	O
Finance	O
,	O
Bank	O
Al-Maghrib	O
and	O
the	O
Moroccan	O
Capital	O
Market	O
Authority	O
(	O
AMMC	O
)	O
,	O
warning	O
against	O
risks	O
associated	O
with	O
bitcoin	B-General_Concept
,	O
which	O
may	O
be	O
used	O
"	O
for	O
illicit	O
or	O
criminal	O
purposes	O
,	O
including	O
money	O
laundering	O
and	O
terrorist	O
financing	O
"	O
.	O
</s>
<s>
On	O
19	O
December	O
2017	O
,	O
Abdellatif	O
Jouahri	O
,	O
governor	O
of	O
Bank	O
Al-Maghrib	O
,	O
said	O
at	O
a	O
press	O
conference	O
held	O
in	O
Rabat	O
during	O
the	O
last	O
quarterly	O
meeting	O
of	O
the	O
Bank	O
Al-Maghrib	O
'	O
s	O
Board	O
of	O
2017	O
that	O
bitcoin	B-General_Concept
is	O
not	O
a	O
currency	O
but	O
a	O
"	O
financial	O
asset	O
"	O
.	O
</s>
<s>
As	O
of	O
17	O
January	O
2017	O
,	O
The	O
Central	O
Bank	O
of	O
Nigeria	O
(	O
CBN	O
)	O
has	O
passed	O
a	O
circular	O
to	O
inform	O
all	O
Nigerian	O
banks	O
that	O
bank	O
transactions	O
in	O
bitcoin	B-General_Concept
and	O
other	O
virtual	O
currencies	O
have	O
been	O
banned	O
in	O
Nigeria	O
.	O
</s>
<s>
Later	O
on	O
,	O
a	O
committee	O
was	O
set	O
up	O
by	O
the	O
Central	O
Bank	O
of	O
Nigeria	O
(	O
CBN	O
)	O
and	O
the	O
Nigeria	O
Deposit	O
Insurance	O
Corporation	O
(	O
NDIC	O
)	O
to	O
look	O
into	O
the	O
possibility	O
of	O
the	O
country	O
adopting	O
the	O
technology	O
driving	O
bitcoin	B-General_Concept
and	O
other	O
digital	O
currencies	O
–	O
blockchain	B-Application
.	O
</s>
<s>
The	O
Autorité	O
des	O
marchés	O
financiers	O
(	O
AMF	O
)	O
,	O
the	O
financial	O
regulator	O
in	O
the	O
province	O
of	O
Quebec	O
,	O
has	O
declared	O
that	O
some	O
bitcoin	B-General_Concept
related	O
business	O
models	O
,	O
including	O
exchanges	O
and	O
ATMs	O
,	O
are	O
regulated	O
under	O
its	O
current	O
MSB	O
Act	O
.	O
</s>
<s>
The	O
U.S.	O
Treasury	O
classified	O
bitcoin	B-General_Concept
as	O
a	O
convertible	O
decentralized	O
virtual	O
currency	O
in	O
2013	O
.	O
</s>
<s>
The	O
Commodity	O
Futures	O
Trading	O
Commission	O
(	O
CFTC	O
)	O
,	O
classified	O
bitcoin	B-General_Concept
as	O
a	O
commodity	O
in	O
September	O
2015	O
.	O
</s>
<s>
Per	O
the	O
Internal	O
Revenue	O
Service	O
(	O
IRS	O
)	O
,	O
bitcoin	B-General_Concept
is	O
taxed	O
as	O
a	O
property	O
.	O
</s>
<s>
Bitcoin	B-General_Concept
was	O
mentioned	O
in	O
a	O
U.S.	O
Supreme	O
Court	O
opinion	O
(	O
in	O
the	O
case	O
of	O
Wisconsin	O
Central	O
Ltd	O
.	O
v	O
.	O
United	O
States	O
)	O
on	O
21	O
June	O
2018	O
.	O
</s>
<s>
In	O
an	O
opinion	O
,	O
the	O
U.S.	O
Supreme	O
Court	O
mentioned	O
that	O
the	O
definition	O
of	O
money	O
has	O
changed	O
over	O
time	O
and	O
that	O
"	O
perhaps	O
one	O
day	O
employees	O
will	O
be	O
paid	O
in	O
Bitcoin	B-General_Concept
or	O
some	O
other	O
type	O
of	O
cryptocurrency	O
...	O
"	O
</s>
<s>
In	O
September	O
2016	O
,	O
in	O
a	O
federal	O
court	O
case	O
involving	O
a	O
person	O
operating	O
an	O
unlicensed	O
money	O
transmitting	O
businesses	O
,	O
the	O
U.S.	O
District	O
Court	O
for	O
the	O
Southern	O
District	O
of	O
New	O
York	O
ruled	O
that	O
"	O
Bitcoins	B-General_Concept
are	O
funds	O
within	O
the	O
plain	O
meaning	O
of	O
that	O
term	O
.	O
</s>
<s>
Bitcoins	B-General_Concept
can	O
be	O
accepted	O
as	O
a	O
payment	O
for	O
goods	O
and	O
services	O
or	O
bought	O
directly	O
from	O
an	O
exchange	O
with	O
a	O
bank	O
account	O
.	O
</s>
<s>
Bitcoin	B-General_Concept
was	O
legal	O
in	O
Mexico	O
as	O
of	O
2017	O
,	O
with	O
plans	O
to	O
regulate	O
it	O
as	O
a	O
virtual	O
asset	O
by	O
the	O
FinTech	O
Law	O
.	O
</s>
<s>
In	O
October	O
2017	O
,	O
the	O
Central	O
Bank	O
of	O
Costa	O
Rica	O
issued	O
a	O
statement	O
that	O
Bitcoin	B-General_Concept
and	O
cryptocurrencies	O
are	O
not	O
considered	O
currencies	O
,	O
are	O
not	O
backed	O
by	O
law	O
,	O
and	O
cannot	O
be	O
traded	O
on	O
Costa	O
Rica	O
's	O
national	O
payment	O
system	O
.	O
</s>
<s>
Bitcoin	B-General_Concept
was	O
made	O
legal	O
tender	O
in	O
the	O
country	O
through	O
the	O
Bitcoin	B-General_Concept
Law	O
,	O
which	O
was	O
passed	O
on	O
8	O
June	O
2021	O
,	O
El	O
Salvador	O
,	O
primer	O
país	O
del	O
mundo	O
en	O
reconocer	O
al	O
Bitcoin	B-General_Concept
como	O
moneda	O
de	O
curso	O
legal	O
,	O
9	O
June	O
2021	O
,	O
official	O
website	O
of	O
the	O
Legislative	O
Assembly	O
of	O
El	O
Salvador	O
and	O
took	O
effect	O
on	O
7	O
September	O
2021	O
.	O
</s>
<s>
One	O
month	O
on	O
,	O
more	O
Salvadorans	O
have	O
bitcoin	B-General_Concept
wallets	O
than	O
traditional	O
bank	O
accounts	O
,	O
and	O
the	O
most	O
popular	O
bitcoin	B-General_Concept
wallet	O
—	O
the	O
government	O
's	O
officially-sponsored	O
Chivo	O
wallet	O
—	O
had	O
been	O
downloaded	O
by	O
three	O
million	O
people	O
,	O
approaching	O
46	O
percent	O
of	O
the	O
population	O
.	O
</s>
<s>
As	O
of	O
2014	O
,	O
the	O
government	O
had	O
not	O
passed	O
any	O
regulation	O
on	O
Bitcoin	B-General_Concept
,	O
nor	O
had	O
the	O
central	O
bank	O
issued	O
rulings	O
or	O
guidelines	O
.	O
</s>
<s>
In	O
January	O
2014	O
,	O
El	O
Nuevo	O
Diario	O
reported	O
that	O
an	O
American	O
banker	O
had	O
used	O
bitcoin	B-General_Concept
to	O
purchase	O
real	O
estate	O
in	O
the	O
country	O
.	O
</s>
<s>
Bitcoins	B-General_Concept
may	O
be	O
considered	O
money	O
,	O
but	O
not	O
legal	O
currency	O
.	O
</s>
<s>
A	O
bitcoin	B-General_Concept
may	O
be	O
considered	O
either	O
a	O
good	O
or	O
a	O
thing	O
under	O
the	O
Argentina	O
's	O
Civil	O
Code	O
,	O
and	O
transactions	O
with	O
bitcoins	B-General_Concept
may	O
be	O
governed	O
by	O
the	O
rules	O
for	O
the	O
sale	O
of	O
goods	O
under	O
the	O
Civil	O
Code	O
.	O
</s>
<s>
Financial	O
institutions	O
are	O
not	O
allowed	O
to	O
facilitate	O
bitcoin	B-General_Concept
transactions	O
.	O
</s>
<s>
Bitcoin	B-General_Concept
miners	O
used	O
to	O
be	O
arrested	O
by	O
law	O
enforcement	O
authorities	O
,	O
however	O
in	O
January	O
2018	O
Carlos	O
Vargas	O
,	O
the	O
government	O
's	O
cryptocurrency	O
superintendent	O
said	O
"	O
It	O
is	O
an	O
activity	O
that	O
is	O
now	O
perfectly	O
legal	O
.	O
</s>
<s>
Bitcoin	B-General_Concept
is	O
considered	O
a	O
commodity	O
,	O
not	O
a	O
security	O
or	O
currency	O
under	O
the	O
laws	O
of	O
the	O
Kyrgyz	O
Republic	O
and	O
may	O
be	O
legally	O
mined	O
,	O
bought	O
,	O
sold	O
and	O
traded	O
on	O
a	O
local	O
commodity	O
exchange	O
.	O
</s>
<s>
On	O
2	O
September	O
2018	O
,	O
a	O
decree	O
legalizing	O
crypto	O
trading	O
—	O
also	O
making	O
it	O
tax-free	O
—	O
and	O
mining	B-General_Concept
in	O
the	O
country	O
came	O
into	O
force	O
,	O
making	O
Uzbekistan	O
a	O
crypto-friendly	O
state	O
.	O
</s>
<s>
No	O
initial	B-Application
coin	I-Application
offerings	I-Application
are	O
permitted	O
and	O
no	O
establishment	O
of	O
an	O
exchange	O
is	O
permitted	O
under	O
this	O
license.	O
"	O
</s>
<s>
As	O
of	O
2017	O
,	O
the	O
Israel	O
Tax	O
Authorities	O
issued	O
a	O
statement	O
saying	O
that	O
bitcoin	B-General_Concept
and	O
other	O
cryptocurrencies	O
would	O
not	O
fall	O
under	O
the	O
legal	O
definition	O
of	O
currency	O
,	O
and	O
neither	O
of	O
that	O
of	O
a	O
financial	O
security	O
,	O
but	O
of	O
a	O
taxable	O
asset	O
.	O
</s>
<s>
Each	O
time	O
a	O
bitcoin	B-General_Concept
is	O
sold	O
,	O
the	O
seller	O
would	O
have	O
to	O
pay	O
a	O
capital	O
gains	O
tax	O
of	O
25%	O
.	O
</s>
<s>
Financial	O
institutions	O
are	O
warned	O
from	O
using	O
bitcoin	B-General_Concept
.	O
</s>
<s>
The	O
government	O
of	O
Jordan	O
has	O
issued	O
a	O
warning	O
discouraging	O
the	O
use	O
of	O
bitcoin	B-General_Concept
and	O
other	O
similar	O
systems	O
.	O
</s>
<s>
The	O
Central	O
Bank	O
of	O
Jordan	O
prohibits	O
banks	O
,	O
currency	O
exchanges	O
,	O
financial	O
companies	O
,	O
and	O
payment	O
service	O
companies	O
from	O
dealing	O
in	O
bitcoins	B-General_Concept
or	O
other	O
digital	O
currencies	O
.	O
</s>
<s>
Banks	O
are	O
not	O
allowed	O
to	O
trade	O
in	O
bitcoin	B-General_Concept
due	O
to	O
concerns	O
over	O
financial	O
crimes	O
and	O
hacking	O
.	O
</s>
<s>
Financial	O
institutions	O
are	O
not	O
allowed	O
by	O
central	O
bank	O
to	O
facilitate	O
bitcoin	B-General_Concept
transactions	O
.	O
</s>
<s>
Financial	O
institutions	O
are	O
not	O
allowed	O
to	O
facilitate	O
bitcoin	B-General_Concept
transactions	O
.	O
</s>
<s>
Finance	O
minister	O
Arun	O
Jaitley	O
,	O
in	O
his	O
budget	O
speech	O
on	O
1	O
February	O
2018	O
,	O
stated	O
that	O
the	O
government	O
will	O
do	O
everything	O
to	O
discontinue	O
the	O
use	O
of	O
bitcoin	B-General_Concept
and	O
other	O
virtual	O
currencies	O
in	O
India	O
for	O
criminal	O
uses	O
.	O
</s>
<s>
He	O
reiterated	O
that	O
India	O
does	O
not	O
recognise	O
them	O
as	O
legal	O
tender	O
and	O
will	O
instead	O
encourage	O
blockchain	B-Application
technology	I-Application
in	O
payment	O
systems	O
.	O
</s>
<s>
In	O
2021	O
,	O
the	O
government	O
is	O
exploring	O
the	O
creation	O
of	O
a	O
state-backed	O
digital	O
currency	O
issued	O
by	O
the	O
Reserve	O
Bank	O
of	O
India	O
,	O
while	O
banning	O
private	O
ones	O
like	O
bitcoin	B-General_Concept
.	O
</s>
<s>
Cryptocurrencies	O
including	O
bitcoin	B-General_Concept
are	O
not	O
officially	O
regulated	O
in	O
Pakistan	O
;	O
however	O
,	O
it	O
is	O
not	O
illegal	O
or	O
banned	O
.	O
</s>
<s>
There	O
have	O
been	O
a	O
number	O
of	O
arrests	O
by	O
the	O
Cyber	O
Crime	O
Wing	O
of	O
the	O
Federal	O
Investigation	O
Agency	O
(	O
FIA	O
)	O
related	O
to	O
the	O
mining	B-General_Concept
of	O
bitcoin	B-General_Concept
and	O
other	O
cryptocurrencies	O
.	O
</s>
<s>
Despite	O
the	O
many	O
controversies	O
around	O
virtual	O
currencies	O
,	O
prominent	O
Pakistani	O
bloggers	O
and	O
social	O
media	O
influencers	O
are	O
publicly	O
involved	O
in	O
trading	O
bitcoin	B-General_Concept
and	O
regularly	O
publish	O
content	O
on	O
social	O
media	O
in	O
the	O
favor	O
of	O
regulating	O
cryptocurrencies	O
.	O
</s>
<s>
Financial	O
institutions	O
are	O
not	O
allowed	O
to	O
facilitate	O
bitcoin	B-General_Concept
transactions	O
.	O
</s>
<s>
On	O
5	O
December	O
2013	O
,	O
People	O
's	O
Bank	O
of	O
China	O
(	O
PBOC	O
)	O
made	O
its	O
first	O
step	O
in	O
regulating	O
bitcoin	B-General_Concept
by	O
prohibiting	O
financial	O
institutions	O
from	O
handling	O
bitcoin	B-General_Concept
transactions	O
.	O
</s>
<s>
On	O
1	O
April	O
2014	O
PBOC	O
ordered	O
commercial	O
banks	O
and	O
payment	O
companies	O
to	O
close	O
bitcoin	B-General_Concept
trading	O
accounts	O
in	O
two	O
weeks	O
.	O
</s>
<s>
In	O
early	O
2018	O
the	O
People	O
's	O
Bank	O
of	O
China	O
announced	O
the	O
State	O
Administration	O
of	O
Foreign	O
Exchange	O
led	O
by	O
Pan	O
Gongsheng	O
would	O
crack	O
down	O
on	O
bitcoin	B-General_Concept
mining	B-General_Concept
.	O
</s>
<s>
Many	O
bitcoin	B-General_Concept
mining	B-General_Concept
operations	O
in	O
China	O
had	O
stopped	O
operating	O
by	O
January	O
2018	O
.	O
</s>
<s>
On	O
8	O
January	O
2014	O
,	O
the	O
Secretary	O
for	O
Financial	O
Services	O
and	O
the	O
Treasury	O
addressed	O
bitcoin	B-General_Concept
in	O
the	O
Legislative	O
Council	O
stating	O
that	O
"	O
Hong	O
Kong	O
at	O
present	O
has	O
no	O
legislation	O
directly	O
regulating	O
bitcoins	B-General_Concept
and	O
other	O
virtual	O
currencies	O
of	O
 [ a ] 	O
similar	O
kind	O
.	O
</s>
<s>
However	O
,	O
our	O
existing	O
laws	O
(	O
such	O
as	O
the	O
Organised	O
and	O
Serious	O
Crimes	O
Ordinance	O
)	O
provide	O
sanctions	O
against	O
unlawful	O
acts	O
involving	O
bitcoins	B-General_Concept
,	O
such	O
as	O
fraud	O
or	O
money	O
laundering.	O
"	O
</s>
<s>
On	O
16	O
November	O
2013	O
,	O
Norman	O
Chan	O
,	O
the	O
chief	O
executive	O
of	O
Hong	O
Kong	O
Monetary	O
Authority	O
(	O
HKMA	O
)	O
said	O
that	O
bitcoin	B-General_Concept
is	O
only	O
a	O
virtual	O
commodity	O
.	O
</s>
<s>
He	O
also	O
decided	O
that	O
bitcoin	B-General_Concept
will	O
not	O
be	O
regulated	O
by	O
HKMA	O
.	O
</s>
<s>
On	O
7	O
March	O
2014	O
,	O
the	O
Japanese	O
government	O
,	O
in	O
response	O
to	O
a	O
series	O
of	O
questions	O
asked	O
in	O
the	O
National	O
Diet	O
,	O
made	O
a	O
cabinet	O
decision	O
on	O
the	O
legal	O
treatment	O
of	O
bitcoins	B-General_Concept
in	O
the	O
form	O
of	O
answers	O
to	O
the	O
questions	O
.	O
</s>
<s>
The	O
decision	O
did	O
not	O
see	O
bitcoin	B-General_Concept
as	O
currency	O
nor	O
bond	O
under	O
the	O
current	O
Banking	O
Act	O
and	O
Financial	O
Instruments	O
and	O
Exchange	O
Law	O
,	O
prohibiting	O
banks	O
and	O
securities	O
companies	O
from	O
dealing	O
in	O
bitcoins	B-General_Concept
.	O
</s>
<s>
The	O
decision	O
also	O
acknowledges	O
that	O
there	O
are	O
no	O
laws	O
to	O
unconditionally	O
prohibit	O
individuals	O
or	O
legal	O
entities	O
from	O
receiving	O
bitcoins	B-General_Concept
in	O
exchange	O
for	O
goods	O
or	O
services	O
.	O
</s>
<s>
Taxes	O
may	O
be	O
applicable	O
to	O
bitcoins	B-General_Concept
.	O
</s>
<s>
Financial	O
institutions	O
are	O
not	O
allowed	O
to	O
facilitate	O
bitcoin	B-General_Concept
transactions	O
.	O
</s>
<s>
Regulators	O
have	O
warned	O
the	O
public	O
that	O
bitcoin	B-General_Concept
does	O
not	O
have	O
legal	O
protection	O
,	O
"	O
as	O
the	O
currency	O
is	O
not	O
issued	O
by	O
any	O
monetary	O
authority	O
and	O
is	O
therefore	O
not	O
entitled	O
to	O
legal	O
claims	O
or	O
guarantee	O
of	O
conversion	O
"	O
.	O
</s>
<s>
Financial	O
institutions	O
have	O
been	O
warned	O
by	O
regulators	O
that	O
necessary	O
regulatory	O
actions	O
may	O
be	O
taken	O
if	O
they	O
use	O
bitcoin	B-General_Concept
.	O
</s>
<s>
On	O
31	O
December	O
2013	O
,	O
Financial	O
Supervisory	O
Commission	O
(	O
Republic	O
of	O
China	O
)	O
(	O
FSC	O
)	O
and	O
CBC	O
issued	O
a	O
joint	O
statement	O
which	O
warns	O
against	O
the	O
use	O
of	O
bitcoin	B-General_Concept
.	O
</s>
<s>
It	O
is	O
stated	O
that	O
bitcoin	B-General_Concept
remains	O
highly	O
volatile	O
,	O
highly	O
speculative	O
,	O
and	O
is	O
not	O
entitled	O
to	O
legal	O
claims	O
or	O
guarantee	O
of	O
conversion	O
.	O
</s>
<s>
On	O
5	O
January	O
2014	O
,	O
FSC	O
chairman	O
Tseng	O
Ming-chung	O
stated	O
that	O
FSC	O
will	O
not	O
allow	O
the	O
installation	O
of	O
bitcoin	B-General_Concept
ATM	O
in	O
Taiwan	O
because	O
bitcoin	B-General_Concept
is	O
not	O
a	O
currency	O
and	O
it	O
should	O
not	O
be	O
accepted	O
by	O
individuals	O
and	O
banks	O
as	O
payment	O
.	O
</s>
<s>
On	O
7	O
December	O
2017	O
,	O
Bank	O
Indonesia	O
,	O
the	O
country	O
's	O
central	O
bank	O
,	O
issued	O
a	O
regulation	O
banning	O
the	O
use	O
of	O
cryptocurrencies	O
including	O
bitcoin	B-General_Concept
as	O
payment	O
tools	O
starting	O
1	O
January	O
2018	O
.	O
</s>
<s>
On	O
11	O
November	O
2021	O
,	O
Indonesian	O
Ulema	O
Council	O
issued	O
haram	O
fatwa	O
against	O
use	O
of	O
cryptocurrencies	O
as	O
currency	O
including	O
Bitcoin	B-General_Concept
,	O
citing	O
both	O
Islamic	O
laws	O
and	O
Indonesian	O
banking	O
and	O
monetary	O
regulations	O
.	O
</s>
<s>
On	O
4	O
November	O
2013	O
,	O
Bank	O
Negara	O
Malaysia	O
(	O
BNM	O
)	O
met	O
with	O
local	O
bitcoin	B-General_Concept
proponents	O
to	O
learn	O
more	O
about	O
the	O
currency	O
but	O
did	O
not	O
comment	O
at	O
the	O
time	O
.	O
</s>
<s>
BNM	O
issued	O
a	O
statement	O
on	O
6	O
January	O
2014	O
that	O
bitcoin	B-General_Concept
is	O
not	O
recognised	O
as	O
a	O
legal	O
tender	O
in	O
Malaysia	O
.	O
</s>
<s>
On	O
6	O
March	O
2014	O
,	O
Bangko	O
Sentral	O
ng	O
Pilipinas	O
(	O
BSP	O
)	O
issued	O
a	O
statement	O
on	O
risks	O
associated	O
with	O
bitcoin	B-General_Concept
trading	O
and	O
usage	O
.	O
</s>
<s>
Recently	O
virtual	O
currencies	O
were	O
legalized	O
and	O
cryptocurrency	O
exchanges	O
are	O
now	O
regulated	O
by	O
Central	O
Bank	O
of	O
the	O
Philippines	O
(	O
Bangko	O
Sentral	O
ng	O
Pilipinas	O
)	O
under	O
Circular	O
944	O
;	O
however	O
bitcoin	B-General_Concept
and	O
other	O
"	O
virtual	O
currencies	O
"	O
are	O
not	O
recognized	O
by	O
the	O
BSP	O
as	O
currency	O
as	O
"	O
it	O
is	O
neither	O
issued	O
or	O
guaranteed	O
by	O
a	O
central	O
bank	O
nor	O
backed	O
by	O
any	O
commodity	O
.	O
</s>
<s>
In	O
December	O
2013	O
,	O
the	O
Monetary	O
Authority	O
of	O
Singapore	O
reportedly	O
stated	O
that	O
"[w]hether	O
or	O
not	O
businesses	O
accept	O
bitcoins	B-General_Concept
in	O
exchange	O
for	O
their	O
goods	O
and	O
services	O
is	O
a	O
commercial	O
decision	O
in	O
which	O
MAS	O
does	O
not	O
intervene.	O
"	O
</s>
<s>
On	O
22	O
September	O
2013	O
,	O
the	O
Monetary	O
Authority	O
of	O
Singapore	O
(	O
MAS	O
)	O
warned	O
users	O
of	O
the	O
risks	O
associated	O
with	O
using	O
bitcoin	B-General_Concept
stating	O
"	O
If	O
bitcoin	B-General_Concept
ceases	O
to	O
operate	O
,	O
there	O
may	O
not	O
be	O
an	O
identifiable	O
party	O
responsible	O
for	O
refunding	O
their	O
monies	O
or	O
for	O
them	O
to	O
seek	O
recourse	O
"	O
and	O
in	O
December	O
2013	O
stated	O
"	O
Whether	O
or	O
not	O
businesses	O
accept	O
bitcoins	B-General_Concept
in	O
exchange	O
for	O
their	O
goods	O
and	O
services	O
is	O
a	O
commercial	O
decision	O
in	O
which	O
MAS	O
does	O
not	O
intervene	O
"	O
In	O
January	O
2014	O
,	O
the	O
Inland	O
Revenue	O
Authority	O
of	O
Singapore	O
issued	O
a	O
series	O
of	O
tax	O
guidelines	O
according	O
to	O
which	O
bitcoin	B-General_Concept
transactions	O
may	O
be	O
treated	O
as	O
a	O
barter	O
exchange	O
if	O
it	O
is	O
used	O
as	O
a	O
payment	O
method	O
for	O
real	O
goods	O
and	O
services	O
.	O
</s>
<s>
Businesses	O
that	O
deal	O
with	O
bitcoin	B-General_Concept
currency	O
exchanges	O
will	O
be	O
taxed	O
based	O
on	O
their	O
bitcoin	B-General_Concept
sales	O
.	O
</s>
<s>
In	O
April	O
2019	O
,	O
the	O
MAS	O
referred	O
to	O
bitcoin	B-General_Concept
as	O
a	O
digital	O
payment	O
token	O
for	O
purposes	O
of	O
the	O
Payment	O
Services	O
Act	O
.	O
</s>
<s>
Thai	O
based	O
bitcoin	B-General_Concept
exchanges	O
can	O
only	O
exchange	O
Digital	O
Currencies	O
for	O
Thai	O
Baht	O
and	O
are	O
required	O
to	O
operate	O
with	O
a	O
Thailand	O
Business	O
Development	O
Department	O
e-commerce	O
license	O
.	O
</s>
<s>
Bitcoin	B-General_Concept
and	O
cryptocurrency	O
is	O
not	O
legal	O
tender	O
in	O
Brunei	O
Darussalam	O
and	O
are	O
not	O
regulated	O
by	O
AMBD	O
(	O
Brunei	O
Monetary	O
Authority	O
)	O
.	O
</s>
<s>
There	O
is	O
no	O
law	O
that	O
stated	O
that	O
holding	O
or	O
trading	O
bitcoin	B-General_Concept
is	O
illegal	O
.	O
</s>
<s>
On	O
19	O
August	O
2013	O
,	O
the	O
German	O
Finance	O
Ministry	O
announced	O
that	O
bitcoin	B-General_Concept
is	O
now	O
essentially	O
a	O
"	O
unit	O
of	O
account	O
"	O
and	O
can	O
be	O
used	O
for	O
the	O
purpose	O
of	O
tax	O
and	O
trading	O
in	O
the	O
country	O
,	O
meaning	O
that	O
purchases	O
made	O
with	O
it	O
must	O
pay	O
VAT	O
as	O
with	O
euro	O
transactions	O
.	O
</s>
<s>
The	O
Bundesbank	O
says	O
that	O
bitcoin	B-General_Concept
is	O
not	O
a	O
virtual	O
currency	O
or	O
digital	O
money	O
.	O
</s>
<s>
The	O
use	O
of	O
bitcoin	B-General_Concept
in	O
Poland	O
is	O
not	O
regulated	O
by	O
a	O
legal	O
act	O
at	O
present	O
.	O
</s>
<s>
Szymon	O
Woźniak	O
of	O
the	O
Ministry	O
of	O
Finance	O
made	O
an	O
official	O
announcement	O
on	O
the	O
legality	B-Architecture
of	I-Architecture
bitcoin	I-Architecture
on	O
18	O
December	O
2013	O
at	O
a	O
conference	O
at	O
the	O
Warsaw	O
School	O
of	O
Economics	O
stating	O
that	O
the	O
Ministry	O
of	O
Finance	O
does	O
not	O
consider	O
bitcoin	B-General_Concept
illegal	O
and	O
does	O
not	O
want	O
to	O
hinder	O
its	O
development	O
.	O
</s>
<s>
He	O
clarified	O
that	O
while	O
not	O
illegal	O
,	O
bitcoin	B-General_Concept
cannot	O
be	O
considered	O
legal	O
tender	O
,	O
and	O
,	O
in	O
the	O
light	O
of	O
the	O
directives	O
of	O
the	O
European	O
Union	O
,	O
it	O
is	O
neither	O
electronic	O
money	O
.	O
</s>
<s>
As	O
of	O
27	O
January	O
2015	O
,	O
several	O
banks	O
have	O
closed	O
accounts	O
of	O
clients	O
trading	O
bitcoin	B-General_Concept
,	O
and	O
indicated	O
"	O
presumption	O
of	O
criminal	O
offense	O
"	O
as	O
the	O
cause	O
,	O
with	O
"	O
criminal	O
offense	O
"	O
presumably	O
being	O
"	O
cryptocurrency	O
trade	O
"	O
.	O
</s>
<s>
They	O
underlined	O
that	O
virtual	O
currencies	O
(	O
including	O
bitcoin	B-General_Concept
)	O
:	O
(	O
1	O
)	O
are	O
not	O
issued	O
or	O
guaranteed	O
by	O
the	O
central	O
bank	O
,	O
(	O
2	O
)	O
are	O
not	O
money	O
,	O
i.e.	O
</s>
<s>
In	O
October	O
2017	O
,	O
the	O
National	O
Fiscal	O
Administration	O
Agency	O
(	O
ANAF	O
)	O
declared	O
that	O
there	O
is	O
a	O
lack	O
of	O
a	O
legislative	O
framework	O
around	O
bitcoin	B-General_Concept
,	O
and	O
therefore	O
,	O
it	O
is	O
unable	O
to	O
create	O
a	O
tax	O
regulation	O
framework	O
for	O
it	O
as	O
well	O
(	O
implying	O
no	O
taxation	O
)	O
.	O
</s>
<s>
The	O
National	O
Bank	O
of	O
Slovakia	O
(	O
NBS	O
)	O
,	O
stated	O
that	O
bitcoin	B-General_Concept
does	O
not	O
have	O
the	O
legal	O
attributes	O
of	O
a	O
currency	O
,	O
and	O
therefore	O
it	O
cannot	O
be	O
considered	O
a	O
currency	O
.	O
</s>
<s>
On	O
23	O
December	O
2013	O
the	O
Slovenian	O
Ministry	O
of	O
Finance	O
made	O
an	O
announcement	O
stating	O
that	O
bitcoin	B-General_Concept
is	O
neither	O
a	O
currency	O
nor	O
an	O
asset	O
.	O
</s>
<s>
Bitcoin	B-General_Concept
businesses	O
in	O
Switzerland	O
are	O
subject	O
to	O
anti-money	O
laundering	O
regulations	O
and	O
in	O
some	O
instances	O
may	O
need	O
to	O
obtain	O
a	O
banking	O
license	O
.	O
</s>
<s>
On	O
5	O
December	O
2013	O
,	O
a	O
proposal	O
was	O
put	O
forth	O
by	O
45	O
members	O
of	O
the	O
Swiss	O
Parliament	O
for	O
digital	O
sustainability	O
(	O
Pardigli	O
)	O
,	O
that	O
calls	O
on	O
the	O
Swiss	O
government	O
to	O
evaluate	O
the	O
opportunities	O
for	O
utilization	O
of	O
bitcoin	B-General_Concept
by	O
the	O
country	O
's	O
financial	O
sector	O
.	O
</s>
<s>
It	O
also	O
seeks	O
clarification	O
on	O
bitcoin	B-General_Concept
's	O
legal	O
standing	O
with	O
respect	O
to	O
VAT	O
,	O
securities	O
and	O
anti-money	O
laundering	O
laws	O
.	O
</s>
<s>
In	O
2016	O
,	O
Zug	O
added	O
bitcoin	B-General_Concept
as	O
a	O
means	O
of	O
paying	O
city	O
fees	O
,	O
in	O
a	O
test	O
and	O
an	O
attempt	O
to	O
advance	O
Zug	O
as	O
a	O
region	O
that	O
is	O
advancing	O
future	O
technologies	O
.	O
</s>
<s>
Swiss	O
Federal	O
Railways	O
,	O
government-owned	O
railway	O
company	O
of	O
Switzerland	O
,	O
sells	O
bitcoins	B-General_Concept
at	O
its	O
ticket	O
machines	O
.	O
</s>
<s>
The	O
provisions	O
of	O
the	O
decree	O
"	O
On	O
the	O
Development	O
of	O
Digital	O
Economy	O
"	O
create	O
of	O
a	O
legal	O
basis	O
for	O
the	O
circulation	O
of	O
digital	O
currencies	O
and	O
tokens	O
based	O
on	O
blockchain	B-Application
technology	I-Application
,	O
so	O
that	O
resident	O
companies	O
of	O
the	O
High-Tech	O
Park	O
can	O
provide	O
the	O
services	O
of	O
stock	O
markets	O
and	O
exchange	O
offices	O
with	O
cryptocurrencies	O
and	O
attract	O
financing	O
through	O
the	O
ICO	B-Application
.	O
</s>
<s>
For	O
legal	O
entities	O
,	O
the	O
Decree	O
confers	O
the	O
rights	O
to	O
create	O
and	O
place	O
their	O
own	O
tokens	O
,	O
carry	O
out	O
transactions	O
through	O
stock	O
markets	O
and	O
exchange	O
operators	O
;	O
to	O
individuals	O
the	O
Decree	O
gives	O
the	O
right	O
to	O
engage	O
in	O
mining	B-General_Concept
,	O
to	O
own	O
tokens	O
,	O
to	O
acquire	O
and	O
change	O
them	O
for	O
Belarusian	O
rubels	O
,	O
foreign	O
currency	O
and	O
electronic	O
money	O
,	O
and	O
to	O
bequeath	O
them	O
.	O
</s>
<s>
Under	O
the	O
new	O
rules	O
,	O
developers	O
of	O
blockchain-based	O
solutions	O
,	O
developers	O
of	O
machine	O
learning	O
systems	O
based	O
on	O
artificial	B-Architecture
neural	I-Architecture
networks	I-Architecture
,	O
companies	O
from	O
the	O
medical	O
and	O
biotechnological	O
industries	O
,	O
developers	O
of	O
unmanned	O
vehicles	O
,	O
as	O
well	O
as	O
software	O
developers	O
and	O
publishers	O
can	O
become	O
residents	O
.	O
</s>
<s>
Due	O
to	O
a	O
lack	O
of	O
government	O
regulation	O
and	O
cheap	O
and	O
available	O
hydroelectric	O
power	O
Georgia	O
is	O
a	O
center	O
for	O
crypto	O
mining	B-General_Concept
.	O
</s>
<s>
In	O
January	O
2022	O
,	O
coinciding	O
with	O
an	O
energy	O
crisis	O
,	O
Kosovo	O
outlawed	O
all	O
cryptocurrency	O
mining	B-General_Concept
.	O
</s>
<s>
As	O
of	O
November	O
2016	O
,	O
bitcoins	B-General_Concept
were	O
"	O
not	O
illegal	O
"	O
according	O
to	O
the	O
Federal	O
Tax	O
Service	O
of	O
Russia	O
.	O
</s>
<s>
However	O
,	O
bitcoin	B-General_Concept
market	O
sites	O
are	O
blocked	O
,	O
and	O
court	O
decisions	O
state	O
that	O
bitcoin	B-General_Concept
is	O
a	O
currency	O
surrogate	O
which	O
is	O
outlawed	O
in	O
the	O
territory	O
of	O
the	O
Russian	O
Federation	O
.	O
</s>
<s>
It	O
defines	O
cryptocurrency	O
mining	B-General_Concept
as	O
"	O
activities	O
aimed	O
at	O
the	O
creation	O
of	O
cryptocurrency	O
with	O
the	O
purpose	O
of	O
receiving	O
compensation	O
in	O
the	O
form	O
of	O
cryptocurrency.	O
"	O
</s>
<s>
In	O
the	O
bill	O
,	O
bitcoins	B-General_Concept
are	O
classified	O
as	O
property	O
and	O
are	O
not	O
considered	O
legal	O
tender	O
.	O
</s>
<s>
Denmark	O
's	O
Financial	O
Supervisory	O
Authority	O
issued	O
a	O
statement	O
declaring	O
that	O
bitcoin	B-General_Concept
is	O
not	O
a	O
currency	O
and	O
stating	O
that	O
it	O
will	O
not	O
regulate	O
its	O
use	O
.	O
</s>
<s>
,	O
FSA	O
says	O
that	O
doing	O
business	O
with	O
bitcoin	B-General_Concept
does	O
not	O
fall	O
under	O
its	O
regulatory	O
authority	O
and	O
therefore	O
FSA	O
does	O
not	O
prevent	O
anyone	O
from	O
opening	O
such	O
businesses	O
.	O
</s>
<s>
In	O
Estonia	O
,	O
the	O
use	O
of	O
bitcoins	B-General_Concept
is	O
not	O
regulated	O
or	O
otherwise	O
controlled	O
by	O
the	O
government	O
.	O
</s>
<s>
The	O
Estonian	O
Ministry	O
of	O
Finance	O
have	O
concluded	O
that	O
there	O
is	O
no	O
legal	O
obstacles	O
to	O
use	O
bitcoin-like	O
crypto	O
currencies	O
as	O
payment	O
method	O
.	O
</s>
<s>
The	O
Finnish	O
Tax	O
Administration	O
has	O
issued	O
instructions	O
for	O
the	O
taxation	O
of	O
virtual	O
currencies	O
,	O
including	O
the	O
bitcoin	B-General_Concept
.	O
</s>
<s>
Rather	O
than	O
a	O
currency	O
or	O
a	O
security	O
,	O
a	O
bitcoin	B-General_Concept
transaction	O
is	O
considered	O
a	O
private	O
contract	O
equivalent	O
to	O
a	O
contract	O
for	O
difference	O
for	O
tax	O
purposes	O
.	O
</s>
<s>
Purchases	O
of	O
goods	O
with	O
bitcoin	B-General_Concept
or	O
conversion	O
of	O
bitcoin	B-General_Concept
into	O
legal	O
currency	O
"	O
realizes	O
"	O
the	O
value	O
and	O
any	O
increase	O
in	O
price	O
will	O
be	O
taxable	O
;	O
however	O
,	O
losses	O
are	O
not	O
tax-deductible	O
.	O
</s>
<s>
Mined	O
bitcoin	B-General_Concept
is	O
considered	O
earned	O
income	O
.	O
</s>
<s>
Ruling	O
034/2014	O
by	O
the	O
Finnish	O
Central	O
Board	O
of	O
Taxes	O
(	O
CBT	O
)	O
stated	O
that	O
commission	O
fees	O
charged	O
on	O
bitcoin	B-General_Concept
purchases	O
by	O
an	O
exchange	O
market	O
were	O
,	O
under	O
the	O
EU	O
VAT	O
Directive	O
,	O
banking	O
services	O
and	O
therefore	O
VAT	O
exempt	O
.	O
</s>
<s>
This	O
does	O
not	O
stop	O
businesses	O
in	O
Iceland	O
from	O
mining	B-General_Concept
bitcoins	B-General_Concept
.	O
</s>
<s>
The	O
Icelandic	O
Central	O
Bank	O
confirmed	O
that	O
"	O
it	O
is	O
prohibited	O
to	O
engage	O
in	O
foreign	O
exchange	O
trading	O
with	O
the	O
electronic	O
currency	O
bitcoin	B-General_Concept
,	O
according	O
to	O
the	O
Icelandic	O
Foreign	O
Exchange	O
Act	O
"	O
.	O
</s>
<s>
The	O
Norwegian	O
Tax	O
Administration	O
stated	O
in	O
December	O
2013	O
that	O
they	O
do	O
not	O
define	O
bitcoin	B-General_Concept
as	O
money	O
but	O
regard	O
it	O
as	O
an	O
asset	O
.	O
</s>
<s>
In	O
business	O
,	O
use	O
of	O
bitcoin	B-General_Concept
falls	O
under	O
the	O
sales	O
tax	O
regulation.Saleha	O
Mohsin	O
(	O
13	O
December	O
2013	O
)	O
Bitcoins	B-General_Concept
Fail	O
Currency	O
Test	O
in	O
Scandinavia	O
’s	O
Richest	O
Nation	O
Bloomberg	O
.	O
</s>
<s>
The	O
Swedish	O
Tax	O
Agency	O
has	O
given	O
a	O
preliminary	O
ruling	O
on	O
Value	O
Added	O
Tax	O
(	O
VAT	O
)	O
on	O
bitcoins	B-General_Concept
,	O
stating	O
that	O
trade	O
in	O
bitcoins	B-General_Concept
is	O
not	O
subject	O
to	O
Swedish	O
VAT	O
,	O
but	O
is	O
instead	O
subject	O
to	O
the	O
Finansinspektionen	O
(	O
Financial	O
Supervisory	O
Authority	O
)	O
regulations	O
and	O
treated	O
as	O
a	O
currency	O
.	O
</s>
<s>
The	O
Swedish	O
jurisdiction	O
is	O
in	O
general	O
quite	O
favorable	O
for	O
bitcoin	B-General_Concept
businesses	O
and	O
users	O
as	O
compared	O
to	O
other	O
countries	O
within	O
the	O
EU	O
and	O
the	O
rest	O
of	O
the	O
world	O
.	O
</s>
<s>
The	O
governmental	O
regulatory	O
and	O
supervisory	O
body	O
Swedish	O
Financial	O
Supervisory	O
Authority	O
(	O
Finansinspektionen	O
)	O
have	O
legitimized	O
the	O
fast	O
growing	O
industry	O
by	O
publicly	O
proclaiming	O
bitcoin	B-General_Concept
and	O
other	O
digital	O
currencies	O
as	O
a	O
means	O
of	O
payment	O
.	O
</s>
<s>
No	O
regulation	O
on	O
the	O
use	O
of	O
bitcoins	B-General_Concept
.	O
</s>
<s>
There	O
is	O
not	O
a	O
single	O
word	O
in	O
Bulgarian	O
laws	O
about	O
bitcoin	B-General_Concept
.	O
</s>
<s>
,	O
Malta	O
does	O
not	O
have	O
any	O
regulations	O
specifically	O
pertaining	O
to	O
bitcoins	B-General_Concept
.	O
</s>
<s>
In	O
2017	O
,	O
the	O
country	O
's	O
prime	O
minister	O
Joseph	O
Muscat	O
announced	O
the	O
approval	O
of	O
a	O
national	O
strategy	O
to	O
promote	O
bitcoin	B-General_Concept
and	O
blockchain	B-Application
technology	I-Application
.	O
</s>
<s>
No	O
specific	O
legislation	O
on	O
bitcoins	B-General_Concept
or	O
cryptocurrency	O
exists	O
in	O
North	O
Macedonia	O
.	O
</s>
<s>
In	O
2013	O
,	O
the	O
Bank	O
of	O
Portugal	O
stated	O
that	O
Bitcoin	B-General_Concept
was	O
not	O
a	O
safe	O
currency	O
,	O
as	O
their	O
issuance	O
lacked	O
oversight	O
or	O
prudential	O
requirements	O
.	O
</s>
<s>
As	O
of	O
2014	O
,	O
Portugal	O
had	O
no	O
specific	O
legal	O
framework	O
for	O
Bitcoin	B-General_Concept
.	O
</s>
<s>
Transactions	O
in	O
bitcoins	B-General_Concept
are	O
subject	O
to	O
the	O
same	O
laws	O
as	O
barter	O
transactions	O
.	O
</s>
<s>
The	O
Commission	O
de	O
Surveillance	O
du	O
Secteur	O
Financier	O
has	O
issued	O
a	O
communication	O
in	O
February	O
2014	O
acknowledging	O
the	O
status	O
of	O
currency	O
to	O
the	O
bitcoin	B-General_Concept
and	O
other	O
cryptocurrencies	O
.	O
</s>
<s>
,	O
"	O
alternative	O
virtual	O
currencies	O
"	O
such	O
as	O
bitcoin	B-General_Concept
are	O
not	O
classified	O
as	O
money	O
and	O
do	O
not	O
fall	O
within	O
the	O
scope	O
of	O
the	O
Act	O
on	O
Financial	O
Supervision	O
of	O
the	O
Netherlands	O
.	O
</s>
<s>
,	O
the	O
government	O
of	O
the	O
United	O
Kingdom	O
has	O
stated	O
that	O
bitcoin	B-General_Concept
is	O
unregulated	O
and	O
that	O
it	O
is	O
treated	O
as	O
a	O
'	O
foreign	O
currency	O
 '	O
for	O
most	O
purposes	O
,	O
including	O
VAT/GST	O
.	O
</s>
<s>
Bitcoin	B-General_Concept
is	O
treated	O
as	O
'	O
private	O
money	O
 '	O
.	O
</s>
<s>
When	O
bitcoin	B-General_Concept
is	O
exchanged	O
for	O
sterling	O
or	O
for	O
foreign	O
currencies	O
,	O
such	O
as	O
euro	O
or	O
dollar	O
,	O
no	O
VAT	O
will	O
be	O
due	O
on	O
the	O
value	O
of	O
the	O
bitcoins	B-General_Concept
themselves	O
.	O
</s>
<s>
However	O
,	O
in	O
all	O
instances	O
,	O
VAT	O
will	O
be	O
due	O
in	O
the	O
normal	O
way	O
from	O
suppliers	O
of	O
any	O
goods	O
or	O
services	O
sold	O
in	O
exchange	O
for	O
bitcoin	B-General_Concept
or	O
other	O
similar	O
cryptocurrency	O
.	O
</s>
<s>
In	O
December	O
2013	O
,	O
the	O
governor	O
of	O
the	O
Reserve	O
Bank	O
of	O
Australia	O
(	O
RBA	O
)	O
indicated	O
in	O
an	O
interview	O
about	O
bitcoin	B-Architecture
legality	I-Architecture
stating	O
,	O
"	O
There	O
would	O
be	O
nothing	O
to	O
stop	O
people	O
in	O
this	O
country	O
deciding	O
to	O
transact	O
in	O
some	O
other	O
currency	O
in	O
a	O
shop	O
if	O
they	O
wanted	O
to	O
.	O
</s>
<s>
The	O
Reserve	O
Bank	O
of	O
New	O
Zealand	O
states	O
:	O
"	O
Non-banks	O
do	O
not	O
need	O
our	O
approval	O
for	O
schemes	O
that	O
involve	O
the	O
storage	O
and/or	O
transfer	O
of	O
value	O
(	O
such	O
as	O
'	O
bitcoin	B-General_Concept
 '	O
)	O
–	O
so	O
long	O
as	O
they	O
do	O
not	O
involve	O
the	O
issuance	O
of	O
physical	O
circulating	O
currency	O
(	O
notes	O
and	O
coins	O
)	O
.	O
"	O
</s>
<s>
Prime	O
Minister	O
Sitiveni	O
Rabuka	O
is	O
a	O
proponent	O
of	O
cryptocurrencies	O
and	O
has	O
even	O
planned	O
to	O
make	O
bitcoin	B-General_Concept
legal	O
tender	O
as	O
soon	O
as	O
2023	O
.	O
</s>
<s>
The	O
government	O
officially	O
supports	O
the	O
use	O
of	O
blockchain	B-Application
technologies	I-Application
,	O
including	O
cryptocurrencies	O
.	O
</s>
<s>
Decentralised	B-Operating_System
autonomous	I-Operating_System
organisations	I-Operating_System
(	O
DAOs	O
)	O
,	O
which	O
are	O
blockchain-based	O
,	O
are	O
considered	O
legal	O
entities	O
in	O
the	O
Marshall	O
Islands	O
.	O
</s>
<s>
Tonga	O
plans	O
to	O
make	O
bitcoin	B-General_Concept
legal	O
tender	O
by	O
the	O
end	O
of	O
2023	O
.	O
</s>
