Albania allows cryptocurrency trading with evolving regulations.

Andorra allows cryptocurrency trading with evolving regulations.

Antigua and Barbuda allows cryptocurrency trading with evolving regulations.

Argentina has high cryptocurrency adoption driven by economic instability and inflation. While crypto is legal, the regulatory framework is still developing. The Central Bank has imposed restrictions on crypto purchases using credit cards and limits on foreign exchange for crypto transactions. The government has shown mixed signals, with some officials supporting crypto while others express concerns. The 2025 administration has indicated more crypto-friendly policies. However, capital controls and economic volatility create regulatory uncertainty. The environment requires careful monitoring as policies evolve.

Armenia allows crypto mining and is developing trading regulations.

Azerbaijan is developing crypto regulations with focus on mining.

Barbados allows cryptocurrency trading with evolving regulations.

Belarus allows cryptocurrency trading with evolving regulations.

Belize allows cryptocurrency trading with evolving regulations.

Bosnia and Herzegovina allows cryptocurrency trading with evolving regulations.

Botswana allows crypto trading with regulatory warnings.

Central African Republic allows cryptocurrency trading with evolving regulations.

Chile has a cautious approach to crypto with evolving regulations.

Cryptocurrency in Colombia operates in a legal gray area, being neither explicitly illegal nor fully regulated. Awaiting the potential implementation of Bill 510 of 2025, which aims to regulate VASPs under the supervision of the Financial Superintendence of Colombia (SFC). Regulated by Financial Superintendence of Colombia (SFC).

Costa Rica allows crypto trading but lacks comprehensive regulations.

Dominica allows cryptocurrency trading with evolving regulations.

Dominican Republic allows crypto with evolving regulations.

El Salvador made history in September 2021 by becoming the first country to adopt Bitcoin as legal tender. However, in February 2025, the country reversed this decision under pressure from the International Monetary Fund. Bitcoin is no longer legal tender, though El Salvador continues to hold Bitcoin reserves. The experiment with Bitcoin legal tender did not achieve the hoped-for financial inclusion goals. The country still maintains some crypto-friendly policies but has stepped back from its pioneering position. The regulatory environment is in transition following the reversal of Bitcoin legal tender status.

Fiji allows cryptocurrency trading with evolving regulations.

Ghana allows crypto trading but with regulatory warnings.

Grenada allows cryptocurrency trading with evolving regulations.

Guatemala allows crypto trading with minimal regulations.

Guyana allows cryptocurrency trading with evolving regulations.

Honduras allows cryptocurrency trading with evolving regulations.

India's cryptocurrency regulatory stance remains uncertain and evolving. As of 2025, crypto is legal but faces significant regulatory challenges. The government implemented a 30% flat tax on crypto gains plus 4% cess, and 1% TDS on transactions exceeding ₹10,000 annually. In September 2025, India indicated it would resist creating comprehensive crypto legislation, preferring partial oversight to avoid systemic risks. However, conflicting reports in December 2025 suggested potential moves toward full legalization. The Reserve Bank of India has historically been skeptical of cryptocurrencies. The regulatory environment is characterized by high taxation, uncertain legal status, and potential future restrictions. Businesses and users face compliance complexity and regulatory risk.

Indonesia permits cryptocurrency trading as a commodity but prohibits its use as a payment method. The Commodity Futures Trading Regulatory Agency (Bappebti) oversees crypto exchanges. Trading is only allowed on registered platforms. The regulatory framework emphasizes consumer protection and AML compliance. Indonesia has high crypto adoption but maintains restrictions on payments to protect the rupiah. The government is exploring CBDC development. The regulatory environment requires trading through approved channels and prohibits crypto payments.

Jamaica is developing crypto regulations with central bank digital currency.

Kazakhstan has evolving crypto regulations with focus on mining and trading activities.

Kenya's crypto regulation is in a transition phase following the enactment of the VASP Act 2025, which establishes a formal licensing framework under the joint oversight of the CMA and CBK. The punitive 3% Digital Asset Tax was repealed, replaced by a 10% excise duty on VASP service fees and a 15% Capital Gains Tax on profits. This marks a cautious move toward formal integration. Regulated by CMA and CBK.

Kosovo allows cryptocurrency trading with evolving regulations.

Kyrgyzstan allows cryptocurrency trading with evolving regulations.

Laos legalized crypto mining in 2021 but trading remains unclear.

Macau allows cryptocurrency trading with evolving regulations.

Mexico's cryptocurrency regulatory environment is restrictive despite legal recognition. The 2018 Fintech Law recognizes cryptocurrencies as virtual assets but imposes significant limitations. Banks are prohibited from directly handling cryptocurrencies, and fintech companies require authorization from financial authorities to operate. The regulatory framework emphasizes consumer protection and AML compliance but has been criticized for being overly restrictive and hindering innovation. Crypto exchanges and service providers face complex licensing requirements. The government maintains a cautious stance, balancing financial inclusion goals with concerns about money laundering and financial stability. The regulatory environment requires careful navigation and may limit certain business activities.

Moldova allows cryptocurrency trading with evolving regulations.

Monaco has established a formal regulatory framework through Law No. 1.528 of 7 July 2022, which governs services on digital and crypto-assets. The legislation introduces mandatory prior approval and licensing for Crypto Asset Service Providers (CASPs), covering activities such as virtual asset exchange and negotiation platform operation. The Commission de Contrôle des Activités Financières (CCAF) ensures compliance with AML obligations. Monaco was placed on the FATF grey list in October 2025, indicating strategic deficiencies in its AML/CFT framework. The Principality plans to introduce a new crypto framework by end of 2026 to address these gaps. From a tax perspective, Monaco is highly favorable with no personal income tax on residents, extending to capital gains and income from cryptocurrency. However, banking access remains limited, with banks requiring rigorous due diligence and significantly higher minimum deposits (€2-5 million) for crypto-related wealth.

Mongolia allows cryptocurrency trading with evolving regulations.

Montenegro allows cryptocurrency trading with evolving regulations.

Namibia allows cryptocurrency trading with evolving regulations.

Nicaragua allows cryptocurrency trading with evolving regulations.

Nigeria has one of the world's highest cryptocurrency adoption rates despite regulatory restrictions. The Central Bank of Nigeria banned banks from servicing crypto businesses in 2021, though crypto trading remains legal. Nigerians continue to trade through P2P platforms and international exchanges. The government launched the eNaira CBDC as an alternative. High adoption is driven by remittances, inflation, and currency devaluation. The regulatory environment is restrictive but enforcement is limited. The situation is characterized by high grassroots adoption despite official discouragement.

North Macedonia allows cryptocurrency trading with evolving regulations.

Pakistan's regulatory stance shifted in 2025 from a de facto ban to a regulated environment with the promulgation of the Virtual Assets Ordinance. This established the Pakistan Virtual Assets Regulatory Authority (PVARA) to license and oversee Virtual Asset Service Providers (VASPs). While the State Bank of Pakistan still prohibits local banks from facilitating crypto transactions, the new framework signals a move towards formal recognition and control of the sector. Regulated by PVARA.

Panama passed crypto law in 2022 but implementation is ongoing.

Paraguay legalized crypto mining and trading in 2021.

Peru allows crypto trading but with limited regulatory framework.

Russia's cryptocurrency regulatory stance is complex and evolving, particularly given international sanctions. Crypto is legal for ownership and trading but cannot be used as a payment method. The 2020 Digital Financial Assets Law provides a basic regulatory framework. Mining is legal and regulated, with Russia being a major mining hub due to cheap electricity. However, international sanctions have complicated Russia's crypto ecosystem. The government has shown interest in using crypto for international settlements to bypass sanctions. The regulatory environment is characterized by restrictions on payments, evolving rules, and geopolitical considerations. Cross-border crypto transactions face additional scrutiny. The situation requires careful monitoring due to sanctions and regulatory uncertainty.

Rwanda is exploring crypto regulations with cautious approach.

Saint Lucia allows cryptocurrency trading with evolving regulations.

Saint Vincent and the Grenadines allows cryptocurrency trading with evolving regulations.

San Marino allows cryptocurrency trading with evolving regulations.

Saudi Arabia has historically been cautious about cryptocurrencies, with warnings from the Saudi Arabian Monetary Authority (SAMA). However, the country is exploring blockchain technology and CBDC development. Crypto trading is not explicitly illegal but lacks regulatory framework and banking support. The government has shown increasing interest in blockchain for various applications. Saudi Arabia is part of regional initiatives exploring cross-border CBDC projects. The regulatory environment is evolving, with potential for future framework development as part of Vision 2030 economic diversification.

Serbia allows cryptocurrency trading with evolving regulations.

South Africa has high cryptocurrency adoption and is developing a comprehensive regulatory framework. The Financial Sector Conduct Authority (FSCA) declared crypto assets as financial products in 2022, bringing them under securities regulation. The Crypto Assets Regulatory Working Group is developing detailed regulations expected to be finalized in 2025-2026. While crypto is legal, the regulatory environment is in transition. South Africa has experienced major crypto scandals, driving regulatory urgency. The framework will require licensing for service providers and emphasize consumer protection.

Sri Lanka has warned against crypto but not banned it.

Tanzania lifted crypto ban in 2022 and is developing regulations.

Trinidad and Tobago allows crypto with evolving regulations.

Turkey banned the use of cryptocurrencies for payments in April 2021 but allows trading and ownership. High inflation has driven significant crypto adoption despite restrictions. The Capital Markets Board oversees crypto exchanges, requiring licensing and compliance. The regulatory environment is restrictive regarding payments but permits trading through licensed platforms. Turkey has expressed interest in developing a digital lira CBDC. The situation is characterized by high adoption, payment restrictions, and evolving regulatory oversight. Economic instability and regulatory changes create uncertainty.

Uganda allows crypto trading with regulatory warnings.

Ukraine has legalized virtual assets with the "Law on Virtual Assets," but the full regulatory framework is not yet in force as of late 2025, pending tax law amendments. The National Securities and Stock Market Commission (NSSMC) is set to be the main regulator, with a focus on aligning with the EU's MiCA framework. A draft tax law proposes a combined 23% tax on individual crypto income, though a lower rate is proposed for the first few years. Regulated by National Securities and Stock Market Commission (NSSMC).

Uruguay allows crypto trading with evolving regulations.

Uzbekistan has legalized crypto trading and mining with regulations.

Cryptocurrency is officially legal and regulated in Venezuela, but the primary regulator, SUNACRIP, has been paralyzed since 2023 due to a corruption scandal, creating a significant regulatory vacuum and high uncertainty. The government has increasingly used crypto to bypass international sanctions, and high P2P adoption persists due to severe economic instability. Regulated by SUNACRIP.

Zambia allows crypto trading with regulatory warnings.

Zimbabwe lifted crypto ban in 2024 and is developing regulations.