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BITCOIN IS LEGAL AS PER EXPERT OPINION

Nishith Desai Associates is India’s leading international law firm. They have published above white paper which concludes that bitcoin is legal in India.

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The CIS is India’s leading Internet organization. CIS helped Internet remain neutral in India in the 2015 net neutrality fight. They have published a research post on their website which also states that bitcoin is not illegal under any existing laws.

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Top global bitcoin regulations

One of the most common questions or rather statement we get is “but bitcoin is not legal”. When we inform that bitcoin is legal and in fact regulated in an increasing number of countries, we can sense disbelief. So below we have mentioned the legal status of bitcoins in some countries with links.

Bitcoin is legal and regulated in USA

  • Financial Crimes Enforcement Network (FinCEN), United States Department of the Treasury has classified bitcoin as a convertible decentralized virtual currency in 2013.
  • Global Advisors Bitcoin Investment Fund (GABI) is the first regulated bitcoin hedge fund to receive regulatory approval from the Jersey Financial Services Commission (JFSC). View article / View article / View article.
  • New York State Department of Financial Services (NYSDFS) started issuing BitLicense to businesses related to virtual currency activities.
  • Coinbase launched the first regulated bitcoin exchange in the U.S.
  • Winklevoss brothers’ bitcoin exchange, Gemini, had been granted a license by the New York State Department of Financial Services.
  • European Union’s top court, European Court of Justice, ruled that exchanging bitcoin should be exempt from value-added tax in the same way as traditional money.
  • Bitstamp to be the first fully licensed bitcoin exchange in Europe, w.e.f. July 1, 2016. It has been granted the license by Luxembourg Financial Industry Supervisory Commission (CSSF).
  • The Diet, Japan’s legislature, has recently passed a bill to regulate bitcoin exchangesunder country’s Financial Services Agency (FSA). The law defines bitcoin to have ‘asset-like’ values and legally permissible to be used in making payments for goods or services.
  • Inland Revenue Authority of Singapore (IRAS) has issued tax guidelines for Bitcoins stating that businesses that choose to accept virtual currencies such as Bitcoins for their remuneration or revenue are subject to normal income tax rules. View article / View article
  • A bitcoin exchange-traded fund (ETF) is issued by the Bitcoin Investment Trust (BIT), owned and operated by Grayscale Investments, LLC. It trades with symbol GBTC, and is also known as BITShare.