So far, most developed countries accept the legitimacy of cryptocurrency. The top of the list is Canada, which defines ICO and cryptocurrency as securities in accordance with regulations in each specific case. Cryptocurrency is recognized as an intangible asset, but Canada is still prohibiting domestic banks from cryptocurrency transactions.

In Europe, Germany does not have specific rules for ICOs, but the ICO must comply with current regulations of the Banking Law, Investment Law, Securities Trading Law, Advertisement Law. Besides Germany, some other countries like Italy, Belgium, Holland, Austria or Spain. Notably, Nordic countries including Finland and Norway see Altcoin as a taxable asset.

In Eastern European countries, most of them accept cryptocurrency, including Poland, the Czech Republic, Belarus, Hungary, Estonia, Slovakia or Slovenia. In particular, Estonia has even wanted to set up its own ICO, but it’s stuck by the common rules of the EU currency.

In Asia, the most powerful country in the Middle East, Saudi Arabia, has accepted cryptocurrency. Looking to East Asia, Korea does not give a ban on cryptocurrency, but future contracts and derivative contracts involve crypto. Taiwan allows payment of crypto at three out of four major convenience stores in the country.

The main goal as most developed countries accepts coding is to exploit the benefits that can be gained from this market in the future. Specifically, it collects taxes and maintains the liquidity of crypto under the control of the government. In addition, many developing countries are finalizing anti-money laundering and investor identification (AML and KYC) policies for this market.

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