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Overview bitcoin november1/7/2024 ![]() In practice, this means that cryptocurrency exchange service providers must register with FinCEN, implement an AML/CFT program, maintain appropriate records, and submit reports to the authorities. ExchangesĬryptocurrency exchanges are legal in the United States and fall under the regulatory scope of the Bank Secrecy Act (BSA). ![]() The Financial Crimes Enforcement Network (FinCEN) does not consider cryptocurrencies to be legal tender but considers cryptocurrency exchanges to be money transmitters on the basis that cryptocurrency tokens are “other value that substitutes for currency.” The Internal Revenue Service (IRS) does not consider cryptocurrency to be legal tender but defines it as “a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value” and has issued tax guidance accordingly. While it is difficult to find a consistent legal approach at the state level, the US continues to progress in developing federal cryptocurrency legislation. Learn how different nations approach coin and exchange regulation and if they have any upcoming legislation which could alter their approach to cryptocurrencies.Ĭryptocurrency Regulations Around the World: United StatesĬryptocurrencies: Not considered legal tenderĬryptocurrency exchanges: Legal, regulation varies by state ![]() To help you navigate the array of cryptocurrency regulations around the world, their legislative attitudes and the activities associated with them, we’ve put together this guide. The crypto landscape is constantly evolving and keeping up to date with the rules in different global territories isn’t easy. As cryptocurrency usage increases, so too do cryptocurrency regulations around the world that are put in place to govern them.
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