Number of Countries Banning Cryptos Doubles in 3 years
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4 January

The number of countries that have either completely banned or imposed restrictions on cryptos has doubled over the past three years.

According to a report published by the US Library of Congress (LOC), the number of countries banning cryptocurrencies has increased significantly since 2018.

According to data presented in the report, 9 jurisdictions have implemented an outright ban on cryptocurrencies and 42 have an implicit ban. This is an increase of 8 and 15, respectively, compared to data from 2018, when the report was first published.

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According to the LOC report, an outright ban means that any "transactions with or holding cryptocurrency is a criminal act", whereas an implicit ban prohibits cryptocurrency exchanges, banks, and other financial institutions from "dealing in cryptocurrencies or offering services to individuals/businesses dealing in cryptocurrencies."

The nine new jurisdictions with a total ban are Egypt, Iraq, Qatar, Oman, Morocco, Algeria, Tunisia, Bangladesh and China.

It should be noted that in addition to the 51 jurisdictions with a crypto ban, 103 have implemented anti-money laundering and counter-terrorist financing laws, a three-fold increase from the 33 jurisdictions with similar laws in place in 2018.

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