Number of Countries Banning Cryptos Doubles in 3 years
Main page News, Cryptocurrency, Regulations
Hot topic
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.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

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.

Read also:
Please describe the error
Close