Understanding the legal framework for financial services with cryptocurrency, including international payment systems, is critical for businesses and individuals operating globally. Below is a detailed analysis of the legality, licensing requirements, operational restrictions, and available cryptocurrency exchanges in multiple jurisdictions worldwide.
Disclaimer: The information provided is for educational purposes only and does not constitute financial, legal, or tax advice. Always conduct your own research (DYOR) and consult with a licensed professional before making any financial decisions. We are not responsible for any actions taken based on this information.
Comparative Table of Legal Frameworks of Cryptocurrency Using by Country
| Country & local fiat currency | Key Regulatory Authority | Operational Restrictions | Licensing/Insurance Requirements (Personal Use) | Licensing/Insurance Requirements & Costs (Business Use) | Cryptocurrency Exchanges with Local Currency Support | Using USD, USDT, BTC, ETH, etc |
| United States, US Dollar (USD) | FinCEN (Financial Crimes Enforcement Network), SEC (Securities and Exchange Commission) | Legal, regulated. Must comply with AML and KYC; State-specific laws | Strict AML/KYC compliance, tax reporting obligations. Reporting taxes mandatory. | Mandatory licensing under FinCEN MSB rules. State-level licensing (e.g., NY BitLicense). Cost Required: $5,000–$100,000 initial; $1000/year | Coinbase, Kraken, Binance.US | OK |
| Afghanistan, Afghan Afghani (AFN) | Central Bank of Afghanistan | Illegal. Crypto-related activities punishable under anti-money laundering laws. | Not allowed. | Crypto businesses and usage are banned. | None | None |
| Algeria, Algerian Dinar (DZD) | Central Bank of Algeria | Illegal. Crypto prohibited under financial regulations. | Not allowed. | Businesses offering crypto services are banned. | None | None |
| Angola, Angolan Kwanza (AOA) | National Bank of Angola (BNA) | Legal, unregulated. Crypto not officially supported; risk of unofficial market activities. | No specific licensing required. | Crypto businesses are not regulated but must comply with general AML laws. | Binance, LocalBitcoins | OK |
| Argentina, Argentine Peso (ARS) | Central Bank of Argentina (BCRA); Federal Administration of Public Revenues (AFIP) | Legal, unregulated. Strict currency controls limit fiat-crypto conversions. | No licensing required for personal use. | Registration required for crypto businesses under AML regulations. | Binance, Ripio | OK |
| Armenia, Armenian Dram (AMD) | Central Bank of Armenia | Legal, partially regulated. Limited support for fiat-to-crypto transactions. Must partner with local banks | No licensing required. Taxed as personal income. | No specific regulations for businesses yet. Required: AMD 1,500,000 ($3,800) setup | Binance, Bybit, Coinbase | OK |
| Australia, Australian Dollar (AUD) | Australian Transaction Reports and Analysis Centre (AUSTRAC) | Legal, regulated. Tax reporting mandatory. Businesses must comply with AML/CTF Act. | No licensing required. Crypto gains taxed as capital gains. | Registration with AUSTRAC mandatory. Cost: ~AU$10,000–AU$30,000 AUD. | CoinSpot, Binance Australia | OK |
| Austria, Euro (EUR) | Financial Market Authority (FMA) | Legal, highly regulated. EU crypto laws apply; strict adherence to transparency rules. | No licensing required for personal trading. | Businesses must register and comply with EU-wide AML laws. | Binance, Bitpanda | OK |
| Azerbaijan, Azerbaijani Manat (AZN) | Central Bank of Azerbaijan | Legal, partially regulated. Crypto classified as property; taxed on profit. Restrictions on currency export | No licensing required. Taxed as income. | No licensing required, but AML compliance advised. Required: AZN 20,000 ($11,800) setup | Binance, EXMO | OK |
| Bangladesh, Bangladeshi Taka (BDT) | Bangladesh Bank | Illegal. Crypto businesses and trading activities banned. Crypto transactions punishable under anti-money laundering laws. | Not allowed. | Not allowed. | None | None |
| Belarus, Belarusian Ruble (BYN) | High-Tech Park (HTP) Administration | Legal, regulated. Only businesses within HTP can legally offer crypto services. All transactions monitored by authorities | No licensing required. Tax exemptions for personal crypto operations until 2025. | HTP registration required for crypto businesses. Cost: ~$5,000–$10,000 USD. | Binance, Whitebird | OK |
| Belgium, Euro (EUR) | Financial Services and Markets Authority (FSMA) | Legal, highly regulated. Strict compliance with EU-wide crypto regulations. | No licensing required for personal trading. | Crypto businesses must register with FSMA and comply with AML/CFT laws. | Binance, Bitvavo | OK |
| Benin, West African CFA Franc (XOF) | West African Monetary Union (BCEAO) | Legal, unregulated. Limited adoption; crypto not recognized as legal tender. | No licensing required for personal use. | Businesses must comply with regional AML laws. | Binance, LocalBitcoins | OK |
| Bolivia, Boliviano (BOB) | Central Bank of Bolivia | Illegal. Crypto is banned entirely; trading platforms blocked. | Personal use is prohibited. | Business use is prohibited. | None | None |
| Brazil, Brazilian Real (BRL) | Central Bank of Brazil (Banco Central do Brasil); Securities Commission of Brazil (CVM) | Legal, regulated. AML compliance mandatory. Trading platforms must report data. | No licensing required. Crypto taxed as income/capital gains. | Registration required for crypto businesses with CVM. Cost: ~$5,000–$20,000 USD. | Binance, Mercado Bitcoin | OK |
| Burkina Faso, West African CFA Franc (XOF) | Central Bank of West African States (BCEAO) | Legal, unregulated. Lack of a clear crypto framework; no official recognition. | No licensing required for personal use. | Crypto businesses must comply with AML laws but are not directly regulated. | Binance, LocalBitcoins | OK |
| Burundi, Burundian Franc (BIF) | Bank of the Republic of Burundi | Legal, unregulated. Crypto not officially recognized; lack of financial infrastructure. | No licensing required for personal use. | No specific licensing framework for businesses. | Binance, LocalBitcoins | OK |
| Cambodia, Cambodian Riel (KHR) | National Bank of Cambodia | Legal, regulated. Strict monitoring of financial transactions to prevent money laundering. | No licensing required for personal use. | Businesses must register and comply with AML/CFT regulations. | Binance, LocalBitcoins | OK |
| Cameroon, Central African CFA Franc (XAF) | Bank of Central African States (BEAC) | Legal, unregulated. Lack of a clear crypto framework; no official recognition. | No licensing required for personal use. | Businesses must comply with AML laws but are not directly regulated. | Binance, LocalBitcoins | OK |
| Canada, Canadian Dollar (CAD) | Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) | Legal, highly regulated. AML/KYC compliance mandatory; stringent reporting standards. | No licensing required for personal use. Crypto taxed as income/capital gains. | Crypto exchanges must register with FINTRAC. Cost: ~$20,000–$50,000 USD. | Binance, NDAX | OK |
| Chad, Central African CFA Franc (XAF) | Bank of Central African States (BEAC) | Legal, unregulated. Lack of clear legal framework; crypto not officially recognized. | No licensing required for personal use. | Businesses must comply with AML laws but are not directly regulated. | Binance, LocalBitcoins | OK |
| Chile, Chilean Peso (CLP) | Financial Market Commission (CMF) | Legal, regulated. Strict tax reporting obligations for crypto trading. | No licensing required for personal use. | Exchanges must register with CMF and comply with AML laws. | Binance, CryptoMKT | OK |
| China, Chinese Yuan (CNY) | People’s Bank of China (PBOC) | Illegal for most purposes. Financial services only through approved entities. Only centralized digital yuan allowed. | Not allowed for private entities. Centralized digital yuan under PBOC oversight. | Not applicable. Centralized digital yuan under PBOC oversight. | None | Illegal for most purposes |
| Colombia, Colombian Peso (COP) | Financial Superintendence of Colombia (SFC) | Legal, unregulated. Banking institutions barred from dealing with crypto. | No licensing required for personal use. | Crypto exchanges not officially regulated but subject to AML laws. | Binance, LocalBitcoins | OK |
| Cuba, Cuban Peso (CUP) | Central Bank of Cuba | Legal, unregulated. Limited crypto adoption due to sanctions; unofficial use common. | No licensing required for personal use. | No specific licensing framework for businesses. | Binance, LocalBitcoins | OK |
| Czech Republic, Czech Koruna (CZK) | Czech National Bank | Legal, highly regulated. EU crypto laws apply; transparent record-keeping is required. | No licensing required for personal trading. | Businesses must comply with EU-wide AML regulations. | Binance, Kraken | OK |
| Democratic Republic of Congo, Congolese Franc (CDF) | Central Bank of Congo | Illegal, unregulatedю All crypto activities considered illegal. | Not allowed. | Crypto businesses banned. | None | None |
| Dominican Republic, Dominican Peso (DOP) | Central Bank of the Dominican Republic | Legal, unregulated. Limited adoption; crypto not officially recognized. | No licensing required for personal use. | No specific framework for businesses; compliance with AML laws recommended. | Binance, LocalBitcoins | OK |
| Ecuador, United States Dollar (USD) | Central Bank of Ecuador | Legal, highly regulated. Crypto is allowed but transactions must comply with strict local financial laws. | No licensing required for personal use. | Businesses must register and comply with AML regulations. | Binance, LocalBitcoins | OK |
| Egypt, Egyptian Pound (EGP) | Central Bank of Egypt (CBE) | Illegal under Islamic law. Islamic law prohibits crypto as speculative activity. | Not allowed. | Businesses are prohibited from offering crypto-related services. | None | None |
| Estonia, Euro (EUR) | Financial Intelligence Unit (FIU) | Legal, highly regulated. Strict AML/CFT compliance. FIU audits common. | No licensing required. Crypto gains taxed. | Virtual Currency Service Provider license required. Cost: ~€10,000–€50,000. | Binance, Kraken, Bitstamp | OK |
| Ethiopia, Ethiopian Birr (ETB) | National Bank of Ethiopia | Illegal. Lack of any crypto framework; all crypto activities are banned. | Not allowed. | Businesses are prohibited from offering crypto-related services. | None | None |
| France, Euro (EUR) | Autorité des Marchés Financiers (AMF) | Legal, regulated. Must use banks registered with AMF, Must follow EU AML/CFT regulations | Legal, regulated. | Registration required with AMF. Insurance recommended for exchanges. Cost: €10,000–€50,000. | Binance, Coinhouse, Bitstamp | OK |
| Georgia, Georgian Lari (GEL) | National Bank of Georgia | Legal, lightly regulated. No specific crypto taxation laws. | No licensing required. Tax-free crypto operations for individuals. | No specific licensing required, but general AML compliance is necessary. | Binance, Coinbase | OK |
| Germany, Euro (EUR) | BaFin (Federal Financial Supervisory Authority) | Legal, regulated. AML compliance mandatory. Token classifications vary. | Must conduct through EU-compliant institutions. No licensing required. Tax exemption for long-term holdings (>1 year). | BaFin license mandatory for custodians/exchanges. Cost: ~€20,000–€50,000. | Bitpanda, Binance, Kraken | OK |
| Ghana, Ghanaian Cedi (GHS) | Bank of Ghana | Legal, unregulated. Bank of Ghana warns against crypto risks but does not ban it.. | No licensing required for personal use. | Crypto businesses are not regulated but must comply with AML laws. | Binance, Paxful | OK |
| Greece, Euro (EUR) | Hellenic Capital Market Commission | Legal, highly regulated. EU crypto laws apply; strict financial monitoring. | No licensing required for personal trading. | Businesses must register with the EU financial regulators; AML compliance. | Binance, Kraken | OK |
| Guatemala, Guatemalan Quetzal (GTQ) | Bank of Guatemala | Legal, unregulated. Crypto not officially recognized as legal tender. | No licensing required for personal use. | Businesses must comply with general AML regulations. | Binance, LocalBitcoins | OK |
| Guinea, Guinean Franc (GNF) | Central Bank of the Republic of Guinea | Legal, unregulated. Lack of clear legal framework; crypto not officially recognized. | No licensing required for personal use. | No specific licensing framework for businesses. | Binance, LocalBitcoins | OK |
| Haiti, Haitian Gourde (HTG) | Bank of the Republic of Haiti | Legal, unregulated. Limited crypto adoption; lack of clear regulations. | No licensing required for personal use. | No specific licensing framework for businesses. | Binance, LocalBitcoins | OK |
| Honduras, Honduran Lempira (HNL) | Central Bank of Honduras | Legal, unregulated. Limited adoption; crypto not officially recognized. | No licensing required for personal use. | No specific framework for businesses; compliance with AML laws recommended. | Binance, LocalBitcoins | OK |
| Hong Kong, Hong Kong Dollar (HKD) | Securities and Futures Commission (SFC) | Legal, regulated. Advertising heavily regulated. | Derivatives restricted for retail investors. | Licensing required for exchanges dealing with “security tokens.” Advertising heavily regulated. Insurance of client funds mandatory. Cost: ~$25,000 USD. | Binance, Huobi, OKX, Gate.io | OK |
| Hungary, Hungarian Forint (HUF) | Hungarian National Bank | Legal, highly regulated. EU crypto laws apply; transparent record-keeping is required. | No licensing required for personal trading. | Businesses must comply with EU AML regulations. | Binance, Kraken | OK |
| India, Indian Rupee (INR) | Reserve Bank of India (RBI) | Legal but heavily taxed. No mining allowed. Crypto transactions heavily taxed. | No licensing required. High taxes on gains (30% tax). | No licensing yet, but businesses must report transactions (1% TDS). Foreign operators must partner with Indian banks | WazirX, CoinDCX, ZebPay | OK |
| Indonesia, Indonesian Rupiah (IDR) | Bank Indonesia; Commodity Futures Trading Regulatory Agency (BAPPEBTI) | Legal for trading, prohibited for payments | No licensing required for trading. Crypto treated as a commodity. | Registration required for crypto exchanges through BAPPEBTI. Cost: ~$10,000–$50,000 USD. | Binance, Indodax | OK |
| Iran, Iranian Rial (IRR) | Central Bank of Iran (CBI) | Legal for mining and restricted usage. Crypto payments banned; mining tightly controlled. | Limited personal mining allowed. | Mining businesses require licenses from the Ministry of Industry. | Binance (restricted access), LocalBitcoins | OK |
| Iraq, Iraqi Dinar (IQD) | Central Bank of Iraq | Illegal. Severe penalties for crypto activities. | Not allowed. | Crypto-related businesses are banned. | None | None |
| Israel, Israeli Shekel (ILS) | Israel Securities Authority | Legal, highly regulated. Strict AML and taxation policies; crypto subject to capital gains tax. | No licensing required for personal trading. | Crypto businesses must obtain a license under the Financial Services Law. | Binance, eToro | OK |
| Italy, Euro (EUR) | Organismo Agenti e Mediatori (OAM); Banca d’Italia | Legal, regulated. AML/CFT compliance required. Clear risk warnings in ads. | No licensing required. Crypto taxed as financial income. | Registration with OAM mandatory for crypto businesses. Cost: ~€5,000–€15,000. | Binance, Bitstamp, Coinbase | OK |
| Ivory Coast, West African CFA Franc (XOF) | Central Bank of West African States (BCEAO) | Legal, unregulated. Lack of a clear crypto framework; no official recognition. | No licensing required for personal use. | Crypto businesses must comply with AML laws but are not directly regulated. | Binance, LocalBitcoins | OK |
| Japan, Japanese Yen (JPY) | Financial Services Agency (FSA) | Legal, highly regulated. High regulatory standards. Periodic audits. | No licensing required for personal use. Taxed as “other income.” | Virtual Currency Exchange Service Provider license required. Cost: ~$100,000 USD. | Binance, BitFlyer, Kraken | OK |
| Jordan, Jordanian Dinar (JOD) | Central Bank of Jordan | Legal, unregulated. Crypto not officially recognized; no clear legal framework. | No licensing required for personal use. | No specific licensing framework for businesses. | Binance, LocalBitcoins | OK |
| Kazakhstan, Kazakhstani Tenge (KZT) | Astana International Financial Centre (AIFC), Astana Financial Services Authority (AFSA) | Legal, regulated. Mining heavily regulated. Businesses must use AIFC platforms. Must process payments through AFSA-approved banks | No licensing required. | Licensing through AIFC for crypto exchanges. Cost: ~$20,000 USD. | Binance, Bybit, EXMO | OK |
| Kenya, Kenyan Shilling (KES) | Central Bank of Kenya (CBK) | Legal, partially regulated. No specific crypto framework; oversight primarily through AML regulations. | No licensing required for personal trading. | Crypto businesses must comply with AML laws. | Binance, Paxful | OK |
| Kyrgyzstan, Kyrgyzstani Som (KGS) | National Bank of Kyrgyzstan | Legal, minimally regulated. Lack of official crypto laws creates uncertainty. | No licensing required. | No specific regulations for businesses, but must comply with general financial laws. | Binance, EXMO | OK |
| Latvia, Euro (EUR) | Financial and Capital Market Commission (FCMC) | Legal, regulated. AML compliance mandatory. | No licensing required. Crypto taxed as financial income. | Registration required for crypto businesses. Cost: ~€10,000–€25,000. | Binance, Kraken, Bitstamp | OK |
| Lithuania, Euro (EUR) | Financial Crime Investigation Service (FCIS) | Legal, highly regulated. Strict AML/CFT requirements; audits common. | No licensing required. Crypto gains taxed as capital gains. | Virtual Asset Service Provider (VASP) registration required. Cost: ~€5,000–€15,000. | Binance, Kraken, Coinbase | OK |
| Madagascar, Malagasy Ariary (MGA) | Central Bank of Madagascar | Legal, unregulated. Crypto usage not officially recognized. | No licensing required for personal use. | No specific licensing framework for businesses. | Binance, LocalBitcoins | OK |
| Malawi, Malawian Kwacha (MWK) | Reserve Bank of Malawi | Legal, unregulated. Lack of official support for crypto; not recognized as legal tender. | No licensing required for personal use. | No specific licensing framework for businesses. | Binance, LocalBitcoins | OK |
| Malaysia, Malaysian Ringgit (MYR) | Securities Commission Malaysia (SC); Bank Negara Malaysia (BNM) | Legal, highly regulated. Crypto taxed as income; reporting compliance mandatory. | No licensing required for personal use. | Crypto exchanges must register with SC. Cost: ~$15,000–$50,000 USD. | Binance, Luno | OK |
| Mali, West African CFA Franc (XOF) | Central Bank of West African States (BCEAO) | Legal, unregulated. Lack of a clear crypto framework; no official recognition. | No licensing required for personal use. | Crypto businesses must comply with AML laws but are not directly regulated. | Binance, LocalBitcoins | OK |
| Mexico, Mexican Peso (MXN) | National Banking and Securities Commission (CNBV); Bank of Mexico (Banxico) | Legal, regulated. Exchanges must be registered; AML compliance mandatory. | No licensing required. Crypto taxed as income. | Registration required for crypto businesses with CNBV. Cost: ~$10,000–$30,000 USD. | Binance, Bitso | OK |
| Moldova, Moldovan Leu (MDL) | National Bank of Moldova | Legal, partially regulated. Lack of robust legal framework for crypto. | No licensing required. | No specific regulations, but businesses must comply with general financial laws. | Binance, Whitebird | OK |
| Morocco, Moroccan Dirham (MAD) | Bank Al-Maghrib | Illegal. Severe penalties for crypto-related activities. | Not allowed. | Businesses involving crypto are banned. | None | None |
| Mozambique, Mozambican Metical (MZN) | Bank of Mozambique | Legal, unregulated. Crypto usage lacks official support; risks in unofficial markets. | No licensing required for personal use. | Crypto businesses are not regulated but must comply with AML laws. | Binance, LocalBitcoins | OK |
| Myanmar, Myanmar Kyat (MMK) | Central Bank of Myanmar | Illegal. Crypto transactions punishable under anti-money laundering laws. | Not allowed. | Crypto businesses and trading activities banned. | None | None |
| Nepal, Nepalese Rupee (NPR) | Nepal Rastra Bank (NRB) | Illegal. Severe penalties for violations, including imprisonment. | Not allowed. | Crypto businesses and trading banned under financial laws. | None | None |
| Netherlands, Euro (EUR) | Dutch Central Bank (DNB) | Legal, highly regulated. Strict tax reporting and compliance requirements. | No licensing required for personal trading. | Crypto businesses must register with DNB and comply with AML/CFT laws. | Binance, Bitvavo | OK |
| Niger, West African CFA Franc (XOF) | Central Bank of West African States (BCEAO) | Legal, unregulated. Lack of a clear crypto framework; no official recognition. | No licensing required for personal use. | Crypto businesses must comply with AML laws but are not directly regulated. | Binance, LocalBitcoins | OK |
| Nigeria, Nigerian Naira (NGN) | Central Bank of Nigeria (CBN); Securities and Exchange Commission (SEC) | Legal for trading, restricted for payments. CBN restricts crypto access for banks; P2P platforms dominate. | No licensing required for personal trading. | SEC registration required for crypto exchanges. Cost: ~$5,000–$15,000 USD. | Binance, Luno, Paxful | OK |
| North Korea (DPRK), North Korean Won (KPW) | None (fully banned) | Illegal. Severe penalties; crypto used only illicitly by state actors. | Not allowed. | Businesses and all crypto activities are banned. | None | None |
| Pakistan, Pakistani Rupee (PKR) | State Bank of Pakistan (SBP); Securities and Exchange Commission of Pakistan (SECP) | Legal, partially regulated. SECP monitors crypto for compliance; lack of clear framework. | No licensing required. Crypto treated as illegal tender but taxable. | Businesses must follow AML regulations; specific licensing unclear. | Binance, LocalBitcoins | OK |
| Papua New Guinea, Papua New Guinean Kina (PGK) | Bank of Papua New Guinea | Legal, unregulated. Limited financial infrastructure for crypto adoption. | No licensing required for personal use. | No specific framework for businesses; compliance with AML laws recommended. | Binance, LocalBitcoins | OK |
| Peru, Peruvian Sol (PEN) | Superintendency of Banking, Insurance, and AFP (SBS) | Legal, unregulated. Crypto not officially recognized as legal tender. | No licensing required for personal use. | Crypto businesses are subject to AML regulations. | Binance, LocalBitcoins | OK |
| Philippines, Philippine Peso (PHP) | Bangko Sentral ng Pilipinas (BSP); Securities and Exchange Commission (SEC) | Legal, regulated. Exchanges must report large transactions to BSP. | No licensing required. Crypto taxed as financial income. | Virtual Currency Exchange license required from BSP. Cost: ~$10,000–$50,000 USD. | Binance, Coins.ph | OK |
| Poland, Polish Zloty (PLN) | Polish Financial Supervision Authority (KNF) | Legal, regulated. AML compliance mandatory; businesses must report suspicious activity. | No licensing required for personal use. | Crypto businesses must register with KNF. Cost: ~$5,000–$15,000 USD. | Binance, BitBay | OK |
| Portugal, Euro (EUR) | Portuguese Securities Market Commission (CMVM) | Legal, highly regulated. Tax-friendly for crypto users; VAT exemptions on crypto trading. | No licensing required for personal trading. | Businesses must comply with AML/CFT regulations; registration required. | Binance, Coinbase | OK |
| Qatar, Qatari Riyal (QAR) | Qatar Central Bank (QCB) | Crypto services banned. All crypto transactions prohibited. | Not allowed. | Crypto businesses and trading activities banned. | None | None |
| Romania, Romanian Leu (RON) | National Bank of Romania | Legal, regulated. Taxable under Romanian tax law; crypto income must be declared. | No licensing required for personal use. | Businesses must register and comply with AML/CFT regulations. | Binance, Crypto.com | OK |
| Russia, Russian Ruble (RUB) | Bank of Russia | Legal, partially regulated. Crypto payments banned; mining allowed under proposed rules. Heavy AML compliance requirements | No licensing required. Taxation of crypto gains is mandatory. | Licensing for crypto mining expected soon. Exchanges prohibited for local fiat-to-crypto transactions. Required: RUB 1,000,000 ($13,000) setup | Binance, Whitebird, Bybit | OK |
| Rwanda, Rwandan Franc (RWF) | National Bank of Rwanda | Legal, unregulated. Lack of official support; crypto not recognized as legal tender. | No licensing required for personal use. | No specific licensing framework for businesses. | Binance, LocalBitcoins | OK |
| Saudi Arabia, Saudi Riyal (SAR) | Saudi Central Bank (SAMA) | Legal, regulated. Businesses require approval from SAMA and compliance with AML regulations. | No licensing required for personal trading. | Payment in crypto is banned; trading is monitored. | Binance, Rain | OK |
| Senegal, West African CFA Franc (XOF) | Central Bank of West African States (BCEAO) | Legal, unregulated. Lack of a clear crypto framework; no official recognition. | No licensing required for personal use. | Crypto businesses must comply with AML laws but are not directly regulated. | Binance, LocalBitcoins | OK |
| Somalia, Somali Shilling (SOS) | Central Bank of Somalia | Legal, unregulated. Limited financial infrastructure; lack of crypto regulation. | No licensing required for personal use. | No specific licensing framework for businesses. | Binance, LocalBitcoins | OK |
| South Africa, South African Rand (ZAR) | South African Reserve Bank (SARB); Financial Sector Conduct Authority (FSCA) | Legal, regulated. AML compliance mandatory; high transaction oversight. | No licensing required. Crypto taxed as income. | Registration with FSCA required for exchanges. Cost: ~$5,000–$15,000 USD. | Binance, Luno, VALR | OK |
| South Korea, South Korean Won (KRW) | Financial Services Commission (FSC); Financial Supervisory Service (FSS) | Legal, highly regulated. Exchanges must meet stringent AML requirements. | No licensing required for personal trading. Crypto taxed as financial income. | Registration required for exchanges through FSC. Cost: ~$100,000 USD. | Binance, Upbit, Bithumb | OK |
| South Sudan, South Sudanese Pound (SSP) | Bank of South Sudan | Legal, unregulated. Lack of financial infrastructure; crypto not officially recognized. | No licensing required for personal use. | No specific licensing framework for businesses. | Binance, LocalBitcoins | OK |
| Spain, Euro (EUR) | Bank of Spain; Spanish National Securities Market Commission (CNMV) | Legal, regulated. Crypto taxed as income; transparency requirements for businesses. | No licensing required for personal use. | Registration required for crypto service providers with CNMV. Cost: ~$10,000 USD. | Binance, Bit2Me | OK |
| Sri Lanka, Sri Lankan Rupee (LKR) | Central Bank of Sri Lanka | Legal, unregulated. Crypto not recognized as legal tender; used only for trading purposes. | No licensing required for personal use. | Businesses must comply with AML regulations and register if operating exchanges. | Binance, LocalBitcoins | OK |
| Sudan, Sudanese Pound (SDG) | Central Bank of Sudan | Illegalю Crypto considered illegal, severe penalties for violations. | Not allowed. | Crypto businesses are banned. | None | None |
| Sweden, Swedish Krona (SEK) | Swedish Financial Supervisory Authority (Finansinspektionen) | Legal, highly regulated. Strict adherence to EU AML directives. | No licensing required for personal trading. | Businesses must register with Finansinspektionen; AML compliance required. | Binance, Bitstamp | OK |
| Switzerland, Swiss Franc (CHF) | Swiss Financial Market Supervisory Authority (FINMA) | Legal, highly regulated. Crypto-friendly laws; supports blockchain innovation. | No licensing required for personal trading. | Businesses must register and comply with FINMA crypto asset guidelines. | Binance, Bitstamp | OK |
| Syria, Syrian Pound (SYP) | Central Bank of Syria | Illegal. Crypto is banned entirely due to economic sanctions. | Personal use is prohibited. | Business use is prohibited. | None | None |
| Taiwan (ROC), New Taiwan Dollar (TWD) | Financial Supervisory Commission (FSC) | Legal, regulated. Mandatory KYC and AML compliance for exchanges. | No licensing required for personal trading. | Businesses must register and comply with AML regulations under FSC. | Binance, LocalBitcoins | OK |
| Tanzania, Tanzanian Shilling (TZS) | Bank of Tanzania (BoT) | Legal, unregulated. Bank of Tanzania warns against crypto use but doesn’t ban it. | No specific licensing required for personal use. | No official licensing framework for businesses. | Binance, LocalBitcoins | OK |
| Thailand, Thai Baht (THB) | Securities and Exchange Commission of Thailand (SEC) | Legal, highly regulated. Crypto taxed as income; payments prohibited. | No licensing required for personal trading. | Businesses must obtain a Digital Asset Business License. Cost: ~$50,000 USD. | Binance, Bitkub | OK |
| Togo, West African CFA Franc (XOF) | West African Monetary Union (BCEAO) | Legal, unregulated. Limited adoption; crypto not recognized as legal tender. | No licensing required for personal use. | Businesses must comply with regional AML laws. | Binance, LocalBitcoins | OK |
| Tunisia, Tunisian Dinar (TND) | Central Bank of Tunisia | Legal, unregulated. Crypto transactions closely monitored to prevent illegal activities. | No licensing required for personal use. | Crypto businesses must comply with AML/CFT regulations. | Binance, LocalBitcoins | OK |
| Turkey, Turkish Lira (TRY) | Turkish Financial Crimes Investigation Board (MASAK) | Legal, regulated. Ban on crypto payments. Only exchanges can hold funds. High scrutiny on cross-border payments | No licensing for personal use. | Licensing required for crypto service providers, TRY. Cost varies (~$5,000–$10,000 USD). | Binance, Paribu, BTCTurk | OK |
| Turkmenistan, Turkmenistani Manat (TMT) | Central Bank of Turkmenistan | Illegal. No legal crypto framework; all crypto transactions banned. Strict state control | Not allowed. | Not allowed. | None | None |
| UAE, UAE Dirham (AED) | Dubai VARA (Virtual Assets Regulatory Authority); ADGM (Abu Dhabi Global Market) | Legal, regulated. Strict compliance with VARA’s AML/CFT standards. Restricted to authorized banks | No licensing for personal use. | VARA license mandatory in Dubai; ADGM regulations in Abu Dhabi. Cost: ~$10,000–$60,000 USD. | Binance, BitOasis, Kraken | OK |
| Uganda, Ugandan Shilling (UGX) | Bank of Uganda | Legal, partially regulated. Bank of Uganda discourages crypto but does not ban it. | No licensing required for personal use. | Businesses must comply with AML laws. | Binance, LocalBitcoins | OK |
| Ukraine. Ukrainian Hryvnia (UAH) | National Bank of Ukraine (NBU); Ministry of Digital Transformation | Legal, regulated. Crypto-to-fiat transactions heavily monitored. | No licensing required. | Licensing for exchanges mandatory. Cost: ~$5,000–$30,000 USD. | Binance, Kuna | OK |
| United Kingdom, British Pound (GBP) | Financial Conduct Authority (FCA) | Legal, regulated. Advertising restrictions. FCA requires clear risk warnings. | No licensing required. AML compliance recommended. | FCA registration mandatory for crypto businesses. Cost: ~£20,000–£50,000 GBP. | Binance, Coinbase, Kraken | OK |
| Uzbekistan, Uzbekistani Som (UZS) | National Agency for Project Management (NAPM) | Legal, regulated. Only licensed platforms can offer crypto services. Limited cryptocurrency exchanges | No licensing required. | Licensing required for exchanges. Cost: ~$10,000 USD. | Binance, EXMO, Huobi | OK |
| Venezuela, Venezuelan Bolívar (VES) | National Superintendency of Cryptoassets and Related Activities (SUNACRIP) | Legal, highly regulated. High government control; crypto heavily regulated under Petro framework. | No licensing required for personal use. | Businesses require licenses from SUNACRIP. | Binance, LocalBitcoins | OK |
| Vietnam, Vietnamese Dong (VND) | State Bank of Vietnam (SBV) | Illegal for payments, legal for trading. Payments in crypto are banned, trading for investment allowed. | No licensing required for trading. | Crypto businesses not allowed; only personal trading is tolerated. | Binance, Remitano | OK |
| Yemen, Yemeni Rial (YER) | Central Bank of Yemen | Illegal. Severe penalties for crypto-related activities. | Not allowed. | Crypto businesses are banned. | None | None |
| Zambia, Zambian Kwacha (ZMW) | Bank of Zambia | Legal, unregulated. Lack of a clear legal framework for crypto. | No licensing required for personal use. | Crypto businesses are unregulated but must comply with general AML laws. | Binance, LocalBitcoins | OK |
| Zimbabwe, Zimbabwean Dollar (ZWL) | Reserve Bank of Zimbabwe | Legal, unregulated. Local currency volatility impacts crypto usage; no clear regulations. | No licensing required for personal use. | Crypto businesses must operate under general financial laws. | Binance, LocalBitcoins | OK |
| Country & local fiat currency | Key Regulatory Authority | Operational Restrictions | Licensing/Insurance Requirements (Personal Use) | Licensing/Insurance Requirements & Costs (Business Use) | Cryptocurrency Exchanges with Local Currency Support | Using USD, USDT, BTC, ETH, etc |
Conclusion
The use of international payment systems is legal in most countries but requires compliance with local laws and regulations. Each country has its own specifics regarding AML/KYC (Anti-Money Laundering / Know Your Customer) regulations, licensing, insurance, and the use of cryptocurrencies. If you plan to use such services, it is crucial to study the legislation of your country in advance and ensure that you are working with licensed and reliable providers.
One such provider is Evita, of which I am an Ambassador. As you can see from this analysis, we gather information from different countries to find the most advantageous and secure solutions for our clients. We have already walked this big path, studied all the nuances, and are ready to offer you turnkey solutions that will save you time and money.
Now it’s up to you to choose: work with us and take advantage of our services, or spend significant resources to replicate our journey on your own. We are waiting for your decision and are ready to assist you today!
Contact me using the details provided, and let’s discuss how we can make your international payments fast, secure, and cost-effective. Looking forward to hearing from you!
