[Map] In 2022, the use of cryptocurrencies is legal in 50.8% of countries in the world

In the news for a few years now, cryptocurrencies are virtual currencies that can only be exchanged online and allow transactions to be carried out with certain players in place of other currencies. Currently, nearly 20,000 cryptocurrencies are traded around the world with an approximate value of $1.7 trillion. Every 24 hours, approximately $91 billion is traded, mostly in Bitcoin and Ethereum.

Given these statistics, no country can continue to turn a blind eye to these new currencies. HelloSafe was thus interested in the regulation of cryptocurrencies in countries around the world.

More than half of the countries in the world have now legalized the use of cryptocurrencies

For several years now, cryptocurrencies have been on the rise and are now present in more and more countries and regions of the world. Through this interactive map, we observe that:

• 99 out of 195 countries in the world now allow the use of cryptocurrencies, or 50.8% of them.
• Cryptos are legal in all countries of the European Union.
• After Europe, America is the continent with the most countries authorizing cryptocurrencies (18 countries or 51.4% of the American continent), followed by Asia with 16 countries (or 34% of the Asian continent ), Oceania with 3 countries (18.7% of the continent) and finally Africa with 9 countries (17.6% of the continent).
• The only two countries in the world to have authorized Bitcoin as legal tender are El Salvador (since September 7, 2021) and the Central African Republic (since April 27, 2022).

We notice that cryptocurrencies were first used more in developing countries and gradually reached the most developed countries, which have now become the majority crypto players. Although unstable, they seem to bring new alternatives to combat certain monetary imbalances such as inflation, or to facilitate and reduce the cost of international fund transfers.

Half of the countries of the American continent do not yet authorize the use of cryptos

Not all continents are advancing at the same pace when it comes to cryptocurrency legislation and regulation. Thus, on the American continent, only 18 countries have legalized the use of cryptocurrencies, i.e. 51.4% of the countries on the continent. Canada is one of those American territories where the use of cryptos is legal, although they are not considered official currency. In addition, in Canada, cryptocurrencies are subject to income tax, like any "normal" income.

Methodology

In addition to its expert editorial line around insurance and financial products, HelloSafe offers broader topics relating to global consumption in Canada and around the world. Its aim is to decipher certain complex subjects for consumers and to provide everyone with the latest information.

In this study, HelloSafe wanted to compare the various current legislations of countries around the globe in terms of cryptocurrencies and focus on the legal situation in Quebec and Canada, in Europe and around the world. The data presented in this study comes from public and official information disseminated in particular by SPF Finances. The data of the interactive map comes from the Bitrawr site. The latter is up to date and updated at the time of publication of this page, it is likely to change rapidly and therefore has an indicative value. In addition, the different countries are categorized as follows:

• Bitcoin as a legal currency: Bitcoin is used as a currency in its own right alongside local currency.
• Legalized Use: Cryptocurrencies are fully legal in these countries
• Use allowed, but with restrictions: some uses of cryptocurrencies are regulated, while other transactions involving these currencies are not
• Unregulated Use: The use of cryptocurrencies is unregulated
• Illegal or Prohibited Use: All uses of cryptocurrencies are illegal (or prohibited) in these countries.

For more information on our editorial line, please click here.

About Hellosafe.ca

Hellosafe.ca is a comparison platform which is shaking up the insurance market – giving you access to the best Canadian insurance deals in less than 30 seconds. Hellosafe.ca is supported and financed by Blue, an Insurtech Venture Capital firm. Blue already owns two leaders in the French insurance comparison market, Réassurez-moi and Coover. These platforms help more than 10 million people with their insurance every year. We have developed a unique comparison technology that gives access to cover details and quotes without customers having to give their phone number or email address. This engine is the result of four years of hard work.

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