Nine countries have outlawed crypto entirely.
The updated report was published by the Global Legal Research Directorate (GLRD) of the Law Library of Congress in November 2021 as part of latest research. Since 2018, “the number of countries found to have issued cryptocurrency bans has increased significantly,” the report said.
Countries with Absolute Ban on Crypto
As of November 2021, nine countries have placed an “absolute ban” on crypto, meaning that it’s completely illegal.
- Algeria
- Bangladesh
- China
- Egypt
- Iraq
- Morocco
- Nepal
- Qatar
- Tunisia
- China
Countries with Implicit Ban on Crypto
42 more countries have issued “implicit bans” prohibiting banks, lenders and other financial institutions from dealing with crypto. These countries include Georgia, Turkey and Saudi Arabia.
Tax Laws
The report also found that the number of countries subjecting crypto to tax laws, as well as anti-money laundering and counter-financing of terrorism laws, has jumped from 33 in 2018 to now 103.