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Egypt, Iraq, Qatar, Oman, Morocco, Algeria, Tunisia, Bangladesh, and China have all banned cryptocurrency.First the country prohibited financial institutions from engaging in any crypto transactions in May. Then it banned all domestic crypto mining in June, and finally outlawed cryptocurrencies outright in September.

The sale of cryptocurrency is generally only regulated if the sale (i) constitutes the sale of a security under state or Federal law, or (ii) is considered money transmission under state law or conduct otherwise making the person a money services business (MSB) under Federal law.

Currently, cryptocurrencies are regulated in the US by several institutions: CFTC, SEC, IRS, making it difficult to create overarching regulatory guidelines. In short, yes Bitcoin can be regulated. In fact, its regulation has already started with the fiat onramps and adherence to strict KYC & AML laws.

If cryptocurrency is received, without any cost incurred by the taxpayer, the value of the cryptocurrency is taxable. In the Philippines, however, the BIR has not yet issued specific guidelines on the classification of cryptocurrencies and the taxation of income earned from such.

In the United States, trading of crypto-assets is regulated by many different agencies at both the federal and state levels. Crypto-assets that meet the definition of a security are subject to regulation by the Securities and Exchange Commission (SEC) under U.S. securities laws.

The SEC has the authority to regulate cryptocurrencies because they're often part of an investment contract, which meets the definition of a security under current law, Gensler said.Make no mistake: If a lending platform is offering securities, it also falls into SEC jurisdiction.

Crypto exchanges in the United States fall under the regulatory scope of the Bank Secrecy Act (BSA) and must register with the Financial Crimes Enforcement Network (FinCEN).Meanwhile, the Internal Revenue Service (IRS) classifies cryptocurrencies as property for federal income tax purposes.