5 Countries Where Bitcoin is Legal and Illegal

4. Canada

Bitcoin Legal or Illegal: Legal

Canada is a North American developed country. For those looking to set up a Bitcoin business in the country, Canada requires registration with the government. Additionally, while Canada does not outright prohibit Bitcoin mining, miners must comply with local regulations on energy usage. Bitcoin is treated as a commodity than a currency in the country, and for capital gains tax purposes, Canada requires that half of any gains made during the year are imputed for calculation. Personal mining is not taxed, and any salary paid in Bitcoin must be converted into Canadian dollars – following the rules of general transactions that consider payments in Bitcoin as a barter transaction.