All throughout Europe, the regulations and policies differ based on national laws, regional politics etc. This section tries to bring together the regulatory policies based on buying/selling, personal usage, commercial usage etc. of Bitcoin.
(This section updates depending on information available and provided by regional Bitcoiners. Thus, if the country is missing details - please feel free to provide a source for those details to be updated here)
The list below is sorted by first alphabet of the name, details of the region can be accessed via clicking on the name.
*Updated as per confirmed information available worldwide till November 2021
- Albania ๐ฆ๐ฑ
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Legal | On 21 May 2020, Albania passed a new law to regulate cryptocurrency activities. [1] [2]
- Andorra ๐ฆ๐ฉ
- Armenia ๐ฆ๐ฒ
- Austria ๐ฆ๐น
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Legal | Not considered to be an official form of currency, earnings are subject to tax law. The Financial Market Authority (FMA) has warned investors that cryptocurrencies are risky and that the FMA does not supervise or regulate virtual currencies, including bitcoin, or cryptocurrency trading platforms. [1] [2]
- Azerbaijan ๐ฆ๐ฟ
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Legal | Azษrbaycan RespublikasฤฑnฤฑnVergi Mษcษllษsi [Tax Code of the Republic of Azerbaijan] applies and AML/CFT requirements applies as well. [1] [2]
- Belarus ๐ง๐พ
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Legal | The Decree on the Development of Digital Economyโ the decree of Alexander Lukashenko, the President of the Republic of Belarus, which includes measures to liberalize the conditions for conducting business in the sphere of high technologies. [1] [2] [3] - Belgium ๐ง๐ช
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Legal | In July 2013, the Minister of Finance expressed concerns over the use of Bitcoin for money laundering, but indicated that government intervention did not yet appear necessary. Bitcoin has been regulated under Taxation & AML/CFT Laws. [1] [2] [3] - Bosnia and Herzegovina ๐ง๐ฆ
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Legal | No regulations on use of Bitcoin. - Bulgaria ๐ง๐ฌ
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Legal | Republic of Bulgaria National Revenue Agency, Virtual Currencies Tax policies applicable on profits. [1] [2] [3]
- Croatia ๐ญ๐ท
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Legal | Croatia's Financial Stability Council warned investors about the risks of virtual currencies, such as digital wallet theft and fraud, on 18 December 2017. The National Bank of Croatia issued a similar warning on 22 September 2017. Now regulates Bitcoin under applicable asset laws. [1] [2] [3]
- Cyprus ๐จ๐พ
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Legal | Tax laws on declared profits applies as well as AML/CFT laws. [1] [2] [3] - Czech Republic ๐จ๐ฟ
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Legal | Businesses and individuals who buy, sell, store, manage, or mediate the purchase or sale of virtual currencies or provide similar services must comply with the anti-money laundering law. Bitcoin is classified as an intangible asset (not as electronic money) for the purpose of accounting and taxes [1] [2] [3]
- Denmark ๐ฉ๐ฐ
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Legal | Denmark's Financial Supervisory Authority issued a statement declaring that bitcoin is not a currency and stating that it will not regulate its use. But now regulates bitcoin under existent tax and AML/CFT laws as speculative asset. [1] [2]
- Estonia ๐ช๐ช
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Legal | In Estonia, the use of bitcoins is not regulated or otherwise controlled by the government. The Estonian Ministry of Finance have concluded that there is no legal obstacles to use bitcoin-like crypto currencies as payment method. Traders must therefore identify the buyer when establishing business relationship or if the buyer acquires more than 1,000 euros of the currency in a month. [1] [2]
- Finland ๐ซ๐ฎ
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Legal |The Finnish Tax Administration has issued instructions for the taxation of virtual currencies, including the bitcoin. Rather than a currency or a security, a bitcoin transaction is considered a private contract equivalent to a contract for difference for tax purposes. Purchases of goods with bitcoin or conversion of bitcoin into legal currency "realizes" the value and any increase in price will be taxable; however, losses are not tax-deductible. Mined bitcoin is considered earned income. [1] [2] [3] - France ๐ซ๐ท
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Legal | The French Ministry of Finance issued regulations on 11 July 2014 pertaining to the operation of virtual currency professionals, exchanges, and taxation. [1] [2] [3]
- Georgia ๐ฌ๐ช
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Legal | Based on the public decision issued by the Ministry of Finance of Georgia in 2019, crypto, by its very nature, is not "sourced" in any specific geographical location, meaning that it is not considered "Georgian sourced". This type of income would come under the 0% tax on capital gains derived from crypto trading laws. The gain received from selling cryptocurrency by Georgian companies is subject to 15% corporate income tax. Owning and trading crypto in Georgia is legal. Due to a lack of government regulation and cheap and available hydroelectric power Georgia is a center for crypto mining. Crypto is not legal tender in Georgia, but there is currently no regulation by The National Bank of Georgia preventing it being used in the form of a barter exchange. [1] - Germany ๐ฉ๐ช
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Legal | On 19 August 2013, the German Finance Ministry announced that bitcoin is now essentially a "unit of account" and can be used for the purpose of tax and trading in the country, meaning that purchases made with it must pay VAT as with euro transactions. It is not classified as a foreign currency or eโmoney but stands as "private money" which can be used in "multilateral clearing circles", according to the ministry. The Bundesbank says that bitcoin is not a virtual currency or digital money. It recommends using the term "crypto token".In November 2019, a legislation passed by German parliament allows the banks to sell and store cryptocurrencies starting from 1 January 2020. [1] [2] [3] [4] - Greece ๐ฌ๐ท
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Legal | Regular asset Tax and AML/CFT laws applies and service providers digital wallet depository registration required. [1] [2] [3]
- Hungary ๐ญ๐บ
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Legal | Hungary regulates bitcoin as a speculative asset with relative Tax and AML regulations applied. In 2022, Hungary has declared to reduce taxes on crypto from 30.5% to 15%. [1] [2] [3] [4] [5]
- Iceland ๐ฎ๐ธ
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Legal | On 12 March 2017, the Central Bank amended its 2014 rules. With the new rules, wide and general exemptions have been granted from the restrictions of the Foreign Exchange Act No. 87/1992 to virtual currencies. [1] [2] - Ireland ๐ฎ๐ช
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Legal | Cryptocurrency tax laws established in 2020. [1] [2] [3] - Italy ๐ฎ๐น
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Legal | Italy does not regulate bitcoin use by private individuals. Tax regulations on profit established in 2016. EU AML laws apply [1]
- Kazakhstan ๐ฐ๐ฟ
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Legal | In June 2020, Kazakhstan passed legislation on Amending Legislative Acts Concerning the Regulation of Digital Technologies. Implicit restrictions on use of bitcoin [1] - Kosovo ๐ฝ๐ฐ
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Legal for use | โ Mining banned | In January 2022, coinciding with an energy crisis, Kosovo outlawed all cryptocurrency mining. According to BBC News, cryptocurrency mining "is particularly popular in northern areas of Kosovo, where ethnic Serbs do not recognise the state's independence and refuse to pay electricity bills". [1]
- Latvia ๐ฑ๐ป
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Legal | Income tax from profits and AML/CFT laws applicable amended in 2021. [1] [2] - Liechtenstein ๐ฑ๐ฎ
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Legal | Liechtenstein and Switzerland form a common VAT area due to a tax agreement. Bitcoin businesses are subject to anti-money laundering regulations and in some instances may need to obtain a banking license. [1] [2] [3] [4] - Lithuania ๐ฑ๐น
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Legal | Cryptocurrency businesses are The Law Library of Congress 37 required to register with the government and take actions necessary to identify their customers. [1] [2] [3] - Luxembourg ๐ฑ๐บ
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Legal | The Commission de Surveillance du Secteur Financier has issued a communication in February 2014 acknowledging the status of currency to the bitcoin and other cryptocurrencies. The first BitLicence was issued in October 2015. [1] [2]
- Malta ๐ฒ๐น
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Legal | As of 2017, Malta does not have any regulations specifically pertaining to bitcoins. In 2017, the country's prime minister Joseph Muscat announced the approval of a national strategy to promote bitcoin and blockchain technology. Muscat specifically addressed the bitcoin blockchain's ability to handle, store and process sensitive data in an immutable and decentralized ecosystem. [1] [2] [3] [4] - Moldova ๐ฒ๐ฉ
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Legal | There are no specific tax or AML laws as per information available in Moldova. The National bank warns investors of high risks though. [1] - Monaco ๐ฒ๐จ
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Legal | No specific information available on regulations. EU wide regulations applies. - Montenegro ๐ฒ๐ช
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Legal | In 2020 Montenegro introduced 'Blockchain &
Cryptocurrency Regulation 463', Global Legal Insights (2020) for taxation and regulation of virtual currencies. [1] [2]
- Netherlands ๐ณ๐ฑ
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Legal | "Alternative virtual currencies" such as bitcoin are not classified as money and do not fall within the scope of the Act on Financial Supervision of the Netherlands. Regulated as speculative asset for profits and taxation. [1] [2] - North Macedonia ๐ฒ๐ฐ
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Legal | No specific legislation on bitcoins or cryptocurrency exists in North Macedonia. - Norway ๐ณ๐ด
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Legal | The Norwegian government stated in February 2017 that they would not levy VAT on the purchase or sale of bitcoin. Profits are subjected to wealth tax. In business, use of bitcoin falls under the sales tax regulation. [1] [2] [3]
- Poland ๐ต๐ฑ
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Legal | The use of bitcoin in Poland is not regulated by a legal act at present. Taxes on trading and profits apply as per 2018 resolution. [1] [2] [3] [4] - Portugal ๐ต๐น
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Legal | As of 2014, Portugal had no specific legal framework for Bitcoin. In 2016, Portugal adopted Doctrinal Record: Taxation of Cryptocurrency or Virtual Currency
(Dec. 27, 2016). Payment in Cryptocurrency is a provision of services that can be subject to IVA but is exempt and no capital gains tax apply on use of bitcoin. [1] [2] [3] [4] [5]
- Romania ๐ท๐ด
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Legal | In January 2019, Law nr. 30/2019 clarifies that starting in 2019, income from trading "virtual currency" is classified under "income from other sources". In addition, there is a new subpoint, Article 116. (2) c), specifying that the income tax of 10% is only applied on the "positive difference between the selling price and acquisition price" (and not to the entire received amount from a sale). In addition, profits under 200 RON per transaction that total under 600 RON during a fiscal year are exempt from tax. [1] [2] [3] [4] [5] - Russia ๐ท๐บ
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Legal | Banking Restricted | As of 2021, Vladimir Putin said Russia accepts the role of cryptocurrencies, and that cryptocurrencies can be used for payment. In February 2022, the Russian government eventually announced it would support, legalize, and regulate cryptocurrencies, and not ban them. [1] [2] [3]
- San Marino ๐ธ๐ฒ
- Serbia ๐ท๐ธ
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Legal | Serbia introduced Law on amending the tax law
governing the taxations of companies and natural persons, and general tax procedures in 2021 for digital currency taxation. [1] [2] [3] [4] - Slovakia ๐ธ๐ฐ
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Legal | European legislation, including the Slovak law, does not define the activities associated with virtual currency. Such activities are not regulated and supervised by the National Bank of Slovakia or the European Central Bank. BoS has issued guidance for bitcoin taxation and AML regulations. [1] [2] [3] - Slovenia ๐ธ๐ฎ
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Legal | There were no capital gains tax chargeable on bitcoin, but recently introduced. Bitcoin mining is taxed and businesses selling goods/services in bitcoin are also taxed. [1] [2] [3] [4] - Spain ๐ช๐ธ
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Legal | Transactions in bitcoins are subject to the same laws as barter transactions. [1] [2] [3] - Sweden ๐ธ๐ช
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Legal | The Swedish Tax Agency has given a preliminary ruling on Value Added Tax (VAT) on bitcoins, stating that trade in bitcoins is not subject to Swedish VAT, but is instead subject to the Finansinspektionen (Financial Supervisory Authority) regulations and treated as a currency. The decision has been appealed by the Swedish Tax Authority. The Swedish jurisdiction is in general quite favorable for bitcoin businesses and users as compared to other countries within the EU and the rest of the world. The governmental regulatory and supervisory body Swedish Financial Supervisory Authority (Finansinspektionen) have legitimized the fast growing industry by publicly proclaiming bitcoin and other digital currencies as a means of payment. For certain businesses interacting with fiat (mainly exchanges) the current regulation dictates that an application for approval/license must be filed and all the AML/CTF and KYC regulations applicable to more traditional financial service providers must be followed. [1] [2] [3] - Switzerland ๐จ๐ญ
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Legal | Bitcoin businesses in Switzerland are subject to anti-money laundering regulations and in some instances may need to obtain a banking license. In 2018, FINMA stated that it would take a "balanced approach" towards the cryptocurrency industry and allow "legitimate innovators to navigate the regulatory landscape". [1] [2] [3] [4]
- Turkey ๐น๐ท
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Legal for use | โ Banking Ban | On 16 April 2021, Central Bank of the Republic of Turkey issued a regulation banning the use of cryptocurrencies including bitcoin and other such digital assets based on distributed ledger technology, directly or indirectly, to pay for goods and services, citing possible "irreparable" damage and transaction risks starting 30 April 2021. [1] [2]
- Ukraine ๐บ๐ฆ
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Legal | โ Illegal to buy with local currency | On 16 March 2022 president of Ukraine signed Virtual Assset Bill into law. On 22 April Central Bank banned purchasing cryptocurrencies with local currency and made monthly limit of $3300 for purchases with foreign currencies. [1] [2] - United Kingdom ๐ฌ๐ง
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Legal | Bitcoin is treated as 'private money'. When bitcoin is exchanged for sterling or for foreign currencies, such as euro or dollar, no VAT will be due on the value of the bitcoins themselves. However, in all instances, VAT will be due in the normal way from suppliers of any goods or services sold in exchange for bitcoin or other similar cryptocurrency. Profits and losses on cryptocurrencies are subject to capital gains tax. In March 2022, the Financial Conduct Authority (FCA) declared that all cryptocurrency ATMs in the country were illegal, as none of the ATM's operators had successfully registered with the agency. The FCA cited a failure to comply with know your customer laws, as well as the high risk to customers, due to a lack of regulation and protection. [1] [2] [3] [4] [5] [6] [7]
