Table II

Regulation implication of bitcoin acceptance

CountryLegalityRegulationsTax treatment
USALegal as commodityControlled by government and KYC must be appliedSubject to self-employment tax
ChinaLegal as private propertyIllegal for financial institutions and the Bitcoin exchange is shut, but China has developed its own cryptocurrencyNot mentioned
AustraliaLegal as regular moneyBitcoin business are obliged to submit detailed costumer reportingSubject to GST (goods and services tax)
JapanLegal as moneyBitcoin exchanges must register to FSA, have minimum requirement capital, submit annual report, and undergo auditingSubject to consumption tax
IcelandIllegal for bitcoinThe regulation has amended by the central bank due to the innovation of local cryptocurrency named aurocoin.Not mentioned
SingaporeNot regulatedNot regulated but issued warning for Bitcoin riskBitcoin currency exchanged will be subject to taxes on the basis of Bitcoin sales
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