Xcoins™ Official

xcoins
moon
A globe showing countries of the world
February 6, 2024

Xcoins Supported Countries – Where Is Cryptocurrency Legal?

February 6, 2024

The crypto industry is a dynamic one, and cryptocurrency regulation changes all the time. For this reason, it can be hard to keep up with which countries allow crypto trading and which don’t.

Xcoins is available in the majority of countries where Bitcoin and other cryptocurrencies are legal, but because we place online security as one of our top priorities, we also do our own risk assessment before offering our services in any jurisdiction.

To understand the countries Xcoins can legally operate from, we need to understand the legal framework in which cryptocurrencies operate in and ask:

The USA, Canada, EU, UK, and Australia, as well as parts of South America, Africa, and Asia have all introduced crypto regulations that have made the buying and selling of cryptocurrency legal. 

There are some countries, including the United Kingdom, Cameroon, Georgia, Libya, and Vietnam, where the legality of cryptocurrencies is somewhat of a grey area. That is, certain aspects of crypto trading are legal, while others are not.

In October 2023, the United Kingdom’s Financial Conduct Authority (FCA) declared that unless firms are authorised or regulated by the FCA or have their marketing approved by an authorised firm, they cannot promote crypto assets to the public in the United Kingdom.

Other countries such as Vietnam, allow crypto to be traded but have made buying goods and services with cryptocurrency illegal. 

In most cases, you’ll be able to use your Xcoins account according to crypto regulations in place within the countries you’re accessing your account from. However, if you’re unsure please contact our Customer Support team for clarification.

Xcoins is a regulated business, thanks to our license issued by the Malta Financial Services Authority (MFSA). This means we have a responsibility to help protect against illegal activities such as money laundering and fraud. 

For this reason, we make regular checks on the status of the countries we service to ensure compliance with crypto regulation and to protect our customers.

What countries ban crypto?

The legality of cryptocurrency varies widely around the world. While most countries have passed crypto laws to regulate how you can trade and spend cryptocurrency, a few have banned it outright.

The number of countries banning cryptocurrency has increased in recent years, with China the most high-profile nation to take this step. Crypto trading of any sort has been banned in China since September 2021 with the government fining and even jailing anyone involved in cryptocurrencies within the country.

Bolivia, Afghanistan, Ghana, Nepal, Libya, Egypt, Algeria, Iraq, Tunisia, Oman, Bangladesh, and Morocco have also introduced complete bans on cryptocurrencies. They won’t let you buy or sell your Bitcoin, so don’t even try.

Is Bitcoin mining legal?

Whilst Xcoins is a cryptocurrency exchange and does not offer Bitcoin mining or any other  cryptocurrency mining, it is worth looking at the full picture of the legal jurisdictions that govern all facets of cryptocurrencies.

Bitcoin mining is legal in most countries. However, obviously countries that ban crypto prohibit the mining of any cryptocurrencies. In Europe, Sweden is encouraging a ban within all European countries due to concerns over energy. As of 2024, Bitcoin mining is legal in the U.S. however it is worth looking into the jurisdiction of each state if you reside in the U.S.as not all states allow it. As at February 2024, the U.S. Department of Energy seems to be closing in on Bitcoin miners, surveying the electricity use over a period of six months. 

Why do crypto regulations matter?

The complexity of cryptocurrency regulation across the world does raise jurisdictional questions. 

You’re perhaps wondering why crypto law should matter to you when, wherever you are, the transaction technically happens on our exchange servers located in Malta. Legally, all cryptocurrency transactions are tied to the individual. So if you’re in Morocco, that’s where they’ll look for you.

And no one wants to plead technicalities in front of a judge.

For enthusiasts who live in jurisdictions where it’s illegal to buy and sell cryptocurrencies, this is a problem that we, unfortunately, cannot solve. Our advice is firm. Do not trade while you’re in those countries. 

Ever. 

It doesn’t matter what you think the odds of actually getting caught are. 

By trading within crypto regulation, you’re protected and so are we. This is why we only offer our services in countries where the crypto laws satisfy our regulatory responsibilities.

The good news is that there are more crypto-friendly countries than not. We serve over 100 countries at Xcoins, so there’s a very good chance that you’ll be able to buy and sell crypto with us from your country of residence.

To stay up to date on all things crypto, like Xcoins on Facebook, follow us on Twitter and LinkedIn. Sign up today and start buying and selling cryptocurrencies instantly.

Frequently Asked Questions (FAQs)

What are the Xcoins supported countries?

We’re available in over 100 countries. However, the exact number changes all the time due to the introduction of new crypto laws. As a regulated business, we do our own risk assessment before offering our services, no matter the country. If you’re unsure, please contact Customer Support.

In which countries is cryptocurrency legal?

Bolivia, Afghanistan, Ghana, Nepal, Libya, Egypt, Algeria, Iraq, Tunisia, Oman, Bangladesh, Qatar, and Morocco are just a few of the countries that have all passed crypto laws making the buying and selling of cryptocurrency illegal. Other nations, including United Kingdom, Cameroon, Georgia, Libya, and Vietnam have legal grey areas whereby some types of crypto transactions are allowed and others are banned.

Is crypto mining legal?

Bitcoin mining is legal in most countries. However, obviously countries that ban crypto such as China, Bolivia, Afghanistan, Ghana, Nepal, Libya, Egypt, Algeria, Iraq, Tunisia, Oman, Bangladesh, Qatar, and Morocco prohibit the mining of any cryptocurrencies. Other countries such as Sweden and the U.S. are concerned about the energy consumption it generates and seem to be closing in on Bitcoin miners.

 
Subscribe to our newsletter