Global Overview

The global overview provides a quick comparison of legal and economic considerations for every participating country. To read more in-depth country specific information for each area, please select a country from the list.

DLT and cryptocurrencies
This category also includes FinTechs utilising blockchain and distributed ledger technologies (“DLT”) upon which Bitcoin and Ethereum are based, among others. FinTechs develop and do research in this field in order to create new services – e.g. crypto currency exchange markets, wallet providers, NFTs-related services, new payment services, "smart contracts" or new clearing and settling services.
CountryDonation-based CrowdfundingReward-based CrowdfundingCrowdinvestingCrowdlending
Albanianononono
Argentinanonoregulation; license requiredno
Australianonoregulation; license requiredregulation; license required
Austrianonoregulationregulation
Boliviaregulationregulationregulation; license requiredregulation; license required
Bosnia and Herzegovinanononono
Bulgarian/an/aregulation; license requiredregulation; license required
Canadanonoregulation; license requiredregulation; license required
Chileregulation; license requiredregulation; license requiredregulation; license requiredregulation; license required
Chinaregulation; license requirednoregulationregulation; license required
Colombianonoregulation; license requiredregulation; license required
Costa Ricalicense requiredlicense requiredlicense requiredlicense required
Croatiaregulation; license requirednoregulation; license requiredregulation; license required
Czech Republicnonoregulation; license requiredregulation; license required
Dominican Republicnoregulation; license requiredregulation; license requiredno
Finlandregulation; license requiredregulation; license requiredregulation; license requiredregulation; license required
Franceregulation; license requiredregulation; license requiredregulation; license requiredregulation; license required
Germanynonoregulation; license requiredregulation; license required
Hong Kongnononono
Hungarynonoregulation; license requiredregulation; license required
Irelandnononoregulation; license required
Italynonoregulation; license requiredregulation; license required
Japannonoregulation; license requiredregulation; license required
Korea, Republic ofnonoregulation; license requiredregulation; license required
Malaysianonoregulation; license requiredregulation; license required
Mexicoregulation; license requiredregulation; license requiredregulation; license requiredregulation; license required
Montenegronononono
New Zealandnonoregulation; license requiredregulation; license required
Nigerianoregulation; license requiredregulation; license requiredregulation; license required
North Macedonianononono
Perunoregulation; license requiredregulation; license requiredregulation; license required
Philippinesnonoregulation; license requiredregulation; license required
Polandnonoregulation; license requiredregulation; license required
Portugalregulationregulationregulation; license requiredregulation; license required
Romanianonoregulation; license requiredregulation; license required
Russiaregulationregulationregulationregulation
Saudi Arabianonoregulation; license requiredregulation; license required
Serbianononono
Singaporeregulationnoregulation; license requiredregulation; license required
Slovenianonoregulation; license requiredregulation; license required
Spainnoregulation; license requiredregulation; license requiredregulation; license required
Switzerlandnonoregulation; license requiredregulation; license required
Thailandnonoregulation; license requiredregulation; license required
Turkeynonoregulation; license requiredregulation; license required
United Kingdomnonoregulation; license requiredregulation; license required
United Rep of Tanzanianononono
United Statesnonoregulation; license requiredregulation
Uruguaynonolicense requiredno
Vietnamregulation; license requirednonono
Regulation of cryptocurrencies and requirement of a license to provide financial services using virtual currencies
CountryAnswer Text
Albaniaregulation; license required2161Albania
Argentinaregulation; license required2506Argentina
Australiaregulation; license required2176Australia
Austriaregulation; license required2671Austria
Boliviano2928Bolivia
Bosnia and Herzegovinaregulation; license required2191Bosnia and Herzegovina
Bulgariaregulation; license required2971Bulgaria
Canadaregulation; license required2146Canada
Chinaregulation2251China
Colombiano2266Colombia
Costa Ricano2281Costa Rica
Croatiaregulation2296Croatia
Czech Republicno2806Czech Republic
Dominican Republicno2829Dominican Republic
Finlandregulation; license required2915Finland
Francen/a2716France
Germanyregulation; license required2131Germany
Hong Kongregulation; license required2731Hong Kong
Hungaryno2341Hungary
Irelandregulation2686Ireland
Italyregulation; license required2326Italy
Japanregulation; license required2843Japan
Korea, Republic ofregulation; license required2356Korea, Republic of
Malaysiaregulation; license required2656Malaysia
Mexicoregulation; license required2626Mexico
Montenegrono2371Montenegro
New Zealandregulation; license required2386New Zealand
Nigeriaregulation; license required2897Nigeria
North Macedoniano2431North Macedonia
Peruno2416Peru
Philippinesregulation; license required2401Philippines
Polandregulation; license required2476Poland
Portugalregulation; license required2491Portugal
Romaniaregulation; license required2791Romania
Russiaregulation2866Russia
Saudi Arabian/a2874Saudi Arabia
Serbiaregulation; license required2461Serbia
Singaporeregulation2937Singapore
Sloveniaregulation2521Slovenia
Spainno2536Spain
Switzerlandregulation; license required2701Switzerland
Thailandregulation; license required2551Thailand
Turkeyregulation; license required2746Turkey
United Kingdomno2776United Kingdom
United Rep of Tanzaniano2761United Rep of Tanzania
United Statesregulation; license required2581United States
Vietnamno2955Vietnam
Difficulty of upholding compliance with the regulation regarding financial services using cryptocurrencies
CountryAnswer
Albaniaaverage2161Albania
Argentinaaverage2506Argentina
Australiaaverage2176Australia
Austriaaverage2671Austria
Boliviahard2928Bolivia
Bosnia and Herzegovinahard2191Bosnia and Herzegovina
Bulgariaaverage2971Bulgaria
Canadahard2146Canada
Chinahard2251China
Colombian/a2266Colombia
Costa Ricahard2281Costa Rica
Croatiaaverage2296Croatia
Czech Republicaverage2806Czech Republic
Dominican Republiceasy2829Dominican Republic
Finlandaverage2915Finland
Francen/a2716France
Germanyhard2131Germany
Hong Konghard2731Hong Kong
Hungaryn/a2341Hungary
Irelandaverage2686Ireland
Italyaverage2326Italy
Japanhard2843Japan
Korea, Republic ofaverage2356Korea, Republic of
Malaysiaaverage2656Malaysia
Mexicoaverage2626Mexico
Montenegroeasy2371Montenegro
New Zealandaverage2386New Zealand
Nigeriaaverage2897Nigeria
North Macedoniaaverage2431North Macedonia
Perueasy2416Peru
Philippinesaverage2401Philippines
Polandaverage2476Poland
Portugaleasy2491Portugal
Romaniaaverage2791Romania
Russiahard2866Russia
Saudi Arabian/a2874Saudi Arabia
Serbiaaverage2461Serbia
Singaporehard2937Singapore
Sloveniaaverage2521Slovenia
Spainhard2536Spain
Switzerlandhard2701Switzerland
Thailandhard2551Thailand
Turkeyhard2746Turkey
United Kingdomeasy2776United Kingdom
United Rep of Tanzanian/a2761United Rep of Tanzania
United Statesaverage2581United States
Vietnameasy2955Vietnam
Level of competition regarding financial services using cryptocurrencies
Albanialow2161Albania
Argentinaaverage2506Argentina
Australialow2176Australia
Austriaaverage2671Austria
Bolivialow2928Bolivia
Bosnia and Herzegovinalow2191Bosnia and Herzegovina
Bulgariahigh2971Bulgaria
Canadahigh2146Canada
Chinan/a2251China
Colombiaaverage2266Colombia
Costa Ricalow2281Costa Rica
Croatiaaverage2296Croatia
Czech Republicaverage2806Czech Republic
Dominican Republicaverage2829Dominican Republic
Finlandn/a2915Finland
Francen/a2716France
Germanyaverage2131Germany
Hong Konghigh2731Hong Kong
Hungaryaverage2341Hungary
Irelandaverage2686Ireland
Italyaverage2326Italy
Japanhigh2843Japan
Korea, Republic ofaverage2356Korea, Republic of
Malaysiaaverage2656Malaysia
Mexicoaverage2626Mexico
Montenegrolow2371Montenegro
New Zealandlow2386New Zealand
Nigeriaaverage2897Nigeria
North Macedonialow2431North Macedonia
Peruaverage2416Peru
Philippinesaverage2401Philippines
Polandaverage2476Poland
Portugalaverage2491Portugal
Romanialow2791Romania
Russialow2866Russia
Saudi Arabian/a2874Saudi Arabia
Serbialow2461Serbia
Singaporeaverage2937Singapore
Sloveniaaverage2521Slovenia
Spainaverage2536Spain
Switzerlandhigh2701Switzerland
Thailandhigh2551Thailand
Turkeyhigh2746Turkey
United Kingdomlow2776United Kingdom
United Rep of Tanzanialow2761United Rep of Tanzania
United Stateshigh2581United States
Vietnamhigh2955Vietnam

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