Privacy coins legality is often questionable. Cryptocurrencies such as Monero (XMR) are always under constant scrutiny from regulators due to their enhanced privacy features, which provide users with a higher level of anonymity and transactional privacy. These privacy features make it difficult to trace or track transactions, which has attracted the attention of regulators and law enforcement agencies.
Cryptocurrencies like Monero have been in the spotlight due to their use by cybercriminals for illicit activities such as money laundering, tax evasion, and purchasing illegal goods on darknet marketplaces. The untraceable nature of Monero transactions have made it a preferred choice for cybercriminals, posing challenges for regulatory bodies and law enforcement in their efforts to combat financial crimes.
Many countries have banned privacy coins such as Monero, with other countries likely to follow suit in the future.
Countries that have banned all cryptocurrencies and privacy coins:
- Algeria – All crypto is illegal since 2017
- Egypt – All crypto forbidden under Islamic law since 2018
- China – All crypto illegal since 2021
- Bolivia – All crypto illegal since 2014
- Afghanistan – All crypto illegal since 2022
- Bangladesh – All crypto illegal since 2014
- Nepal – All crypto banned since 2021
- Morocco – All crypto banned since 2017
Countries where cryptocurrencies are legal but privacy coins face increased regulation:
- South Korea – All privacy coins illegal to list on an exchange since 2020 but can still be owned
- Japan – All privacy coins illegal since 2018
- Australia – All privacy coins not allowed to be listed on an exchange since 2020 but can still be owned and obtained legally through other methods
- Dubai – All privacy coins illegal since 2023
Countries where cryptocurrencies are legal but illegal as payment methods:
- Turkey – Banned crypto payments in 2021
- Qatar – Banned crypto payments in 2019
- Ecuador – Banned crypto payments in 2014
Every country can ban privacy coins such as Monero but with the decentralized nature of such coins, decentralized exchanges and the P2P economy that exists already, enforcing these bans would likely prove quite difficult. I will keep this list updated, let me know if any changes need to be made.
There are no laws or regulations pertaining to Monero in Australia. It isn’t listed on Australian exchanges simply because banks pressure exchanges. Please correct your info and provide sources.
Thank you I updated accordingly! Using this article as a reference https://www.smh.com.au/technology/monero-the-currency-of-choice-of-the-would-be-optus-extorter-20220929-p5blw6.html
Probably countries with most nodes have less restrictions, and according to
monerohash.com/nodes-distribution.html
Most Monero nodes are in North America and Europe.