Over the past few years, cryptocurrency trading has grown from being a niche sector to a global industry. Instead of being focused on a single country or continent, many cryptocurrency exchanges are now serving the needs of aspiring traders all over the world while being based in crypto-friendly countries themselves.

But due to jurisdictional restrictions, even these crypto exchanges are sometimes unable to entertain customers from specific countries. This also means that cryptocurrency aficionados from select locations are not able to perform any kind of digital asset trading, whether it is over the counter (OTC) or through the help of trading bots.

To help you find out whether you live in a country where digital asset trading is banned or frowned upon, here is a list of the legal status of cryptocurrency throughout the world.

Countries Where Cryptocurrency Trading is Illegal

When you are about to delve into crypto trading through automated bots or over the counter exchange services, it is important to check the following quick list of countries that have banned crypto altogether.

If you live in one of the following jurisdictions, then you would not be able to trade cryptocurrency through legal means. It is also safe to say that you would not find any credible crypto exchange or bot to help you on your trading endeavors in a way that complies with the law.

But even more importantly, it is prudent to keep in mind that some of these countries have made crypto trading punishable by law. When it’s not jail time, it’s penalization through the means of fines or other restrictions that apply through the country’s financial laws and regulations.

That’s why it is advisable that you steer clear of over the counter or automated trading while being in the following countries.

  • Algeria
  • Bolivia
  • China
  • Ecuador
  • Egypt
  • Morocco
  • Nepal
  • Pakistan
  • Russia

Countries Keep Sliding In and Out of This List

It is prudent to note that India used to be on this list until very recently. But in March 2020, the Supreme Court of India overruled the government’s ban on crypto asset trading. With that being said, the trading infrastructure in the country still remains in chaos and may take some time to recover.

Russia also made it to this list in February 2020 when it decided to clamp down on cryptocurrency payments, only leaving the option to exchange cryptocurrency for fiat at specialized institutions. This has disrupted what little infrastructure there was to trade cryptocurrencies in Russia. 

Countries Where Cryptocurrency Trading is Held By Limitations

The following countries allow trading but put notable limitations or restrictions on it.

This means that while you may be able to trade cryptocurrency under stringent regulations on select institutions, you might not be able to use your banking instruments such as credit cards or debit cards to purchase cryptocurrency in these jurisdictions.

Some of these countries warn their residents not to trade in cryptocurrency, which also strips cryptocurrency users from any financial protections in case where things go awry. With that, a couple of these regions also explicitly prohibit using Bitcoin as a payment method for businesses.

With that being said, the following countries do allow you to use trading bots with exchanges and institutions that follow the rule of the law.

  • Canada
  • Colombia
  • Saudi Arabia
  • Jordan
  • Iran
  • Bangladesh
  • Taiwan
  • Cambodia
  • Indonesia
  • Vietnam

Some of These Countries Have Gray Areas in Regulations

You should also keep in mind that territories such as Vietnam prohibit using cryptocurrencies as a form of payment while allowing cryptocurrency exchanges to run within their jurisdiction.

This means that you will be able to use your digital asset for trading over the counter or through automated bots, but you may not be able to pay for products or services through them.

How to Move Forward With Crypto Trading in These Jurisdictions

The best way to go about it is to ensure that you are using a credible cryptocurrency exchange that is explicitly allowed to trade in your country.

From there, you can find a bot service that supports the exchange and set it up to use with your account. This ensures that you are able to steer clear of any trouble while also benefiting fully from digital asset trading in these countries.

Being careful in these practices is especially advised due to the nature of rapidly evolving cryptocurrency regulations in such locations. For instance, Russia used to be on this list of countries by limitations before it banned cryptocurrency payments by businesses altogether.

Countries Where Cryptocurrency Trading is Legal

While the countries mentioned above take a stricter approach towards cryptocurrency, the following jurisdictions move forward with a more relaxed outlook towards the world of digital assets.

Some of these countries have extensive regulations in place that legalize crypto trading under the rule of law. The restrictions mainly pertain to personal verification of individuals or safe operations of institutions that are involved in trading.

Whereas, other countries either have little to no regulations, but also do not hold any excessive restrictions that would prevent you from buying and selling cryptocurrencies.

This means that as long as you are following the regulations put forth against the country’s residents, you will be able to continue all of your crypto buying and selling activities without any issues. This also covers the usage of trading bots against cryptocurrency exchanges that operate under all compliance requirements.

With that in mind, here is a list of jurisdictions that allow buying and selling cryptocurrencies through different exchanges and supportive bots.

  • Angola
  • Argentina
  • Australia
  • Austria
  • Belarus
  • Belgium
  • Bosnia and Herzegovina
  • Brazil
  • Brunei
  • Bulgaria
  • Chile
  • Costa Rica
  • Croatia
  • Cyprus
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • France
  • Germany
  • Greece
  • Hong Kong
  • Hungary
  • Iceland
  • Ireland
  • Israel
  • Italy
  • Jamaica
  • Japan
  • Kyrgyzstan
  • Lebanon
  • Lithuania
  • Luxembourg
  • Malaysia
  • Malta
  • Mauritius
  • Mexico
  • Namibia
  • Netherlands
  • New Zealand
  • Nicaragua
  • Nigeria
  • North Macedonia
  • Norway
  • Philippines
  • Poland
  • Portugal
  • Romania
  • Singapore
  • Slovakia
  • Slovenia
  • South Africa
  • South Korea
  • Spain
  • Sweden
  • Switzerland
  • Thailand
  • Trinidad and Tobago
  • Turkey
  • Ukraine
  • United Kingdom
  • United States
  • Uzbekistan
  • Venezuela
  • Zimbabwe

Some Countries Do Not Have Specific Regulations

It is also important to note that a few countries from this list such as Greece and Portugal do not have their own specific regulations to follow. Instead, they go by the regulations passed by pertinent institutions such as the European Union.

This allows cryptocurrency exchanges to operate in these countries without having to follow specialized regulations that are specific to the respective jurisdiction.

Some Countries Have Extensive Regulations But Still Allow Bot Trading

In the case of countries such as the United States, the restrictions are stringent. For instance, many popular global exchanges that operate freely around the world are not able to cater to U.S. residents. Binance is a prime example regarding this aspect.

With that being said, these restrictions mainly apply to regulatory policies or consumer safety, which allows many exchanges to operate within countries such as the U.S. and offer their services to cryptocurrency users all around the world. This is why, while being in the U.S. may restrict you from using bots with Binance, you may still use them freely with exchanges such as Coinbase Pro.

Keep Checking Credible Exchanges for Available Services

Since regulations keep changing, jurisdictions that once seemed flexible could turn strict in a matter of a few months. In order to make sure that you are using your trading bots safely, it is advised that you turn to global exchanges that have a credible presence to see if they are offering their services in your country or not.

This allows you to ensure that you are able to use reliable services and aren’t going to end up working with bad actors that may get you on the wrong side of the law.

It is also a good practice to specifically check the regulations from your respective government to make sure you are trading cryptocurrency on the up and up. As long as you comply with the local policies, you will be able to safely trade digital assets using over the counter transactions or automated bots.