The legal status of cryptocurrencies varies considerably from country to country. In a number of states, any operations with cryptocurrencies are officially not allowed. They are usually treated as a commodity or investment asset and are subject to relevant legislation for tax purposes. For example, in Germany, Bitcoin is recognized as a currency of account, while it is a legal tender with a tax on purchases in Japan. There is currently no legal framework in the world that sets the benchmark rules governing cryptocurrency ICOs. Therefore, there are no legal protection mechanisms for both investors and persons issuing cryptocurrency tokens.
Can You Buy and Sell BTC?
There have already been some attempts to include crypto investment in the legal field and give cryptocurrencies an official status. These were aimed at creating the conditions for regulating a new financing instrument. So, in Switzerland at the end of 2016, it was allowed to attract up to 1 million Swiss francs within the ICO without reporting obligations to the securities market regulator.