Greece Cryptocurrency Laws Regulation of Digital Currencies: Cryptocurrency, Bitcoins, Blockchain Technology
The Greeks frantically turned to online trading platforms in search of Bitcoin during the doldrums of debt crisis in 2015, when banks began shutting down and capital controls were put in place.[1] This could explain why in May of this year, Bitcoin.com reported that the interest in cryptocurrency from Greek women had grown 163.67 percent.[2]
The Bank of Greece has adopted the EBA warnings regarding virtual currencies.[3] Greece joined the European Blockchain Partnership (EBP), which was established by 22 founding countries on April 10, 2018.[4] The goals of the EBP are to establish a European Blockchain Services Infrastructure (EBSI) to support the delivery of cross-border digital public services while adhering to established standards for security and privacy.[5]
P.S. Insights on Cryptocurrency Legal Issues
Most jurisdictions and authorities have yet to enact laws governing cryptocurrencies, meaning that, for most countries, the legality of crypto mining remains unclear.
Under the Financial Crimes Enforcement Network (FinCEN), crypto miners are considered money transmitters, so they may be subject to the laws that govern that activity. In Israel, for instance, crypto mining is treated as a business and is subject to corporate income tax. In India and elsewhere, regulatory uncertainty persists, although Canada and the United States are relatively friendly to crypto mining.
However, apart from jurisdictions that have specifically banned cryptocurrency-related activities, very few countries prohibit crypto mining.
Our Freeman Law Cryptocurrency Law Resource page provides a summary of the legal status of cryptocurrency for each country across the globe with statutory or regulatory provisions governing cryptocurrency. The globe below provides links to country-by-country summaries:
[1] Selva Ozelli, Will Cryptocurrencies Preserve Their Popularity in Greece? Expert Take, Coin Telegraph, (Jul. 04, 2018), https://cointelegraph.com/news/will-cryptocurrencies-preserve-their-popularity-in-greece-expert-take.
[2] Kevin Helms, 9 Countries Show Huge Growth in Cryptocurrency Interest: Coinmarketcap, Bitcoin.com, (May 3, 2020), https://news.bitcoin.com/countries-growth-cryptocurrency-coinmarketcap/.
[3]Digital Currencies: International Actions and Regulations, supra note 35.
