Does not clear all 8 Shariah criteria. Needs caution: interest (riba), nature of the asset, gambling (maysir), business model, excessive uncertainty (gharar), and benefit and harm (maslahah). Fails: usage.
Buying and holding decentralised cryptocurrencies is legal in the UAE, but you should use a platform licensed by the regulator for its location: the CMA onshore, VARA in Dubai, or FSRA/DFSA in the ADGM and DIFC free zones. Onshore platforms may only offer assets registered with the CMA, so the coins available can differ between platforms. Crypto is not legal tender and cannot generally be used to pay for goods. Individuals pay no income tax on crypto gains.
Regulators
Capital Market Authority (CMA, formerly SCA, federal), Central Bank of the UAE (CBUAE), Virtual Assets Regulatory Authority (VARA, Dubai), ADGM Financial Services Regulatory Authority (FSRA), Dubai Financial Services Authority (DFSA, DIFC)
Licensing
In force, with several regulators by location. Onshore UAE (outside the financial free zones): CMA Decision No. 4/R.M/2026 sets eight licensed virtual-asset activities (dealing as principal or agent, custody, arranging custody, operating a multilateral trading facility, advice, portfolio management, arranging deals); licensed firms, particularly trading platforms, must assess and, where applicable, register virtual assets with the CMA before offering them to clients (a CMA 'Green List' of recognised virtual assets), and the CMA can add or remove assets. Privacy tokens and algorithmic tokens are prohibited. Dubai mainland: VARA remains the regulator for Dubai-established virtual-asset firms. ADGM: FSRA. DIFC: DFSA, where since 12 January 2026 firms assess token suitability themselves rather than relying on a regulator-recognised token list. Whether a specific coin can be offered therefore depends on the platform's regulator and its asset admission.
Payments
Restricted. Under the CBUAE Payment Token Services Regulation, foreign payment tokens (e.g. USDT, USDC) may only be used in the UAE to buy virtual assets; general commerce and merchant payments in crypto are not permitted, and only licensed dirham payment tokens are intended for payments. Crypto is not legal tender.
Tax
No personal income tax or capital gains tax for individuals. Transfers and conversions of virtual assets are VAT-exempt (Cabinet Decision No. 100 of 2024, effective 15 November 2024, retroactive to 1 January 2018). Corporate tax applies to business profits.
Timeline
Jan 12, 2026DFSA updated crypto token regime in force in DIFC (firm-led suitability assessment).
Apr 2026CMA Decision No. 4/R.M/2026 on virtual assets publicly summarised: eight licensed activities and a CMA Green List of registered virtual assets.
Sep 15, 2026Scheduled end of the one-year reconciliation period under Article 184 of Federal Decree-Law No. 6 of 2025; the Central Bank's Board may extend it, and no general extension had been announced according to Hadef & Partners.
Jan 1, 2027 (Expected)Deadline for entities covered by the new federal capital markets laws to regularise their status (one year from entry into force).
EU
European Union
RegulatedYour country
Decentralised cryptocurrencies are legal across the EU. Since 1 July 2026 only MiCA-authorised providers may offer crypto services to EU residents, so check ESMA's register before using a platform, and be careful with offshore exchanges that solicit EU clients. Tax is set by each Member State, and providers now report user transactions to tax authorities under DAC8.
In force: crypto-asset service providers (CASPs) need MiCA authorisation, applicable since 30 December 2024. The MiCA transitional period expired across the EU on 1 July 2026 (earlier in some Member States); since then any entity providing crypto-asset services to EU clients without a MiCA licence is in breach of EU law and must have implemented its wind-down plan. Firms established outside the EU may not provide MiCA services to EU investors, except under the narrow reverse-solicitation exception. Check the ESMA interim register to confirm a provider is authorised.
Payments
Allowed: crypto is not legal tender, but MiCA does not prohibit paying with it; e-money tokens are MiCA's payment-stablecoin category.
Tax
Set by each Member State. Under DAC8, crypto-asset service providers collect data on users' crypto transactions from 1 January 2026; reports on 2026 are due to tax authorities by 30 September 2027.
Timeline
Apr 17, 2026ESMA statement: transitional period expires EU-wide on 1 July 2026; unauthorised CASPs must have implemented wind-down plans.
Jul 1, 2026MiCA transitional period ends in all Member States.
Sep 30, 2027 (Expected)Deadline for first DAC8 reports on 2026 crypto-asset transactions.
Date to be announced (Expected)Possible transfer of CASP supervision to ESMA if the Market Integration and Supervision Package is adopted.
US
United States
RegulatedYour country
Owning and trading decentralised cryptocurrencies is legal in the US. A March 2026 SEC interpretation, joined by the CFTC, treats assets such as these as digital commodities rather than securities. Exchanges are licensed at state level and registered with FinCEN, and spot exchange-traded products exist for several major coins. Gains are taxed as property. A comprehensive federal market-structure law (CLARITY Act) failed to advance in the Senate on 15 September 2026, so current rules rest on agency guidance that a future administration could change.
Regulators
SEC, CFTC, FinCEN, OCC, Treasury/IRS, State regulators (e.g. NYDFS)
Licensing
Patchwork in force: FinCEN money services business registration plus state money-transmitter licences (e.g. New York BitLicense); no federal spot-market licence. The CLARITY Act (H.R. 3633), which would create a federal market-structure regime, passed the House in July 2025, but on 15 September 2026 the Senate rejected cloture on the motion to proceed to it (49-50; 60 votes required). Spot exchange-traded products holding bitcoin (since January 2024), ether (since 2024) and solana (since October 2025, some with staking) are available to US investors.
Payments
Allowed: crypto is not legal tender but may be used for payments; payment stablecoins are governed by the GENIUS Act (July 2025).
Tax
Digital assets are property: disposals give rise to capital gains or losses, and rewards received (e.g. staking or mining) are income. Brokers report gross proceeds on Form 1099-DA for transactions from 2025, and cost basis from 2026.
Timeline
Aug 17, 2026Treasury seeks public comment on GENIUS Act proposed rules.
Sep 15, 2026Senate rejects cloture on the motion to proceed to the CLARITY Act (H.R. 3633), 49-50, with 60 votes required (roll call vote 234).
Date to be announced (Expected)Any renewed Senate attempt to pass the CLARITY Act market-structure bill.
Jan 18, 2027 (Expected)GENIUS Act effective date for payment stablecoin issuer licensing (or earlier if final rules are issued).
GB
United Kingdom
RegulatedYour country
Buying and holding decentralised cryptocurrencies is legal in the UK. Crypto firms must currently be FCA-registered and crypto advertising follows strict promotion rules; a full FCA licensing regime starts on 25 October 2027. Retail investors can also buy crypto ETNs listed on UK exchanges, but not crypto derivatives. Gains are subject to Capital Gains Tax.
Regulators
Financial Conduct Authority (FCA), Bank of England, HM Treasury, HMRC
Licensing
Currently in force: FCA registration under the money laundering regulations and the cryptoasset financial promotions regime. New FSMA authorisation regime: the FCA published final rules on 30 June 2026 covering trading platforms, intermediaries, custodians, stablecoin issuers and staking providers; the authorisation application window runs from 30 September 2026 to 28 February 2027, and the regime comes into force on 25 October 2027. Until then FCA oversight remains limited to financial promotions and anti-money laundering. Retail consumers may buy cryptoasset exchange-traded notes (cETNs) admitted on UK recognised investment exchanges since 8 October 2025; the ban on retail cryptoasset derivatives remains.
Payments
Allowed: crypto is not legal tender; there is no ban on paying with it. UK stablecoins used for payments are being brought into a dedicated regulatory framework.
Tax
Capital Gains Tax on disposals (selling, swapping or spending crypto): 18% within the basic-rate band and 24% above it, with a £3,000 annual tax-free allowance. Some receipts, such as staking or mining rewards, can be taxed as income.
Timeline
Feb 4, 2026Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (SI 2026/102) made.
Jun 30, 2026FCA publishes final rules for the cryptoasset regime.
Oct 25, 2027 (Expected)New cryptoasset regulated activities regime comes into force.
BH
Bahrain
RegulatedYour country
Buying and holding decentralised cryptocurrencies is legal in Bahrain through providers licensed by the Central Bank of Bahrain, which has run a dedicated crypto licensing module for several years and added stablecoin issuer rules in 2025. Crypto is not legal tender. Individuals pay no personal tax on crypto gains.
Regulators
Central Bank of Bahrain (CBB)
Licensing
In force: the CBB Crypto-asset Module (CRA, Rulebook Volume 6) licenses crypto-asset services such as trading, dealing, custody, advisory and portfolio management. Since July 2025 a separate Stablecoin Issuance and Offering (SIO) module licenses fiat-backed stablecoin issuers. Residents should use a CBB-licensed provider; which coins are offered is decided by the licensed platform within CBB rules.
Payments
No general prohibition identified; crypto is not legal tender and there is no licensed regime for everyday crypto payments beyond stablecoin issuance rules.
Tax
Bahrain has no personal income tax or capital gains tax, so individuals' crypto gains are not taxed (general rule; no crypto-specific tax guidance identified).
Timeline
Jul 4, 2025CBB introduces a framework for licensing and regulating stablecoin issuers (Stablecoin Issuance and Offering Module).
Date to be announced (Expected)No major pending change identified.
ID
Indonesia
RegulatedYour country
Trading decentralised cryptocurrencies is legal in Indonesia on OJK-licensed platforms, where crypto is regulated as a digital financial asset. You cannot use crypto to pay for goods or services. Each sale carries a small final income tax (0.21% on domestic platforms, 1% on foreign ones).
Regulators
Otoritas Jasa Keuangan (OJK), Bank Indonesia, Directorate General of Taxes
Licensing
In force: since 10 January 2025 OJK supervises crypto trading and licenses exchanges, clearing and settlement institutions, custodians and traders under POJK 27/2024 (as amended). OJK Board Member Regulation (PADK OJK) No. 3 of 2026 on trading in digital financial assets including crypto assets took effect on 1 September 2026, with more detailed reporting duties for exchanges. Only crypto assets admitted for trading under OJK rules may be traded by licensed traders.
Payments
Banned: the rupiah is the only legal means of payment in Indonesia and Bank Indonesia does not permit crypto as a payment instrument (long-standing position; not re-checked against a primary text in this pass).
Tax
PMK 50/2025 (from 1 August 2025): final income tax of 0.21% of transaction value on trades via domestic platforms and 1% via foreign platforms; crypto asset transfers are VAT-exempt.
Timeline
Jan 10, 2025Crypto supervision transfers from Bappebti to OJK; POJK 27/2024 applies.
Aug 1, 2025PMK 50/2025 crypto tax rules take effect (0.21% / 1% final income tax; VAT exemption).
Sep 1, 2026PADK OJK No. 3 of 2026 on trading in digital financial assets, including more detailed reporting obligations for crypto exchanges, takes effect.
Date to be announced (Expected)Further OJK rules for digital financial assets; no dated change confirmed in this pass.
KZ
Kazakhstan
RegulatedYour country
Since 1 May 2026 Kazakhstan licenses crypto exchanges nationwide through the National Bank, alongside the AIFC's existing regime. Use a licensed platform: only assets on the National Bank's authorised list (which includes the major decentralised cryptocurrencies) may be traded. A July 2026 presidential decree provides for exempting individuals' income from crypto trades on licensed platforms from income tax, subject to implementing legislation. Crypto is not legal tender.
Regulators
National Bank of Kazakhstan (NBK), Astana Financial Services Authority (AFSA, AIFC), Ministry of Artificial Intelligence and Digital Development
Licensing
In force since 1 May 2026: outside the Astana International Financial Centre (AIFC), the National Bank licenses unsecured digital asset exchange operators and registers digital asset trading platform operators and digital financial asset platform operators; AFSA continues to license firms inside the AIFC. Transactions with unsecured digital assets may be carried out only in assets on the National Bank's list of authorised unsecured digital assets (73 assets in the list dated 30 April 2026, including the largest decentralised cryptocurrencies).
Payments
Restricted: crypto is not legal tender and there is no general regime for paying for goods in crypto; mechanisms for cross-border settlement in stablecoins are being developed.
Tax
A presidential decree 'On measures to stimulate and develop the digital assets industry', signed in July 2026, provides for exempting individuals' income from digital-asset transactions made through Kazakh licensed service providers from personal income tax; the exemption still has to be implemented in tax legislation, and its entry into force was not verified in this pass.
Timeline
Apr 30, 2026National Bank publishes the list of authorised unsecured digital assets (73 assets).
May 1, 2026Digital assets regulation in force; NBK licensing and registration of digital asset service providers outside the AIFC begins.
Jul 2026Presidential decree on developing the digital assets industry signed: provides for an income-tax exemption for individuals transacting through licensed providers and work on stablecoin cross-border settlements.
Date to be announced (Expected)Stablecoin cross-border settlement mechanisms and implementing rules for the July 2026 decree.
MY
Malaysia
RegulatedYour country
Trading decentralised cryptocurrencies is legal in Malaysia, but only on exchanges registered with the Securities Commission (five as of July 2026). Using unregistered exchanges that target Malaysians is not permitted, and crypto is not legal tender. Long-term investment gains are generally not taxed, while business-like trading profits can be.
Regulators
Securities Commission Malaysia (SC), Bank Negara Malaysia (BNM), Inland Revenue Board (LHDN)
Licensing
In force: digital asset exchanges (DAX) must be registered with the SC as Recognized Market Operators. Five registered DAX operators as at 20 July 2026: HATA Digital, Luno Malaysia, MX Global, SINEGY DAX and Kinetic DAX. The SC also registers digital asset custodians and IEO operators, and issued revised Guidelines on Recognized Markets for DAX on 20 May 2026. Operating an unregistered exchange serving Malaysians is not permitted; which coins are tradable depends on each registered DAX's admission under SC rules.
Payments
Restricted: crypto is not legal tender and there is no general crypto payment regime; BNM is piloting ringgit stablecoins and tokenised deposits in its sandbox.
Tax
No capital gains tax for individual investors; gains from trading activity that amounts to a business can be taxed as income under the Income Tax Act 1967.
Timeline
Feb 11, 2026BNM Digital Asset Innovation Hub outlines 2026 pilots for ringgit stablecoins and tokenised deposits.
May 20, 2026SC issues revised Guidelines on Recognized Markets for digital asset exchanges.
Jul 20, 2026SC register lists five registered digital asset exchanges.
end-2026 (Expected)BNM expected to give clarity on the use of ringgit stablecoins and tokenised deposits.
PK
Pakistan
RegulatedYour country
Pakistan has moved from a 2018 banking ban to a formal licensing regime under the Virtual Assets Act 2026, overseen by the new regulator PVARA, and licences carry a Shariah-compliance requirement. The regime is brand new and full licences are still pending, so check whether a platform holds PVARA approval before using it and expect rules to keep changing.
Regulators
Pakistan Virtual Assets Regulatory Authority (PVARA), State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan (SECP)
Licensing
Newly in force, not yet fully operational. The Virtual Assets Act 2026 (passed by the Senate on 27 February and the National Assembly on 3 March 2026, then signed into law) makes PVARA the statutory licensing authority for exchanges, custodians, token issuers and other service providers. Unlicensed operation is punishable by a fine of up to PKR 50 million and up to five years' imprisonment. PVARA requires licence applicants to meet capital requirements and ensure their services comply with Sharia under the guidance of a committee of Islamic finance scholars. Existing firms had to apply for a PVARA no-objection certificate by 5 September 2026 or cease operations; full commercial licences had not been confirmed as of that date.
Payments
Restricted: since April 2026 banks may provide banking services to PVARA-licensed virtual asset service providers, but banks may not invest in, trade or hold virtual assets themselves. No regime for paying for goods in crypto was identified.
Timeline
Mar 2026Virtual Assets Act 2026 enacted after Senate (27 Feb) and National Assembly (3 Mar) passage.
Apr 15, 2026SBP ends its 2018 restriction, allowing banks to serve PVARA-licensed virtual asset service providers.
Sep 5, 2026Deadline for existing crypto firms to apply for a PVARA no-objection certificate or cease operations.
late 2026-2027 (Expected)First full PVARA licences and enforcement against unlicensed operators (expected; no date announced).
QA
Qatar
BannedYour country
Qatar does not allow crypto services: regulated institutions may not deal in cryptocurrencies, and the Qatar Financial Centre's digital-asset rules expressly exclude them. No licensed crypto exchange operates in Qatar, so residents have no local investor protection. Only tokenised assets fall under the new rules.
Regulators
Qatar Central Bank (QCB), Qatar Financial Centre Regulatory Authority (QFCRA), Qatar Financial Markets Authority (QFMA)
Licensing
No licensing for cryptocurrency services. The QFC Digital Assets Framework (2024) covers tokenisation of other assets only; the restrictions of the QFCRA's 2019 alert on virtual asset service providers remain in place for Excluded Tokens, and QCB does not allow licensed institutions to deal in crypto.
Payments
Banned: crypto is not legal tender and may not be used through regulated channels.
Timeline
Dec 2019QFCRA alert limits services relating to virtual assets that substitute for currency.
Sep 2, 2024QFC Digital Assets Framework issued; QFCRA confirms cryptocurrencies and stablecoins are Excluded Tokens and the 2019 restrictions remain.
Date to be announced (Expected)No announced plan to lift the prohibition.
RU
Russia
RestrictedYour country
Since 1 September 2026 Russians may buy crypto legally through intermediaries regulated by the Bank of Russia, after passing a test. Ordinary (non-qualified) investors are capped at RUB 300,000 a year per intermediary, and draft central bank rules would limit them to Bitcoin, Ethereum and USDT, so other coins may be available only to qualified investors; check whether the final rules were adopted. Paying for goods and services in Russia with crypto remains banned.
Regulators
Bank of Russia, Ministry of Finance, Federal Tax Service, Rosfinmonitoring
Licensing
In force from 1 September 2026: trading through crypto exchanges, digital depositories, crypto exchangers, brokers and managers under Bank of Russia oversight; transition until 1 July 2027 for market participants to obtain licences. All investors must pass a test before trading. Non-qualified investors may buy only the most liquid cryptocurrencies, up to RUB 300,000 a year through one intermediary; qualified investors have no amount cap or asset restriction. A Bank of Russia draft instruction published for comment on 11 August 2026 (comments until 24 August) sets the cap and names Bitcoin, Ethereum and Tether USDT as the cryptocurrencies eligible for non-qualified investors (chosen by capitalisation, trading volume and at least five years of price history on foreign venues). Adoption of the final instruction was not confirmed as of 16 September 2026.
Payments
Banned domestically: crypto may not be used to pay for goods, work or services in Russia. Crypto is permitted for foreign-trade settlements between residents and non-residents.
Tax
Holdings of cryptocurrencies recorded abroad must be reported to the tax authorities. Detailed personal income tax treatment of gains was not re-verified in this pass.
Timeline
Aug 11, 2026Bank of Russia publishes a draft instruction for comment: RUB 300,000 annual cap per intermediary for non-qualified investors; Bitcoin, Ethereum and USDT the only eligible cryptocurrencies for them.
Sep 1, 2026Law enters into force; regulated crypto trading through registered intermediaries opens.
2026 (date unknown) (Expected)Final Bank of Russia instruction on limits and eligible assets for non-qualified investors.
Jul 1, 2027 (Expected)End of the transition period: intermediaries must hold the required permissions.
SA
Saudi Arabia
UncertainYour country
Saudi Arabia has no law that licenses or directly bans holding decentralised cryptocurrencies, but regulators have warned that crypto is unregulated and that nobody is licensed to offer it. Residents who use foreign platforms have no local investor protection. No crypto licensing framework had been published as of this research.
Regulators
Saudi Central Bank (SAMA), Capital Market Authority (CMA)
Licensing
None identified: no licensing regime for crypto exchanges or brokers is in force, and regulators have stated that no parties are licensed to deal in virtual currencies.
Payments
Restricted: not legal tender; no licensed payment use; regulators warn against dealing with unlicensed crypto providers.
Timeline
Aug 12, 2018Standing committee including CMA and SAMA warns that virtual currencies are not regulated inside the Kingdom and no parties are licensed (still the operative public position identified).
Date to be announced (Expected)Possible SAMA/CMA digital-asset framework (no published plan or timetable found).
TR
Turkey
RegulatedYour country
Holding and trading decentralised cryptocurrencies is legal in Turkey through platforms on the Capital Markets Board's list, which are still moving towards full licences, so being listed is not yet a licence. Paying for goods and services with crypto is banned. A proposed crypto tax was withdrawn in March 2026 but could be reintroduced.
Regulators
Capital Markets Board (SPK/CMB), Central Bank of the Republic of Türkiye (CBRT), MASAK (Financial Crimes Investigation Board), TÜBİTAK
Licensing
In force but transitional: an SPK licence is mandatory for crypto asset service providers, with detailed communiqués in force since March 2025. Firms that declared they would continue operating appear on SPK's provisional 'operating list' (latest dated 28 August 2026) while their applications are assessed; SPK states that being on this list does not mean the firm is authorised. A separate list covers firms in liquidation. Operating without authorisation is a criminal offence.
Payments
Banned: a 2021 CBRT regulation prohibits the use of crypto assets, directly or indirectly, in payments (not re-checked against the primary text in this pass).
Tax
No specific income tax on crypto gains enacted as of this research. A March 2026 proposal (10% withholding on gains via regulated platforms and a 0.03% transaction tax on service providers) was removed from the omnibus bill in late March 2026; it may return.
Timeline
Mar 2026Crypto tax provisions removed from the omnibus bill after opposition pushback.
Mar 2, 2026Ruling party proposes a 10% crypto gains withholding tax and a 0.03% transaction tax.
Aug 28, 2026SPK updates the provisional list of operating crypto asset service providers.
Date to be announced (Expected)Final SPK operating licences for listed platforms; possible reintroduction of a crypto tax bill.
UZ
Uzbekistan
RestrictedYour country
Crypto is legal in Uzbekistan, but residents may only buy and sell through exchanges licensed locally by NAPP, not foreign platforms, which limits which coins are available. Crypto cannot be used for payments, apart from stablecoins in a supervised pilot from 2026. Crypto transactions are reportedly tax-exempt for individuals.
Regulators
National Agency of Perspective Projects (NAPP), Central Bank of Uzbekistan (CBU)
Licensing
In force: NAPP licenses crypto-exchanges, crypto-depositories, crypto-shops and mining pools and publishes an electronic registry of licences. Since 1 January 2023 residents may buy and sell crypto-assets only through domestic NAPP-licensed service providers, in soum; using foreign exchanges is not permitted for residents.
Payments
Banned for cryptocurrencies generally. From 1 January 2026 fiat-backed stablecoins are being tested for payments only inside a special regime (sandbox) run jointly by NAPP and the Central Bank.
Tax
Crypto-asset transactions of individuals and legal entities are exempt from taxation, according to Elliptic's country guide (updated July 2026); not re-checked against the primary decree in this pass.
Timeline
Jan 1, 2023Residents restricted to transacting through domestic NAPP-licensed crypto service providers.
Dec 2, 2025A new presidential decree is reported to set up a stablecoin payments testing regime from 1 January 2026 (run by NAPP and the Central Bank) and trials of tokenised equities and bonds.
Jan 1, 2026Scheduled start of the stablecoin testing regime (NAPP and Central Bank).
Date to be announced (Expected)Results of the stablecoin special regime; tokenised securities trading.
