What is the legal status of Dogecoin in different countries?

Dogecoin's legal status and regulatory framework vary across jurisdictions, with some recognizing it as a cryptocurrency while others classify it as a virtual asset or digital currency.

Nov 06, 2024 at 12:08 am

1. United States:

Dogecoin is recognized as a digital currency or virtual asset by the Financial Crimes Enforcement Network (FinCEN) and the Securities and Exchange Commission (SEC). It is subject to anti-money laundering (AML) and know-your-customer (KYC) regulations.

2. Canada:

Dogecoin is considered a virtual currency and is regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Cryptocurrency exchanges and dealers must register with FINTRAC and comply with AML and KYC requirements.

3. United Kingdom:

The Financial Conduct Authority (FCA) classifies Dogecoin as a "cryptoasset" under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. Cryptoasset businesses must register with the FCA and follow AML and KYC rules.

4. European Union:

Dogecoin falls under the European Union's Fifth Anti-Money Laundering Directive (5AMLD), which regulates virtual currency providers. These providers must follow AML and KYC measures and report suspicious transactions.

5. Australia:

Dogecoin is treated as a digital asset under the Australian Anti-Money Laundering and Counter-Terrorism Financing Act 2006. Cryptocurrency exchanges and trading platforms must register with AUSTRAC (Australian Transaction Reports and Analysis Centre) and implement AML and KYC compliance.

6. Japan:

Dogecoin is recognized as a cryptocurrency under the Payment Services Act. Cryptocurrency exchanges must obtain a license from the Financial Services Agency (FSA) and adhere to AML and KYC standards.

7. South Korea:

Dogecoin is classified as a "virtual asset" by the South Korean government. Cryptocurrency exchanges are required to register with the Korea Financial Intelligence Unit (KoFIU) and implement strict AML and KYC practices.