Quote from: Nothingtodo on May 03, 2025, 01:43:13 AM

Bitcoin is allowed in your country Nigeria but not in my country Bangladesh. Buying a house with Bitcoin may be tax free in your country Nigeria but in my country, if you find any evidence of Bitcoin usage, legal action is taken. However, we do not use Bitcoin, but we convert the amount of Bitcoin we earn into our country's currency, but in that case, of course, we convert it into our country's fiat currency through the central exchange and then meet our daily needs. But of course, we have some local agencies in our country like Nagad/Bikash through which we convert it into our country's local currency, then the government takes a certain portion of tax from these. We can never use it tax-free.

I couldn't quite understand the situation in Bangladesh, so I did some research. So, in fact, no CEX is officially authorized in Bangladesh due to restrictions imposed by Bangladesh Bank, but platforms like Binance, Paxful, CEX.IO, eToro, KuCoin, and Bitget are used by individuals.

Transactions are often made via P2P channels with BDT payments on bKash or Nagad (which apparently can operate without a bank intermediary), but CEX users are not protected.

Cases of prosecution against individuals trading crypto are rare, but Bangladesh Bank has warned that those involved in cryptocurrency transactions could face criminal penalties, including fines or imprisonment, under anti-money laundering or financial regulation laws.

Bangladeshi financial institutions (banks, bKash, Nagad) are prohibited from facilitating cryptocurrency transactions. If a transaction via bKash or Nagad is identified as originating from a cryptocurrency sale (for example, via Binance P2P), the account could be suspended or reported to the authorities (and therefore the user will lose all its funds and there will be an investigation).

The recent WazirX hack has likely left its Bangladeshi users without recourse...

So, in the end, there's no real legal framework: if you've made capital gains, you have to declare it, but since it's illegal, you risk a fine. Is that right?

crypto regulations in Bengladesh in 2024