Cryptocurrencies have been around for more than 10 years, but the legal status of Bitcoin (BTC) and most other cryptocurrencies remains unclear and has different definitions in various jurisdictions. Are they money, an asset, a product, property or something else? Should they trade freely or must be tightly regulated? In the absence of a clear answer, governments in the United States and Europe are still issuing legal acts to regulate the cryptocurrency market and trying to determine their attitude toward cryptos.
In the first several months of 2020 alone in France, Germany and Australia, authorities issued decisions with three different interpretations of the nature of Bitcoin: as a currency, a financial instrument that is applied as a means of exchange among individuals or legal entities, and as a security.
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