Chile

The first quarter (Q1) of 2019 introduced several key legal updates concerning cryptocurrency taxation. Q1 has seen various countries such as Italy, United States (U.S), Japan, Denmark, Poland, Romania, Venezuela, Indonesia, South Africa, India, Chile and others, define tax treatment for cryptocurrencies including Bitcoin (BTC), the top virtual asset by market cap (MC), Ethereum (ETH) and Ripple (XRP).

Ethereum, the third-largest virtual coin by market capitalization, has been widely used in different parts of the world. The most successful implementation of this digital currency is observed in developing countries such as Chile and the Philippines, reports Ethereum’s co-founder Joseph Lubin.

Buda.com, a giant cryptocurrency exchange in Colombia in South America banged regulators after three major banks closed up its accounts minus giving an official notice. The crypto-to-crypto exchange has approximately 35,000 verified accounts in Colombia and over 45,000 in Chile, Argentina and Peru.

Three major banks in Chile have been ordered to reopen current accounts of cryptocurrency exchanges, Buda.com, and Cryptomkt, and one bank has immediately yielded assent. Buda, Chilean cryptocurrency trading platform convinced a court to give a détente in its dispute with banks.

Banks in Chile, South America's wealthiest country, have a huge impact on cryptocurrency exchanges by closing the accounts held by trading platforms.