2013-08-18 The Bitcoin Machine is now available for pre-order

Bitcopia

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Quote from: EhVedadoOAnonimato on August 20, 2013, 02:31:51 PM

Quote from: 420 on August 19, 2013, 11:28:51 PM

but you have to be a money transmitter to do it legally

Are you sure?

I thought that the money transmitting license was only necessary to those sending fiat money from person A to person B.
These machines only take fiat money, they don't send it to anyone else other than the person operating the machine, which is actually just selling something. It's like any vending machine, only that's spitting bitcoins instead of sodas.
IANAL, but I don't think that triggers the requirement of having these licenses... It might trigger sales taxes though....

I'm no lawyer, but from my understanding, any person that engages in buying or selling bitcoins as a business is subject to the FinCEN guidance on Virtual Currencies. This would probably constitute selling bitcoins as a business. Maybe if you bought one and didn't charge a fee to use it, it wouldn't be considered a business... community service! Cheesy

Bitcopia

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Quote from: steelboy on August 20, 2013, 05:29:16 AM

What's the current stance on these in the UK?

Most likely OK for the time being: http://www.coindesk.com/hmrc-uk-bitcoin-exchanges-dont-have-to-register-under-money-laundering-regulations/

EhVedadoOAnonimato

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Quote from: 420 on August 19, 2013, 11:28:51 PM

but you have to be a money transmitter to do it legally

Are you sure?

I thought that the money transmitting license was only necessary to those sending fiat money from person A to person B.
These machines only take fiat money, they don't send it to anyone else other than the person operating the machine, which is actually just selling something. It's like any vending machine, only that's spitting bitcoins instead of sodas.
IANAL, but I don't think that triggers the requirement of having these licenses... It might trigger sales taxes though....

hacknoid

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Proud Canuck

Hmmm... anyone have any insights about how this would apply to Canada? IIRC, the government sent letters to CAVirtex and LibertyBit specifically stating that they did not need a money transmitting license.

steelboy

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What's the current stance on these in the UK?

Bitcopia

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Quote from: 420 on August 19, 2013, 11:28:51 PM

but you have to be a money transmitter to do it legally

Yep. I believe the company requires a due diligence questionnaire before they ship, and I imagine planning to place one in the U.S. would result in failing that questionnaire. This is just my interpretation, and it may be wrong, so feel free to correct me if so. But if this is the case, they won't be selling these to U.S. customers... They shouldn't be selling these to U.S. customers. Operating one would likely expose the operator to potentially criminal money transmission violations.

420

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but you have to be a money transmitter to do it legally

patricktim

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http://gigaom.com/2013/08/16/the-bitcoin-machine-is-now-available-for-pre-order/

The device costs $5,000 and Lamassu CEO Zach Harvey says in an email that the preliminary production run has already been funded with orders paid in Bitcoin. Harvey told me at a recent Bitcoin event in London that he thinks the Bitcoin Machine lowers the barrier to entry to get into using Bitcoins, and that “if you’ve never bought Bitcoins, this is the fastest, easiest way to do it.”

Topic: 2013-08-18 The Bitcoin Machine is now available for pre-order (Read 1014 times)