Add Funds from Brasil to MtGox - SOLVED

jatajuta

sr. member

Activity: 365

Merit: 250

Quote from: niooron on June 07, 2011, 10:44:47 AM

With a name like mtgoxbrasil, don't you think paypal will investigate and block your account? They are already aware of bitcoin.

Actually im more concern on the regulation aspect because my services are just like Dwolla.

I transfer dollars to MtGox and paypal is the responsable for making the conversion of the money from brasil and the user agree under the terms of conditions that he is the responsable to respond for the internacional transaction, i dont request any payment, they send the money to a US business (me) to transfer funds to MtGox.

I lack the knowledge to know if i maybe fall in any pitfall or if i can use the actual legislation to fully regulate this business.

niooron

full member

Activity: 193

Merit: 100

With a name like mtgoxbrasil, don't you think paypal will investigate and block your account? They are already aware of bitcoin.

Serge

legendary

Activity: 1050

Merit: 1000

this page
http://moneytransmitterlicense.blogspot.com/

has links to US federal and all state web sites where you can find more information on requirments to become licensed money service business in the states.
you also must check with international laws and regulations regarding money transfers and exchanges in US and Brazil

good luck!

jatajuta

sr. member

Activity: 365

Merit: 250

Quote from: Serge on June 07, 2011, 09:23:11 AM

jutajata,

read very carefully this article
http://tomnoyes.wordpress.com/2010/01/26/usregs/

it has clues to what you need at least on the US side.

this is more serious than just having people with social security numbers and registered businesses.

Thanks Serge!
+1
Thats a very good start!

Serge

legendary

Activity: 1050

Merit: 1000

jutajata,

read very carefully this article
http://tomnoyes.wordpress.com/2010/01/26/usregs/

it has clues to what you need at least on the US side.

this is more serious than just having people with social security numbers and registered businesses.

jatajuta

sr. member

Activity: 365

Merit: 250

Quote from: Serge on June 07, 2011, 09:06:57 AM

You should check with your country's money transmitting regulations and laws.

In US for instance such business requires state money transmitting license which costs up to 500k USD in some states.

Ok, thats the point, the business is 100% in US.

The person utilizes paypal to send me money, i dont do any payment request on brazil, i just receive in US dollar after the user make the conversion under his responsability then i move the dollars 2 accounts away.

What kind of business is this category?

I need help to fully regularize this but i lack the legal knowledge.

I have people working on the code for this and people on US with social security numbers who will be the legal responsables for the business.

Please guide me throught the process of fully regulate this, will be awesome to fuilly close a business that can help tremendously the biteconomy without having it shut down for paypal or whatever.

Serge

legendary

Activity: 1050

Merit: 1000

You should check with your country's money transmitting regulations and laws.

In US for instance such business requires state money transmitting license which costs up to 500k USD in some states.

jatajuta

sr. member

Activity: 365

Merit: 250

Utilizes this scheme which works bothways:

user send R$ ---> paypal make the exchange for U$ ---> my paypal ---> my bank of america account ---> my dwolla ---> user's mt gox account

The advantage of this system despite the fact that paypal rip you off is that you dont touch bitcoins.

I am offering under legal terms that the user is buying from me a service to receive his money on my paypal account and deliver to his dwolla mtgox# account.

The process works backwards too.

But as a side effect the user who bought bitcoins through MtGox can now provide more liquidity to create the foundation of the brazilian biteconomy.

It is paypal a point of failure there or not?

If you search through my website you will barely find any bitcoin mentions, what i provide is a service of "money delivery" to a dwolla account.

The user can do whatever he wants with his money from there, if he wants to spend all in a virtual currency so its his problem.

Is there something i should adress in this process?

Tril

full member

Activity: 213

Merit: 100

How was this solved?

jatajuta

sr. member

Activity: 365

Merit: 250

What i have to do for my site become an option to add & withdraw funds from MtGox to Brasil?

Ive developed a website that provides the service of moving money from Brasil to MtGox and reverse too in 100% legal way. How can i have my site linked on MtGox.com?

www.MtgoxBrasil.com.br

Its in portuguese but if you look at the "add funds" (Enviar) you can see how it works by following the pictures.

Same for the withdrawal (Receber).

If anyone can guide me from here would be awesome, south america lacks the liquidity to even start thinking on having a nano BTC economy and this will be a 100% legal way to pump more money into Bitcoin and so the user can use the network to distribute his btc on Brasil.

Topic: Add Funds from Brasil to MtGox - SOLVED (Read 1590 times)