Snip...
FUD this troll.
Couldn't be a better place to register SilkNet at this point.
http://www.coindesk.com/bitcoin-regulation-uk/They won't even have to pay VAT on the bitcoin exchanges or know who we are... Come on man.. You can fud better than that. One google search, i didn't even have to wait for friends to get up over the pond. Even had a coffee and a smoke break. Still got to facts before you.
Some thoughts i have on the article:
There are three areas of regulation to consider when examining this subject: consumer protection; the prevention of money laundering, and taxation. Foreign regulations also have certain implications for those operating in the UK.
1. As a business, you can expect Silk Network .Ltd to exploit the platform under their control. For its services VAT should be included in price. The same does not apply to trading crypto assets it merely means products and/or services that support the process i.e. hosting. And tax should be paid on profit like any other business. I see no problem with taxation,
Silk Network .Ltd is a business.
2. Knowing spencer the technology being used is actually aimed at protecting the consumer. It is one of his spearpoints so our confidence should be in the abilities of this development group.
3. On money laundering nothing is formally written down but I will get to that
Without any formal guidance, businesses act on their own interpretation of what the rules ought to be. As a result, an unusual scenario has arisen: instead of regulators chasing after businesses and insisting on compliance, UK businesses are chasing after regulators and insisting on rules with which they can comply.
- Talking with other organizations i can see they are franticly trying to comply with regulations that arent even there. All in fear of being put out of business, this mentality is an hindraence
- Common sense and a good sense of moral obligations should protect us because laws are based on the same set of ideals. The hived mind of the community will always be able to have a reasonable voice in communicating with lifeless institutions or counter sets of regulatory rules if they themselves are unreasonable. Reason is King.
In the UK, however, there is no formal obligation to take any steps to prevent money laundering through dealings made in bitcoin. This is quite remarkable. Compare this to the position in the US, where businesses must comply with anti-money laundering regulations at a federal level and then essentially repeat this compliance in almost every other state.
So I guess the responsibility in personal taxation lies solely with the holder of capital and not the facilitator of services, corresponding to point 3. mentioned earlier...
It is fair to say that some businesses go above and beyond what would be required if their business was dealing with pounds sterling rather than bitcoin. The reason for this is simple: UK businesses don’t think that this status quo can be maintained for much longer.
If we do not accept fiat, and users with btc came from fiat through said businesses then you could say that we are depedent on them. This depedence only outsources the function of customer due diligence it does not weaken the process. In other words if we are not actively selling DrkSlk for Fiat, thus being a gatekeeper with (actually still without) compliance rules. This should not be an issue. Once in BTC they could opt for all kinds of anonymous coins like DrkSlk, no regulatory force could keep this in check. But more importantly
personal privacy is the thing we actually want to achieve
for citizens.
Now
trading Silk for Fiat and vice versa should not be a problem it is, much like the bitcoin, a clearnet technology. Once in this domain you are free to spend it on any
privacy protecting coin like DrkSlk. This is a
seperate process and as mentioned above there are no formal obligations to take any steps to prevent money laundering. Again, responsibility in personal taxation lies solely with the holder of capital; or do you feel that I am allowed to look into your personal wallet and give this information to third parties?
I hope you all can see
the importance of Silk in light of this revealing situation. Something the dev might actually not have thought about himself, or maybe he bested me in this line of reasoning who knows