Can I run a purely bitcoin gaming site?

bb999

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Quote from: aldenpogi on May 24, 2013, 10:22:56 PM

If I run a gaming site purely using bitcoin, will I be required to pay taxes?

If you were in a place like the U.A.E. where there is no corporate tax anyway then a gaming site based in bitcoin would not be subject to tax. Of course the source of your customers (if it could be proven where they came from) might bring up other tax related issues. I don't think there is a one size fits all answer for this question, it depends on the circumstances.

yocko06

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Quote from: giantdragon on May 26, 2013, 11:13:30 PM

Quote from: yocko06 on May 26, 2013, 11:10:10 PM

I spent $7000. getting this answer from a senior councler. I would like to lie to myself aswell but the governments won't. the information I got on this goes very in depth and exhaust every possible loop hole.

What country are you telling about?

Anyways, you should choose appropriate country before launching gambling site. Locating server in U.S. is not safe, I think everybody knows this even before govt made a crackdown Wink

that's exactly it bro. I'm in Australia. it all about location.

giantdragon

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Quote from: yocko06 on May 26, 2013, 11:10:10 PM

I spent $7000. getting this answer from a senior councler. I would like to lie to myself aswell but the governments won't. the information I got on this goes very in depth and exhaust every possible loop hole.

What country are you telling about?

Anyways, you should choose appropriate country before launching gambling site. Locating server in U.S. is not safe, I think everybody knows this even before govt made a crackdown Wink

yocko06

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Quote from: giantdragon on May 26, 2013, 10:01:12 PM

Quote from: yocko06 on May 26, 2013, 09:17:06 PM

bitcoin has value so this means it is classed under the gaming legislation.

As I know currently Bitcoin is not recognized in any country as currency or asset (of course legislation will change in the future and at some moment cryptocurrencies will have legal definition).

BTW, I know many online games, operated there in Latvia by "official" companies (incorporated and paying taxes) who offer games of chance in MMORPG for virtual currency (like Linden dollars) without obtaining gambling licence.

I spent $7000. getting this answer from a senior councler. I would like to lie to myself aswell but the governments won't. the information I got on this goes very in depth and exhaust every possible loop hole.

giantdragon

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Quote from: yocko06 on May 26, 2013, 09:17:06 PM

bitcoin has value so this means it is classed under the gaming legislation.

As I know currently Bitcoin is not recognized in any country as currency or asset (of course legislation will change in the future and at some moment cryptocurrencies will have legal definition).

BTW, I know many online games, operated there in Latvia by "official" companies (incorporated and paying taxes) who offer games of chance in MMORPG for virtual currency (like Linden dollars) without obtaining gambling licence.

yocko06

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Quote from: aldenpogi on May 24, 2013, 10:22:56 PM

If I run a gaming site purely using bitcoin, will I be required to pay taxes?

bitcoin has value so this means it is classed under the gaming legislation. I think any thing of calueyou are running a business to earn is going to be taxable. You will also need to obtain the correct gaming licences in the correct jurisdictions.I have had a senior councler look over this for me.

Jobe7

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