http://www.fincen.gov/financial_institutions/msb/definitions/msb.html
you need to do at least $1000 per day to be considered a money service business.
Caveat: I am not a lawyer!
Topic: help!! ca i do this? (is it legal) (Read 470 times)
According to this,
http://www.fincen.gov/financial_institutions/msb/definitions/msb.html
you need to do at least $1000 per day to be considered a money service business.
Caveat: I am not a lawyer!
http://www.fincen.gov/financial_institutions/msb/definitions/msb.html
you need to do at least $1000 per day to be considered a money service business.
Caveat: I am not a lawyer!
If you are in the United States, you would likely be considered a money transmitter. There was a recent ruling by FinCEN:
https://bitcointalksearch.org/topic/fincen-addresses-bitcoin-154686
There are quite a few others on the same topic. Here is a random web page on the topic:
http://bitcoinmagazine.com/fincen-bitcoin-users-not-regulated-exchanges-are/
Before anyone takes what I say too seriously, I am not a lawyer, but I have a related degree, so my analysis comes through my particular lens. I think it could be argued that if you are acting as an agent to convert money, or acting to 'exchange' monetary forms, you would need to be licensed. If you do enough reading on the FinCEN rulings, and take some time with reputable resources to understand exactly what the ruling means, then I think you should have a pretty good feel of what is legal or not. I think you may come to the same conclusion as I.
In reality, I doubt you need to worry about it. The only real threat that I can think of is some under-cover Treasury Official trying to buy Bitcoins for the sole purpose of prosecuting someone. In order for that to happen, someone would really need to have a bug up their ass over Bitcoins. I just don't seeing it happen.
https://bitcointalksearch.org/topic/fincen-addresses-bitcoin-154686
There are quite a few others on the same topic. Here is a random web page on the topic:
http://bitcoinmagazine.com/fincen-bitcoin-users-not-regulated-exchanges-are/
Before anyone takes what I say too seriously, I am not a lawyer, but I have a related degree, so my analysis comes through my particular lens. I think it could be argued that if you are acting as an agent to convert money, or acting to 'exchange' monetary forms, you would need to be licensed. If you do enough reading on the FinCEN rulings, and take some time with reputable resources to understand exactly what the ruling means, then I think you should have a pretty good feel of what is legal or not. I think you may come to the same conclusion as I.
In reality, I doubt you need to worry about it. The only real threat that I can think of is some under-cover Treasury Official trying to buy Bitcoins for the sole purpose of prosecuting someone. In order for that to happen, someone would really need to have a bug up their ass over Bitcoins. I just don't seeing it happen.
The only concerns are really taxes and *maybe* gambling.
Otherwise, it's in the damn constitution that the people can make their own currencies if they so choose to.
[Edit: and even still, fuck that. Half these taxes they throw on us are illegal on their end anyways. Labor is not supposed to be taxed, and what I do with another person is my damn business, not theirs.]
Otherwise, it's in the damn constitution that the people can make their own currencies if they so choose to.
[Edit: and even still, fuck that. Half these taxes they throw on us are illegal on their end anyways. Labor is not supposed to be taxed, and what I do with another person is my damn business, not theirs.]
Yes i'm the US. California to be specific
If you are on USA, you probably need a license. (LOL)
I don't know, this is all very new, but occasional traders don't need license, but the occasional trader was defined like 5 times a year or so...
Don't remember where I saw this, sorry.
I don't know, this is all very new, but occasional traders don't need license, but the occasional trader was defined like 5 times a year or so...
Don't remember where I saw this, sorry.
Hi I wanted to know if what I'm doing is legal. I buy bitcoins from coinbase.com and sell them on localbitcoins.com. Is this legal?
And do I need to acquire a business license? I intend to file taxes for my earnings.
Thanks for answers!
And do I need to acquire a business license? I intend to file taxes for my earnings.
Thanks for answers!
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