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Topic: I would like to start an Internet only Bitcoin business but... (Read 806 times)

full member
Activity: 211
Merit: 100
As a current business accepting bitcoin our advise to you would to be 100% adopt bitcoin as a payment method. However due to bitcoin being a relatively new currency it is advised that you also accept other methods of payment. After all, if someone uses bitcoin they will checkout with bitcoin. If not they will use an alternative method and possibly be interested/invited to try the bitcoin.
hero member
Activity: 854
Merit: 500
I live in a place where the laws are really strict and limit my ability to start a Bitcoin based business unless I am a multi-millionare.
What countries would allow a foreigner with no physical presence to register a business that would only exist 'virtually' on the Internet.

Can I legally operate this business that would only exist on the Internet from my home country without having to move?
Can I 'host' the services on computer systems in my home country?
Would the laws of my home country still be applicable in any of the above cases?
What if my home country is the United States? Does this complicate things further?




Have a look at Isle of Man, they are very crypto-friendly!

http://www.telegraph.co.uk/technology/11109256/Creating-a-Bitcoin-Island-just-off-the-English-coast.html
That's a really nice article, I think that even ChainPay (payment processor) is based in the Isle. Moreover, Switzerland also deserves a mention.
legendary
Activity: 924
Merit: 1000
Do you know Erik Voorhes?

He is the founder of shapeshift.io, where you can exchange bitcoin and major altcoins without any registration. He moved to Panama because he couldn't run this type of company in the U.S.:

https://en.m.wikipedia.org/wiki/Erik_Voorhees
full member
Activity: 156
Merit: 102
Crypto Currency Developer
You might want to consult a professional lawyers on these matters coz asking here in the forum you might get answers which are not true.

Professionals wants lots of money that I don't have, which is why I would settle for some free advice from knowledgeable community members only as a start.

In particular, you can't expect any meaningful answer if you don't explicitly state your home country and the business you want to start (because that's the main factors determining whether legal restrictions apply, and to which extent they apply when your business is registered abroad).

Lets say the home country is USA and I want to start a Bitcoin <-> USD brokerage.

I've read through https://bitcointalksearch.org/topic/amlkyc-explained-454795. I want to remain as loose as possible in regards to KYC and AML, not for the sake of running shady a business, but more so to avoid having to spend out thousands of dollars that I don't have.  When my business is successful and I have built some wealth, then I would go through the proper channels to ensure compliance with all these laws.
sr. member
Activity: 392
Merit: 250
I once faced with a similar problem but I was able to get started by searching for offshore bank account and I got a decent account offshore. The countries you can use are many, just search for offshore company setup in Cyprus or use any country that you have in mind.
legendary
Activity: 1039
Merit: 1005
You might want to consult a professional lawyers on these matters coz asking here in the forum you might get answers which are not true.

In particular, you can't expect any meaningful answer if you don't explicitly state your home country and the business you want to start (because that's the main factors determining whether legal restrictions apply, and to which extent they apply when your business is registered abroad).
Since it would probably unwise to discuss these things in an open forum, taking this to a knowledgeable lawyer is the right thing to do.
Note however that businesses that would be illegal in your country most likely don't become legal just because you're registering them in another country while still being the proprietor and hosting in your country. Of course, you may be able to hide behind layers of "privacy protection" and mail forwarding services etc. but these are most often signs that your business is shady at least and probably illegal too.

Onkel Paul

I should add that legality and morality are two different things. In some jurisdictions businesses that I consider morally wrong are legal, while in other jurisdictions businesses that I would be ok with are illegal. Doing illegal things that are compatible with your morals might feel ok but still could get you into trouble. In a democracy, there are processes to change laws (admittedly these work mostly on glacial timescales and are largely driven by those who are already in power). In an undemocratic country, you options are even more limited.
hero member
Activity: 602
Merit: 500
I live in a place where the laws are really strict and limit my ability to start a Bitcoin based business unless I am a multi-millionare.
What countries would allow a foreigner with no physical presence to register a business that would only exist 'virtually' on the Internet.

Can I legally operate this business that would only exist on the Internet from my home country without having to move?
Can I 'host' the services on computer systems in my home country?
Would the laws of my home country still be applicable in any of the above cases?
What if my home country is the United States? Does this complicate things further?

You might want to consult a professional lawyers on these matters coz asking here in the forum you might get answers which are not true.
legendary
Activity: 924
Merit: 1000
I live in a place where the laws are really strict and limit my ability to start a Bitcoin based business unless I am a multi-millionare.
What countries would allow a foreigner with no physical presence to register a business that would only exist 'virtually' on the Internet.

Can I legally operate this business that would only exist on the Internet from my home country without having to move?
Can I 'host' the services on computer systems in my home country?
Would the laws of my home country still be applicable in any of the above cases?
What if my home country is the United States? Does this complicate things further?




Have a look at Isle of Man, they are very crypto-friendly!

http://www.telegraph.co.uk/technology/11109256/Creating-a-Bitcoin-Island-just-off-the-English-coast.html
full member
Activity: 156
Merit: 102
Crypto Currency Developer
I live in a place where the laws are really strict and limit my ability to start a Bitcoin based business unless I am a multi-millionare.
What countries would allow a foreigner with no physical presence to register a business that would only exist 'virtually' on the Internet.

Can I legally operate this business that would only exist on the Internet from my home country without having to move?
Can I 'host' the services on computer systems in my home country?
Would the laws of my home country still be applicable in any of the above cases?
What if my home country is the United States? Does this complicate things further?


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