in some case you need to carry a licence, or if you're in the usa, you would definitely end like Burtw, who was arrested for this
but for other country the jurisdiction should be different, i guess if you're from the usa and worry about this, why don't you travel abroad and meet a stranger in another nation for the deal?
Topic: Is Selling Bitcoins on LocalBitcoins.com Legal? - page 4. (Read 21382 times)
selling bitcoins on localbitcoins.com is legal or not it is upto the seller or buyer country where they reside, i think in US their is a legal law on bitcoins and cryptocurrency , so their you can show your entrys and pay taxes according to it. but some countrys still dont have any law on bitcoins or crypto currency, so their it is upto user what way he takes it. or leave it
if a user does a cash and carry business then their is no way to show any entry.
if a user does a cash and carry business then their is no way to show any entry.
If you live in the USA its legal,
However, some people buy Bitcoins to launder illegally made cash.
However, some people buy Bitcoins to launder illegally made cash.
I have noticed this and I have made sure to avoid this anytime I am thinking it is something fishy. The people who use BTC for this, in my opinion, actually are ruining the BTC credibility. When the government auctions off so much of BTC, it shows the general public this is not a currency and leads others to believe that BTC is the choice of illegal activity.
How on earth would you know if something is fishy?
When you sell Bitcoins to some guy in person there is no way of knowing where he got the money from. He could just bullshit if you ask.
When you sell the bitcoin, you need to tell the buyer that the bitcoin should not be used for any illegal purpose.
Yes, however the buyer could buy Bitcoin to launder his illegally made cash. He could then claim it on some online source.
If someone were to sell bitcoins on localbitcoins.com in exchange for paypal my cash cards, which were then deposited into paypal. Is that legal as long as any taxable gains received in the transaction are paid? If the amount is under $500 per day and $4000 per month would there be any requirement to know the customer or comply with anti-money laundering laws?
I heard somewhere thatits against the Tos of PP to use it for cryptocurrency exchamges so its probably a bit risky.
Follow the rules of your state or country and you wont have any problems. If you sell or trade over the amounts then you going to need to submit tax form, so long as you follow rules and regulations selling if legal.
If you live in the USA its legal,
However, some people buy Bitcoins to launder illegally made cash.
However, some people buy Bitcoins to launder illegally made cash.
I have noticed this and I have made sure to avoid this anytime I am thinking it is something fishy. The people who use BTC for this, in my opinion, actually are ruining the BTC credibility. When the government auctions off so much of BTC, it shows the general public this is not a currency and leads others to believe that BTC is the choice of illegal activity.
How on earth would you know if something is fishy?
When you sell Bitcoins to some guy in person there is no way of knowing where he got the money from. He could just bullshit if you ask.
When you sell the bitcoin, you need to tell the buyer that the bitcoin should not be used for any illegal purpose.
Is not possible to declare it like a used article sell? 
If you live in the USA its legal,
However, some people buy Bitcoins to launder illegally made cash.
However, some people buy Bitcoins to launder illegally made cash.
I have noticed this and I have made sure to avoid this anytime I am thinking it is something fishy. The people who use BTC for this, in my opinion, actually are ruining the BTC credibility. When the government auctions off so much of BTC, it shows the general public this is not a currency and leads others to believe that BTC is the choice of illegal activity.
How on earth would you know if something is fishy?
When you sell Bitcoins to some guy in person there is no way of knowing where he got the money from. He could just bullshit if you ask.
If you live in the USA its legal,
However, some people buy Bitcoins to launder illegally made cash.
However, some people buy Bitcoins to launder illegally made cash.
I have noticed this and I have made sure to avoid this anytime I am thinking it is something fishy. The people who use BTC for this, in my opinion, actually are ruining the BTC credibility. When the government auctions off so much of BTC, it shows the general public this is not a currency and leads others to believe that BTC is the choice of illegal activity.
To be sure about your bitcoin sell/buy transactions being completely legal to use registered bitcoin exchange. Yes, that is painful as your IDs can be probably leaked to IRS in the future, but at least you won't end up in jail.
If you live in the USA its legal,
However, some people buy Bitcoins to launder illegally made cash.
However, some people buy Bitcoins to launder illegally made cash.
I have noticed this and I have made sure to avoid this anytime I am thinking it is something fishy. The people who use BTC for this, in my opinion, actually are ruining the BTC credibility. When the government auctions off so much of BTC, it shows the general public this is not a currency and leads others to believe that BTC is the choice of illegal activity.
If you live in the USA its legal,
However, some people buy Bitcoins to launder illegally made cash.
However, some people buy Bitcoins to launder illegally made cash.
I have to say it all depends on where you live. In the USA, the IRS just released new laws around what BTC is considered and it seems that they consider it a possession and not a currency. At the same time, they seem to be requiring some sort of record keeping laws when you are paying others with it or if you are giving it away. I do not know if I read it right, but search BitCoin under the irs.gov website and this will help you a little if you are in the USA.
No dude it is not illegal. Knock yourself out.
Paypal will freeze your account and take your money it is against their TOS.
Other methods depend on how much you trade (same rules as fiat)
Google search the story about guys being arrested by the FBI after meeting through Localbitcoins.
..and WHY
edit:
ya the guy above me has it right LOL
Other methods depend on how much you trade (same rules as fiat)
Google search the story about guys being arrested by the FBI after meeting through Localbitcoins.
..and WHY
edit:
ya the guy above me has it right LOL
If you just buy or sell small amount of bitcoin in localbitcoin.com, it is fine. Do not do too much trading there. I think if you just buy bitcoin from others, you do not need a money transmitter license.
Paypal will freeze your account and take your money it is against their TOS.
Other methods depend on how much you trade (same rules as fiat)
Google search the story about guys being arrested by the FBI after meeting through Localbitcoins.
..and WHY
edit:
ya the guy above me has it right LOL
Other methods depend on how much you trade (same rules as fiat)
Google search the story about guys being arrested by the FBI after meeting through Localbitcoins.
..and WHY
edit:
ya the guy above me has it right LOL
If you sell a small amount of bitcoin on licalbitcoins, it is legal. In the US, there is a certain limit. If you are above that limit, you are classified as money transmitter. You have to declare and register.
I don't think the amount you're transacting matters, any time you're selling Bitcoin for profit in the US counts as Fincen's definition of an exchanger.
Registration as a money transmitter doesn't cost anything. You can do it here - http://www.fincen.gov/financial_institutions/msb/msb.registration.html
I guess it's the AML stuff that's the major grind.
Registration as a money transmitter doesn't cost anything. You can do it here - http://www.fincen.gov/financial_institutions/msb/msb.registration.html
I guess it's the AML stuff that's the major grind.
The Florida bust related to localbitcoins was not only for money laudering but also for violating a Florida law requiring licensing as a money transmitter. Any state licenses would be in addition to the Federal registration. Check your state laws to see if you must register.
Nothing wrong in selling in any country if you meet the person and collect the fiats in hand. Some country may track you if the money transactions involved with any bank accounts. With real person meeting up using localbitcoin is the best and safest way to deal.
Just sell bitcoins at an exchange and transfer to your bank, problem solved. And do not try to be a pro trader on LBC without consulting legal advice.
Depends on if you live in New York or something like that.
I believe that they have laws on cryptocurrency.
Laws on cryptos? It isn't regulated so I thought it is off limits until that is done. I believe that they have laws on cryptocurrency.
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