Topic: License to Sell Bitcoin in Person as Oppose To Online Exchange? (Read 369 times)
If you are talking about the United States in this question I think jackg is right to say that it will depend on what state are you doing your business in. For that if you are conducting your P2P business in New York (City) you will definitely have some kind of license which they call BitLicense in order for you to conduct buy and sell with your cryptocurrency, you need to register it as some kind of business activity. For other states or cities in the US I don't think they have something similar like that but maybe I'm not aware of some kind of law in particular so you must ask maybe a local attorney from your place to see if you can legally buy and sell crypto without a license.
September 16, 2020, 04:58:13 AM
How will the government and regulators know, how much bitcoin I sold to my friend while we were playing golf? we scanned wallet QR codes and transferred while playing golf middle of the ground without anyone can see both of us.
How can the government see while I was transferring crypto coins to my friend's wallet overseas, and he paid my sister's college fee using his credit cards?
Is there a legal problem here? Do we need license to do this? Can someone go to jail by doing this?
please guys reply with your thoughts.
How can the government see while I was transferring crypto coins to my friend's wallet overseas, and he paid my sister's college fee using his credit cards?
Is there a legal problem here? Do we need license to do this? Can someone go to jail by doing this?
please guys reply with your thoughts.
If you agree to keep this between the two of you, there is no way for the authorities to know, I have known a lot of transactions that amounted to thousands of dollars between friends, and the authorities will never bother because it's against their right and only an order from a court can make them confess, if transactions in that country is illegal they will have to show proof transactions between the two of you.
September 11, 2020, 05:56:20 PM
How will the government and regulators know, how much bitcoin I sold to my friend while we were playing golf? we scanned wallet QR codes and transferred while playing golf middle of the ground without anyone can see both of us.
How can the government see while I was transferring crypto coins to my friend's wallet overseas, and he paid my sister's college fee using his credit cards?
Is there a legal problem here? Do we need license to do this? Can someone go to jail by doing this?
please guys reply with your thoughts.
How can the government see while I was transferring crypto coins to my friend's wallet overseas, and he paid my sister's college fee using his credit cards?
Is there a legal problem here? Do we need license to do this? Can someone go to jail by doing this?
please guys reply with your thoughts.
September 09, 2020, 06:32:43 AM
Everything depends on your government perception of Cryptocurrency and what are the policy regarding buying and selling Bitcoin, I read in other countries you will be put in jail even if you only have one transaction, and there are countries that are very open on Cryptocurrencies they even laid out protection to both buyers and sellers, so check your country's policy regarding Cryptocurrency.
September 07, 2020, 02:28:08 AM
In US, people will need to have a money exchange license before they can sell bitcoins to another person and that business will attract taxes accordingly.
this is not only in the USA, in almost every country in the world people will need to have a license even if bitcoin is not regulated, one thing is to buy bitcoin in a foreign exchange and another thing is to sell bitcoin to a person from your own country, in that second scenario in my opinion is dangerous because the person will need a license
From what I know it's quite easy to earn money from Bitcoin in Poland. Maybe through VPN and other IP hiding services you'll be able to get something here?
and the person will do it for how long? when someone does illegal things or wants to circumvent laws it never ends well
September 03, 2020, 06:31:29 PM
Of course the laws differ from one country to another, but in general I think that the reason for this is that selling Bitcoin to people and not to companies is considered a type of tax evasion, when you sell or buy Bitcoin from someone directly, you do not pay any taxes because the deal is by agreement between you without paying any taxes. and this is contrary to the laws of some countries and is considered tax evasion.
When you buy or sell bitcoin from an exchange or other sites, you will have paid the tax through this sites because these licensed companies pay taxes to the government on a regular basis.
When you buy or sell bitcoin from an exchange or other sites, you will have paid the tax through this sites because these licensed companies pay taxes to the government on a regular basis.
really ? we are being charged by a tax transacting online ? i didnt knew that because they dont also state in on thier terms . what i know for sure is that im only paying a service fee and that is expensive everytime i convert my fiat to crypto or crypto to fiat using this online wallet that ive downloaded .
this is why i sometimes prefer to buy and sell in person but i dont think people here on my place knows anything with btc
August 29, 2020, 01:41:56 PM
Of course the laws differ from one country to another, but in general I think that the reason for this is that selling Bitcoin to people and not to companies is considered a type of tax evasion, when you sell or buy Bitcoin from someone directly, you do not pay any taxes because the deal is by agreement between you without paying any taxes. and this is contrary to the laws of some countries and is considered tax evasion.
When you buy or sell bitcoin from an exchange or other sites, you will have paid the tax through this sites because these licensed companies pay taxes to the government on a regular basis.
When you buy or sell bitcoin from an exchange or other sites, you will have paid the tax through this sites because these licensed companies pay taxes to the government on a regular basis.
August 26, 2020, 10:38:48 AM
Because not all countries legalize Bitcoin, selling / buying bitcoin in person can be a problem. Even though the country
has legalized Bitcoin, it is still illegal to sell Bitcoin in person without a license. In fact, several countries prohibit conducting
Bitcoin transactions directly without a license to prevent illegal activities.
has legalized Bitcoin, it is still illegal to sell Bitcoin in person without a license. In fact, several countries prohibit conducting
Bitcoin transactions directly without a license to prevent illegal activities.
August 26, 2020, 07:37:08 AM
From what I know it's quite easy to earn money from Bitcoin in Poland. Maybe through VPN and other IP hiding services you'll be able to get something here?
August 26, 2020, 07:34:00 AM
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Do you have any proofs linking to such events??
Some countries have their different laws with regards to selling and buying cryptocurreny, though it may sound like they control it, they don't. Some just prefer legal transactions in everything that has something to do with money. But if they would transact in a local place or their Bitcoins was from illegal activities or was used for anything illegal, then it would be a reason for them to get arrested.
And if you are pertaining to online exchanges, there are no rules in most countries that prohibits such actions, as most crypto are transferred with privacy and transparency.
There are lot of incidents took place in US. Let me share few of them,
https://news.bitcoin.com/us-federal-authorities-arrest-man-selling-9-99-bitcoin/
https://thenextweb.com/hardfork/2019/04/09/22-year-old-gets-2-years-in-jail-for-illegally-selling-hundreds-of-thousands-in-bitcoin/
https://www.coindesk.com/localbitcoins-users-criminal-charges-florida
I hope these 3 will suffice for the time being. In US, people will need to have a money exchange license before they can sell bitcoins to another person and that business will attract taxes accordingly.
August 25, 2020, 11:45:10 PM
Perhaps, cryptocurrency exchanges have legalities and they are paying taxes as well in order to comply to the government's jurisidiction. So if you are earning profit without the use of exchange, you might have a trouble depending on what rules your country has.
but for me, there's nothing wrong in selling bitcoin in person as it was like selling products and services, just make sure you ask first what protocols they have regarding it.
In terms of your bitcoin wallet, you're good, but in your bank account, they might question where the money came from.
but for me, there's nothing wrong in selling bitcoin in person as it was like selling products and services, just make sure you ask first what protocols they have regarding it.
In terms of your bitcoin wallet, you're good, but in your bank account, they might question where the money came from.
August 25, 2020, 10:44:59 PM
Different rules and regulations in different countries.
If that case of yours were always selling bitcoin personally, like it seems like his job to sell it regularly in a particular person. They have the right to find and require license. May we know which country are you talking to so we may evaluate the situation base on the respective laws about crypto activities?
Also, crypto exchanges has a registeted license and can be trusted so there is no need to question their legibility.
If that case of yours were always selling bitcoin personally, like it seems like his job to sell it regularly in a particular person. They have the right to find and require license. May we know which country are you talking to so we may evaluate the situation base on the respective laws about crypto activities?
Also, crypto exchanges has a registeted license and can be trusted so there is no need to question their legibility.
August 25, 2020, 08:26:21 PM
From my point of view, exchange platforms were created to facilitate the work of selling and buying bitcoins. Where security and lawful trade must prevail. I don't see anything against this fact. Whichever method you use to buy and sell them is fine.
I think that every Bitcoiner should see this documentary or any other that recapitulates the beginnings of Bitcoin to give it the true value that it really has.
The value goes further, there are those who can buy more and more to save them and get rich. As there are also others who spend it to buy bread from day to day, specially in this time of crisis and famine.
Evolution of Bitcoin - Full documentary
https://youtu.be/HUpGHOLkoXs
If you are in need of a license to trade bitcoin you may need to read this article.
https://www.suretybonds.org/blog/which-states-require-cryptocurrency-businesses-to-get-a-money-transmitter-license/
I think that every Bitcoiner should see this documentary or any other that recapitulates the beginnings of Bitcoin to give it the true value that it really has.
The value goes further, there are those who can buy more and more to save them and get rich. As there are also others who spend it to buy bread from day to day, specially in this time of crisis and famine.
Evolution of Bitcoin - Full documentary
https://youtu.be/HUpGHOLkoXs
If you are in need of a license to trade bitcoin you may need to read this article.
https://www.suretybonds.org/blog/which-states-require-cryptocurrency-businesses-to-get-a-money-transmitter-license/
August 25, 2020, 07:10:44 PM
Most issues came from not selling Bitcoin, but rather by tax evasion or money laundering using Bitcoin. It's mostly just them using Bitcoin to avoid everything official, and to save on a few bucks for each transaction they have. As for Bitcoin being illegal itself, there are other countries out there that don't allow Bitcoin transactions, though really, as long as you don't want to be found out, it's rather easy to transact even in banned countries. There's no need for licenses, whether it is in person or online transactions, you only need to be lawful when transacting, avoiding anything that may seem wrong in the eyes of the law. Ofc, since it's Bitcoin, that of itself may be wrong in the law, but you never know.
https://bitcointalksearch.org/topic/illegal-mass-adoption-5264101 Here's a topic about money laundering using Bitcoin ATMs. Was made just last month.
https://bitcointalksearch.org/topic/illegal-mass-adoption-5264101 Here's a topic about money laundering using Bitcoin ATMs. Was made just last month.
August 25, 2020, 02:31:20 PM
Depends from country to country. But almost all countries requires you to have a license. Any thing related to money exchange, if on large scale will require governments permission. Getting licensed means the government will allow you to legally operate a money exchange.
Like I said, it differs from country to country and how they see crypto currencies. If bitcoin is strictly regulated, then highly likely you will need to get a license. Recently I have heard that the German authorities shutting down all bitcoin ATMs that had no license to operate.
Like I said, it differs from country to country and how they see crypto currencies. If bitcoin is strictly regulated, then highly likely you will need to get a license. Recently I have heard that the German authorities shutting down all bitcoin ATMs that had no license to operate.
August 25, 2020, 11:03:33 AM
So I heard a few stories a while back where ppl got in trouble and arrested and even sent to jail because they were selling bitcoin to other people without a license. Can someone explain this? So basically if you sell bitcoin in person to ppl for cash or any types of money payment whether its bank wire or cash in bank deposit... you need a license but only if you do a lot of transactions? But if you sell btc to a few ppl several times a year only, you don't? Example imagine a few times you sell a few thousand worth of btc to a few friends throughout the year... say you did it 5 times and it was for like 8k total. That you don't?
Where country is that, if a country ban trading Cryptocurrency, then selling it will put you in prison you don't need a license you only have to check if the country where you are in allows trading of Bitcoin if not then desist from doing so, it they allow you don't have a license but if they have a regulation that you need one then get one, it's the rule of the country where you are residing.
August 25, 2020, 11:02:03 AM
So I heard a few stories a while back where ppl got in trouble and arrested and even sent to jail because they were selling bitcoin to other people without a license. Can someone explain this?
First, it relates to how the Bitcoin in the country, is it legal or not. Second, it relates to the rules and regulations of the country. Sometimes, every country has different rules and regulations. In this case, you should know the rules in that country. If Bitcoin is considered illegal, it makes sense if they are arrested. Or there are also certain rules about the transaction of BTC and other cryptocurrencies that must use the official and legal exchanges.
August 25, 2020, 10:32:03 AM
It is really a struggle if your country has a strict law regarding btc transactions.
Selling bitcoin without license is really not a problem, the only problem that we are experiencing are those governments who are not allowing btc transactions to operate freely. There are still countries who are against the utilization of cryptocurrency in their community. Online exchanges has regulators while P2P transactions don't have it.
Selling bitcoin without license is really not a problem, the only problem that we are experiencing are those governments who are not allowing btc transactions to operate freely. There are still countries who are against the utilization of cryptocurrency in their community. Online exchanges has regulators while P2P transactions don't have it.
August 25, 2020, 10:02:25 AM
Not familiar with this license to sell and trade crypto through peer-to-peer transactions. But as how I look at it, cryptocurrency is simply illegal to that/those countries wherein people are being caught and punished because of crypto usage. To put it simply, there will br no license in such countries to the simple fact that it is not legal in those areas. The only way people in those regions will be able to use crypto or buy crypto is through hidden transactions but risk of being caught will not be lessen since there is a punishment.
The best thing to do is to wait for the adaptation. For sure, it is not a single country wherein cryptos are not legal. There are even countries wherein it is quite neutral in a sense that it is not supported to be a mode of payment but there's no punishment on investing into it.
More likely cases regarding the illegality of cryptos has something to do with taxation for every transaction. Cryptos are majorly decentralized, and I think countries are concerned of centralization before the adaptation. So let us just hope that further development in this technology will aid the problem this industry is facing.
The best thing to do is to wait for the adaptation. For sure, it is not a single country wherein cryptos are not legal. There are even countries wherein it is quite neutral in a sense that it is not supported to be a mode of payment but there's no punishment on investing into it.
More likely cases regarding the illegality of cryptos has something to do with taxation for every transaction. Cryptos are majorly decentralized, and I think countries are concerned of centralization before the adaptation. So let us just hope that further development in this technology will aid the problem this industry is facing.
August 25, 2020, 09:33:21 AM
Like everyone sais here, every country has different regulations regarding that matter but as for our country we don't have some problem for now. We are free to sold our BTC to people most people called it P2P transactions but off course, you need to be careful when doing such transactions or else you gonna end up like these guys here: https://github.com/jlopp/physical-bitcoin-attacks/blob/master/README.md
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