Selling Bitcoin in the UK high street?

ashour

sr. member

Activity: 490

Merit: 250

Quote from: IDKwhatimdoing on August 18, 2015, 05:14:52 PM

Quote from: ashour on August 18, 2015, 05:00:24 PM

Quote from: Amph on July 21, 2015, 02:35:10 AM

if in UK bitcoin is already regulated, logic is telling me that you should simply follow the normal rule for any shop that you want to build and that would accept fiat

it shouldn't be much different with bitcoin

I agree, but I think that he will need a license for money exchange. Since he is going to open a shop that buys and sells bitcoin for fiat.

and the license will not easily get

It depends, if he has enough money he can easily speed up the process to obtain a license.

SNAFU2015

newbie

Activity: 18

Merit: 0

Something else to be aware of would be money laundering regulations too.

IDKwhatimdoing

full member

Activity: 138

Merit: 100

Quote from: ashour on August 18, 2015, 05:00:24 PM

Quote from: Amph on July 21, 2015, 02:35:10 AM

if in UK bitcoin is already regulated, logic is telling me that you should simply follow the normal rule for any shop that you want to build and that would accept fiat

it shouldn't be much different with bitcoin

I agree, but I think that he will need a license for money exchange. Since he is going to open a shop that buys and sells bitcoin for fiat.

and the license will not easily get

ashour

sr. member

Activity: 490

Merit: 250

Quote from: Amph on July 21, 2015, 02:35:10 AM

if in UK bitcoin is already regulated, logic is telling me that you should simply follow the normal rule for any shop that you want to build and that would accept fiat

it shouldn't be much different with bitcoin

I agree, but I think that he will need a license for money exchange. Since he is going to open a shop that buys and sells bitcoin for fiat.

crazyearner

legendary

Activity: 1820

Merit: 1001

Well selling bitcoin in the UK you can sell so much of it if it goes over x amount per person then your going to need licences and then end up paying out lots. If under x amount you don't need it. And as am aware if you hit over x amount for the year then you will have to declare tax on it if going above it. You can read more on it here but soon after it tax got scrapped but no harm in declaring if you are making a fair whack on it and don't want to doge and risk it. https://www.gov.uk/government/publications/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies

gentlemand

legendary

Activity: 2590

Merit: 3015

Welt Am Draht

Quote from: bitcart on July 27, 2015, 12:05:05 PM

I'm surprised there's been no updates about ZipZap's promise to bring cash to btc services to 35 countries... Very silent indeed.

Their last tweet was in January. Looks like it was another lump of shit that was thrown at the wall and failed to stick. There'll be plenty more.

bitcart

member

Activity: 94

Merit: 10

www.bitcart.io

Quote from: gentlemand on July 27, 2015, 11:18:27 AM

There was one in London for a while. I'm not sure if it's still there.

http://www.coindesk.com/london-first-bitcoin-voucher-shop/

It was also possible via zipzap over the counter in thousands of shops but that seems to have gone rather quiet too.

I think your main stumbling block will be lack of demand rather than The Man.

It's a lot easier to achieve than in the US at least. You're likely to run into banking problems almost instantly though. No banks want to play.

I'm surprised there's been no updates about ZipZap's promise to bring cash to btc services to 35 countries... Very silent indeed.

gentlemand

legendary

Activity: 2590

Merit: 3015

Welt Am Draht

There was one in London for a while. I'm not sure if it's still there.

http://www.coindesk.com/london-first-bitcoin-voucher-shop/

It was also possible via zipzap over the counter in thousands of shops but that seems to have gone rather quiet too.

I think your main stumbling block will be lack of demand rather than The Man.

It's a lot easier to achieve than in the US at least. You're likely to run into banking problems almost instantly though. No banks want to play.

coins101

legendary

Activity: 1456

Merit: 1000

Quote from: Amph on July 21, 2015, 02:35:10 AM

if in UK bitcoin is already regulated, logic is telling me that you should simply follow the normal rule for any shop that you want to build and that would accept fiat

it shouldn't be much different with bitcoin

Pretty accurate, imo.

If you call HMRC's AML unit based in Southend-on-Sea, they will tell you what you need to know. They are very helpful.

You'll probably have to apply to be regulated by the FCA as a money services business, but also apply to HMRC's AML unit for AML regulatory licensing.

FCA will check you are capable of running a money services business, HMRC will ensure you comply with AML.

https://www.gov.uk/government/organisations/hm-revenue-customs/contact/money-laundering

Amph

legendary

Activity: 3248

Merit: 1070

if in UK bitcoin is already regulated, logic is telling me that you should simply follow the normal rule for any shop that you want to build and that would accept fiat

it shouldn't be much different with bitcoin

Yorkydude

newbie

Activity: 27

Merit: 0

I'm just wondering what legal hoops you'd have to jump through to be able to set up a shop in a city center buying and selling bitcoin? I'm sure there are many.

Topic: Selling Bitcoin in the UK high street? (Read 1568 times)