From what I know there is no law against it. You are not doing anything wrong ATM - but bitcoin related laws are outdated - or as we may rather say - non existent.
And I would not be surprised that bitcoin remittance/exchanging will receive some legal treatment in the future and appropriate laws will be imposed on it.
Topic: The legality of sending money abroad using bitcoin - am I doing something wrong? - page 2. (Read 3483 times)
May 08, 2016, 10:45:14 AM
May 08, 2016, 04:44:43 AM
What you're doing is good and there's no issue with that. If you've been buying for some time now, Coinbase has to check where your income is coming from and how you're buying Bitcoin. It's a normal anti-laundering/anti-fraud procedure. Since Coinbase is literally the PayPal of Bitcoin wallets, they'll want as much information as possible. You just have to provide anything they ask for and have a nice attitude.
May 07, 2016, 06:00:06 PM
I'm not totally sure about IRS rules but there might be a possibility they might hit you if they believe your coins have gained in value. I guess if you hang on to your transaction logs you'll be fine.
And there's nothing illegal about it. But that's not the problem. Places like Coinbase are so concerned about ass kissing the authorities they'll shut people down who are doing nothing wrong.
And there's nothing illegal about it. But that's not the problem. Places like Coinbase are so concerned about ass kissing the authorities they'll shut people down who are doing nothing wrong.
May 07, 2016, 06:06:29 AM
Thank you for your reply.
As far as taxes go, I am paying local taxes (they deduce it from my salary).
I was told that usually one cannot be taxed twice on the same income. So I assume I am in the clear. Is this correct?
Thanks again.
As far as taxes go, I am paying local taxes (they deduce it from my salary).
I was told that usually one cannot be taxed twice on the same income. So I assume I am in the clear. Is this correct?
Thanks again.
May 07, 2016, 06:01:37 AM
Coinbase email is normal anti money laundering procedure, I think there is nothing illegal with your actions, you should however check for possible taxes afterwards
May 07, 2016, 05:56:58 AM
Hi everyone.
I am new. I hope this is the right sub for this.
I work outside the US.
I tend to prefer to keep my balance in USD as opposed to the currency at my current place of residence. I have a US bank account of course.
What I do is cash out my salary and buy bitcoins with it.
Then, I send the bitcoins to the american exchange I am using (Coinbase, Circle, or other), and issue a sell-order.
This saves me tons on fees (last international wire I did ended up costing me $70. That's outrages).
My question is about the legality of this. My intuition tells me there's nothing wrong with this (just a modern way of sending money), but I want to make sure I am in the clear.
The reason I have decided to ask, is because Coinbase emailed me asking for more information regarding this action. They are asking for the source of the funds, my line of work, and so on.
I will appreciate your advice or input on this.
Thanks so much.
Alex
I am new. I hope this is the right sub for this.
I work outside the US.
I tend to prefer to keep my balance in USD as opposed to the currency at my current place of residence. I have a US bank account of course.
What I do is cash out my salary and buy bitcoins with it.
Then, I send the bitcoins to the american exchange I am using (Coinbase, Circle, or other), and issue a sell-order.
This saves me tons on fees (last international wire I did ended up costing me $70. That's outrages).
My question is about the legality of this. My intuition tells me there's nothing wrong with this (just a modern way of sending money), but I want to make sure I am in the clear.
The reason I have decided to ask, is because Coinbase emailed me asking for more information regarding this action. They are asking for the source of the funds, my line of work, and so on.
I will appreciate your advice or input on this.
Thanks so much.
Alex
Jump to: