Thanks for the video, seems to be exactly what I was looking for (watching now).
edit: He shortly mentions that his exchange is in the process of getting registered. Good news, I guess. This means someone has looked into it.
Topic: UK Limited a good foundation for bitcoin exchange? (Read 4313 times)
Hello everyone,
I am currently offering the odd bitcoin on my website, but I am thinking about passing the point at which I merely convert earnings paid to me in bitcoins to fiat. By next year, I want to do spread-based, commercial and non-speculative bitcoin trading/exchanging (in the form of a bureaux de change, not a order-book based market), which is not allowed in Germany unless you register with the BaFin and have three quarters of a million Euro as collateral. No problem, I'll just pay my taxes elsewhere. A friend mentioned the British Limited as an option, which was quite common in Germany until recently (when they introduced the UG for different reasons).
When researching possible regulations, I came across an answer from an FSA representative dated October 2011 (https://bitcointalksearch.org/topic/an-interesting-read-about-bitcoin-legislation-49862) that basically says "None of the rules to date mention Bitcoins, so it's not forbidden per se". This calls for the establishment of a small LTD that resides in a London PO-Box, pays its taxes and doesn't get sued.
My question: Does anyone have any newish information regarding bitcoin trading in the UK? Are there any new regulations? Have any of my British neighbours ever had bad experiences with the law when doing honest bitcoin trading?
Thanks for any comment, preferably from those who know what they are talking about.
I am currently offering the odd bitcoin on my website, but I am thinking about passing the point at which I merely convert earnings paid to me in bitcoins to fiat. By next year, I want to do spread-based, commercial and non-speculative bitcoin trading/exchanging (in the form of a bureaux de change, not a order-book based market), which is not allowed in Germany unless you register with the BaFin and have three quarters of a million Euro as collateral. No problem, I'll just pay my taxes elsewhere. A friend mentioned the British Limited as an option, which was quite common in Germany until recently (when they introduced the UG for different reasons).
When researching possible regulations, I came across an answer from an FSA representative dated October 2011 (https://bitcointalksearch.org/topic/an-interesting-read-about-bitcoin-legislation-49862) that basically says "None of the rules to date mention Bitcoins, so it's not forbidden per se". This calls for the establishment of a small LTD that resides in a London PO-Box, pays its taxes and doesn't get sued.
My question: Does anyone have any newish information regarding bitcoin trading in the UK? Are there any new regulations? Have any of my British neighbours ever had bad experiences with the law when doing honest bitcoin trading?
Thanks for any comment, preferably from those who know what they are talking about.
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