Topic: unlicensed money transmission (Read 632 times)
It's highly unlikely that you are doing anything illegal. If you want certainty check with your local revenue bureau - my feeling is that they will be able to clear you with simple declarations especially if you're conducting personal and not business transactions.
Let's not read anything into this. Don't do anything illegal.
From a mining perspective the only plan I have to make a profit is to max holdings and not sell until btc is north of $1,250.
I was just wondering if a simple transaction (bitcoin sale/purchase) between two people was an unlicensed money transaction.
Thanks for everyone replying
From a mining perspective the only plan I have to make a profit is to max holdings and not sell until btc is north of $1,250.
I was just wondering if a simple transaction (bitcoin sale/purchase) between two people was an unlicensed money transaction.
Thanks for everyone replying
As what I said from my previous post, I don't think it's illegal. If no law punishes what you are doing then you won't be liable for anything you did that is legal. Check your laws about bitcoin (I don't think there has been any passed yet). Based from your transactions, then you are safe. There is no law that prevents you from selling bitcoins, just do note about tax. In most countries, you could be jailed for not paying taxes. It's better to check with an accountant how you'd have to declare those earnings.
I need some help understanding the legality of selling bitcoin privately. in USA.
IF, one private individual sells btc to another private individual for fiat,
are both guilty of unlicensed money transmission?
I don't think money transaction between two private individuals (not any company) are considered as illegal financial transaction.IF, one private individual sells btc to another private individual for fiat,
are both guilty of unlicensed money transmission?
But its better, both party to do transaction face to face with hard cash and not to use bank as medium of transfer and also better not to discuss about trade over social media because government can easily access your chat logs.
Bitcoin is anonymous and if you can make your deal anonymous and off the record than there should not be any legal problems.
If that's found guilty, then we can't do anything with bitcoin. Users earn good through trading, among which only very few get involved in such in person exchange of bitcoin fiat. If the same when done through a trading website doesn't seems to be guilty then this too is not guilty.
But when you are involving with frequent bank transactions and your incoming transactions some any legal resources then you might need to face any legal issues too. As long as you're staying within crypto-currencies then there will be no issues. Bank transactions and handling fiats must need proper license in most of the countries. 
If that's found guilty, then we can't do anything with bitcoin. Users earn good through trading, among which only very few get involved in such in person exchange of bitcoin fiat. If the same when done through a trading website doesn't seems to be guilty then this too is not guilty.
Let's not read anything into this. Don't do anything illegal.
From a mining perspective the only plan I have to make a profit is to max holdings and not sell until btc is north of $1,250.
I was just wondering if a simple transaction (bitcoin sale/purchase) between two people was an unlicensed money transaction.
Thanks for everyone replying
From a mining perspective the only plan I have to make a profit is to max holdings and not sell until btc is north of $1,250.
I was just wondering if a simple transaction (bitcoin sale/purchase) between two people was an unlicensed money transaction.
Thanks for everyone replying
So, the only "Safe" way to sell bitcoins in the USA is to sell on an exchange?
You can sell it directly to anyone and even through localbitcoins. Technically you are just selling an item not exchanging currency. Since in the US, the government has classified Bitcoins as a commodity this would mean you are just selling something to someone willing to buy it. There currently no laws that prevent you from selling Bitcoins hence you are safe. Your only problem would be taxation on these transactions. Hypothetically, if you bought bitcoins at $100 and sell them at $200, then you gained an income of $100. Because any income is taxable, even it came from illegal activities. Just take the mafia as an example, Al Capone was never convicted for any illegal activities done by the mafia. He was convicted because of not paying taxes.
This one is always a fun one. Be high up in the food chain and do illegal stuff? Meh. Evade (not avoid) taxes on the earnings? Prison
So, the only "Safe" way to sell bitcoins in the USA is to sell on an exchange?
You can sell it directly to anyone and even through localbitcoins. Technically you are just selling an item not exchanging currency. Since in the US, the government has classified Bitcoins as a commodity this would mean you are just selling something to someone willing to buy it. There currently no laws that prevent you from selling Bitcoins hence you are safe. Your only problem would be taxation on these transactions. Hypothetically, if you bought bitcoins at $100 and sell them at $200, then you gained an income of $100. Because any income is taxable, even it came from illegal activities. Just take the mafia as an example, Al Capone was never convicted for any illegal activities done by the mafia. He was convicted because of not paying taxes.
So, the only "Safe" way to sell bitcoins in the USA is to sell on an exchange?
There were records that bitcoin sellers faced legal issues.
You might need some basic seller's licenses depends upon your states regulations. It is highly recommended to contact legal advisors and auditors.
You might need some basic seller's licenses depends upon your states regulations. It is highly recommended to contact legal advisors and auditors.
i think with the status of bitcoin right now, that two both private individual is not guilty as bitcoin in many country is not forbidden to do and its only few country banned bitcoin. so if you stay in the US, i think its should be fine when you want to sell your bitcoin into another person and receive fiat from that person. but if in US, there is any regulation that makes bitcoin is forbidden, then you and your friends is guilty and if both of you get caught, then you can go to jail.
I hope it is very complicated issue buy changing bitcoin money transmission because both parties should talk to their concerned lawyers, because legal issues are more in the US, Bitcoin is online digital currency nobody will identify but when coming to money you can exchange but when it is coming to large amount you need ask experts before doing this task.
I need some help understanding the legality of selling bitcoin privately. in USA.
IF, one private individual sells btc to another private individual for fiat,
are both guilty of unlicensed money transmission?
United states is home to the largest Bitcoin companies and there are no laws against these sort of transactions so you will be fine doing so unless and until you are dealing with small amounts. IF, one private individual sells btc to another private individual for fiat,
are both guilty of unlicensed money transmission?
Technically speaking, yes. But also technically speaking some judges don't consider bitcoin a currency. The problem is even if you barter you're technically supposed to claim it as a sale and purchase.
It's a complicated question with a complex answer. If you're doing a small amount who cares, but if you're talking about $1000s worth of bitcoins I'd be careful and ask a lawyer.
It's a complicated question with a complex answer. If you're doing a small amount who cares, but if you're talking about $1000s worth of bitcoins I'd be careful and ask a lawyer.
I need some help understanding the legality of selling bitcoin privately. in USA.
IF, one private individual sells btc to another private individual for fiat,
are both guilty of unlicensed money transmission?
IF, one private individual sells btc to another private individual for fiat,
are both guilty of unlicensed money transmission?
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