Bitcoin money transmitter license nevada
I want to sell them to a friend. Do I need a license to do that? This question came up after I was informed that a Missouri man pleaded guilty to operating an illegal bitcoin money transmitter license nevada transmitting business.
I am not an attorney. For legal advice, go speak to an attorney specializing in money transmittal bitcoin money transmitter license nevada. I am not that person. If you are in the business of exchanging currency for currency, you need a money bitcoin money transmitter license nevada license. Bitcoin advocates consider Bitcoins to be a digital currency or a cyrptocurrency.
Do I need a money transmittal license? My thinking is no: Coinbase is a licensed money transmittal business, so my selling to them is part of their business. Rather than selling them to an Exchange I decide to start selling them to others and make more money. That sounds bitcoin money transmitter license nevada a business to me, and it might to the US government, too. Back in the days when Neteller was serving US poker players one of my clients considered going into business facilitating other poker players being able to move money from poker site to poker site.
He had a lot of money on Neteller so he was able to deposit money onto say Absolute Poker and, in exchange, take money from PokerStars. When he spoke with me I mentioned to him that this might run afoul of the money transmittal laws and strongly suggested he speak with an attorney.
The attorney he consulted advised him that my instincts were accurate. I suspect if someone were facilitating such Bitcoin transfers today this, too, would also run afoul of the money transmittal laws. Getting back bitcoin money transmitter license nevada my original question: Do I need a license to sell Bitcoins to a friend? The answer is likely no.
But if I go into the business of selling Bitcoins the answer appears to be yes. This entry was posted on Monday, May 15th, at 7: You can follow any responses to this entry through the RSS 2.
You can leave a responseor trackback from your own site. Mail will not be published required. All of the items below are for information only and are not meant as tax advice. Please consult your own tax advisor to see how each item impacts your own situation. Bitcoins This entry was posted on Monday, May 15th, at 7: Leave a Reply Click here to cancel reply.
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