Bitcoin Forum

hey there i want to open exchange service i don't have lot o ideas so what will i have to need.
mainly should i need permission from government?

That depends in which country you are.
In India you have to get permission from RBI to open legal exchange.
Previously an exchange was shut down, www.wired.com/2013/12/bitcoin-india/

Well it seems your a fellow indian. As the guy above me posted about the news its true. I would suggest u ask the already established indina bitcoin exchange website owners about he procedure maybe they will help u setup one under indian jurisdiction.

i think you dont need any goverment permission if you will build online exchange for crypto currency,people already mentoning about unlicensed exchange,and people still love to use unlicensed exchange.

Dude not to be a pooper but if you have to come on a forum to ask how to start an exchange you probably ought not to.   There are already numerous exchanges run by shadow people who have no idea what they're doing.   And that doesn't usually end well.

Haha this.

One of the first things to start and exchange business.

1. Have a dedicated security team
2. Have a marketing team
3. The most important one : A legal team for all potential backlashes and to cover your own asses.
4. A coding team which can be linked to your team 1

If you do not have any knowledge of these 4, especially number 3. You are not meant to open an exchange. Do not try to earn quick bucks and end up getting penetrated by crackers

If your going to open up a BTCitcoin exchange in this forum, then it's not mandatory to acquire permission from government but if your talking about real exchange (as in your own brand in this industry), then yes, having permission from your government is mandatory and should be your number one priority. You'll also be needed a partnership with a single bank (that would act as 3rd person when other banks are involved for the exchange), then you need to pay a company to check security of your exchange and give you a grade (grading system base on how secure it is). There are other things as well like good team behind it and large amount of funds in whatever your trying to exchange in the process. Everything I said is base on a knowledge I have from a discussion that I had with a online local exchange here in my country.

There's two types of bitcoin exchanges, one that sell/buy bitcoins using fiat money(credit/debit card/Bank/e-wallets/wire-transfer/WU/MG/Etc.) and the other where you ONLY trade bitcoin and altcoins, for the latter I don't think you'd be required to have a license because simply put you're not doing any fiat to bitcoin trade and therefore don't come in jurisdiction of any laws and there is no way to track the transactions since they're just moving in blockchain from one address to the another. It is only when you buy/sell bitcoins for fiat is when you're required to follow the KYC laws and therefore require a license.

But having said its best to contact your local legal adviser about this instead of asking it here.

I think if you want to be legal sites you need tl take permission to government but if you dont want its okay but many of your customer dont trust to exchange to your site.. You must take permission to governement you can post to your site so that they see you are trusted you are one of the best site..

Hey, if you want to start a business, no matter what the business is, you should get legal, professional and qualified advice. If you believe you can find that for free on an Internet board, you're wrong.

You don't need a pemission from government to open up your exchanger, but if you are going to open up a reputable and big exchanger like coinbase or other, then you need a permission or license from government, but i think this is not required, as a costumer i dont care if the exchangers are licensed or not, there so many famous and top exchangers out there that are unlicensed

If you want to build a big exchange is required. Actually it's good for reputation.
But really you want to build an exchange? You must have ready to take a risk, you need a big fund, secure system, programmer experts.

I think thats the last thing you need. First question I want to ask you , is do you have a lot of funds to start exchange ? Do you have an extremely skillful security team in order to build a very much secure exchange website ? You need a lot of SEO optimizing  so you can have a lot of customers. Once you can answer a big YES to all of these questions then you may go forward and ask a permission from your government.

Just as many users said, you do not initially have to get the permission of the government if you are only to make a small exchanger. However I do think you need to see first if bitcoins are legal to use in your country because I remember Russia banned bitcoins (if that's true). If you do plan to have a company-type exchanger, well, that's when you'll definitely need the permission from your government.