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Title: Treasure guidance on Virtual Currencies what it means for US bitcoin companies? Post by: zby on March 19, 2013, 10:44:30 AM http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html
Looks like that will be the most relevant news for all the US based bitcoin companies. Including coinalabs and the MtGox deal. Has any one cracked what it will really mean? Will it crash all bitcoin companies under the burden of bureaucracy - or is it a 'green light' for institutional investing in bitcoin? Title: Re: Treasure guidance on Virtual Currencies what it means for US bitcoin companies? Post by: ehoffman on March 19, 2013, 11:01:31 AM It's basically a quick draft, presumably for Mt. Gox wanting to come to the U.S.A. It says that users of virtual currencies (like Bitcoins) are not under regulation, but the exchanges, and the persons who do the exchanges, are regulated and submitted to the same laws as fiat money. It's basically a protection against wanna-be money launderer and other financial crimes.
So, you want to exchange 100M dollar, you're under the law and have to declare it. You're just a user of Bitcoins and get hacked of 100M$ dollar, than too bad for you you're not under any protections... Title: Re: Treasure guidance on Virtual Currencies what it means for US bitcoin companies? Post by: siulynot on March 19, 2013, 11:21:27 AM Bitcoin users are cool...
Miners might be subject to regulation if they sell their coins in exchanges. Exchanges are subject to the same regulations as an exchanger of fiat. Not so bad... but i think this might mean that exchanges will become a expensive business and the average joe might prefer to exchange fiat for bitcoins with friends or on the street. Title: Re: Treasure guidance on Virtual Currencies what it means for US bitcoin companies? Post by: ehoffman on March 19, 2013, 11:44:30 AM Basically, it mean that exchanges coming to the U.S.A. will have to keep a book of transactions. However, I don't know yet how the U.S. want to track the whereabouts of a company. They know when they exchange Fiat->BTC, but then what? How will they perceive any taxes after that? I could just transfer 1000$ to BTC and say that I bought something with, when in reality I hoard it and it double value. I also guess that when Bitcoins is more mainstream, a lot of companies will just directly trade in BTC. Instead of receiving 100M for something and having to cover and transfer to fiscal heaven, then they will just ask to be paid in BTC, unseen, under the radar.
So, this draft is a basic protection, but they ain't much the U.S. or any government can do apart from controlling the Fiat/Bitcoin conversion points (i.e. the exchanges). As said, once more mainstream, and we get paid directly in Bitcoins (http://gigaom.com/2013/03/15/finnish-development-firm-offers-to-pay-salaries-partly-in-bitcoins/), then exchanges will be for medium/small players only. Big corporates will trade between them in Bitcoins, and trade a LOT more, a LOT faster, and a LOT more anonymously. Title: Re: Treasure guidance on Virtual Currencies what it means for US bitcoin companies? Post by: zby on March 19, 2013, 03:26:44 PM Looks like it was treated as green light for companies to deal with bitcoins - that or it was the Cyprus thing.
Title: Re: Treasure guidance on Virtual Currencies what it means for US bitcoin companies? Post by: ehoffman on March 19, 2013, 03:35:49 PM More info/analysis...
http://www.finextra.com/News/FullStory.aspx?newsitemid=24645 |