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Title: Does FINcen regulate Bytecoin? Do I pay taxes on mined BTE? Post by: Byte-Gox on April 07, 2013, 03:48:13 PM I sold some BTE for some BTC earlier.. Do I pay taxes on the transction? Do I need to be a MSB??
Title: Re: Does FINcen regulate Bytecoin? Do I pay taxes on mined BTE? Post by: matauc12 on April 07, 2013, 03:49:35 PM Fincen is about virtual currencies, not bitcoin, so it applies in the same manner.
Title: Re: Does FINcen regulate Bytecoin? Do I pay taxes on mined BTE? Post by: ehmdjii on April 07, 2013, 03:49:59 PM how did you sell the BTE? is there an exchange?
Title: Re: Does FINcen regulate Bytecoin? Do I pay taxes on mined BTE? Post by: nameface on April 07, 2013, 04:02:27 PM how did you sell the BTE? is there an exchange? How can you pay taxes on mined BTE? They have no value. What am I missing?Title: Re: Does FINcen regulate Bytecoin? Do I pay taxes on mined BTE? Post by: Number6 on April 07, 2013, 04:38:54 PM As far as my understanding goes, FinCEN regulations only kick in when you are exchanging for a "real" currency. As long as you keep your transactions in the virtual exchanges, exchange for goods and services, or basically everything except converting to a real government based currency, you are exempt from FinCEN regulations. Once you attempt to convert into a "real" currency, FinCEN applies to help protect against money laundering activities.
Refer to: http://www.fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html for more information. Title: Re: Does FINcen regulate Bytecoin? Do I pay taxes on mined BTE? Post by: matauc12 on April 07, 2013, 05:40:13 PM As far as my understanding goes, FinCEN regulations only kick in when you are exchanging for a "real" currency. As long as you keep your transactions in the virtual exchanges, exchange for goods and services, or basically everything except converting to a real government based currency, you are exempt from FinCEN regulations. Once you attempt to convert into a "real" currency, FinCEN applies to help protect against money laundering activities. bottom line, it is how it works.Refer to: http://www.fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html for more information. Title: Re: Does FINcen regulate Bytecoin? Do I pay taxes on mined BTE? Post by: crazy_rabbit on April 07, 2013, 07:22:04 PM I sold some BTE for some BTC earlier.. Do I pay taxes on the transction? Do I need to be a MSB?? Only if BTE really exists. If it does, then yes you do. Turn yourself in now, you criminal. |