Hi all,

I have a complex question I need answered from a UK law perspective.

I and 9 friends each want to buy 100 coins of a specific cryptocurrency so that between us we have 1000 coins to set up a masternode and hope to make gains.

Some of these friends do not have the technical expertise to buy Bitcoin / Ether and send that to an exchange to transfer into the required currency and set up a wallet to send me their stake.

Because the amount is fairly large, I’ve been wanting us all to send fiat to a UK bank account and I’ll take care of the whole process. I’m getting resistance from the bank that this is a buinsness and from legal that I need to create a Ltd or partnership.

My question is that can I facilitate the purchases without a buisness or what is the best way to go about this. If 10 people want to purchase an asset, we should be able to remain as individuals? This is important because we are each within our rights to buy the assets and make capital gains. If we become a single entity we become subject to financial regulations, not to mention taxes.

Fundamentally, what are the legal requirements that I would need to meet to buy cryptocurrency on behalf of multiple friends?

Thanks in advance if anyone can help!

Hi,

A group of friends and I would like to pool together money to buy cryptocurrencies. If I need to be more specific we want to buy coins and set up masternodes.

In order to protect ourselves we have sought after some legal advice, on the surface it would seem a joint venture agreement would be enough. But I’m getting told I need to set up a limited company and a shareholders agreement. They cost of doing this takes so much away from the project that it’s silly.

Surely there is a simple and legal way a group of people can buy and asset and agree so share the risk!?

Please can anyone here help? I am based in the UK