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Hollingsworth (OP)
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June 16, 2015, 05:45:28 PM
Last edit: June 16, 2015, 06:23:04 PM by Hollingsworth |
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I have come across forum topics and articles discussing the various btc regulations that various nations are coming up with for bitcoin start-up businesses.
Two of the most stifling bitcoin regulations for btc startups is the bitlicensing requirements from the state of NY, and the double taxation of btc in Australia.
Is this not a great opportunity for country (or a state) to declare themselves "bitcoin friendly" and encourage btc exchanges/financial services to setup shop with them?
One would think there is lots of venture capital available with bitcoin startups in need of btc havens to start and grow their businesses without regulatory fear and heavy fees and taxation.
What countries do you think are or will be legally welcome places to have a bitcoin-based business?
H.
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oblivi
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June 16, 2015, 05:54:02 PM |
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I have come across forum topics and articles discussing the various btc regulations that various nations are coming up with.
Two of the most stifling bitcoin regulations is the bitlicensing requirements from the state of NY, and the double taxation of btc in Australia.
Is this not a great opportunity for country (or a state) to declare themselves "bitcoin friendly" and encourage btc exchanges/financial services to setup shop with them?
One would think there is a iot venture capital available with bitcoin startups in need of btc havens to start and grow their businesses without regulatory fear and heavy fees and taxation.
What countries do you think are or will be legally welcome places to have a bitcoin business?
H.
The problem is it's more difficult for them to tax a currency that they don't control internally. How can they tax BTC usage effectively? There's not a clear way, and as technology advances more anonymous ways will flourish. Gmaxwell announced the possibility of confidential transactions in the future. I think they will get rid of cash and start their own e-currencies and leave Bitcoin in some sort of grey area, unless someone explains me how they are going to tax everyone's Bitcoins. |
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Hollingsworth (OP)
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June 16, 2015, 06:10:04 PM
Last edit: June 16, 2015, 06:23:46 PM by Hollingsworth |
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The problem is it's more difficult for them to tax a currency that they don't control internally. How can they tax BTC usage effectively? There's not a clear way, and as technology advances more aus ways will flourish. Gmaxwell announced the possibility of confidential transactions in the future.
I think they will get rid of cash and start their own e-currencies and leave Bitcoin in some sort of grey area, unless someone explains me how they are going to tax everyone's Bitcoins.
I am talking about bitcoin financial businesses like exchanges that have to register their business with the state/country that they reside in. I'm not talking about individual bitcoin users. I have modified my original topic title and post to reflect that. |
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bitnanigans
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June 20, 2015, 02:09:05 PM |
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Isn't the Isle of Man promoting itself as a bitcoin business haven?
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Kprawn
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Merit: 1074
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June 20, 2015, 03:23:33 PM |
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The countries that should open their doors to Bitcoin, are the countries who are struggling economically. We have seen some countries with great tourism potential, who made themselves "Bitcoin Friendly" by exempting Bitcoin from VAT. I think a lot of the 3rd world countries should definitely have a positive and open stance towards Bitcoin. It would enable a good source of income and job opportunities. All these countries with the strong regulations against Bitcoin, should feel the heat, when the companies leave them to relocate to Bitcoin friendly areas.  |
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jertsy
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June 20, 2015, 03:36:08 PM |
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The Philippines is becoming Bitcoin friendly. They have at least two Bitcoin exchanges that make it extremely easy to buy Bitcoins. There is Coins.ph and BuyBitcoin.ph that don't require the same ID and proof of residence details as western exchanges. http://www.coindesk.com/bitcoin-philippines-perfect-cryptocurrency-storm/There is another exchange that requires more ID but has publicly stated they will do business with US residents despite not having a US money transmitters license. The US would probably find it difficult or impossible to prosecute them in the Philippines. |
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Hollingsworth (OP)
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June 20, 2015, 09:31:48 PM |
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We need a financial powerhouse nation to declare Bitcoin neutrality, like Switzerland... always a safe haven for currency!!
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randy8777
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June 20, 2015, 10:37:30 PM |
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We need a financial powerhouse nation to declare Bitcoin neutrality, like Switzerland... always a safe haven for currency!!
they could. basically any country could do so. but why bitcoin instead of their own digital currency where they can have full control of everything? |
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johnyj
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Beyond Imagination
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June 20, 2015, 10:44:11 PM |
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They should first acquire enough bitcoin then start to do this, or ask some early adopter to donate half of the stash, 100K coins at least  |
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Gleb Gamow
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June 20, 2015, 10:50:08 PM |
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The Philippines is becoming Bitcoin friendly. They have at least two Bitcoin exchanges that make it extremely easy to buy Bitcoins. There is Coins.ph and BuyBitcoin.ph that don't require the same ID and proof of residence details as western exchanges. http://www.coindesk.com/bitcoin-philippines-perfect-cryptocurrency-storm/There is another exchange that requires more ID but has publicly stated they will do business with US residents despite not having a US money transmitters license. The US would probably find it difficult or impossible to prosecute them in the Philippines. And, click the first link in my sig to learn about the largest bitcoin mining operation in ALL the Philippines. (second link is ONLY some humorous audio that you may not understand) |
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Snorek
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June 21, 2015, 10:57:54 AM |
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They should first acquire enough bitcoin then start to do this, or ask some early adopter to donate half of the stash, 100K coins at least And if you were an early adopter with 100K+ of bitcoins you would gladly donate just to boost some country bitcoin economy? I think we don't necessary need a donations but instead a clear and pro-bitcoin laws, minimal taxes for bitcoin businesses and do the work for us. All we really need are some 'bitcoin havens' similar to 'tax havens' an investors will flock. |
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