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Author Topic: Is Selling Bitcoins on LocalBitcoins.com Legal?  (Read 21027 times)
n0ne
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February 12, 2016, 11:58:12 PM
 #41

I think that is legal as long as still following the rules..
I think something is legal as long as we doesnt get caught...for example i stole your money its legal until i got caught and its illegal...this is just my opinion..

Exactly, and I think its legal to sell or buy bitcoins on localbitcoins.com as I am using since last 1 year, and I didn't face any issue with it, so at a moment its legal lets see whether it becomes illegal in future or not  Grin

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February 14, 2016, 01:59:31 PM
 #42

Its depending on your location.
Generally selling bitcoins is legal, but you mostly have to pay taxes.

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February 14, 2016, 02:00:46 PM
 #43

If someone were to sell bitcoins on localbitcoins.com in exchange for paypal my cash cards, which were then deposited into paypal. Is that legal as long as any taxable gains received in the transaction are paid? If the amount is under $500 per day and $4000 per month would there be any requirement to know the customer or comply with anti-money laundering laws?
as far as i remember its legal aslong as you dont sell above $1000 a year in the U.S. if you sell more than that its considered money laundering.
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February 14, 2016, 03:08:21 PM
 #44

If someone were to sell bitcoins on localbitcoins.com in exchange for paypal my cash cards, which were then deposited into paypal. Is that legal as long as any taxable gains received in the transaction are paid? If the amount is under $500 per day and $4000 per month would there be any requirement to know the customer or comply with anti-money laundering laws?
as far as i remember its legal aslong as you dont sell above $1000 a year in the U.S. if you sell more than that its considered money laundering.

Thats like 2.5BTC/yr... Nothing...
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February 19, 2016, 04:37:10 PM
 #45

I think that is legal as long as still following the rules..
I think something is legal as long as we doesnt get caught...for example i stole your money its legal until i got caught and its illegal...this is just my opinion..

LOL)) Following the rules in this case is will be snth like getting the MSB license.  But if you are selling let's say 1 bitcoin you've mined and you are doing this one time - I don't think this will be offence. But why not just use coinbase or something like that? Extra $5 you'll maybe earn is not worth the possible trouble
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March 04, 2016, 07:40:52 AM
 #46

It can violate local lawa, depending on how much u wish to buy or sell. everyone should do a little research of state laws and money regulations. Maybe u just need some paper work to be done and everything would be alright.


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July 28, 2016, 09:49:46 AM
 #47

i cannot see any rules about bitcoin either to sell on special exchange and neither they banned bitcoin to be sell on specific exchange to it is looking legal to me.
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July 30, 2016, 01:49:17 PM
 #48

It can violate local lawa, depending on how much u wish to buy or sell. everyone should do a little research of state laws and money regulations. Maybe u just need some paper work to be done and everything would be alright.
but i think it is so clear if a country has not yet regulate a currency and not yet consider a currency as legal then i think no need to study the law for that, it  must be illegal to sell or even to buy that currency in local market.
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July 31, 2016, 12:58:30 PM
 #49

I think that is legal as long as still following the rules..
I think something is legal as long as we doesnt get caught...for example i stole your money its legal until i got caught and its illegal...this is just my opinion..

Exactly, and I think its legal to sell or buy bitcoins on localbitcoins.com as I am using since last 1 year, and I didn't face any issue with it, so at a moment its legal lets see whether it becomes illegal in future or not  Grin
You haven't faced anything yet because you haven't claim it on your taxes.

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July 31, 2016, 09:59:34 PM
 #50

It can violate local lawa, depending on how much u wish to buy or sell. everyone should do a little research of state laws and money regulations. Maybe u just need some paper work to be done and everything would be alright.
but i think it is so clear if a country has not yet regulate a currency and not yet consider a currency as legal then i think no need to study the law for that, it  must be illegal to sell or even to buy that currency in local market.
yes i agree with you, if bitcoin is legal in a country and they are collecting tax on bitcoin, on its income and also on its transaction then it is legal to sell bitcoin on local bitcoins,com but it the country has not legalize bitcoin and there is no tax on bitcoin collecting by the state then it is illegal and it is a type of money laundering. which is totally illegal.
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July 31, 2016, 10:05:52 PM
 #51

Finding out Localbitcoin traders are making that much per month is alot of money not being assessed for an individuals total annual income.
If that is not put down as earned income then that is in fact hiding capital gains from the government.
How they will determine how much you owe to them is up to a tax officer to decide if you owe back taxes on that doing it for several years before this year is up.
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August 02, 2016, 05:52:58 PM
 #52

I think that is legal as long as still following the rules..
I think something is legal as long as we doesnt get caught...for example i stole your money its legal until i got caught and its illegal...this is just my opinion..
you have a very wrong opinion, it is illegal if the state consider it illegal and you are engage in illegal activities and that is way the state is going to arrest you. other wise police is not going to arrest a person who i not involve in illegal activities.
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August 02, 2016, 06:19:56 PM
 #53

there is still no official mention of rules on the legality
of the law of bitcoin
it is not officially declare it as a legal currency then how can one sell bitcoin on local bitcoins.com. i think it will be illegal because the state has not consider it as legal currency and there is no such rules regulation for bitcoin or any tax implementation on bitcoin there fore i think it will illegal to sell bitcoin on local bitcoin boar.com
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August 03, 2016, 08:32:23 AM
 #54

It depends where do u live.it is legal in my country as I live in India.

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August 23, 2016, 11:58:59 PM
 #55

It can violate local lawa, depending on how much u wish to buy or sell. everyone should do a little research of state laws and money regulations. Maybe u just need some paper work to be done and everything would be alright.
yes that is right to say and i think every state will have their own rules and regulation, but i to me as most of the countries have not yes consider bitcoin as a legal currency therefore to me it will be illegal to sell bitcoin on local bitcoins.com.
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September 11, 2016, 06:09:44 PM
 #56

It can violate local lawa, depending on how much u wish to buy or sell. everyone should do a little research of state laws and money regulations. Maybe u just need some paper work to be done and everything would be alright.
yes that is right to say and i think every state will have their own rules and regulation, but i to me as most of the countries have not yes consider bitcoin as a legal currency therefore to me it will be illegal to sell bitcoin on local bitcoins.com.

Many countries do not think the bitcoin is a legal currency, but it is a kind of commodity. So it is still legal.
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September 11, 2016, 06:14:02 PM
 #57

If someone were to sell bitcoins on localbitcoins.com in exchange for paypal my cash cards, which were then deposited into paypal. Is that legal as long as any taxable gains received in the transaction are paid? If the amount is under $500 per day and $4000 per month would there be any requirement to know the customer or comply with anti-money laundering laws?

Depends upon your local laws. If your country/state regulates such transactions or requests you to report such sell/buy transactions, you may want to comply if you want to make everything 'legal'.

What you do in your country might be illegal for me in my local jurisdiction and vice versa.

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September 18, 2016, 07:31:04 PM
 #58

I think that is legal as long as still following the rules..
I think something is legal as long as we doesnt get caught...for example i stole your money its legal until i got caught and its illegal...this is just my opinion..

Exactly, and I think its legal to sell or buy bitcoins on localbitcoins.com as I am using since last 1 year, and I didn't face any issue with it, so at a moment its legal lets see whether it becomes illegal in future or not  Grin
You haven't faced anything yet because you haven't claim it on your taxes.
Well yeah, it depends on how much you are trading, if its 5$, noone is really going to be caring, however if amounts are getting bigger, in most european countries they'll ask about it, if you fill in your tax returns.

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October 27, 2016, 09:56:56 PM
 #59

I am new, and may not have much insight to offer yet, but I did find these useful. 

https://coincenter.org/entry/tracking-bitcoin-regulation-state-by-state
https://www.bitaml.com/
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October 29, 2016, 02:17:06 PM
 #60

I think the answer depends on the country where you live in.  In my country there is no rule yet for cryptocurrency and transacting bitcoin thru localbitcoin is not prohibited.  It was not labeled legal or illegal by the government simply because they are busy with other stuff that they forget about current technology that is trending.

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`AiBB`  ———————————
HARNESSING THE POWER OF Ai IN CRYPTO
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