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Author Topic: Is Selling Bitcoins on LocalBitcoins.com Legal?  (Read 21027 times)
romanticks
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October 29, 2016, 05:02:35 PM
 #61

If I remember correctly then that would be the case if you are resident of New York, There laws consider anyone sending BTC an exchanger needing to comply with the anti-money laundering laws, However if someone state they will use illegally you should not sell it "someone got into trouble because of that".
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November 13, 2016, 12:38:06 AM
 #62

It depends what country where you from here in the philippines buy bitcoins in localbitcoins is legal but just a few people buying bitcoins in localbitcoina hete because it is easy to buy bitcoins here just in convenient store you can buy easily and easy to cashout the money from bitcoins.

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December 06, 2016, 07:19:04 PM
 #63

I suppose it depends on the country but I would say it is mostly illegal but not very bad, sort of. I doubt Localbitcoins is a registered company paying taxes for all the money they make on these people meeting, so I guess it just can't be considered as legal. To which country does this stuff belong anyway? Or to none just like the btc itself?

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December 19, 2016, 11:11:40 PM
 #64

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?
The legality of your transaction depends upon your locality and if you could do a little research about that then you will understand whether you are doing something illegal or not.Every country has different rules and regulations regarding taxes so be aware of those while doing anything so that you wont get into trouble.














 

 

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December 19, 2016, 11:29:43 PM
 #65

I suppose it depends on the country but I would say it is mostly illegal but not very bad, sort of. I doubt Localbitcoins is a registered company paying taxes for all the money they make on these people meeting, so I guess it just can't be considered as legal. To which country does this stuff belong anyway? Or to none just like the btc itself?
I think it is legal world wide because i never heard that someone are experience of illegal just buying bitcoins or selling in localbitcoin.. you are just selling bitcoin and i think you will be still use an escrow for dealing to someone so that you are far in scam.
localbitcoin or a company? i think they are not paying in tax except for a website or other needed in the site just to secured or increase the availability of the site..

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December 20, 2016, 08:04:32 PM
 #66

I suppose it depends on the country but I would say it is mostly illegal but not very bad, sort of. I doubt Localbitcoins is a registered company paying taxes for all the money they make on these people meeting, so I guess it just can't be considered as legal. To which country does this stuff belong anyway? Or to none just like the btc itself?
I think it is legal world wide because i never heard that someone are experience of illegal just buying bitcoins or selling in localbitcoin.. you are just selling bitcoin and i think you will be still use an escrow for dealing to someone so that you are far in scam.
localbitcoin or a company? i think they are not paying in tax except for a website or other needed in the site just to secured or increase the availability of the site..

Owing bitcoin is legal in many countries.
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March 19, 2017, 01:36:07 PM
 #67

Ofc you can sell if u don't try to cheat.

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March 19, 2017, 04:30:45 PM
 #68

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?

There is no clear-cut answer to this question. But based on all the information available, you should be okay since you are acting as a merchant/agent for PayPal (which is licensed in every state) and since you don't hold customer funds on account like an exchange.

The concern ...and a very valid concern, would be the risk and exposure to charge-back fraud.


Since Bitcoin is broadly regarded as property by the US government, it would be simple exchange of goods, which would be legal in nearly all cases.  However, if your earnings for working are in Bitcoin and you try to convert them to fiat currency, especially in a bank or digitally in general, might be regulated or taxed.

A lot of transactions on LocalBitcoins are with cash in person though, and this is a a tad more hazy as in a few cases it could be regarded as tax evasion.
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March 20, 2017, 12:51:39 AM
 #69

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?





it depends on which country you are transacting because each country has regulatory policies different laws regarding bitcoin, I think if you are transacting of bitcoin to localbitcoinc for cash card paypal you usually pay a fee transaction fee, usually in need ID verification for security process your transactions


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March 20, 2017, 07:34:32 PM
 #70

i agree its depend where you live..

for exemple i can sell for any big amount on LCB and i m not gona  pay any taxes.

Msg me at fund@ustradebitcoin.com if you want me to invest in your Ico from $2000 to $16000
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March 21, 2017, 06:25:13 AM
 #71

i agree its depend where you live..

for exemple i can sell for any big amount on LCB and i m not gona  pay any taxes.

Yes, I don't find any bad with local bitcoins till now, but it completely depend on your country rules and regulation about the tax paying, whereas when you convert to fiat and withdraw to banks, government sector will easily identify your transaction, if you reach minimum number of transaction per year, then definitely you have to pay taxes on it.

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March 23, 2017, 09:23:19 PM
 #72

i agree its depend where you live..

for exemple i can sell for any big amount on LCB and i m not gona  pay any taxes.

Yes, I don't find any bad with local bitcoins till now, but it completely depend on your country rules and regulation about the tax paying, whereas when you convert to fiat and withdraw to banks, government sector will easily identify your transaction, if you reach minimum number of transaction per year, then definitely you have to pay taxes on it.

Yeah, it depends on the country whether they will consider that legal or illegal.  In our country (Philippines) bitcoin is neither legal nor illegal. But there is this one company (coins.ph) which allows us to pay bills, convert to fiat and do transactions with ease and we are not having trouble about that. Not even in the government.

I do consider bitcoin is legal in our place because we can easily make transactions with it and the government do not permit us to do so.

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April 05, 2017, 10:23:13 AM
 #73

With genuine individual getting together utilizing localbitcoin is the best and most secure approach to bargain. On the off chance that you offer a little measure of bitcoin on licalbitcoin, it is lawful. In the US, there is a sure point of confinement. On the off chance that you are over that point of confinement, you are declared as money transmitter.
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June 11, 2017, 03:56:03 PM
 #74

 Depends where you live In my country there is no rule yet for cryptocurrency and transacting bitcoin thru localbitcoin is not prohibited.

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June 12, 2017, 02:43:20 AM
 #75

i agree its depend where you live..

for exemple i can sell for any big amount on LCB and i m not gona  pay any taxes.


Indeed every country certainly has different rules about bitcoin.
So is my place that does not currently have binding rules about bitcoin transactions.and can do exchange to localbitcoin with no nominal limit.

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June 12, 2017, 11:13:12 PM
 #76

It's legal, but you have to respect the delivery deadlines.
I know that in France and the United States it is legal.
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June 13, 2017, 09:06:39 AM
 #77

Although government in my place does not declare legal about bitcoin but so far my bitcoin circulation in my place is not prohibited.
And until now did not get into trouble doing bitcoin transactions using localbitcoin.

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June 15, 2017, 05:31:37 AM
 #78

Perhaps currently only local bitcoin facilities that i can use to buy and buy bitcoin transactions in my place. Because there is no store that provides transactions with bitcoin services


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nathanghart
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June 15, 2017, 02:13:23 PM
 #79

I've always thought paypal had a clause in their rules you agree to when you register an account with them you were not allowed to obtain digital currency of any kind even purchasing them with this cash in paypal cards if used?

Very confusing if you are able to.
A loophole of some sort I would assume.
Oxydarck
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June 18, 2017, 02:20:56 AM
 #80

there is still no official mention of rules on the legality
of the law of bitcoin
Yes there is no rules on the legality of the law of bitcoin

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