Does FINcen regulate Bytecoin? Do I pay taxes on mined BTE?

[Byte-Gox]

I sold some BTE for some BTC earlier.. Do I pay taxes on the transction? Do I need to be a MSB??

[matauc12]

Fincen is about virtual currencies, not bitcoin, so it applies in the same manner.

[ehmdjii]

how did you sell the BTE? is there an exchange?

[nameface]

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?

[Number6]

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.

[matauc12]

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.

bottom line, it is how it works.

[crazy_rabbit]

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.