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OmegaStarScream
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November 06, 2017, 12:39:30 PM
 #201

In general, If a country decide to ban possession (in addition to exchange etc.) of bitcoin for example, what's considered as "having bitcoins" in this case? Being part of the community, having an installed or owning a hardware wallet? (I mean could they end up with the conclusion that you own bitcoin in these scenarios without the need of actually finding the money) or funds must be found inside them? are they allowed to try and crack it? are you obligated to give password?

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November 06, 2017, 03:00:44 PM
 #202

Dear BTC/Crypto Legal Forum:

As an experienced BTC attorney I'm happy to answer all questions here.

I have noticed some misinformation in some answers here. When it comes to taxes, laws and regulations, guessing or opinions are not helpful and can easily lead to problems. Most solutions to all the questions here can be summed up in a few short answers.

I can only give legal advice to laws in the United States but can discuss other countries in general terms. I've been involved as an attorney and a miner in BTC and Crypto's for 3 years. During that time I have represented many client's involved in our crypto world. Happy Mining!

George D. Greenberg, Esq.
AttorneyBitcoin
Las Vegas, Nevada, U.S.A.
www.attorneybitcoin.com


Hey! This is a very useful thread. Thank you for offering your services up like this. It really helps and shows faith in the community.

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November 09, 2017, 07:06:58 AM
 #203

You are welcome. Thank you for the kind comment.

George D. Greenberg, Esq.
www.attorneybitcoin.com
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November 09, 2017, 07:08:59 AM
 #204

Hello Kind sir. First of all I would like to thank you for taking your time to answer our questions on this forum.

I'm currently a NON-US Resident with family members being US Residents. A few years back we registered an LLC with the intention of exporting products to other countries but it never came to reality.

Present day Im putting up a project of investment with a few friends and family members and we want to start a very small BTC mining operation (around 6-10 machines). I am in charge of all the tech part of the project. But also have a few concerns regard its legal implications. We want to do things right from day 1.

First we were thinking of starting small mining at home. So questions comes to mind. If I start mining and im not a US resident should i declare taxes? is there a link or any info you can point me to so i can inform me a little better? The hardware would be @ my mothers house and she IS a us resident. So were a little bit confused here. Since im only going to be here for a few months but the hardware will be left ON up and running.

So, what would you advice? we were thinking of registering a company in which my resident family members can be in front and on that order I think we will have to pay our taxes regarding gain and losses for the company's mining. Is this the best option?

Thank you in advance for your kind attention on this matter.

Best regards,

Angel E. Gimenez.

Please reply to me privately at GDGreenberg@aol.com
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November 14, 2017, 05:13:45 PM
 #205

Hi,
I have a question regarding money laundering.

If I have many BTC and I decided to sell it and when I transfer that BTC to fiat, might I get charged as money laundering felony by any government?

Thanks in advance.
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November 15, 2017, 06:36:36 AM
 #206

I can only speak as to the Unitied States. If your BTC comes from a legitimate source, and once sell for fiat you declare the fiat as income and pay your taxes on it, you won't have problems. You should be aware however that the larger the transactions are, the more red flags come up. I suggest making smaller transactions, differing amounts at different times.

Anyone who read about the depression in the 1930's understands that a "run on the bank" can leave the bank short as they have money invested. A bank, or a crypto exchange for that matter, is supposed to have enough funds or coins on hand to honor demands for withdrawal. If they do not it does not necessarily mean there is any fraud. I believe the legitimate exchanges can become overwhelmed or caught "in-between" and this could cause a delay. These are some of the reasons I suggest not making large demands all at once. Spread it out over time and vary the amounts.

Best:

George D. Greenberg, Esq.

www.attorneybitcoin.com 
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November 16, 2017, 12:55:50 PM
 #207

I can only speak as to the Unitied States. If your BTC comes from a legitimate source, and once sell for fiat you declare the fiat as income and pay your taxes on it, you won't have problems. You should be aware however that the larger the transactions are, the more red flags come up. I suggest making smaller transactions, differing amounts at different times.

Anyone who read about the depression in the 1930's understands that a "run on the bank" can leave the bank short as they have money invested. A bank, or a crypto exchange for that matter, is supposed to have enough funds or coins on hand to honor demands for withdrawal. If they do not it does not necessarily mean there is any fraud. I believe the legitimate exchanges can become overwhelmed or caught "in-between" and this could cause a delay. These are some of the reasons I suggest not making large demands all at once. Spread it out over time and vary the amounts.

Best:

George D. Greenberg, Esq.

www.attorneybitcoin.com 
Thank you!!!
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November 17, 2017, 01:21:16 AM
 #208

Hello BA,

Thanks for giving us this opportunity to ask an expert in this field. Your knowledge and commitment to educating many is doing a great service for the crypto currency community.

I'm extremely angry that the US government can all of a sudden declare BTC as a form of security and in doing so is trying to scare people into thinking this is true. My understanding is that a BTC transaction is a peer to peer event where 2 parties agree to sell or buy it at a specific price. It is not a business and has no CEO or Board of Directors. How can they and why do they have the power to threaten us if we don't pay taxes on our gains??

Also, I've read many places that if you use Tether or other related tokens and buy Tether with BTC to park you funds it is not considered a liquidation transaction and is not considered to be capital gains...is this correct??

Thank you for your time sir

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