US Regulations to "Rule them all?" - Look at this

[btc237ftw]

http://www.coindesk.com/canada-confused-on-bitcoin-eh/

Do you think US regulations controls the banks of Canada/UK?

[franky1]

and this is where its always best to talk to the regulators EG UK FSA and your bank manager, instead of avoiding them and waiting for the $h!t to hit the fan.

my bank manager has no problems with bitcoin at all, and they like seeing the money rolling through their accounts. as long as you stick to the rules and know the limits.

atleast half of these exchanges have the teenage mentality of "its my life i can do what i like" which leave their parents worrying what they are upto and ending up snooping on them just to figure out and ensure their kids dont get into trouble which would lead to problems for them also, leading to needless arguments and problems.

.. much the same as the bank manager/customer relationship.

so have a conversation, be polite, be open and honest and mature about things and you will realise the headaches and arguments need not happen... as much

[Gabi]

Breaking news: US laws are only for US 

[Raoul Duke]

Breaking news: US laws are only for US 

No way!

[Ekaros]

Breaking news: US laws are only for US 

Unless they export those laws by assassinations and murders... Truly evil nation does that...

[Gabi]

Well good luck doing that with china or russia

[caveden]

Breaking news: US laws are only for US 

Heard about FATCA already?

Even Switzerland and Lichtenstein have already knelled to the emperor. http://www.bloomberg.com/news/2013-05-02/billionaire-tax-haven-liechtenstein-loses-on-bank-reforms.html

[Meatpile]

Sounds like bullshit, why would government agencies ever take the time to warn businesses they are Not under their control?

[StarfishPrime]

Breaking news: US laws are only for US 

It would be nice if it were so, but the reality is more complicated (post from the Press section):

Canada might well be a great place to do business, but anyone considering operating an exchange there should make no mistake:

When the DHS or NSA says "jump!", INSET (Canada's equivalent of the US DHS) says "how high?". Unfortunate but true in post 9/11 Canada.

Reportedly, they have a habit of pulling up unannounced in unmarked Crown Vics, in dark suits with conspicuous shoulder holsters, to do the bidding of various US agencies. Not generally too concerned with the formalities of obtaining warrants in advance, they've been reported on more than one occasion to just say "we have an ERT on standby" or "we have direct orders from Ottawa" when asked. Compliance with their requests usually follows.

[Bitware]

Breaking news: US laws are only for US 

have you ever heard of the word 'treaty'?

[Jobe7]

http://www.coindesk.com/canada-confused-on-bitcoin-eh/

Do you think US regulations controls the banks of Canada/UK?

Wrong way round,

UK (square mile of London) owns/runs the Fed and Canada.

[joesmoe2012]

Breaking news: US laws are only for US 

Breaking news - your wrong. US AML Laws can be enforced via treaty in other nations, especially if you are holding USD, exchanging USD, or dealing with American in any other currency.

[giantdragon]

Breaking news - your wrong. US AML Laws can be enforced via treaty in other nations, especially if you are holding USD, exchanging USD, or dealing with American in any other currency.

Fortunately not in all countries... Russia is good example.

[QuestionAuthority]

This guy seems to think laws don't matter as much as pressure does: http://www.forbes.com/sites/timworstall/2013/05/29/bitcoins-in-danger-from-the-bureaucracy

What is the legal stand point on pressure? Laws don't need to be broken for politics to kill something.

[odolvlobo]

The problem is that if any bank wants to do business in the U.S., they have to conform to U.S. regulations, and every bank wants to do business in the U.S.

[cbeast]

China has even more restrictive policies than USA. Everyone *wants* to do business with China, but fear the policies. When fear of US banking system > Chinese banking system, then China gets more banking business.

[twobits]

http://www.coindesk.com/canada-confused-on-bitcoin-eh/

Do you think US regulations controls the banks of Canada/UK?

They seem to be doing a much better job of controlling swiss banks then I would have ever guessed they would have.

[Gabi]

Breaking news: US laws are only for US 

Breaking news - your wrong. US AML Laws can be enforced via treaty in other nations, especially if you are holding USD, exchanging USD, or dealing with American in any other currency.

True, but a treaty means that the other nations too accepted the US laws.

[caveden]

True, but a treaty means that the other nations too accepted the US laws.

Have you read about FATCA, Gabi? The choice is either disconnect yourself entirely from the banking system, or accept it. And accepting FATCA == throwing away financial privacy.
Even Switzerland and Liechtenstein have bowed. Also countries like The Bahamas - which has no personal taxes of any kind, so it doesn't have any infrastructure in place to monitor people's financial life - are adapting.

So yeah... the topic title isn't very inaccurate. US regulations to rule them all indeed.

[Gabi]

I'm more interested about china and russia.