Starting a Startup with Bitcoin - Legal help

[btc237ftw]

Hello everyone,

I am going to launch my own Bitcoin related startup soon (a few months from now) and I wanted to ask the community's help with all the legal registrations, forms and guidance you can provide me with please and for everyone else as well.

For example, where do I register the business correctly with Fincen to make sure I'm not getting into any trouble?
My business is registered outside the USA but I want to make sure everything is taken care of with the US as well as any other country's regulation, at least those that really matter...

Much appreciated,
Thanks

[1715106230]

1715106230

[1715106230]

1715106230

[1715106230]

1715106230

[Chet]

If you are not in the US (and not using US banks) FinCen isn't your problem. Look at the regulations in your country.

[btc237ftw]

If you are not in the US (and not using US banks) FinCen isn't your problem. Look at the regulations in your country.

So, as long as I don't open a bank/branch in the US?
(That's the only reason MTGox was needed to be registered with Fincen? because of their USA account?)

Thank you,

[Svennisen]

As long as your company does not have an account on an US bank. You shouldn't have a problem.

Keep in mind that pretty much all countries have similar rules and regulations.

[evilscoop]

might help if you say what country it is registered in....

[MSantori]

Depending upon the kind of business you are starting, you might still be subject to US regulation even without a "physical" presence here.  If you don't want to share your business plan publicly, I understand.  But the question of whether the US has jurisdiction over your operations is a very fact-based inquiry.

[btc237ftw]

Hello all,

Thank you very much for your help,

I am going to build the business around an international law and use the latest guidance from the US regulations as a more strict measures as I think playing inside the regulatory lines is better overall for everyone.
I will keep investigate the issue and consult the best lawyers,

Thanks again,

[Bitcopia]

If you exchange bitcoins for dollars for US citizens OR offer accounts that hold funds of citizens of the US, it seems you will need to register with FinCEN. This is exactly why MtGox Dwolla account was seized. It had nothing to do with where their bank was located. There are likely other scenarios that would require registration as well. -This is just my opinion. I assume you are seeking your own legal counsel.

[btc237ftw]

If you exchange bitcoins for dollars for US citizens OR offer accounts that hold funds of citizens of the US, it seems you will need to register with FinCEN. This is exactly why MtGox Dwolla account was seized. It had nothing to do with where their bank was located. There are likely other scenarios that would require registration as well. -This is just my opinion. I assume you are seeking your own legal counsel.

Wasn't The MTGox account in a us bank?

[KSV]

get a lawyer dude.

[Bitcopia]

If you exchange bitcoins for dollars for US citizens OR offer accounts that hold funds of citizens of the US, it seems you will need to register with FinCEN. This is exactly why MtGox Dwolla account was seized. It had nothing to do with where their bank was located. There are likely other scenarios that would require registration as well. -This is just my opinion. I assume you are seeking your own legal counsel.

Wasn't The MTGox account in a us bank?

MtGox has / had a Dwolla account linked to a U.S. bank. They also have an account with a Japanese bank for all other funding methods. As far as I understand, it is irrelevant where the bank accounts are held. What pegs them as a money transmitter is holding U.S. customer funds and facilitating the exchange of USD for BTC and vice versa.

[MSantori]

If you exchange bitcoins for dollars for US citizens OR offer accounts that hold funds of citizens of the US, it seems you will need to register with FinCEN. This is exactly why MtGox Dwolla account was seized. It had nothing to do with where their bank was located. There are likely other scenarios that would require registration as well. -This is just my opinion. I assume you are seeking your own legal counsel.

Wasn't The MTGox account in a us bank?

MtGox has / had a Dwolla account linked to a U.S. bank. They also have an account with a Japanese bank for all other funding methods. As far as I understand, it is irrelevant where the bank accounts are held. What pegs them as a money transmitter is holding U.S. customer funds and facilitating the exchange of USD for BTC and vice versa.

That's right.  To put it technically, Mutum Sigilum was subject to US law because they were servicing US customers.  They were an easy target for the enforcement of those laws, though, because they were US based and had a US bank account.