Is it legitimate exchange of BTC, altcoins?

[nick_2017]

Hi. I'm going to open crypto exchange. Who knows about that: Are there any laws which is connected with crypto currency? What about taxes for this project? I am interested in such countries as Russia, England, USA. In which country are crypto exchange transactions legal?

[FruitsBasket]

Hi. I'm going to open crypto exchange. Who knows about that: Are there any laws which is connected with crypto currency? What about taxes for this project? I am interested in such countries as Russia, England, USA. In which country are crypto exchange transactions legal?

I think you need to hire a lawyer that will handle the legal part of the cryptocurrency exchange. You need licenses, pay taxes on your profit and KYC if u have fiat deposits and withdrawals.

[stompix]

Hi. I'm going to open crypto exchange. Who knows about that: Are there any laws which is connected with crypto currency? What about taxes for this project? I am interested in such countries as Russia, England, USA. In which country are crypto exchange transactions legal?

As long as you plan to have AML and KYC compliant exchange you are safe.
But you should really ask for financial advice based both on your location and citizenship not only where you plan to run the exchange. Especially if you're from the US.
Anyhow stay away from Russia, not that the us and the uk are the best choices.
If you look at the eu go for Cyprus or Malta or Gibraltar.

And you can try:
https://www.btctrader.com/
They say they provide legal support also.

And , don't forget the few millions you need to start one

[joinfree]

It depends on the country where you are living right now. If you are in the USA or in China, you are not going to be able to create it because you will have ten cops knocking your door by tomorrow.
If you are not sure about your laws, then better to hire a lawyer and ask him about it, maybe he would not know this, but he can investigate about this issue.
Good luck with your exchange, the most dificult part of it is going to be making this a good exchange..

[Taras]

It depends on the country where you are living right now. If you are in the USA or in China, you are not going to be able to create it because you will have ten cops knocking your door by tomorrow.

I'm not a lawyer, but in the United States, you should be okay if you take necessary steps including registering as a money services business and getting licensed to handle customer bitcoins if you're in a "bitlicense" state.

[Emoclaw]

You should hire lawyers that specialize in banking law. They will tell you what you need to comply with for each country/state in order to get licensed.
You need KYC and AML compliance among other things which I am not aware of.

You most likely need to hire a lawyer from every state/country that you want to get licensed in. That's the case with the US anyway. Be prepared to spend more than $200K for this.

[nick_2017]

Hi. I'm going to open crypto exchange. Who knows about that: Are there any laws which is connected with crypto currency? What about taxes for this project? I am interested in such countries as Russia, England, USA. In which country are crypto exchange transactions legal?

As long as you plan to have AML and KYC compliant exchange you are safe.
But you should really ask for financial advice based both on your location and citizenship not only where you plan to run the exchange. Especially if you're from the US.
Anyhow stay away from Russia, not that the us and the uk are the best choices.
If you look at the eu go for Cyprus or Malta or Gibraltar.

And you can try:
https://www.btctrader.com/
They say they provide legal support also.

And , don't forget the few millions you need to start one

"Anyhow stay away from Russia" What about Russia?

[nick_2017]

Who knows how can I open company for example in Cyprus if I live in another country? Can I do it remote?

[TrumpD]

Why would it be illegal? In some countries it may be, but it is wrong policies by governments that are anti change and are only interest is exerting control over their populace. Is is illegal anywhere to buy or sell gold? Look at it this way.

[nick_2017]

Why would it be illegal? In some countries it may be, but it is wrong policies by governments that are anti change and are only interest is exerting control over their populace. Is is illegal anywhere to buy or sell gold? Look at it this way.

That's why I'm interested in these. Maybe someone knows about all the nuances.