elux
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July 31, 2013, 11:56:58 AM |
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Trade with Bitcoin remains legal and unregulated in Norway, pending future regulation, should the need arise.
...Bitcoins falls outside the scope of the Norwegian rules on payment services and e-money in Financial Contracts and Financial Institutions. The provisions implementing the EEA law, respectively Payment Services and Electronic Money Directive. Trade with Bitcoins are not covered by these directives.
Trade with Bitcoins are basically not reportable under the Money Laundering Act, but reportable entity will be required to also report on Bitcoin transactions. I point out that involvement in money laundering is a criminal offense under the Criminal Code § 317 regardless of the statutory regulations governing the business.
I will monitor developments and consider the need to regulate activities relating to the trading of virtual currencies like Bitcoin. [The] Ministry of Finance participates in discussions at European level on the need for regulation of such activities.
A common international approach to virtual currencies, in my view the most appropriate.Source: Written questions from Ketil Solvik Olsen (FrP) to the Minister of Finance - Document No. 15:1153 (2012-2013) http://www.stortinget.no/no/Saker-og-publikasjoner/Sporsmal/Skriftlige-sporsmal-og-svar/Skriftlig-sporsmal/?qid=57052
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jedunnigan
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July 31, 2013, 03:01:40 PM |
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Please. If it's not explicitly forbidden, it is legal. The entire globe should be green.
If you want to make some distinctions, you could distinguish those countries whose governments have already started attacking Bitcoin business through regulations (like US) of those who haven't done anything yet.
I agree with this. Someone like the US should be bright yellow: legal but huge barriers to entry because of regulatory compliance. EU and CA on the other hand, should be green because of limited compliance oversight.
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binaryFate
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Still wild and free
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September 11, 2013, 03:28:36 PM |
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Monero's privacy and therefore fungibility are MUCH stronger than Bitcoin's. This makes Monero a better candidate to deserve the term "digital cash".
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NewLiberty
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Gresham's Lawyer
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September 11, 2013, 04:22:33 PM |
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Please. If it's not explicitly forbidden, it is legal. The entire globe should be green.
If you want to make some distinctions, you could distinguish those countries whose governments have already started attacking Bitcoin business through regulations (like US) of those who haven't done anything yet.
Do regulations make it more legal or less legal? (the list is inconsistent on this treatment, some places regulation is praised, some places it is condemned) Everywhere there are laws, there are illegal things you can do with bitcoins, there are also legal things you can do with them. To say Bitcoin itself is illegal would be only geographies that have classified it as "contraband" (seize it regardless of any action or intent). That would put it in the same category as illegal drugs, child pornography, or bibles (in some places). SO... No where on the planet is Bitcoin illegal, nor is it likely to ever be. Either green up the map, or change the categories to match the way that laws work. (Regulated, unregulated, taxable, etc)
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klaus
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September 12, 2013, 06:41:54 AM |
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bitmessage:BM-2D9c1oAbkVo96zDhTZ2jV6RXzQ9VG3A6f1 threema:HXUAMT96
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dree12 (OP)
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September 12, 2013, 10:36:32 AM |
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I'm swamped today... will do so once the weekend comes.
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Gofio
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September 12, 2013, 10:54:07 AM |
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Legality of Bitcoin, across the globeWith the recent news of potential illegality in Thailand, I decided to start a list of countries and Bitcoin's legal status within them. This list was last updated July 31, 2013, 01:56:05 PM. Table of ContentsDisclaimerAlthough the author makes every attempt to ensure factual accuracy, no responsibility is taken for any damages which occur based on factual inaccuracies associated with this article. AmendmentThe author encourages corrections and additions. These may be posted as replies to this topic. LicenseThis document, including any illustrations attached to it, is licenced under any licence of your choosing. Map Legal Contentious legality Illegal Unknown legality +1 interesting post!!!!
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FeedbackLoop
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September 12, 2013, 01:38:28 PM |
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Great topic dree12!
Maybe further split the Green into two levels according to level of friendliness?
It seems obvious that TPTB in Germany and Sweden are far friendlier to Bitcoin than in the US (for example) and that could translate into different legislation in the future.
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joesmoe2012
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September 12, 2013, 06:10:25 PM |
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The US should not be green. Even though its technically legal, bitcoin businesses there are constantly being harassed by the government right now.
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NewLiberty
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September 12, 2013, 10:44:14 PM |
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It might be useful to look for some statistics, and measure things other than our opinions, or even measuring the opinions might be good...
How many Bitcoin businesses are there in each country? How many Bitcoin Businesses are harassed by the government of that country? How many are shut down?
We will still get sampling errors from places where folks are not allowed to speak ill of their wicked overlords but at least we would have something.
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fattypig
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October 02, 2013, 02:49:55 AM |
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Well, I don't think its consider legal in the US. If so please explain the close down of https://btct.co/ and mtgox getting their bank frozen.
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jedunnigan
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October 02, 2013, 03:04:51 AM |
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Well, I don't think its consider legal in the US. If so please explain the close down of https://btct.co/ and mtgox getting their bank frozen. Mtgox didn't follow regulatory guidance put in place by FinCEN. That is why they had their accounts frozen. BTCT is an entirely differnt conversation, as they were concerned with regulatory pressure from the SEC. Nothing to do with Bitcoin directly per se. It was the issuance and distribution of unregulated securities. That is why they shut down.
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fattypig
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October 02, 2013, 08:50:28 AM |
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Well, I don't think its consider legal in the US. If so please explain the close down of https://btct.co/ and mtgox getting their bank frozen. Mtgox didn't follow regulatory guidance put in place by FinCEN. That is why they had their accounts frozen. BTCT is an entirely differnt conversation, as they were concerned with regulatory pressure from the SEC. Nothing to do with Bitcoin directly per se. It was the issuance and distribution of unregulated securities. That is why they shut down. Thanks for the explanation, what do you think about bitfunder? I am quite dilemma after what had happen to BTCT.
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jedunnigan
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October 02, 2013, 08:03:17 PM |
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Well, I don't think its consider legal in the US. If so please explain the close down of https://btct.co/ and mtgox getting their bank frozen. Mtgox didn't follow regulatory guidance put in place by FinCEN. That is why they had their accounts frozen. BTCT is an entirely differnt conversation, as they were concerned with regulatory pressure from the SEC. Nothing to do with Bitcoin directly per se. It was the issuance and distribution of unregulated securities. That is why they shut down. Thanks for the explanation, what do you think about bitfunder? I am quite dilemma after what had happen to BTCT. From the perspective of a US official, Bitfunder is breaking the law. Whether or not they will comply with those laws in the future is yet to be seen. At the very least they would have to deny US customers access to their listed securities.
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dree12 (OP)
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October 02, 2013, 08:10:22 PM |
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A good rule to apply is, "if the site had dealt with fiat instead of Bitcoin, would it still have been shut down?". In the cases mentioned thus far, the answer to this would be yes. I see no reason to call Bitcoin illegal in the US based on these shutdowns. They were shut down not because Bitcoin is illegal, but rather because the commerce they engaged in is illegal.
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NewLiberty
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October 07, 2013, 10:06:12 PM |
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The US should not be green. Even though its technically legal, bitcoin businesses there are constantly being harassed by the government right now.
Sure, it is just not because they are using bitcoin, it would be similar for other currency exchanges. There are regulations for money transfer for all currencies, that the US has given bitcoin currency status makes it "legal", though being "legal" is not necessarily always "better" depending on what that means for regulatory issues. The geographies where the law is silent on the matter may have an easier time with start-ups, but possibly a harder time dealing with more mature businesses. All these "is it legal" questions when brought to authorities on the matter, are essentially begging for more regulation. Maybe you feel Bitcoin is big enough for more regulation?
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monbux
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October 08, 2013, 01:26:34 AM |
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I live in Canada, and I never knew the government took bitcoin as an actual currency o.O
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NewLiberty
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October 08, 2013, 02:51:21 AM |
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I live in Canada, and I never knew the government took bitcoin as an actual currency o.O
Legal =/= Legal tender. The legal tender laws are not such a great thing for all people. It is how refunds may be given in the local legal tender instead of the original payment currency that was tendered in accepting the offer. (The legal tender are good for all debts public and private)
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shuttleclock
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October 11, 2013, 02:14:27 AM |
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Unknown legality... Or they (the rest of the world) just don't give a f***?
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