Global emerging markets BTC adoption via FOREX aggression

[RockHound]

Lots of posts on here about Bitcoin adoption, everyone here knows about China's current situation and multi-national jurisdiction.

Governmental legislation can be changed if suitably forced in order to remain competitive with other nations.

As a BTC investor, Why and Where do you think are sound places for a business start-up?

Here's a list from Forbes: http://www.bloomberg.com/visual-data/best-and-worst/best-emerging-markets-2014-countries

And a 20 slide presentation on investing into emerging markets with some interesting stats: http://www.bloomberg.com/visual-data/best-and-worst/best-emerging-markets-2014-countries

A logical candidate would be setting up in India, an exchange service called BITXINDIA has opened up, allowing Instant INR deposits/withdrawals. Would be amazing if we could do that in UK and rest of Europe.

[1714953112]

1714953112

[1714953112]

1714953112

[franky1]

to be honest i have found in the UK that many people having issues with UK banks are people with 'personal' accounts.

im from the UK and have a business account and my bank manager knows its bitcoin related and honestly does not mind. other people i speak to say they have had issues, then when questioning them about have they registered with companies house and made a business plan (requirements for a business account) they start admitting that their account is personal.

intersango closed due to personal account reasons yet amir taaki wanted to twist it and say the banks did not like bitcoin. (as if amir would be pro-government enough to register a business, get a tax number and follow regulations to get a business account)

i know american people have had issues too, and australians. even in europe they have had issues.. but the majority is not related to bitcoin, it was more related to the account holders thinking they did not want to or be bothered to conform to the red tape of handling FIAT, as they thought the other 50% of their business (bitcoin) protected them from red tape of the 50% FIAT side..

basically in any country you live in. if your handling FIAT. then please follow the FIAT rules, guidelines and regulations. if you dont want to follow the regulations. then only open a crypto business (solely handling bitcoin and altcoins) that never touch FIAT.

[RockHound]

to be honest i have found in the UK that many people having issues with UK banks are people with 'personal' accounts.

im from the UK and have a business account and my bank manager knows its bitcoin related and honestly does not mind. other people i speak to say they have had issues, then when questioning them about have they registered with companies house and made a business plan (requirements for a business account) they start admitting that their account is personal.

intersango closed due to personal account reasons yet amir taaki wanted to twist it and say the banks did not like bitcoin. (as if amir would be pro-government enough to register a business, get a tax number and follow regulations to get a business account)

i know american people have had issues too, and australians. even in europe they have had issues.. but the majority is not related to bitcoin, it was more related to the account holders thinking they did not want to or be bothered to conform to the red tape of handling FIAT, as they thought the other 50% of their business (bitcoin) protected them from red tape of the 50% FIAT side..

basically in any country you live in. if your handling FIAT. then please follow the FIAT rules, guidelines and regulations. if you dont want to follow the regulations. then only open a crypto business (solely handling bitcoin and altcoins) that never touch FIAT.

Cheers Frank, will consider moving to business account and having business plan drafted. Perhaps a safer option for us UK bitcoiners, that we'll appreciate down the road. Figured would be okay due to HRMC ruling no imposition of VAT with the sale of BTC. I have been transparent with my bank and told them what I am doing, even keep an encrypted speadsheet with my clients KYC/trading history in case they ever ask for fund evidence.

A lot of UK exchange start-up's I've spoken to mentioned problems akin to Amir's issues with Intersango. Tom Robinson and Amadeo Pellicce expressed incredible difficulties even gaining a UK banking affiliate for their exchanges.

Like you say, USA and Australia too have FIAT/Banking compliance issues. Seems like this can be a major hindrance for BTC/Crypto businesses from those jurisdictions.

So I'm wondering what Countries for incorporation are currently relaxed in this respect and thus attractive to BTC/FIAT enterprises. Or is offshore incorporation the best way to go for new BTC businesses?

[OROBTC]

...

Thank you, RockHound for raising this interesting topic.

I see that Peru clocks in at No. 7 among developing countries.  Many years ago, Peru was a terrible place to do business, now the government has backed off (except for aggressive tax collection, aggressive but not illegal), and the country is growing.  The business environment is pretty free!

I would also concur with the list showing Chile at No. 4 (I have no experience there, but have read lots of good things about Chile) and Panama at No. 6 (we have done business with Panama, it's pretty well run as well, and there are lots of professionals there).

***

Peru does not have much of a BTC infrastructure at present.  I will be going down again soon, and will look around some more.

[RockHound]

...

Thank you, RockHound for raising this interesting topic.

I see that Peru clocks in at No. 7 among developing countries.  Many years ago, Peru was a terrible place to do business, now the government has backed off (except for aggressive tax collection, aggressive but not illegal), and the country is growing.  The business environment is pretty free!

I would also concur with the list showing Chile at No. 4 (I have no experience there, but have read lots of good things about Chile) and Panama at No. 6 (we have done business with Panama, it's pretty well run as well, and there are lots of professionals there).

***

Peru does not have much of a BTC infrastructure at present.  I will be going down again soon, and will look around some more.

Appreciate your notes, many thanks OROBTC.

Was surprised with the list from Malaysia onwards especially Peru's past two year growth performance. Will look into and would be interested to hear what you find out.

I know Erik Voorhees (founder Satoshi Dice, Coinapult) is a big fan of Panama incorporating. Since made acquisition deal for Satoshi Dice but still lives there.

Here's an article regarding Bitcoin & offshore incorporation you might find interesting:

http://www.coindesk.com/isle-man-welcomes-digital-currency-exchanges-license-required/

Bitstamp and Coinfloor are both UK registered business entities (Ltd's with Companies House in UK). FIAT hindrance negated by establishing overseas banking affiliates:

Bitstamp / Unicredit (Slovenian-based, Italian owned)
Coinfloor / PKO Bank (Poland)