Doing business in bitcoins in US?

[bit777]

If supposedly you are a US corporation accepting and processing bitcoin payments, are there any special financial licenses that the company has to hold, and do you need to be regulated by the FTC?

[1714889957]

1714889957

[cistbled]

If supposedly you are a US corporation accepting and processing bitcoin payments, are there any special financial licenses that the company has to hold, and do you need to be regulated by the FTC?

yes you must be ruglated by the FTC!

[Bibop]

Could the IRS know in some way how many BTC you earn online?
or they wish for honesty? 

[bassguitarman]

Could the IRS know in some way how many BTC you earn online?
or they wish for honesty? 

I wouldn't risk it.  The IRS ain't nothin' to fuck wit

[LostDutchman]

If supposedly you are a US corporation accepting and processing bitcoin payments, are there any special financial licenses that the company has to hold, and do you need to be regulated by the FTC?

As long as you are only receiving or sending payments in Bitcoin for goods or services and convertin to fiat only for yourself or your corporation, you are not subject to registration as a Money Service Business and no additional filings of any kind other than maybe local business licences are necessary.

If you start converting crypto to fiat for others, then you definitely become a Money Service Business and your whole world changes quickly!

[GTA]

I don't know much about it but I'm sure you must be ruglated by the FTC

[polunna]

Of course you should be regulated by the FTC cos FTC authorized to determine competition policy and to maintain competition between enterprises.  FTC actions  creates obstacles to trade restrictions and practice of price discrimination, as well as guarantee the availability of information. It is good for your business

[lovegood]

I wouldn't risk to deceive anyone.
Government doesn't trust Bitcoins  thanks to such "ideas"

[johnatan32]

Do not risk it too .. This is an area that still does not really set .. better to be reported

[BCwinning]

just do what the government does.
Do it first than worry about the legalese afterwards. 

[scribbles]

Don't listen to the fear mongers (LostDutchman is the only one so far with sound coherent advice).
I've purchased lunch in bitcoin where I live, and the food truck certainly wasn't regulated by the FTC! If all a US business wants to do is receive payment for goods or services in bitcoin, the payments just need to be documented. Hire any competent accountant to handle reporting to the IRS.

Two businesses in Seattle that accept bitcoin for goods:

http://www.richardsherman25.com
http://wizardsofcheese.com/wizardscreed.html


If you are talking about a business that processes the buying/selling of bitcoin, that's another topic and you should provide details.

If you have a business, I hope you are able to start accepting bitcoin, we need more companies to do so!

[Ron~Popeil]

It is like any other business. You simply use a different medium of exchange. A good accountant would be the best place to start. 

[LostDutchman]

Don't listen to the fear mongers (LostDutchman is the only one so far with sound coherent advice).
I've purchased lunch in bitcoin where I live, and the food truck certainly wasn't regulated by the FTC! If all a US business wants to do is receive payment for goods or services in bitcoin, the payments just need to be documented. Hire any competent accountant to handle reporting to the IRS.

Two businesses in Seattle that accept bitcoin for goods:

http://www.richardsherman25.com
http://wizardsofcheese.com/wizardscreed.html


If you are talking about a business that processes the buying/selling of bitcoin, that's another topic and you should provide details.

If you have a business, I hope you are able to start accepting bitcoin, we need more companies to do so!

Oh, scribbles!

Thank you for the kudos!