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Author Topic: Unsure about my obligations, regulations, and taxes......  (Read 2761 times)
Big_Ideas
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February 21, 2015, 08:05:52 PM
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Hello all I'm a long time lurker but now have a few questions as I am attempting to build a website.


***Please note by escrow service/broker I mean that I would provide a platform for buyers to find sellers and collect commission on the final sales.***  In the U.S as well


If I were to act as a broker/escrow service matching buyers and sellers much like eBay would I need any sort of identity verification to accept Bitcoin payments from buyers?

One the reverse side would I need to verify any identity information to transfer those funds to the seller at the end of the transaction?

When acting in such a capacity would the sellers be considered self employed or independent contractors and be responsible for applicable taxes or would I need to deduct these at POS? Obviously I would be responsible for the taxes on my commission received.

If such a service were to accept fiat OR BTC and pay it's sellers in BTC what regulations might you currently run into? Do AML/KYC laws apply here?


I know this is a bundle of questions that aren't very easily answered but any ideas or leads you could point me to would be greatly appreciated.
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Ashwell John
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March 09, 2015, 10:00:22 AM
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You throw a bunch of question. please be specify.

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March 19, 2015, 10:04:24 AM
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It is alot of questions and I'll try to answer all.

If I were to act as a broker/escrow service matching buyers and sellers much like eBay would I need any sort of identity verification to accept Bitcoin payments from buyers?

No, you only need a Bitcoin address.

One the reverse side would I need to verify any identity information to transfer those funds to the seller at the end of the transaction?
There is not such thing as verify of ID when you pay with Bitcoin.
It's digital, not like bank payment.


When acting in such a capacity would the sellers be considered self employed or independent contractors and be responsible for applicable taxes or would I need to deduct these at POS? Obviously I would be responsible for the taxes on my commission received.
I am unsure if I understand you here, but there are no taxes.


If such a service were to accept fiat OR BTC and pay it's sellers in BTC what regulations might you currently run into? Do AML/KYC laws apply here?

As far by now, still none. If I'm wrong someone who knows better will correct me.



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