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I'm asking about legal concerns, not technological ones. If I'm based in the USA, should the exchange be a US company? If not, where should it be based?

How is banking set up?

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    I think national governments will never accept bitcoins. I am all for bitcoins and all against national governments. If you want to venture into bitcoins, prepare to leave everything behind. – user1408 May 23 '12 at 9:48
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I don't think StackExchange is the best place to ask for legal advice.

Logically, one would set up a company, get a business bank account and start their operations. However, it is very advisable to consult a lawyer first, as there are some legal concerns one should keep in mind, like the money laundering regulations that one should adhere to.

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