Questions tagged [regulation]

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28
votes
2answers
1k views

What does the US government do with seized coins?

It was reported today that the US government shut down the web site Silk Road, where people bought and sold things (allegedly including illegal drugs) using Bitcoins. The operator was arrested, and ...
18
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7answers
7k views

Do USA-based miners need to register with FinCEN?

As seen in recent news, FinCEN has issued a statement on its classification of virtual currencies: http://www.fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html Hypothetically suppose I mine ...
6
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2answers
164 views

What is a brief summary of the ECB's report on virtual currency?

On 29th Oct 2012, the European Central Bank released this report on virtual currency. What is a summary of its comments on Bitcoin?
6
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2answers
1k views

Are Bitcoin / Cryptocurrency free & paid “Faucets” illegal in the USA?

I was wondering if Bitcoin faucets were illegal in the USA? What about a paid bitcoin faucet where you pay in other coins to get a few cents worth of BTC?
5
votes
1answer
76 views

Which country has the most friendly regulatory environment? [closed]

There has been a lot of discussion of the most oppressive jurisdictions. Which countries have taken notice of these failures and have set up the best regulatory environment to attract Bitcoin related ...
4
votes
1answer
159 views

Rolled out my own no-fiat service. What will the tax man need?

Background: I have programmed my own service using https://bitcore.io and I have a limited company set up in the Uk! My company's original intention was to deal with Paypal transactions. (but we are ...
3
votes
5answers
952 views

What money transmission licences are relevant to Bitcoin?

Tradehill was shutdown for various regulation issues, including not having the required money transmission licenses. What were the money transmission licenses that were required? What other ...
3
votes
1answer
553 views

What regulations are in place for Bitcoin in California?

I'm looking for information on Bitcoin regulation for companies. Since Bitcoin is commodity, if you are a company and selling bitcoins you need to have license. What are the licenses and regulators ...
3
votes
1answer
151 views

Official currencies in Japan

Now that bitcoin has been recognized as a medium of exchange, rather than a commodity subject to certain taxation in Japan, is it the only such one other than the Yen? Since the pronouncement of ...
3
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3answers
149 views

If most G20 nations ban bitcoins, would that effectively kill bitcoin?

If the G20 nations (or most of them) ban bitcoins doesn't this effectively kill bitcoin? My thinking is that a normal person would no longer have any means of converting bitcoins to the local currency....
3
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2answers
105 views

Has the BitLicense affected other U.S. state regulators' actions?

What aspects of New York's new BitLicense have most affected New York-based companies already? How have California and other states who are planning BTC policy learned from New York's example? (For ...
2
votes
2answers
462 views

Pump & Dump communities. Are they legal?

There are several communities that allow anybody take part in their "movements". They say, for example, that at 7pm GMT they will announce an altcoin name and people would rapidly buy this coin on a ...
2
votes
1answer
93 views

Bitcoin trading: security

I have seen different trading websites on Bitcoin and a question came to my mind: Security Why do they require so much identity verification? If I remember correctly MtGox (despite what later ...
2
votes
1answer
532 views

Is there any regulations on buying and selling Bitcoin on eBay?

I see a lot of people selling Bitcoin on eBay. Since the government began regulating exchanges, are there any rules you have to follow now to sell Bitcoins on a site like eBay? Additionally, are there ...
2
votes
1answer
266 views

Do private people mining or exchanging Bitcoin with Fiat fall under FINCEN's definition of “user”?

Fincen's March 2013 report defines: A user is a person that obtains virtual currency to purchase goods or services. An exchanger is a person engaged as a business in the exchange of virtual currency ...
1
vote
2answers
598 views

What are the “Know Your Customer” challenges that Bitcoin faces?

Can anyone explain what KYC (Know Your Customer) regulations are "missing", tough or impossible to implement with Bitcoin? I will offer a bounty to the most detailed answer (However this question is ...
1
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2answers
214 views

Bitcoin exchange platforms and foreign exchange regulations

I'm wondering how cryptocurrency exchange platform adapt to country regulations where foreign exchange is forbidden (especially where sending money outside is forbidden). How they could buy Bitcoin ...
1
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1answer
42 views

Holding Period Algorithms and the Blockchain

According to this interview, taxation holding periods in the United States for cryptocurrency can be determined by FIFO (First In First Out), LIFO (Last In First Out), or a more flexible option called ...
1
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2answers
127 views

How hard it is to destroy BitCoin system if the government leaders decide to do this?

Just wondering, since the government controls the physical internet. The Bitcoin system could be somehow destroyed by the governments. I'm just wondering if they want to do this, is it technically ...
1
vote
2answers
128 views

Do cryptocurrency exchange sites work and operate like a regular bank?

I have come across cryptocurrency exchange sites (for example, coinbase, bittrex, etc) and I was wondering if they operate like banks. What are the (usual) legal requirements in order for a site to ...
1
vote
1answer
492 views

Bitcoin regulation by country

I am looking for a straightforward Bitcoin regulation list accepted in each country. About how it's legal, illegal or denied and if it's legal is there any specific rules in each country?
1
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1answer
957 views

What states is Kraken doing business in

Is there a list of states that the kraken exchange is currently doing business in?
1
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0answers
82 views

As of 2016-June - Which companies are registered with the NYC Bitlicense?

As of today 2016-June - Which companies are registered with the NYC Bitlicense? I heard that only 2 were given these licenses while everyone else is just waiting. Why and how did these few select ...
1
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0answers
90 views

Is there any come back when an exchange goes bust?

I had .95btc in cryptsy. The exchange is now bust with intermittent updates from 'big Vern'. The authorities don't seem to care, fellow crypto enthusiasts just say things like, 'oh how stupid, ...
0
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2answers
62 views

Are you considered a money transmitter if your end users sends you their private keys to send funds on their behalf?

I have a service where the end user sends me their bitcoin private keys and I send it back out to a new address when a condition happens (ex. if the weather is raining). Is this still considered as ...
0
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2answers
65 views

How does the network decide the appropriate rate at which to create bitcoins?

In the debt based fiat system of currency currently being monopolized, the amount of money added into circulation can cause it to deflate or inflate in value. How does the network calculate the ...
0
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3answers
94 views

How does Bitcoin comply to GDPR

Update: This related question focusses on users own data. My question is mostly asked from the perspective where a person may enter someone elses personal data, like someones sexual preference. In ...
0
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1answer
48 views

Can Bitcoin be “shutdown” if energy consumption for mining is heavily regulated?

Can Bitcoin be "shutdown" or heavily hampered if energy consumption for mining is heavily regulated? Can transactions still be processed if mining for new coins is hampered? I am thinking it would be ...
0
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1answer
57 views

How can a government ban trading in bitcoin since the people can trade in overseas exchange?

Recently, bitcoin fell because South Korean government threatened to ban trading. What I fail to understand is how can cryptocurrency trading be banned? Citizens can always trade anonymously in ...