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5

In the US, these are called "Know your Customer", and "Anti Money Laundering" (KYC/AML) laws and is enforced by FINCEN (financial crimes enforcement network) in the US for any businesses that qualifies as a "Money Service Business" or "Money Transmitter". This guidance published on March 2013, http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001....


4

HR 3708, which was introduced in the House of Representatives in September 2017, would do exactly that, with a threshold of $600 (to be adjusted for inflation). It has five cosponsors. It was referred to the Committee on Ways and Means, and there is no record of further action, so apparently the Committee decided not to move forward with it.


4

The IRS just issued a preliminary ruling on this and it will be treated as property. The Q&A portion is particularly useful. SECTION 4. FREQUENTLY ASKED QUESTIONS Q-1: How is virtual currency treated for federal tax purposes? A-1: For federal tax purposes, virtual currency is treated as property. General tax principles applicable to property ...


3

They tax the exact same things as if you'd done those things in Thai Baht, or Nigerian Dollars, or British Pounds. If you view ads, that's income. If you buy gold, and it appreciates, that's capital gains. If you buy a mining contract, the income minus depreciation is capital gains.


3

There is not. You will not find a definitive list of allowable documents, endorsed by a government, regulatory body, trade group etc. You may find lists of generally accepted documents, however there is no guarantee that their acceptance is either uniform or universal. Documents typically considered acceptable for the purposes of establishing residency at ...


3

I think it works like stock profits or losses. But consult your accountant.


2

While treating income from buying and selling bitcoins as investment income (i.e. like stocks) would be nice, it's not what I would recommend. The advantage would be that capital gains taxes are cheaper than standard income. The downside is that if the IRS rules that bitcoins are a currency instead of an asset, then the taxes are higher and if that's how ...


2

The IRS has not ruled on this yet. So I plan to treat Bitcoins as an asset for now. This means keeping track of your cost basis (purchase price + fees) and deducting this from your net sell (sell price - fees) to determine the capital gain or loss. Since you have no control over the specific coins you sell, you should probably use the FIFO (first-in first-...


2

If you're willing to buy BTC on Coinbase to xfer to BTC-e, when you want to cash out wouldn't you just trade over to BTC on BTC-e to xfer to Coinbase to sell for USD then withdrawal?


2

https://www.irs.gov/businesses/international-businesses/list-of-approved-kyc-rules These are the KYC rules for each country. Do not let places take advantage of you. I had one trader ask for a phone call verification from a country where that wasn't even the required law according to their KYC. So, work out your limits and what you feel comfortable with ...


2

No. Assuming you are not a miner or receiving bitcoin in exchange for services, there are no taxes that you need to pay on the bitcoins until you sell or transfer them. When you sell or transfer them, you need to pay taxes on the difference between the value of the bitcoins and your tax basis in the bitcoins. The value of the bitcoins would be what you sold ...


2

Certainly all banks and credit unions do not accept bitcoin, and I'm not aware of any that do. Banks and credit unions can be thought of as nodes in their own network that is not actually so dissimilar to Bitcoin. The function of this network is to create, store, and transfer money. Most fiat currency is not created by the central bank, but is lent into ...


2

If this is a true gift, that is, not part of any larger transaction and given out of the kindness of your heart, then you're probably going to have to consult a tax professional because this will depend on the precise tax treaties between the United States and India. Generally, when you give a gift to another person in the United States, you do not have to ...


1

I am not a tax advisor, and you probably want to seek professional advice in your jurisdiction instead. That said, it would seem very strange to me that merely transferring funds within wallets/accounts of your own would be considered a trade for tax purposes. I would expect that some conversion to another asset type is needed for that.


1

Do you need to pay Taxes for US Govt for doing Bitcion Mining.? You are not liable for income tax because: You are not a US citizen and You are not working in the USA. Someone in the USA who is selling you a service might be required to charge sales-tax (though that sort of tax is often not applied to foreign sales). Does Univted States TAx Revenue ...


1

The Trezor (and other hardware wallets) use the BIP 39 specification for the recovery mnemonic. If your device is confiscated, you can use the recovery mnemonic to restore your wallet to another Trezor, hardware wallet, or software wallet. From there you can access your Bitcoin.


1

According to https://legal-or-not.com/bitcoin/egypt-bitcoin-status/, Bitcoin is legal in Egypt. On the wiki for list of countries on stances on bitcoin, Egypt is not listed. In 2016, an Egyptian dentist was arrested for trading bitcoins for USD. Note, he was not trading bitcoins but rather exchanging them for USD. He was arrested for scamming, money ...


1

I have several savings accounts that earn bitcoin on bitcoin (Magnr, BTCPop, exchange lending, etc) and I do not convert earned bitcoin back to US dollars (for now). I do keep records of the total earned bitcoins for the accounts, but those are still in bitcoin. Since this hasn't been converted to US dollars or any other fiat, what is owed on taxes at what ...


1

I might have missed a few, but here are the main ones based in the USA: Coinbase (not really an exchange) GDAX (part of Coinbase) Poloniex Gemini Mind you that many other exchanges based out of other countries are just as likely to accept funding via ACH.


1

I am not aware of any cases, but based on the long delay in relevant cases concerning the fax machine and email (proof of delivery, timestamps, etc) I would not expect such a blockchain specific case law decision anytime soon. Technology advances far faster than the law.


1

The U.S. government views Bitcoin as a commodity, kind of like gold. If you buy Bitcoin at one price in dollars, and sell it at a higher price in dollars, you will have a gain (in dollars), that you will have to pay tax on. If you buy some Bitcoin (using dollars), and then use the Bitcoin to buy a car, you have made a "two stage" purchase of a car. (If you ...


1

KYC and AML are required if the entity is moving money from A to B. Those entities are referred to as MSB (Money Services Business). However crypto exchanges are are not truly MSB's but they still do KYC and AML. See this insightful article: https://hackernoon.com/bitcoin-is-not-money-if-you-seek-compliance-you-are-asking-for-trouble-cbe9107e5298?source=...


1

I had the same trouble adding funds to btc-e. Best way to do it is using a wiretransfer. They give you the information you need for your bank to send funds to your account on btc-e. However the way I added funds is this creat an account with www.virwox.com . You can add USD from your credit card onto your account on the website. From then you have to trade ...


1

You can buy a Target or Walmart gift card and trade it for Bitcoin in https://cardforcoin.com/


1

There is nothing illegal in the process of mining litecoins or bitcoins. As far as cryptocurrnecies concern, you should be worried about "money transmition" and "money laundering". If you do not hold other people's coins you are not breaking any laws.


1

Commodities exchange, yes. Stock exchange, no. Stocks are securities, so it wouldn't be appropriate to trade bitcoin on a stock exchange because they don't have any relation to the assets or liabilities of an underlying company. Bitcoins are valuable (or not) only intrinsically. This is closer to a commodities exchange, which is what CEX.io does and ...


1

From a gox employee: What does the process involve? First, we ask you to provide one piece of government issued photographic identification, which is usually either: A driver's license, A passport, or; A military identification card (surprisingly, we have a large number of customers in the armed forces of various countries.) We then ask you provide some ...


1

*You basically need to get money into E*Trades US back account.* E*Trade will either want a wire transfer (from Europe) or a bank transfer from the US. They have to be very careful about Anti Money Laundering. So wont want to accept money directly from a Bit-Coin Exchange. You can open a US account from your local EU bank. Your local bank will act as a ...


1

You can use exchanges to do this. This is perfectly legal. Bitcoin is not a legal currency right now as there´s no law for it. Bitcoins are legally speaking, virtual goods, so buying or selling them is totally fine. You can subscribe to CoinMelon Bitcoin Exchange Argentina, it operates in local currency (Pesos Argentinos.).


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