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Except in this case, its almost certainly a violation of money laundering laws in the US. Tbh, part of me wonders if it would be perfectly legal if they sold a
by fweespeech 9y ago
Except in this case, its almost certainly a violation of money laundering laws in the US.
Tbh, part of me wonders if it would be perfectly legal if they sold an actual product at a massive markup (say, "designer chocolate"), provided "bonus tokens", and allowed refunds of the chocolate even if it was purchased with those tokens.
I'm not aware of any laws that prevent the conversion of tokens to chocolate to refunds. Then again, a cryptocurrency is probably less hassle at this point than any of these fronts.
https://bitcasino.io/ https://bitcasino.io/
And I guess I'm not the only one to conclude that.
- sokoloff 9y agoThough these are generally discussed in terms of their tax or financial domain, the step doctrine and substance over form doctrines would preclude those actions from being legal just because there is an intermediate step inserted. I don't know of their specific applicability (or not) w.r.t. money laundering. https://en.wikipedia.org/wiki/Step_transaction_doctrine https://en.wikipedia.org/wiki/Step_transaction_doctrine
- fweespeech 9y agoFair enough. xD The law isn't something I'm well versed in. It just seemed odd that loophole existed in Japan.