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Yes, you can setup wherever you want, but if you want to process payments for U.S. businesses then you need to act in accordance with U.S. money transmission la
by vectorpush 12y ago
Yes, you can setup wherever you want, but if you want to process payments for U.S. businesses then you need to act in accordance with U.S. money transmission laws, otherwise, nobody will do business with you. Currently, bitcoin payment processors do not fall under the purview of MSB or MTB classification, but that could easily change, especially because cryptocurrencies are still a relatively new concept.
- ThomPete 12y agoBut then it's the US businesses that will not be in compliance right? Not me?
- sushid 12y agoRight, but if US (et al.) merchants are not using your service because using your service means they're not in compliance, you won't be much of a competitor in that field.
- ThomPete 12y agoWhich if the rest of the world is, is going to decrease the risk of any legislation happening to begin with no?
- moe 12y agoYou are a bit late... http://en.wikipedia.org/wiki/Legality_of_Bitcoin_by_country http://en.wikipedia.org/wiki/Legality_of_Bitcoin_by_country
- ThomPete 12y agoUnless you are being overly pedantic I don't understand what your point is. And if it is just pedantic then oh well.
- moe 12y agoThe point was that Bitcoin already is regulated pretty much everywhere. If you have pockets deep enough to exploit any of the remaining loopholes it'd likely be cheaper to just get a regular license.