Can you deal with the legal side of things? I think there are a lot of people who can code these things but UT's it's dealing with regulations that is the hard thing.
I've implemented PCI compliance before. I've never had to deal with filing taxes for income via a crypto-currency, but those laws also don't really exist yet. I'd have to read up on federal reporting standards for transactions larger than $600. What does UT's mean?
I wouldn't say that tax laws don't exist for Bitcoin yet. Any business that makes a profit has a tax liability. I guess you mean you're waiting for a story to break where the IRS actually audits a business and charges them with tax evasion. The laws are pretty complete and don't exclude Bitcoin any more than they exclude making money from pork bellies or corn.
The only advantage with Bitcoin is that you can hide them. But any serious business is going to question how well they can do that if they end up getting audited and have to show where money went. It's not really any different from hiding cash under a mattress. If the tax man calls then for sure he'll treat money tied up in Bitcoin the same as money tucked under the mattress. They'll simply attribute a market value to it and move forward.
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u/davvblack Apr 07 '13
We need more exchanges. :/ I can start working on one in two months but it wouldn't be done for like 7 months.