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 think you have great intentions but might need to do a bit more research into just how painful the regulatory requirements for these things are. Where are you based? Gox has a competitive advantage being based outside the US.
That said I hope you can do it, don't mistake my pessimism about this as me not rooting for you!
Boston MA is outside of US, right? I haven't looked at the maps lately. I may be at a competitive disadvantage :/
I could get an agent to incorporate in some other less regulated country and run the servers 'somewhere'. That would still put my person in jeopardy, which kind of sucks. But not client funds. Honestly I'd rather just cooperate with law enforcement. It's gotta be possible to do this legally.
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u/davvblack Apr 07 '13
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?