Bitcoin as a protocol can’t be regulated, but anyone using Bitcoin can be regulated. Same with taxes. In practice this means any entity that operates a registered company has its crypto operations regulated, while entities that operate fully on chain may not be regulatable (depending on structure and operational security decisions).
For those not familiar with us laws regarding money transmission licenses, they aren’t that hard to get in most states but the problem is that you have to get a license for every state you operate in- for an online business that’s 50 licenses. And there are capital requirements for each individual license, effective locking out web startups below a certain amount of capital. It’s part of why financial innovation in the us started with blockchains (which as protocols cannot comply) rather than tradfi like PayPal.
Yep, I looked into this ~5 years or so ago for a side project and the money transmission licenses made the idea dead on arrival without outside funding which I really didn't want to do. Bootstrapping MTLs is pretty much unobtainable for most people. (This project had nothing to do with crypto at all, it was tool to help manage and pay off debt).
[+] [-] ryanklee|2 years ago|reply
[+] [-] buggy6257|2 years ago|reply
Willy Wonka quote is appropriate here.
[+] [-] random_kris|2 years ago|reply
[+] [-] tibbydudeza|2 years ago|reply
[+] [-] ChrisRR|2 years ago|reply
[+] [-] playday|2 years ago|reply
[+] [-] bdcravens|2 years ago|reply
[+] [-] playday|2 years ago|reply
[+] [-] joshstrange|2 years ago|reply
[+] [-] unknown|2 years ago|reply
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