On 19 December 2014 at 11:27, John Sheridan <[email protected]> wrote: > Correct me if I'm wrong, but aren't virtual currency providers required to > register with the government now (ala BitCoin)? I know on the SL side of > things they made some changes wherein those who cash out over a certain > amount yearly need to register their tax information. Maybe it would be > worth running this past your lawyer or accountant?
IANAL but that seems to be the situation in the US, if you allow people to cash out. I haven't heard of any actual enforcement, but the theoretical penalties are quite steep. This is the key opinion from FinCen, in addition to which the individual states have an amazing rats nest of requirements that aren't discussed here: http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html Another interesting question arising from this is how much you have to worry about this stuff if you're not based in the US but some of your customers are. IIUC OMC is based in the EU (Austria?) - I'd be interested to hear if anyone knows what their regulatory status is. -- Edmund Edgar Avatar Classroom Your classroom, on the web, in a virtual world. [email protected] +81 090 3912 3380 Skype: edmundedgar Second Life: Edmund Earp Linked In: edmundedgar Twitter: @edmundedgar http://www.avatarclassroom.com _______________________________________________ Opensim-users mailing list [email protected] http://opensimulator.org/cgi-bin/mailman/listinfo/opensim-users
