Don’t Let Regulators Get You Down
Don’t Let Bitcoin Regulators Get You Down
Atlas Law Group works to find solutions by building compliance into your business model BEFORE the regulators are after you.
Starting a new business is a stressful process. Throw in the fact that our clients are in the technology space where life moves at the speed of data and regulators often attack first and investigate later – it’s no wonder that you can end up feeling lost. Through careful planning and strategic corporate structuring, our clients avoid many of the pitfalls that similar technology startups endure.
Regulation in the bitcoin and digital currency space has taken several forms. Federal regulators have acted fairly quickly to address many of the burning questions this novel technology has presented. Unfortunately, depending on which entity you are looking into, the answers are conflicting. The IRS treats digital currency as property, similar to gold. FinCEN on the other hand views digital currency and bitcoin as “real” currency. So which is it? If the uncertainty created by Federal Regulators isn’t enough, individual states are weighing in the on the issue as well. It’s well known that New York has created a “BitLicense.” Colorado on the other hand has yet to formally address the problem.
To learn more about what Atlas Law Group can do for your business, or to lean more about bitcoin regulations, contact us now.
+1 (844) 842-8527 (toll-free business)
Bitcoin and Digital Currency Law
What follows is an excerpt of the questions attorney Benjamin Yablon has answered routinely since making the transition to a law practice focused on Bitcoin and digital currency.
How did you learn about Bitcoins and why did you decide to accept them for your legal services?
The decision to accept them was an outgrowth of the two halves of my professional life: I split my time between practicing law and writing fiction. My series of novels, www.PureLifeNovels.com, explore alternative currency aboard a floating hospital. As a lawyer that handles bankruptcy cases, I have watched thousands of clients suffer because of the interest rates that their credit card issuers were legally entitled to charge them. We pay an astounding 30% extra for the consumer purchases that we put on credit cards. In a single year, that amounts to trillions of dollars. Bitcoin offers a new way. Your example of the six million dollar transaction that was done in bitcoin which resulted in a six cent fee illustrates my desire to get involved perfectly. I’m fascinated by crypto-currency and I want to help people understand that there is a better way. Banks, not consumers, have so far reaped the benefits of the technological revolution. Online banking has allowed our banks to eliminate costs in the form of employee wages. They have been able to replace workers in every part of their business models with automated systems. But do we see lower fees as a result? Absolutely not. Don’t misunderstand me. I support a companies right to make a profit. But the same technological tools that have allowed banks to make unheard of profits are now available to the average consumer. The same encryption tools that the banks themselves use to protect online transactions are used by crypto-currencies like Bitcoin.