Post
Topic
Board Bitcoin Discussion
Re: Any interest in an offshore bank which accepts & exchanges Bitcoins?
by
freetx
on 26/08/2012, 16:48:36 UTC
I think this is an interesting idea, however there are going to be some caveats.

One thing to note is that KYC (Know Your Client) regulations are going to mandate that you get all pertinent information on account holders (2 forms of ID, proof of residency, etc).

Anything that touches the "regulated" financial system, will also have to follow all those regulations.

This is going to limit the usefulness of this service: In other words, if a client is already in the regulated system - and he needed to send funds to Mary Sue, why wouldn't he just wire the money from his US account to her account directly? What does going via bitcoin provide?

Moreover, BVI is no longer an OECD "grey list" entity, meaning that full reporting back to the account holders home tax-base is taking place.