Ninjastic
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Board Announcements (Altcoins)
Re: Nxt :: descendant of Bitcoin - Updated Information
by
jl777
on 08/02/2014, 02:42:18 UTC
Quote from: xyzzyx on February 08, 2014, 02:31:55 AM
Quote from: smaragda on January 07, 2014, 02:37:03 PM
Quote from: salsacz on January 07, 2014, 02:01:05 PM
Maybe we could create an asset organisation in some exotic liberal country? Would you pay me for living in Seychelles or in Panama? Cheesy

If one were truly committed to creating a NXT/Fiat gateway... the best way to go would be through a Belize International Business Company (IBC) that is owned by a Belize Trust.

Here is how you do it:

a. You create the Belize Trust (Trustees, Beneficiaries, etc.)
b. The Trust incorporates the IBC; thus the Trust is the owner of the IBC and not the beneficiaries of the Trust.
c. IBC creates a business presence online (website, NXT Asset Exchange gateway, etc.)
d. All bank, merchant, exchange, etc. accounts are opened by the IBC.
e. Belize bank account is in $.
f. The physical address associated with all accounts is the corporate address of the IBC.
g) There is NO TAX for income earned from IBCs outside Belize.

You are looking at $1500-2000 to set this up and around $1000 yearly expenses to renew the Belize contracts.


And YES... it is all COMPLETELY LEGAL!!!   Wink

BUMP
Ripple already exists. That seems to be its role in the crypto economy. In order to accept fiat, you need to follow all the rules. The ripple gateways already deal with all their local regulations.

So, if you need to convert NXT into fiat (or vice versa), convert NXT -> BTC, then you can send BTC into ripple via any of the gateways that support bitcoin (bitstamp, peercover, justcoin, dividendrippler, etc). Then you can sell the BTC within ripple for fiat or just use the convert function. You will have to convert to a fiat that you have an account with, so Chinese ripple gateway (rippleCN or ripplechina) if your fiat is called CNY, USD gateway for USD (bitstamp, Snapswap), EUR (not sure, maybe justcoin?).

I got an estimate that it takes about $5 million in fees and/or bonds to be able to even START dealing with cypto in USA.

I doubt any individual has the inclination or financial wherewithal to deal with so much headaches, especially since ANY incomplete form on ANY customer can easily have the police banging on your door at 3AM.

Welcome to the war on bitcoin, american style. Say it is all fine and legal and then make it virtually impossible for anybody to do it. At least in Russia, the govt is upfront about how they feel.

James