[Opensim-users] Advantages of grid using OMC or Podex vs using Paypal + fictional currency?

[Edmund Edgar]

On 19 December 2014 at 11:27, John Sheridan <john at pseudospace.net> 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.

ed at avatarclassroom.com
+81 090 3912 3380
Skype: edmundedgar
Second Life: Edmund Earp
Linked In: edmundedgar
Twitter: @edmundedgar
http://www.avatarclassroom.com