...security regulations and money-transmitting laws
Has the US Government accepted crypto tokens as ...money? Last time I heard they were saying that bitcoins are like commodity or something.
Ah, found it:
http://www.coindesk.com/bitcoin-as-a-commodity-what-the-cftcs-ruling-means/If anyone making virtual tokens is dealt with as a money-transmitter then every online game dev that involves some kind of online currency (and some times you actually buy this type of currency from the game company to promote your own game account, buy virtual products etc etc) should be in prison.
LOL, I'm seeing so many ignored posts. But this makes me wonder, is there an advantage to classifying a crypto as money? I don't even know if that is possible, but is there any other token, besides bank or government issued tokens that are considered money?
What would that mean? I mean, I totally understand calling crypto an asset, who's value can rise against the dollar, and thus be taxed as capital gains, but if it were classified as money, what would that mean? What does it mean if you invest in a foreign currency? And that currency rises against the dollar, how are you taxed then?
This is weird stuff I don't understand at all, anyone out there can help? Maybe Toknormal?