Nxt Forum

Please login or register.

Login with username, password and session length
Advanced search  

News:

Latest Nxt Client: Nxt 1.11.14 - Latest Ardor Client: Ardor 2.0.14

Pages: [1] 2  All

Author Topic: NXT Legal  (Read 4865 times)

The-Lawyer-of-NXT

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 389
    • View Profile
    • http://nxtlegal.org/
  • Karma: +58/-4
NXT Legal
May 20, 2014, 07:45:28 am

« Last Edit: May 21, 2014, 01:22:38 am by The-Lawyer-of-NXT »

farl4bit

  • Global Moderator
  • Hero Member
  • *****
  • Offline Offline
  • Posts: 3458
    • View Profile
    • Blockchain Twitter
  • Karma: +210/-45
Re: NXT Legal
May 20, 2014, 07:46:55 am

Good to have a legal department.  :)

bitcoinpaul

  • Hero Member
  • *****
  • Offline Offline
  • Posts: 3093
  • Karmageddon
    • View Profile
  • Karma: +589/-588
Re: NXT Legal
May 20, 2014, 07:47:28 am

The question is: will you get legal trouble with your logo ;D



Good to have you here!
Like my Avatar? Reply now! NXT-M5JR-2L5Z-CFBP-8X7P3

Uniqueorn

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 483
    • View Profile
  • Karma: +155/-168
Re: NXT Legal
May 20, 2014, 08:04:11 am

Great initiative!
NXT Organization: Networking

chanc3r

  • Hero Member
  • *****
  • Offline Offline
  • Posts: 1019
  • NXTInspect
    • View Profile
  • Karma: +124/-50
Re: NXT Legal
May 20, 2014, 08:10:09 am

Welcome
NXT: 29996814460165 (NXT-JTA7-B2QR-8BFC-2V222)
@imrimr @NXTinspect

The-Lawyer-of-NXT

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 389
    • View Profile
    • http://nxtlegal.org/
  • Karma: +58/-4
Re: NXT Legal
May 20, 2014, 08:15:36 am

The question is: will you get legal trouble with your logo ;D

------------------------------------------------------------------------------------------

I dont think so, but don't worry if you want to create a better one, we will use it.   ;D ;D ;D

Maybe Chrome could have some problems with Microsoft...  ;D ;D ;D



apenzl

  • Hero Member
  • *****
  • Offline Offline
  • Posts: 2485
    • View Profile
    • Nxter.org
  • Karma: +245/-10
Re: NXT Legal
May 20, 2014, 09:29:23 am

Welcome!  :)

yassin54

  • Hero Member
  • *****
  • Offline Offline
  • Posts: 2504
  • I am Homer, Sorry my english is Bad!!
    • View Profile
  • Karma: +240/-14
Re: NXT Legal
May 20, 2014, 09:32:12 am

Welcome Man !!!!   8)

Tosch110

  • Ex-Staff Member
  • Hero Member
  • *****
  • Offline Offline
  • Posts: 2366
    • View Profile
  • Karma: +211/-18
Re: NXT Legal
May 20, 2014, 10:29:49 am

This is a good initiative! thanks

bitcoinpaul

  • Hero Member
  • *****
  • Offline Offline
  • Posts: 3093
  • Karmageddon
    • View Profile
  • Karma: +589/-588
Like my Avatar? Reply now! NXT-M5JR-2L5Z-CFBP-8X7P3

Damelon

  • Administrator
  • Hero Member
  • *****
  • Offline Offline
  • Posts: 2314
    • View Profile
    • Nxt Inside
  • Karma: +792/-54
Re: NXT Legal
May 20, 2014, 12:59:37 pm

Keeping an eye on this :)
Good initiative and I hope it will help all.
Member of the Nxt Foundation | Donations: NXT-D6K7-MLY6-98FM-FLL5T
Join Nxt Slack! https://nxtchat.herokuapp.com/
Founder of Blockchain Workspace | Personal Site & Blog

forkedchain

  • Administrator
  • Hero Member
  • *****
  • Offline Offline
  • Posts: 1186
  • bite me
    • View Profile
  • Karma: +73/-10
Re: NXT Legal
May 20, 2014, 01:14:39 pm

i assume you can prove you are licensed to practice law in some jurisdiction?
NXT tips: 2319251 or NXT-8SWM-2224-YKWW-22222

The-Lawyer-of-NXT

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 389
    • View Profile
    • http://nxtlegal.org/
  • Karma: +58/-4
Re: NXT Legal
May 20, 2014, 10:29:49 pm

i assume you can prove you are licensed to practice law in some jurisdiction?

Of course, I am a spanish Lawyer who works on a 30 years old Law Firm:

http://lopezabogados.org



I have been receiving some emails with good ideas. I will be updating and answering soon.

Thanks.

Ezravdb

  • Hero Member
  • *****
  • Offline Offline
  • Posts: 910
    • View Profile
  • Karma: +42/-12
Re: NXT Legal
May 20, 2014, 11:36:01 pm

Good idea, professionality is key
head

The-Lawyer-of-NXT

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 389
    • View Profile
    • http://nxtlegal.org/
  • Karma: +58/-4
Re: NXT Legal
May 21, 2014, 10:18:28 pm

Today we had news form BELGIUM


"It is prohibited from 1 July to provide investing in virtual money as Bitcoins financial products. That the FSMA , the Financial Services Authority and markets , announced Wednesday . Financial products that invest in virtual money is on a list of financial products that may no longer be sold to individuals . Since 1 July The FSMA denotes hazards with virtual currencies , such as the risk that the trading platform is hacked , the exchange rate risk and the absence of a legal guarantee that the virtual money is exchanged for its value oorspornkelijke "

But as well as a reedit user says:

"It explicitly mentions derivatives on virtual money (like bitcoin.)
So again, derivatives. Not bitcoin itself. So we're talking about futures, swaps, options, forward, credit default swaps etc.
Almost nobody is doing this at the moment worldwide, and probably nobody in Belgium. So it doesn't have any effect at the moment. It doesn't at all talk about banning the purchase of virtual money itself, just derivatives.
It does mean that hedging contracts to remove exchange-rate risk for individuals isn't possible in Belgium.
It's a ban on commercialising such products to non-professional parties. So citizens. That means companies can still buy and sell derivatives on bitcoin.
That's it. Not a big deal, right now it looks like FUD but it's not.
[/u]

http://dcmagnates.com/belgium-regulator-fsma-issues-ban-of-virtual-currency-based-derivatives-effective-july-1/




We continue looking for people from USA and ASIA to join us. Please if you know guys from these countries who could help, please email me or post it here. We would like to be fully implemented this summer. Thanks.






« Last Edit: May 21, 2014, 10:55:47 pm by The-Lawyer-of-NXT »

jl777

  • Hero Member
  • *****
  • Offline Offline
  • Posts: 6170
    • View Profile
  • Karma: +718/-123
Re: NXT Legal
May 21, 2014, 10:27:38 pm

Today we had news form BELGIUM


"It is prohibited from 1 July to provide investing in virtual money as Bitcoins financial products. That the FSMA , the Financial Services Authority and markets , announced Wednesday . Financial products that invest in virtual money is on a list of financial products that may no longer be sold to individuals . Since 1 July The FSMA denotes hazards with virtual currencies , such as the risk that the trading platform is hacked , the exchange rate risk and the absence of a legal guarantee that the virtual money is exchanged for its value oorspornkelijke "

But as well as a reedit user says:

"It explicitly mentions derivatives on virtual money (like bitcoin.)
So again, derivatives. Not bitcoin itself. So we're talking about futures, swaps, options, forward, credit default swaps etc.
Almost nobody is doing this at the moment worldwide, and probably nobody in Belgium. So it doesn't have any effect at the moment. It doesn't at all talk about banning the purchase of virtual money itself, just derivatives.
It does mean that hedging contracts to remove exchange-rate risk for individuals isn't possible in Belgium.
It's a ban on commercialising such products to non-professional parties. So citizens. That means companies can still buy and sell derivatives on bitcoin.
That's it. Not a big deal, right now it looks like FUD but it's not.
[/u]

http://dcmagnates.com/belgium-regulator-fsma-issues-ban-of-virtual-currency-based-derivatives-effective-july-1/




We continue looking for people from USA and ASIA to join us. Please if you know guys from these countries who could help, please email me or post it here. We would like to be fully implemented this summerr. Thanks.
So shortNXT would be illegal in Belgium, but all other assets are OK.
If an asset is available to someone in Belgium, but no promotion to belgian citizens are made, would shortNXT still be legal? For example, a belgian citizen on his own accord finds and buys shortNXT, has Belgian law been violated?

Is the belgian citizen in trouble?
or is shortNXT in trouble?

if the latter, how does Belgium plan on enforcing this law? Will they extradite shortNXT to brussels? Will they ban all of NXT because there is an illegal derivative available that might be purchased by a belgian?

James
There are over 1000 people in SuperNET slack! http://slackinvite.supernet.org/ automatically sends you an invite

I am just a simple C programmer

The-Lawyer-of-NXT

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 389
    • View Profile
    • http://nxtlegal.org/
  • Karma: +58/-4
Re: NXT Legal
May 22, 2014, 02:21:52 am

ShortNXT won't be illegal in Belgium but since 1 July, it could not be sold to non proffesional users. And yes if a belgian citizen buys some shortNXT could have problems.

If a third party ( non automated computer ) sell S.NXT to citizens, will be violating the law.
 
I also understand that S.NXT can't be advertised in Belgium for citizens, and in that case I would warn about this prohibition.

"It's a ban on commercialising such products to non-professional parties. So citizens. That means companies can still buy and sell derivatives on bitcoin/NXT".

Belgium won't do anything more than warning, because they don't know what to do with BTC. Germany said that BTC is legal as something like private money, and here Germany for now is the leader and is who says what to do. 
« Last Edit: May 22, 2014, 02:26:27 am by The-Lawyer-of-NXT »

The-Lawyer-of-NXT

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 389
    • View Profile
    • http://nxtlegal.org/
  • Karma: +58/-4
Re: NXT Legal
May 22, 2014, 02:33:08 am


Federal Advisory Council and Board of Governors
 
Friday, May 9, 2014



Does Bitcoin pose a threat to the banking system, economic activity, or financial
stability?
 
• Concerns about Bitcoin can be summarized as follows:

1. Banking: disintermediation of traditional payment networks, promoting shadow
transacting.

2. Economic activity: disruption of traditional channels of commerce with high potential
for illicit use.

3. Financial stability: potential as a contagion of instability through volatility or lapse in
network integrity.

• Systemically, Bitcoin’s nascency makes it more curiosity than threat.Its greatest near-term
hazards are its avoidance of consumer protection measures and illicit use, both of which
support increased regulation. Medium- to long-term effects could be more pronounced as
the network self-refines and adoption increases, requiring traditional payment processors to
adapt and respond.



http://www.federalreserve.gov/aboutthefed/fac-20140513.pdf

The-Lawyer-of-NXT

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 389
    • View Profile
    • http://nxtlegal.org/
  • Karma: +58/-4
Re: NXT Legal
May 23, 2014, 03:19:12 am

GERMANY:  Federal Ministry of Finances thinking on taxing BTC transactions with VAT.

These guys are CRAZY¡¡¡


http://bitcoinblog.de/2014/05/22/bundesministerium-fur-finanzen-droht-deutschland-zum-innovationsverlierer-zu-machen/

nexern

  • Sr. Member
  • ****
  • Offline Offline
  • Posts: 496
    • View Profile
  • Karma: +83/-11
Re: NXT Legal
May 23, 2014, 10:13:57 am

muchas gracias The-Lawyer-of-NXT, muy bueno información y muy importante ;-)

have read the original article and they really plan to raise this VAT on comercial sales.
i think it is very good to have a legal observer here to collect and interpret actual legal issues.
AE and DGS could hit some walls (even if i like to say, who cares?) it makes sense to monitor this.

i suggest to prepare some funds for The-Lawyer-of-NXT to maintain this section if he plan to do so.
Pages: [1] 2  All