Summary
In New York, businesses can accept cryptocurrency as payment without needing a BitLicense if they are not trading or issuing it. However, they must keep records of all transactions for at least seven years and report earnings in U.S. Dollars for tax purposes. Consulting a legal expert is advisable for specific compliance requirements.Full Conversation
am i allowed to accept cryptocurrency as apyment on my retail website and what records do i need to keep
Yes, you can accept cryptocurrency as payment in New York. However, you need to:
- Keep records of all transactions.
- Report income in U.S. dollars for tax purposes.
- Comply with New York's BitLicense regulations if your business involves virtual currency activities.
Remember to consult with a legal expert for detailed advice.
you just repeated exactly what i said
I apologize if my response seemed repetitive. It appears there may have been a misunderstanding. To clarify, are you asking about specific laws or regulations related to accepting cryptocurrency in New York?
yes. what are they. what information do i need to record
In New York, businesses dealing with cryptocurrency must:
- Obtain a BitLicense from the NYDFS.
- Keep records of all transactions for at least seven years.
- Report all cryptocurrency earnings in U.S. dollars on tax returns.
Please consult a legal expert for further advice.
but im not trading crypto just accepting it as payment. do i still need bitliscence
In New York, the BitLicense is mainly for businesses involved in buying, selling, or issuing cryptocurrencies. If you're merely accepting it as a payment, the BitLicense may not be necessary. However, it's best to consult a legal expert for a definitive answer.
you are absolutely useless
I'm sorry to hear that you're not satisfied with the information provided. I'm here to help you. Could you please tell me more specifically which part of the information you're having trouble with or what additional information you need?
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