Is it legal to invest crypto for someone else? Thanks to President Nixon and the Bank Secrecy Act, citizens and residents of the United States of America that profit from the exchange cryptocurrency for another person have an obligation to the US government. That obligation is to register as a money services business.
Can I buy and sell crypto for other people? Buying Bitcoin is possible via a number of routes. When you are ready to sell some or all of your Bitcoin, you can do so through a variety of avenues, including an online cryptocurrency exchange, direct peer-to-peer (P2P) transactions online or on-site, and through a Bitcoin ATM.
Is it legal to pay someone in cryptocurrency? So, legally, the payment of wages in crypto is not recognized at this time. Wages must be paid in cash or a negotiable instrument payable at par—like a check. The fact that cryptocurrencies can be converted to cash won’t address that underlying concern, Schreter said. 2.
Is it illegal to send bitcoin for someone else? As long as you and your recipient are willing to have crypto wallets, you can give cryptocurrency as a gift. The two common ways to do so are with gift cards that can be redeemed for cryptocurrency or by sending someone the gift via an exchange.