Q: I would like to start my own virtual currency business in California. How can I go about it.
Hello, I'm in the process of trying to start a business involving virtual currency. I don't intend to become an exchange, just would like to legally buy and sell bitcoins to people. I would like to know how I can begin to start this business legally and if there are any licenses I need to know about before hand.
A: First, let me say that this is a very specialized area of the law and most lawyers do not practice in it (in part because there are not a lot of clients.) You may find an attorney with experience in this area, but you could also end up having to pay an attorney to research it for you. Second, a lawyer would need to know more information before properly responding to your inquiry and the response would likely be too lengthy to set out in this forum. For example, some cities/counties have separate business licenses and some do not, so a lawyer would need to know in what city and county you will be setting up the business. A lawyer would also need to know if you will be working from your home initially because some jurisdictions require home-based businesses to get a separate license and comply with notice requirements (such as providing notices to all of your neighbors to see if any object to you having a home-based business.) I suggest you search Justia for a lawyer with experience in virtual currency and, if you do not find any, perhaps a Google search will help. I wish your new business and you the best of luck!
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