If I accept bitcoin payments, is there a chance I could be breaking the law?

Bitcoin is not regulated, but in some jurisdictions this can be very problematic. We are neither accountants nor lawyers and we can not give any legal or accounting advice. But in many ways, Bitcoin transactions work much like money. Just like Bitcoin, the money is anonymous and does not leave any written records, but is widely used in trading every day. Ask yourself how you would handle a cash transaction. Do you accept cash transactions? Do you normally pay taxes on cash transactions? The answer for Bitcoin should probably be the same. You must consult legal experts and your local Bitcoin community before making any decision that could lead to an investigation by tax authorities. In addition, many banks simply do not want to do business with bitcoin businesses because of reputational risk.

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