What are the regulations regarding bitcoin trading?

[Jamie]

Hi
I am interested in learning more about buying and selling Bitcoin in the USA. Can anyone suggest me some user-friendly platforms and some knowledge of regulations regarding Bitcoin trading?

[Mark]

For buying and selling bitcoin in USA there are some user friendly platforms:

1. Coinbase: most trusted place to buy, sell and manage bitcoin. It’s quick, easy and user-friendly crypto tool, making it ideal for beginners.

2. Kraken: known for its security measures, have diverse range of cryptocurrencies and gives advanced trading options.

3. Binance: offers a wide range of digital currencies, advanced trading features, which makes it good for beginners.

In the US, there is no federal regulation of bitcoin, but still many agencies manage distinct aspects of it.

1. Securities and Exchange Commission (SEC): It regulates some bitcoin-related investments and derivatives.

2. Commodities Futures Trading Commission (CFTC): It permits the trading of crypto assets on public derivatives markets by regulating them as commodities.

3. U.S. Financial Crimes Enforcement Network (FinCEN) : FinCEN requires to maintain the record of cryptocurrency exchanges that verifies the identity of users.

4. IRS: users must report their income, gain, or loss from all taxable transactions involving virtual currency on their federal income tax return for the taxable year of the transaction.