Another classic issue with draconian regulations that could be easily solved with Web3 payments.
"the only way to have effective business regulation is bitcoin" is probably the most HN thing I've ever read
Updates to US verification requirements
61–70 of 95 posts
Re: Updates to US verification requirements
#62There are probably a number of edge cases around physical permanent addresses for both individuals and businesses that I suspect are less edge than they used to be.
Re: Updates to US verification requirements
#63They don't even really specify this in their link in the email sent, but I am getting this error when going to my dashboard now: Invalid address. Your business address must be a valid physical address from which you conduct business and cannot be a private mailbox. Please correct the following... So now, I have to find a new business address (either rent a place, or do a virtual office), which isn't as simple as just…
There are competitors to stripe. Why people keep submitting themselves to their abuse is beyond my comprehension.
This "abuse" and all the half dozen other "look at this abuse this is now doing" in the last few days is actually maybe due to some new requirements effective Jan 1 2024 in the US that entities that do business here have beneficiaries registered https://www.federalregister.gov/documents/2022/09/30/2022-21...
Re: Updates to US verification requirements
#64I understand there are some larger compliance-related issues that need to be solved and that this seems like it's an unintended consequence of the regulatory requirements put in place to solve this. But there are huge consequences for small business owners in requiring a physical address. I don't need or want anyone to ever physically appear at an address I provide, because providing _any_ address for my business is…
> I don't need or want anyone to ever physically appear at an address I provide, because providing _any_ address for my business is a fiction.
Surely you see how this is also a desirable trait for every scammer out there?
> if my business exists at my home address, my city wants a local business license and zoning compliance permit, so they can inspect the non-existent physical location and be sure the zero traffic it is generating isn't causing a burden on my neighbors.
"this change makes it harder to violate the law" is not a compelling argument
Re: Updates to US verification requirements
#65They don't even really specify this in their link in the email sent, but I am getting this error when going to my dashboard now: Invalid address. Your business address must be a valid physical address from which you conduct business and cannot be a private mailbox. Please correct the following... So now, I have to find a new business address (either rent a place, or do a virtual office), which isn't as simple as just…
> Once again, Thanks Stripe. It's been real, but it's probably time to move on.
I don't follow. The CTA and BOI things you linked to are from the (US) government, so everybody else has to force you to do the same thing. Are you just shooting the messenger here?
Re: Updates to US verification requirements
#66Earlier quoted context omitted.
In what jurisdiction does the former owner of a property have any say regarding what the new owner does with the property?
Any that allows covenants that run with the land. https://www.law.cornell.edu/wex/covenant_that_runs_with_the_...
I assume that this is also how conservation covenants work. A new owner doesn't get to say "just kidding" and develop land that was turned into a property allowing public use with use restrictions.
Re: Updates to US verification requirements
#67Earlier quoted context omitted.
What if I never do business in my home, but instead operate out of libraries, coffee shops, or client's locations? Picture a carpet cleaning van parked on the street, for example.
Generally in the U.S., this has been a settled question for over a century. If you really have questions, there is guidance about this to govern pretty much every jurisdiction in the continental U.S. For a solo entrepreneurship business in the U.S., your home is your place of business if you do not have another fixed place of business.
Consider the question unsettled. Or at the very least unsettling.
Re: Updates to US verification requirements
#68Earlier quoted context omitted.
Any that allows covenants that run with the land. https://www.law.cornell.edu/wex/covenant_that_runs_with_the_...
I'm am not a property lawyer but I assume that's the case here. I assume were I to sell my property, the buyer couldn't unilaterally forbid my (now different) neighbor from using my driveway and, if they were to sell, the new neighbor couldn't forbid me from walking down to the river. Fortunately, people are pretty reasonable around where I live.
In my case I own land where certain parts cannot be logged beyond removing hazards. The deed for the land included the restriction, though my lawyer was at a loss as to who would seek to enforce it.
Re: Updates to US verification requirements
#69Earlier quoted context omitted.
Given the timing, I wonder if this has anything to do with compliance of FinCEN's new Beneficial Ownership Information Reporting requirements.
I think this is exactly related to that. Someone was whining in a different post yesterday for similar new requirements from google to publish an app on the Play Store and they felt that was "discriminatory" and devs should "band together to sue them".
Thanks for reminding me, I also got an email from Google about that. It seems like there is a larger force at play rather than a coincidence that all of these companies suddenly have similar requirements.
Re: Updates to US verification requirements
#70Earlier quoted context omitted.
I think this is exactly related to that. Someone was whining in a different post yesterday for similar new requirements from google to publish an app on the Play Store and they felt that was "discriminatory" and devs should "band together to sue them".
Thanks for reminding me, I also got an email from Google about that. It seems like there is a larger force at play rather than a coincidence that all of these companies suddenly have similar requirements.
Yes, there are new reporting requirement effective Jan 1 2024 in the US that entities that do business here have beneficiaries registered https://www.federalregister.gov/documents/2022/09/30/2022-21...