Knowledge Base: Legal

  • Is OmniBazaar Open Source?

    Much of the OmniBazaar application is, or will be, open source. Bitcoin and OmniCoin are both open source. The wallets for both coins are open source. The source code for the OmniBazaar application may be made open source when the marketplace has several million users.

    The CryptoBazaar add-ons will probably not be open source in the near future.

  • Patents, Trademarks, and Copyrights

    The OmniBazaar peer-to-peer marketplace system is the subject of pending US patent #13/956,358.

    OmniBazaar, OmniCoin, CryptoBazaar, SecureSend and "Shop without middlemen. Pay without bankers." are registered trademarks of OmniBazaar, Inc.

    The OmniBazaar user interface the OmniBazaar source code, and the contents of this knowledge base are copyright 2014 - 2017 by OmniBazaar, Inc.

  • Anti-Money-Laundering

    If you buy or sell any cryptocurrency in exchange for your local (fiat) currency, either in person or through an escrowed transaction, you may be subject to laws in your country regarding money laundering or “money exchange businesses”. Such laws may restrict the size of such transactions, or may impose rules about knowing the identity of the person you are dealing with.

    It is your responsibility to know and follow any such "anti-money-laundering" laws that apply in your country. OmniBazaar cannot monitor or track this (or any other) type of marketplace transaction.

  • What about taxes?

    It is your responsibility to know the tax laws of your country and local area, and to comply with them.

    In many countries, payments you receive from selling goods and services in the marketplace may be taxable as income. Profits from holding or exchanging cryptocurrency may also be taxable.

    Since there is no central site in OmniBazaar that processes all transactions,there is no person or company that can keep track of your transactions, profits, and income, except you. We encourage you to know and follow the tax laws that apply to you.

  • Token Sale Excluded Countries

    Regulations in some countries make it difficult or dangerous to offer tokens for sale.

    Like many cryptocurrencies before us, we have chosen to exclude citizens and residents of certain jurisdictions from our token sale.

    • Not available to citizens or residents of the United States, Canada and China.
    • Also restricted: Cayman Islands, Iran, Syria, Sudan, Cuba, Burma, Côte d’Ivoire.