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This is a discussion on Crypto Pool within the Cryptocurrencies forums, part of the Markets category; I'm UK based and would like to find a clean & legal way to give friends/family the chance to get ...

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Old Sep 20, 2017, 9:10am   #1
 
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Crypto Pool

I'm UK based and would like to find a clean & legal way to give friends/family the chance to get some exposure to cryptocurrencies.

This would be a buy and hold for a few years type of thing; minimal 'trading', if any.

There would need to be some way for me to take a small % in any profits made, I believe this rules out an Investment Club.

I'm wondering if I can just set up a limited company, sell shares and then hold the 'cash' in crypto.

Or if it could be classed as a 'gambling syndicate'.

I think an AIF is an option but seems overly-complicated to me.

TL;DR: What is the simplest vehicle I can set up which will let me buy and hold cryptocurrencies for friends/family, whilst allowing me to take a small share of profits and be above board in the eyes of HMRC etc.

Any thoughts greatly appreciated.
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Old Sep 20, 2017, 9:58am   #2
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Search "hmrc private casino"
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Old Sep 20, 2017, 10:01am   #3
 
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There are a plethora of crypto currencies springing up now, with small areas having their own, scammers etc. that the Govt may crack down on them soon.
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Old Sep 20, 2017, 10:14am   #4
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the Govt may crack down on them soon.
Then CV needs to get into it sharpish to make 500% a day before the kiddies are shutdown.
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Old Sep 22, 2017, 7:45am   #5
 
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mb325 started this thread bump
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Old Sep 22, 2017, 11:09am   #6
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Originally Posted by mb325 View Post
I'm UK based and would like to find a clean & legal way to give friends/family the chance to get some exposure to cryptocurrencies.

This would be a buy and hold for a few years type of thing; minimal 'trading', if any.

There would need to be some way for me to take a small % in any profits made, I believe this rules out an Investment Club.

I'm wondering if I can just set up a limited company, sell shares and then hold the 'cash' in crypto.

Or if it could be classed as a 'gambling syndicate'.

I think an AIF is an option but seems overly-complicated to me.

TL;DR: What is the simplest vehicle I can set up which will let me buy and hold cryptocurrencies for friends/family, whilst allowing me to take a small share of profits and be above board in the eyes of HMRC etc.

Any thoughts greatly appreciated.
I think the fact that bitcoin rose over 1000% in the last 2 years should make anyone a little fearful, there really is no method of forecast for that kind of velocity. The only positive argument is that mining will cease in 2 years and all blocks will only be in circulation which may raise prices due to supply side dynamics but you have to contend with the possibility that a 1000% percent rise in an instrument can also have a risk of a 1000% decline. Rather be a slow turtle in the beginning of the race instead of a future rabbit with broken leg....I'll stick with equities
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Old Sep 22, 2017, 2:19pm   #7
 
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If there was only bitcoin then not much of a problem but when small countries and even towns start producing there own versions, the Fed and other Central Banks may try and stop it before we get back to seashells and dog poo.
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Old Sep 22, 2017, 4:12pm   #8
 
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mb325 started this thread I didn't want this to descend into personal views on cryptocurrencies, but i'll bite.

Joseph, the fact that it has gone up over 1000% in the last 2 years should definitely make one feel a little fearful - it should also make one think that maybe one should own 'a bit' as a means of diversifying one's portfolio. And I'm not talking about bitcoin in particular - because that's a punt, not diversification - but the cryptocurrency/blockchain asset class as a whole. If anyone reading this is of the opinion that blockchain technology (and it's off-shoots) won't change the world in the next 10 years then you need to go do some reading. I would start with 'Blockchain Revolution' by the Tapscotts.

Pat, I'm not sure they can, that's why they're so worried.

Last attempt - if anyone with any knowledge of setting up the type of structure noted above could just give me even a term to google it would be much appreciated.
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