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Ely
Ely, Counselor at Law
Category: Criminal Law
Satisfied Customers: 101758
Experience:  Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
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I have developed a business model for a Web based system and

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I have developed a business model for a Web based system and I am concerned about it's legality. The system will allow users to purchase virtual currency and then use that virtual currency to trade virtual securities/commodities generated by the popularity of Web media content like song downloads and Web videos views. The system is similar to stock trading in that customers will be able to earn money by purchasing virtual securities/commodities for a media property that continues to increase in popularity. Basically, my concern is that this can be misconstrued for online gambling. I want to make certain that this system is legal.
Submitted: 6 years ago.
Category: Criminal Law
Expert:  Ely replied 6 years ago.
Hello,



My name is XXXXX XXXXX I am one of JustAnswer's attorneys. I'll be helping you resolve your matter today.



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It's perfectly legal. You may indeed use virtual credits. Several startups have already tried this - remember eGold, for example? So it IS legal.Now, as for the gambling aspect - the laws can be found here:http://www.gambling-law-us.com/State-Laws/New-York/Nothing that you mention comes close to this - I think you'll be okay.

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Customer: replied 6 years ago.
Hello Eli,

Thank you so much for help. The link to the US gambling laws was espeically helpful.

My entire argument was based on the fact that the securties/commodities exchange is legal. Is this an accurate assessment?
Expert:  Ely replied 6 years ago.
Absolutely. That's the same view I took. Don't worry - this is not enough to arouse the interest of "the man." :)