Right now, this is still just an idea. I’m trying to get some feedback before I dive in deeper. Here’s the trading process I’m considering:
1. Get Bitcoin or altcoins from another country
2. Exchange Bitcoin or altcoins for USD
3. Transfer USD back overseas using legal banking methods
I have a buy/sell crypto strategy in mind and I'll move forward if it’s completely legal in the US. If it all works out, it could mean sending six figures in USD overseas every month from these operations.
If this is doable, can someone point me in the right direction?
Like:
- Should I consult a lawyer?
- Is it best to set this up as a business?
- Is Coinbase a viable option or too pricey?
- Any suggestions for Bitcoin to USD exchanges with low fees?
Appreciate any help!
I think you'd be paying a lot in fees for the whole thing. Unless you're going to set up a base in North America, Europe and potentially Asia (you just need one person for this) then otherwise currency conversion might be expensive.
I also can't work out what exactly you'd be trying to use this for, why would I come to you instead of just going straight to coinbase? You'd have to kyc on amounts over $1000/1000/£1000 too afaik (at minimum but it could be 5000 of each of those units).
I don't know if cryptocurrency lawyers easy to find or not, stuff probably depends on the state you're in, I'd imagine new York has quite a few but you can just search for your state I imagine...
After so many tries, finally was able to bypass the recaptcha.
Hello jackg,
That's one of the concerns but it's not a priority atm. Legality is.
Just need one person.
I am not going to trade with you. I have a trusted person for this.
I could use some suggestions.
In my opinion that is a very good way to launder money, the way the process involves a constant change in currency is something that a money launderer would do to create a perfect monetary getaway, if you are not living in America then that will trigger some suspicion but in my opinion this is pretty sketchy. Regarding legal grounds, I do not know much but in my opinion, doing this might get you in trouble.
I would not be looking for legal counsel if I was looking for laundering money. Just looking for a way to make constant profit if possible.
Still haven't gotten any solution.
I'm not sure how far can you define yourself as only a P2P trader of cryptocurrencies but with those amounts involve which you have said reaching up to 6 figures that might require you to have some kind of license as we are already talking about similarly to a small crypto exchange. Other than that there are also concerns about you receiving cryptocurrencies from abroad. Although it might not be classified as a goods or service this might also be under some kind of tax which I have seen before. The receiving of crypto as well will also be under capital gains at the moment you receive it and it appreciates in value. There is a lot of moving parts in the business you are looking for and I think it would be best if you consult to a lawyer about this one.
Will you have a way to prove the source of the money? Say, for example, that your net profit for which you pay taxes is $ 50,000 per year. IRS will notice that you have received large sums without having proof of the source of that money, or why do you receive that money?
The matter is like a normal person whose earnings per month were about $ 70,000 and suddenly he made transfers with amounts in excess of $ 100,000 a year.
The lawyer will not help you if you want to do it in a personal way, but you need a smart accountant and initiate transfers for long periods.
So the solution is a commercial activity, but you need to study the feasibility in more detail.