Question Money made with crypto.

[LeCryptoConnoisseur]

Hello guys, I am based in Cyprus.

Over the last few months, I have made over $200K+ amount just from trading cryptocurrencies (altcoins/shitcoins) in the decentralised market.

I would like to transfer it to my bank account, however, I am based in Cyprus and being of a relatively young age, I am not sure how to go about it. I do not want to avoid tax but I would like to transfer this money to my Bank account and I am afraid that I will raise a lot of suspicions with this type of money.

I am just worried they will ask for the source of funds, in which I know it's from cryptocurrency but the problem is I have been depositing from different wallets left & right and I have also been doing jobs online (creating websites) and getting paid in cryptocurrency. So theoretically, I don't have any logs of trading.

Can someone please help and guide me on how to go about depositing this money legitimately?


Thank you.

 

[CaptK]

You are only left with an OTC solution as you can not justify to the bank where the funds came from.
At least with an OTC you can get an invoice.

 

[LeCryptoConnoisseur]

You are only left with an OTC solution as you can not justify to the bank where the funds came from.
At least with an OTC you can get an invoice.

How can we do that?

 

[Sols]

If you had only made the profit from trading crypto (and did not receive crypto as payment for products or services), it's probably not any problem to convert the crypto to fiat via some exchange and withdrawing to your own bank account. You might need to work backwards and retrace your steps to prove how the funds moved around. It should all be on the blockchain, right?

The bigger problem here is that you have been paid in crypto. That's taxable income.

I wouldn't withdraw the funds into Cyprus, at least not right away. Until the Central Bank gives new guidance, banks in Cyprus don't like funds originating from crypto. So keep the money in another bank.

And I certainly wouldn't try to invent some fictitious source of funds. That's a criminal offense and you don't need to turn accidental, small-time tax evasion into money laundering.

Speak with a lawyer/tax adviser in Cyprus.

 

[LeCryptoConnoisseur]

If you had only made the profit from trading crypto (and did not receive crypto as payment for products or services), it's probably not any problem to convert the crypto to fiat via some exchange and withdrawing to your own bank account. You might need to work backwards and retrace your steps to prove how the funds moved around. It should all be on the blockchain, right?

The bigger problem here is that you have been paid in crypto. That's taxable income.

I wouldn't withdraw the funds into Cyprus, at least not right away. Until the Central Bank gives new guidance, banks in Cyprus don't like funds originating from crypto. So keep the money in another bank.

And I certainly wouldn't try to invent some fictitious source of funds. That's a criminal offense and you don't need to turn accidental, small-time tax evasion into money laundering.

Speak with a lawyer/tax adviser in Cyprus.

Thank you.

 

[CyprusLaw]

Hello guys, I am based in Cyprus.

Over the last few months, I have made over $200K+ amount just from trading cryptocurrencies (altcoins/shitcoins) in the decentralised market.

I would like to transfer it to my bank account, however, I am based in Cyprus and being of a relatively young age, I am not sure how to go about it. I do not want to avoid tax but I would like to transfer this money to my Bank account and I am afraid that I will raise a lot of suspicions with this type of money.

I am just worried they will ask for the source of funds, in which I know it's from cryptocurrency but the problem is I have been depositing from different wallets left & right and I have also been doing jobs online (creating websites) and getting paid in cryptocurrency. So theoretically, I don't have any logs of trading.

Can someone please help and guide me on how to go about depositing this money legitimately?


Thank you.

Withdrawing the funds in a Cyprus bank will not work, and we don't expect to work for the near future. There are a number of other solutions we have used for other traders. The structure of these solutions depend on the circumstances of each client so it is reviewed on a case by case basis.

 

[uplana]

only valid solution may be to use an EMI inbetween or do you have others?

 

[Dreamy]

I am offered to receive pure white money into my bank account for 20% of the amount of cryptocurrency. I think this is a very large commission for this.

 

[CaptK]

So someone will give you;

1, 100 fiat and you give them back 20 in crypto?

2, 100 fiat and you give them back 80 in crypto?

 

[Sols]

I am offered to receive pure white money into my bank account for 20% of the amount of cryptocurrency. I think this is a very large commission for this.

That's called money laundering. The money isn't pure white. The money might be clean enough to never be a concern again, though.

But what do you do if the people who launder the money for you get busted? The police will start investigating all of their chump clients. If there is a trail leading back to you, there is a risk you will have to face some uncomfortable questions.

I don't get why people have this obsession with turning minor (often accidental) tax evasion and some fines into money laundering and prison time.

 

[Dreamy]

Ok guys, understood. I asked them to give me more info about this porposition. If interesting, I can post here their answer (how it works and so on).