Question Setting up offshore entity to buy crypto

[Havoc1165]

I am interested in investing in crypto for personal purposes but as I live in a small Asian country (Sri Lanka) that restricts the purchase of crypto and any forex outflows that has proven to be near impossible.

I want to set up an entity overseas that will allow me to purchase crypto which i plan on funding through Wise or other similar services.

I have checked out Binance p2p but there is a 15% premium compared to global prices. Visa and Master cards issued from my country are not accepted or are being blocked on major exchanges.

I have tried several other options and haven't found one that works yet. looking for any and all advice on how to move forward.

 

[OTR365]

Would it be easier to fund an account at some online broker such as Interactive Brokers? If yes, how about buying bitcoin or ethereum ETFs? It is in some ways inferior to owning crypto directly, but for many this is the easiest way. Also taxation might be more favorable than for cryptos, depending on country.

Some of those smaller crypto projects are also available, such as VanEck Solana ETN, Grayscale Solana trust, 21shares Cardano ETP etc.

 

[CaptK]

Set up is the easy part it’s Sri Lanka’s pressure on USD going out is the problem.

You need to find a exchange that will allow you to send Rupee and then exchange once it’s there.

 

[Havoc1165]

Set up is the easy part it’s Sri Lanka’s pressure on USD going out is the problem.

You need to find a exchange that will allow you to send Rupee and then exchange once it’s there.

I’ve been searching for an exchange that accepts Rupees but no luck so far. I do have a way of getting dollars out but that’s into a wise account. I need an exchange that accepts wise as a funding source. FYI I am not eligible for wise card as it doesn’t support Sri Lanka. I’m not even eligible for PayPal inbound payments. Our whole Finacial system is s**t.

I figure setting up a single shareholder entity might be the best work around. I am looking at Wyoming or uk based set up.