Risks of accepting crypto payments

[newguyhere]

I have been reading this forum for a while. I see a lot of opinions that say you are at risk of getting bank account frozen if you deal with crypto.

What are the risks of accepting crypto on website? In my case specifically, I sell e-books.

If I accept cryptos directly, then sell on exchange and withdraw to my bank account, is there a risk of getting bank account frozen? I imagine questions would arise of the origins, and I could provide invoices and transaction data.

If so, is there a way around this problem? I imagine you can sell the crypto to a company and have it show up on invoices as something else, however that in my eyes is more of a risk (and it is actual laundering) than just openly depositing the earnings to the bank.

 

[JohnLocke]

We have done that for the last⁤ 4 years and did not faced any risk at all. With your ebook I can't⁣ imagine that you will face any trouble neither.

What you read about here may be⁢ large sums which are moved around and which course troubles to the owners.

In the︀ past we had large crypto amounts which we exchanged to our regular bank account frequently︁ about 1M a year, we had no troubles doing so.

 

[JohnnyDoe]

Keep neat accounting, write the wallet address on the invoice and you will not face any major problem

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[tomboy]

I guess it mostly depend︂ on your bank and your relationship with them... btw, this does not apply to crypto︃ only but to any financial movement.
As long as you can provide supporting documents on︄ your incoming/outgoing cash flow and your bank clearly understand your activity, you should not face︅ any problem.

 

[hungryPanda]

Anyone has any experience for accepting crypto payments for SaaS in EU. What data do‌ you need to keep in hand for AML reasons.

What should these supporting documents look like, other than⁢ a receipt ?

 

[hungryPanda]

So name, mail and ip address should suffice right?

 

[hungryPanda]

Well but what if⁠ the client puts UAE as address to pay lower Vat. I assume ip should be⁤ necessary to validate in that case.

 

[jkk]

For a digital product⁠ would only country suffice or you need the exact street address as well?

To determine⁤ VAT rate, from what I've read under 100k/year you only need 1 proof of customer's⁣ location. Over that, you need two proofs (for example, address and IP) that are not⁢ contradicting. Someone correct me if I'm wrong.