How to setup a well known wallet with a public code to share to the auditor?

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clemens

clemens

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I want to move some crypto currency (Bitcoin) into a Swiss company as the required share capital.

When asking the provider he replied with the below:
yes, you can make a wallet and pay Crypto, then give the public code to the auditor who makes a report
assets shall be well known crypto assets, and the wallet shall be from a well known provider
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I don't know what the "well known wallet" is nor do I understand what the public code would be for that without giving him access to the wallet, can someone help?

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clemens said:
clemens said:
I want to move some crypto currency (Bitcoin) into a Swiss company as the required share capital.

When asking the provider he replied with the below:


I don't know what the "well known wallet" is nor do I understand what the public code would be for that without giving him access to the wallet, can someone help?
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"well known asset" they said. It means it can't be some random shitcoin
 
clemens said:
clemens said:
it isn't actually it can't be more well known, it is bitcoin smi(&% that part is clear
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they gave you their templated answer related to any asset. I dont see bitcoin in their message 😀 I'd suggest you ask them for clarification on what did they mean by "and the wallet shall be from a well known provider".
 
and the wallet shall be from a well known provider
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Might they mean a well known provider such as Coinbase, Fidelity, Kraken, etc. so they have something to put in their records? It is the same with cash, fewer and fewer banks want you to deposit $100k in banknotes; they would rather receive funds from a regulated institution to reduce their risk and effort. If you don't want to do that, they might want more information regarding the source of these funds.

As has been discussed a lot on OCT, the Travel Rule is now called VASP regulation for crypto. In a year or two it will be more difficult to move money between fiat and a self hosted wallet (which regulators call "unhosted wallet" to make it sound more scary in press releases).
 
khinkali said:
khinkali said:
Might they mean a well known provider such as Coinbase, Fidelity, Kraken, etc. so they have something to put in their records? It is the same with cash, fewer and fewer banks want you to deposit $100k in banknotes; they would rather receive funds from a regulated institution to reduce their risk and effort. If you don't want to do that, they might want more information regarding the source of these funds.

As has been discussed a lot on OCT, the Travel Rule is now called VASP regulation for crypto. In a year or two it will be more difficult to move money between fiat and a self hosted wallet (which regulators call "unhosted wallet" to make it sound more scary in press releases).
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coinbase and other cex'es dont issue wallet address
 
avalanche said:
avalanche said:
coinbase and other cex'es dont issue wallet address
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There are services available to exchanges and other financial institutions to check whether an incoming transaction is from a "well known provider".

The technology and processes are being developed, for regulated providers to pass on KYC info to keep the trail for tax authorities and privacy erosion (sorry, I mean terrorism, drugs and illegal arms enforcement authorities, of course).
 
clemens said:
clemens said:
They confirmed that the Ledger hardware wallet is perfectly fine, it will work. But thank you.
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did you guys read that he got confirmed to have the right wallet?

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clemens said:
clemens said:
I want to move some crypto currency (Bitcoin) into a Swiss company as the required share capital.

When asking the provider he replied with the below:


I don't know what the "well known wallet" is nor do I understand what the public code would be for that without giving him access to the wallet, can someone help?
Click to expand...
Click to expand...
They mean that your crypto ideally comes from Coinbase or Kraken or Swissquote or any other heavily kyc exchange.
That is what current Switzerland is all about. It is 180 deg turn from 20 years ago.

The stricter the exchange is the better, ideally you will want to have a USA exchange as Switzerland is a 1A US vassal state and you will not have issues with USA exchanges.
Do not use crypto without clear and easily understandable proof of funds (ideally you just hodled on Coinbase, that is best). If you use "complex" (which are actually not so complex) defi strategies and with leverage you will push the compliance monkeys small brains into overdrive and will face rejection.

From there, send it to electrum for which you can sign messages with your private key as well, only this ultimately proofs you own the address. And then tell them the xpub as they surely want that as well to feed the kyc borg.
 
JackAlabama said:
JackAlabama said:
They mean that your crypto ideally comes from Coinbase or Kraken or Swissquote or any other heavily kyc exchange.
That is what current Switzerland is all about. It is 180 deg turn from 20 years ago.

The stricter the exchange is the better, ideally you will want to have a USA exchange as Switzerland is a 1A US vassal state and you will not have issues with USA exchanges.
Do not use crypto without clear and easily understandable proof of funds (ideally you just hodled on Coinbase, that is best). If you use "complex" (which are actually not so complex) defi strategies and with leverage you will push the compliance monkeys small brains into overdrive and will face rejection.

From there, send it to electrum for which you can sign messages with your private key as well, only this ultimately proofs you own the address. And then tell them the xpub as they surely want that as well to feed the kyc borg.
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Do you happen to know if Coinbase, Kraken or Swissquote would open an account for a BVI company?
 
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