Wyoming LLC - Buy Crypto

[LuckyLuciano]

Hey Folks, I own a Wyoming LLC and my bank account is registered with Mercury. I'm a non-US citizen. I was wondering if I am allowed to use my company CC in order to purchase crypto? Also, what are the best exchanges for buying crypto for my company - I was mostly considering Binance and FTX. Wire/ACH is also a payment option that I can use for loading up my account.

 

[DunningKruger]

I suggest to use Kraken for your WY LLC with Mercury

 

[Novice]

DunningKruger said:
I suggest to use Kraken for your WY LLC with Mercury
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Any other suggestions beside Kraken?

 

[JosephLL]

DunningKruger said:
I suggest to use Kraken for your WY LLC with Mercury
Click to expand...

What is needed to sucessfuly pass the kyc procedure on Kraken for WY LLC?

 

[JackAlabama]

JosephLL said:
What is needed to sucessfuly pass the kyc procedure on Kraken for WY LLC?
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quite a lot 🙁

 

[LuckyLuciano]

DunningKruger said:
I suggest to use Kraken for your WY LLC with Mercury
Click to expand...

Do you perhaps know if I need to pay corporate tax for crypto purchase in WY and if I'm allowed to move the crypto on to a personal account?

 

[boomy]

JosephLL said:
What is needed to sucessfuly pass the kyc procedure on Kraken for WY LLC?
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you just need all the incorporation documents, passport and that's it.

I don't know if Mercury is happy with crypto, I would ask them or check if you can find the information on their website.

LuckyLuciano said:
Do you perhaps know if I need to pay corporate tax for crypto purchase in WY and if I'm allowed to move the crypto on to a personal account?
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personal tax apply

 

[Samman Kaseeb Sleiman]

How will you do accounting for buying crypto?

 

[sinos]

LuckyLuciano said:
Hey Folks, I own a Wyoming LLC and my bank account is registered with Mercury. I'm a non-US citizen. I was wondering if I am allowed to use my company CC in order to purchase crypto? Also, what are the best exchanges for buying crypto for my company - I was mostly considering Binance and FTX. Wire/ACH is also a payment option that I can use for loading up my account.
Click to expand...

Your Mercury debit card should work (haven't tried myself). Mercury won't have any issues. You should have proof of funds ready for any questions from Mercury.

 

[pesto]

DunningKruger said:
I suggest to use Kraken for your WY LLC with Mercury
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can it work?

 

[fbsworld]

It is usually a very bad idea for a non-US resident to use an US LLC to buy crypto: Virtual Currencies | Internal Revenue Service
"Virtual currency transactions are taxable by law just like transactions in any other property. Taxpayers transacting in virtual currency may have to report those transactions on their tax returns."

Samman Kaseeb Sleiman said:
How will you do accounting for buying crypto?
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It appears that cryptocurrency meets the definition of an intangible asset in IAS 38 as it is capable of being separated from the holder and sold or transferred individually and, in accordance with IAS 21, it does not give the holder a right to receive a fixed or determinable number of units of currency.
In certain circumstances, and depending on an entity's business model, it might be appropriate to account for cryptocurrencies in accordance with IAS 2, Inventories, because IAS 2 applies to inventories of intangible assets.

 

[Samman Kaseeb Sleiman]

Why not instead simply withdraw some money from a LLC and then buy crypto, via p2p?

 

[Dom pedro]

fbsworld said:
It is usually a very bad idea for a non-US resident to use an US LLC to buy crypto: Virtual Currencies | Internal Revenue Service
"Virtual currency transactions are taxable by law just like transactions in any other property. Taxpayers transacting in virtual currency may have to report those transactions on their tax returns."


It appears that cryptocurrency meets the definition of an intangible asset in IAS 38 as it is capable of being separated from the holder and sold or transferred individually and, in accordance with IAS 21, it does not give the holder a right to receive a fixed or determinable number of units of currency.
In certain circumstances, and depending on an entity's business model, it might be appropriate to account for cryptocurrencies in accordance with IAS 2, Inventories, because IAS 2 applies to inventories of intangible assets.
Click to expand...

AFAIK, crypto transactions are taxable the same way as stocks. And stocks and other investments are capital gains free for non-residents, so I don't belive that crypto would be an exception. Although if you lend your cryptos and make interest, there may be the case where that's taxable income.

 

[boomy]

Samman Kaseeb Sleiman said:
How will you do accounting for buying crypto?
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Like you do for anything else you buy or sell.