Cash to crypto

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kiripollow

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Oct 23, 2024
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I have a legitimate business in Rome where I get most of the payments in cash. I'm now thinking to use crypto to manage it since I have several ways to use that as payment method for suppliers, etc.

How feasible does everybody think would be to have a simple service that allows me to: meet me in Rome, I give cash and immediately receive crypto? I know people that do this already, but I am looking for something slightly more professional as it would have a weekly cadence and high amounts 4 to 5 zeroes).
Also, what would be the lowest fee I should be prepared to pay?

Thanks!
 
what aniglo suggested makes sense. with your amounts you shouldn't have a big issue just start with a lower amount and make a few deals to check real commission, how fast desk works, punctuality and any other things that are important for you.

Also, i could suggest using OTC desks that have representatives across the world, not the local ones who work inside one country only. There, you would get much better commission usually.

Depend on situation on crypto market fees might fluctuate over time. I barely checked OTC which I used for, best comission for fiat -> crypto for today is 0% (I.e. 1:1 exchange to stablecoins for example)
For crypto -> fiat best one is OTC who pay to client premium of 1.5%.

At same time you could found OTC who will charge 5% comission from you for same deals. Market is full of options.

Last edited: Oct 23, 2024
 
Maybe there are crypto ATMs in your country? In my country there are, fee is around 5%. If no then you need to use a website like localbitcoins
 
Brilliant, many thanks all. Since it's all fiat -> crypto, I presume a large global exchange is the way to go. Now the question is: how can I get in touch with a local representative? Since cash would need to be collected from me, I want to add a personal touch flavour. Also, I really don't want to deal with KYC/AML so I need somebody with a sufficiently established network to make this very easy for me
 
You can accept payments by crypto directly and get them into your EURO account with the company below. If you have a website.
https://www.nowpayments.io

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A legitimate business in Rome that receives cash and can pay suppliers in crypto? bor&%# What business is this?

Anyways, all what you need to do is to move the money from your local bank account (as it is legitimate, I assume you already deposit all your cash in a bank) to an exchange and buy crypto.

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JohnnyDoe said:
JohnnyDoe said:
A legitimate business in Rome that receives cash and can pay suppliers in crypto? bor&%# What business is this?

Anyways, all what you need to do is to move the money from your local bank account (as it is legitimate, I assume you already deposit all your cash in a bank) to an exchange and buy crypto.
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I won't go into the details of the business itself but yes, it is perfectly legit. The trouble is with taxation - there is currently a legislative gap which will be fixed in the next 18/24 months, and I must avoid depositing the cash in the bank because, whilst it will be accepted, it will leave a permanent record which might be subject to taxation retroactively. So basically I'm trying to hide it plain sight.
 
kiripollow said:
kiripollow said:
I won't go into the details of the business itself
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bor&%#
kiripollow said:
kiripollow said:
but yes, it is perfectly legit.
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But you can't say what business it is
kiripollow said:
kiripollow said:
The trouble is with taxation
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What trouble if it is a perfectly legit business?
kiripollow said:
kiripollow said:
- there is currently a legislative gap which will be fixed in the next 18/24 months,
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What are you talking about?
kiripollow said:
kiripollow said:
and I must avoid depositing the cash in the bank because, whilst it will be accepted, it will leave a permanent record which might be subject to taxation retroactively. So basically I'm trying to hide it plain sight.
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Ok, you are planning tax evasion.

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kiripollow said:
kiripollow said:
Brilliant, many thanks all. Since it's all fiat -> crypto, I presume a large global exchange is the way to go. Now the question is: how can I get in touch with a local representative? Since cash would need to be collected from me, I want to add a personal touch flavour. Also, I really don't want to deal with KYC/AML so I need somebody with a sufficiently established network to make this very easy for me
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This isn't the way to go. A "large global exchange" won't help you launder your money, or avoid taxes.
 
JohnnyDoe said:
JohnnyDoe said:
bor&%#

But you can't say what business it is

What trouble if it is a perfectly legit business?

What are you talking about?

Ok, you are planning tax evasion.
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It's a tourist attraction selling products not subject to tax. About a third of the turnover is cash. Today it would not constitute tax evasion as they're not subject to tax, but early indications suggest they will be in the next 18/24 months. At that point it will likely become tax evasion, now my main concern is avoiding a permanent record which the tax office can (and will) use retrospectively.

Does it help in pointing me in the right direction?
 
kiripollow said:
kiripollow said:
It's a tourist attraction selling products not subject to tax.
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Do you mean VAT?
kiripollow said:
kiripollow said:
About a third of the turnover is cash. Today it would not constitute tax evasion as they're not subject to tax, but early indications suggest they will be in the next 18/24 months. At that point it will likely become tax evasion, now my main concern is avoiding a permanent record which the tax office can (and will) use retrospectively.

Does it help in pointing me in the right direction?
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You are asking for a cheap way to commit tax evasion. This is not something OCT can help you with.

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JohnnyDoe said:
JohnnyDoe said:
Do you mean VAT?
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No, it's basically an additional tax over and above a certain turnover. But as I said it doesn't exist yet, and it is rumoured to be introduced at the end of 2025 with effect in 2026. So I'm trying to strategise earlier.

JohnnyDoe said:
JohnnyDoe said:
You are asking for a cheap way to commit tax evasion. This is not something OCT can help you with.
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I honestly thought this was a non-judgemental space to ask for thoughts and opinions freely. I obviously take full responsibility for what I'm saying and my "strategy", and since the tax in question is yet to be announced I am fairly certain I'm not doing anything wrong at this point in time. I'm just to looking for help, which is why I signed on this forum in the first place...
 
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