I've been working with bitcoin on my own for some time now but decided last year to incorporate my company to offer services in the space. It's been a hard journey but would love to share my experience and know about how you guys are making it. Clearly the legal & banking stuff is the hardest in this space. I began thinking that developing tech solutions was the hardest, but I've had many surprises.
bticoin services
- Thread starter PurpleH
- Start date
- Status
I read a couple of your previous posts and I think we're on a similar situation. My take on this business is that it will be very hard to operate without KYC and all AML requirements, otherwise you won't get a license. My knowledge about bitcoin / crypto in Europe is that either they won't let you operate by law or banks won't give you an account, so unless you get the whole thing set up with KYC and all, you won't be able to run your business as a company, you will have to keep on with personal account, which limits a lot the︀ possibilities for expansion.
I am willing to follow regulation, but even then it's very hard︁ to get bank/EMI account.
I am willing to follow regulation, but even then it's very hard︁ to get bank/EMI account.
the banks do not want it.︂ Sometimes they even scan your name and if it pops up together with Bitcoin, they︃ cancel your account. So be prepared for some rough waters, but the profits can of︄ course be very well worth it and it feels good to f* the compliance borg︅ at least for some time.
What are you doing in the field?
I'm building a service to help people cash out Crypto to buy goods in some niche markets. Do you think is possible to get a good BTC to FIAT stream in EU? At least 200K-300K monthly. How can it be done?
Which banks and jurisditions are ok?
I'm building a service to help people cash out Crypto to buy goods in some niche markets. Do you think is possible to get a good BTC to FIAT stream in EU? At least 200K-300K monthly. How can it be done?
Which banks and jurisditions are ok?
KYC and AML is not choice. You have to comply with KYC/AML regulations in your country otherwise you are risking huge fines and jail time.
Following regulations doesn't really help with︂ banks. They still won't approve crypto businesses. Doing it on personal account is a huge︃ no for me as that would result in insane taxes in my country. Banks will︄ also close your personal accounts when they find out what you're doing so it's really︅ though.
Following regulations doesn't really help with︂ banks. They still won't approve crypto businesses. Doing it on personal account is a huge︃ no for me as that would result in insane taxes in my country. Banks will︄ also close your personal accounts when they find out what you're doing so it's really︅ though.
My suppliers are very small legacy businesses based in the EU, they don't understand crypto at all :/
I know there are different countries where it is 'easier' to incorporate, but then the bank service is very hard to get. There are many crypto companies registered in Estonia, but not sure this is the best place now. There's also Malta, but not sure how things go there, and if you need a license, costs etc...
- Status