Cash to crypto

[kiripollow]

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!

 

[aniglo22]

Yes these services are called crypto otc desks .
https://crybex.com/en/?rid=75&cur_from=CASHEUR&cur_to=BTC&city=ROME Reviews : https://www.bestchange.com/crybex-exchanger.html
https://001k.exchange/ru?cur_from=casheur&cur_to=btc&city=rome Reviews : https://www.bestchange.com/001k-exchanger.html
Also do your own due diligence .

 

[John Spectre]

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 pay︀ to client premium of 1.5%.

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

 

[12345]

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

 

[aniglo22]

Not suitable for higher amounts.

 

[kiripollow]

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

 

[brianK]

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

 

[JohnnyDoe]

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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[kiripollow]

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 cash︀ in the bank because, whilst it will be accepted, it will leave a permanent record︁ which might be subject to taxation retroactively. So basically I'm trying to hide it plain︂ sight.

 

[diatessaron]

This isn't the way to go. A "large⁢ global exchange" won't help you launder your money, or avoid taxes.

 

[kiripollow]

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 it︀ help in pointing me in the right direction?

 

[kiripollow]

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.

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 since︀ the tax in question is yet to be announced I am fairly certain I'm not︁ doing anything wrong at this point in time. I'm just to looking for help, which︂ is why I signed on this forum in the first place...

 

[kiripollow]

Shall I throw in the towel?

 

[pma995]

Hey so how do these work if its the other way around? Let's say (in the‌ UK) I want to exchange crypto (USDT) for cash (GBP), do I fill in the‍ details of how much cash I want and then I send the USDT to the⁠ address given? And does someone send the GBP to an address or meet me face⁤ to face?