Converting USDT to Fiat, Questions on CRS

[Var12]

I'm back on this great forum with two questions: 1) Do crypto exchanges apply CRS (Common Reporting Standard) to stablecoin accounts? 2) What's the best and least expensive way to convert 30k stablecoins to fiat, even gradually, for example, 1k per month?

 

[intlman]

Var12 said:
I'm back on this great forum with two questions: 1) Do crypto exchanges apply CRS (Common Reporting Standard) to stablecoin accounts? 2) What's the best and least expensive way to convert 30k stablecoins to fiat, even gradually, for example, 1k per month?
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Firstly, get your coins off the exchange.

And yes, under CARF it'll be reported (from 1 Jan, 2026) like bank accounts are with CRS (although a lot more detail is to be shared under CARF).

If you're wanting to spend those stables, why not get a crypto debit card?

 

[JohnnyDoe]

1. Yes.
2. Sell for fiat on the exchange that you like most.

Holding stablecoins is worse than holding fiat. So, if you prefer not to have crypto (Stablecoins are not crypto), just convert everything to fiat at once and forget about it.

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[Var12]

I have stablecoins on a hardware wallet. If I send everything to an exchange and immediately convert everything to fiat, and withdraw to an atm, will I be flagged?

 

[wellington]

Var12 said:
I'm back on this great forum with two questions: 1) Do crypto exchanges apply CRS (Common Reporting Standard) to stablecoin accounts? 2) What's the best and least expensive way to convert 30k stablecoins to fiat, even gradually, for example, 1k per month?
Click to expand...

Never heard of CRS being applied to Crypto Exchanges.

Having said that, there's a strong surveillance apparatus since Binance was taken down (offshore) and strong (on-shore -> western).

 

[DerAufklaerer]

Var12 said:
I have stablecoins on a hardware wallet. If I send everything to an exchange and immediately convert everything to fiat, and withdraw to an atm, will I be flagged?
Click to expand...

Eh...withdraw to your bank ? Thats the Problem

 

[wellington]

Ref CARF

JOINT STATEMENT BY: Armenia, Australia, Austria, Barbados, Belgium, Belize, Brazil, Bulgaria, Canada, Chile, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Korea, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Netherlands, Norway, Portugal, Romania, Singapore, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, the United Kingdom, and the United States of America; the Crown Dependencies of Guernsey, Jersey, and Isle of Man; and the United Kingdom's Overseas Territories of the Cayman Islands and Gibraltar.

these are the countries.
So -> HK -> Taiwan (Merchant Bank) -> Canada Bank

Comes in as a Wire, your bank will report under CRS / and BSA equivalent but for all intense purposes its already in Fiat Land.


So if your intention is to not have CARF / CRS for stablecoins in general (why not sure?) it would advert that when CARF comes in via being outside of the net.

 

[elcontestador]

Var12 said:
I have stablecoins on a hardware wallet. If I send everything to an exchange and immediately convert everything to fiat, and withdraw to an atm, will I be flagged?
Click to expand...

If you worry about it, why not go to OTC buyer IRL? Bestchange has plenty options

 

[aragon]

JohnnyDoe said:
Holding stablecoins is worse than holding fiat.
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Why do you say this? It's not possible to hold fiat in a crypto wallet, so holding fiat means risking bureaucrat wannabes at a bank. How is this a smaller risk than keeping stablecoins in self custody?

 

[JohnnyDoe]

aragon said:
Why do you say this? It's not possible to hold fiat in a crypto wallet, so holding fiat means risking bureaucrat wannabes at a bank. How is this a smaller risk than keeping stablecoins in self custody?
Click to expand...

Pacer search: Deltec. Also search in the forum, it has already been discussed in various occasions.

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