Crypto, Banking, and Offshore talks all in one only place? Woooow!

[wisdonseeker]

Hello all. I have just come across this community and I found it is really awesome!

I am a blockchain developer and businessman from South America but I live in Europe and I am actively seeking knowledge on Banking systems, and international/offshore tax strategies along with cryptocurrency assets.

I am on my way to building a solution that uses offshore banking and cryptocurrency to attend to specific needs that I often get asked about. So I am very much interested in learning as much as I can about banking in general, especially EMI, messaging protocols/networks like SWIFT, and also the old ones, also card issuing, card processing, offshore companies, etc.

I have relevant background in developing cryptocurrency and blockchain applications. I Have extensive knowledge of how to create both simple tokens and complex Smart Contract Based applications ( commonly referred to as "protocols") as well as of how to create and launch a new blockchain, or new coin just like Ethereum or Bitcoin.

I am happy to answer questions about the topics that are under my domain and I look forward to chatting/brainstorming or discussing possibilities.

Att,
Blackshark

 

[JohnLocke]

Welcome aboard, pay attention to the forum rules if you consider to advertise here.
https://www.offshorecorptalk.com/th...riptions-advertising-methods-explained.32487/

 

[calif89]

Very interesting.︆

Can I ask how are you declaring your taxes for Crypto Projects? In theory you︇ would need a CASP / License for offering tokens etc. - I would guess you︈ don't have that? So how do you declare taxes?

 

[wisdonseeker]

Hi!
Sorry for a long time. I went offline on the weekend, kinda "detoxing"⁤ from computer/social networks, etc.

My particular case does not give you useful directions as it⁣ is very unique. I have a wide range of possibilities including the fact that I⁢ can choose between declaring the gains on one of my registered businesses or in my︀ "natural person" and I have the possibility to make it from different jurisdictions as I︁ please.

But for people in general there is no big deal with declaring/paying taxes on︂ cryptocurrencies. Most countries are already familiar with people using cryptocurrency and you can easily find︃ an accountant/lawyer that already has a "template" that works well for the particular jurisdiction. What︄ I often see people having trouble with is the source/origins of the funds.

Thank you!
Thank you for the remainder as well. Certainly, if I︆ consider advertising here I will act accordingly. But for the moment I am not thinking︇ of that.

 

[EliasIT]

Welcome aboard, enjoy your stay!

 

[wisdonseeker]

Someone talked to me and asked me to clarify what I meant⁣ here. I believe I stated well my point, however, I am going to make it⁢ more explanatory now.

The real deal with declaring cryptocurrency is not the fact that it︀ is crypto. The difficulties lie in two main issues:

1: Accounting itself is something quite︁ annoying/exhaustive to do but it gets easier if you do have supporting materials that will︂ make the mathematics of the process match. For example, if you acquired a piece of︃ real estate and you want to declare it you should gather some papers and you︄ should be able to present proofs that trace back to the origins of the funds︅ used to pay for that real estate. The same goes for any kind of asset︆ including cryptocurrency.

The main thing is: Where did you get money for it? That is︇ not a difficult answer if you did make money from the crypto market, for example︈ by performing trades, selling a long-time-held amount of bitcoin, or if you participated in a︉ crazy ICO in which the tokens went 10000% in a month. Cryptocurrency is very much︊ in the mainstream already, so, wherever you are I am sure you will find an︋ accountant who can help you gather the things such as proof of buying, proof of︌ selling, etc.

That is not new for anyone, but I often see people thinking that︍ they could bypass the need for paperwork by using cryptocurrency. You cannot! I mean, in︎ case you are going to declare it you must have the paperwork. Whether it is️ a real one or a fake one, you must have it. Or you can choose‌ not to declare anything, and try to stay in the shadows, which is a really‍ bad idea!

But where I believe most people really get stuck in what follows:

2: In most cases that I have seen, when people who understood the need for paperwork⁠ still struggle to declare the gains it is because the source of the gains itself⁤ is difficult to be proved. I mean, the money did not from 'clean' sources, so⁣ they are actually having difficulty with the money laundry stuff, not really with declaring crypto.⁢ Cryptocurrency does add a range of possibilities for money laundry but whether your particular case︀ is to be considered money laundry or not will depend on where the trail from︁ your gains leads to if someone follows the breadcrumbs.

If you receive funds provenly generated︂ by running a business that is not illegal, no country is going to bother you.︃ Even if there is always the possibility to forge the proof. But again, you should︄ get support from a good accountant to do that for you. In fact, if you︅ do run a business, whether a facade business or a real one, you might have︆ the accounts already...

I hope my answer feels more understandable now...

 

[JohnLocke]

And here I close this thread since it is off topic and does not belong‌ to the thread. Open a new thread to discuss the topic.