Crypto payment between 2 entities

[762Mike]

Hi everyone,

I have a UK LLP ("HoldCo") that owns IP addresses and I would like to lease them out on a monthly or yearly basis to my other company, a Belize LLC ("OpCo").

The OpCo would pay for the IPs using Monero as that's what I receive from my customers.

Can this be done and if so, what kind of legal documents are required for this to work?

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In addition to that, I would need the HoldCo (the UK LLP) to sell the received XMR for EUR so that I can cover some expenses within Europe. Approximately 2500 EUR per year.

I have verified Kraken, Wise and Payoneer accounts for the LLP.

Can I simply sell the XMR via Kraken, withdraw it to Wise via EUR IBAN and pay my suppliers via SEPA or would Wise complain about it/close the account?

Thanks,
Mike

Last edited: Jul 5, 2022

 

[polonieth]

Kraken to Wise is a no-go.

 

[762Mike]

Wise says the following:

"You can receive money to your Wise account from a platform that deals with cryptocurrencies ”” as long as the platform is regulated and/or supervised in the EU or UK."

But yeah, I'd rather not use Wise for this. I would rather "burn" an account at some Lithuanian EMI instead of Wise which gives me USD details if I ever need them.

Last edited: Jul 5, 2022

 

[diatessaron]

For 2,500 EUR a year I would suggest Dukascopy. Kraken Sepa to Dukascopy usually takes less than an hour.

 

[762Mike]

diatessaron said:
For 2,500 EUR a year I would suggest Dukascopy. Kraken Sepa to Dukascopy usually takes less than an hour.
Click to expand...

Would Dukascopy be willing to open an account for a UK LLP?

Btw both LLP partners are natural persons with EU passport and residency. Tax is sorted so out of scope for this thread.

Last edited: Jul 5, 2022

 

[wellington]

Exchange -> Soft-EMI -> Hard-EMI (Wise)

Avoid P2P with XMR, might be someone trying to launder.

 

[762Mike]

wellington said:
Exchange -> Soft-EMI -> Hard-EMI (Wise)

Avoid P2P with XMR, might be someone trying to launder.
Click to expand...

Ok, are there any "soft" EMIs you would be able to suggest? Without crazy high fees if possible.

 

[lostguy]

diatessaron said:
For 2,500 EUR a year I would suggest Dukascopy. Kraken Sepa to Dukascopy usually takes less than an hour.
Click to expand...

all valid suggestions +1 from here.

 

[762Mike]

762Mike said:
what kind of legal documents are required for this to work
Click to expand...

What about this? Would I just need a lease agreement + invoice for each transaction (in case Kraken or Dukascopy ask something)? Anything else?

 

[lostguy]

Invoices is fine, you don't need much to get this work!

 

[762Mike]

Do you guys think transacting in USDT between the two entities will lower the chances of Dukascopy closing my account for some reason?

Not sure if Dukascopy even supports XMR...have to check.

 

[diatessaron]

762Mike said:
Would Dukascopy be willing to open an account for a UK LLP?

Btw both LLP partners are natural persons with EU passport and residency. Tax is sorted so out of scope for this thread.
Click to expand...

I'm not sure, download their Dukascopy 911 app and contact support directly.