Do cryptocurrency exchanges implement CRS/FATCA?
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I don't think it's possible with individual stocks (i never thought of it anyway), but mutual funds (aka unit trusts) of the same fundhouse (e.g. Blackrock or Fidelity) can be switched between each other directly. At least︀ that's how it looks like at customer side, I wouldn't be surprised if "behind the︁ curtains" one fund is sold and another is purchased, you are just presented with the︂ end result, and i also would not be surprised if those hidden sale proceeds could︃ actually fall under CRS scope. I know for sure, that even when you have mutual︄ fund with reinvested dividends (i.e. you never actually receive dividends on your account, they are︅ automatically reinvested back into the fund), those "invisible" dividends still fall under CRS and will︆ be reported as your income.
It would be naive to think that they would only report your current income. and not your previous income.
Viable option you have right now is to create accounts with dark documents or buy a ready made stealth account and get your money for as long EMI's don't implement CRS. But like others have pointed out, it is only a matter of time before they implement it so we must enjoy the opportunity while it lasts.
Viable option you have right now is to create accounts with dark documents or buy a ready made stealth account and get your money for as long EMI's don't implement CRS. But like others have pointed out, it is only a matter of time before they implement it so we must enjoy the opportunity while it lasts.
I think that also When crypto are converted in Fiat, can't be under CRS.
Because user dont have personal bank account in Exchange, but all users money are in the same account, owned by Exchange.
Because user dont have personal bank account in Exchange, but all users money are in the same account, owned by Exchange.
But sometimes it isn't enough to think even so you're a conehead. It's would be advisable to ask the EMI or exchange if they are going to report you or not.
I opened a ticket at Kraken, I'm waiting for a reply. When I get it, I'll let you know. My opinion is that at least for the moment, there is no obligation (Coinbase and Kraken, the others i do not know) CRS, because in their SUPPORT section, CRS is never mentioned.
So you mean if they don't put this in their support section they don't report you? I would not put my trust in this. There was reported for some times (maybe 2 years ago) that banks have informed customers they don't report them and today they have all been reported 😀 I recommend everyone to have a look into this and make their own checks before they feel safe.
I know of unlicensed providers which guaranteed not report but they have only limited use.
I know of unlicensed providers which guaranteed not report but they have only limited use.
I said something different: I sent a written request to Kraken just to get more clarification.
However, if they have to respect the CRS, they are obliged to communicate it because it is inherent to our privacy. They are obliged to write what they do with our data, even if they communicate it to national tax authorities
However, if they have to respect the CRS, they are obliged to communicate it because it is inherent to our privacy. They are obliged to write what they do with our data, even if they communicate it to national tax authorities
The problem as I see it, is that it's very difficult to use an exchange when you live outside of a CRS or AEOI country.
I thought so. What if you withdraw USD from exchange?
My guess is that︀ it matters where the exchange is. Bittrex is in USA (non-CRS) so it would be︁ good if you are not American.
Also with CRS, my understanding is that they only︂ report your fiat holdings on the last day of year or what you had when︃ you closed your account.
My guess is that︀ it matters where the exchange is. Bittrex is in USA (non-CRS) so it would be︁ good if you are not American.
Also with CRS, my understanding is that they only︂ report your fiat holdings on the last day of year or what you had when︃ you closed your account.
Just look here: List of Trustable Crypto Exchanges thu&¤#
Most EU-based Exchanges started reporting recently.
Most EU-based Exchanges started reporting recently.
WoW this is chocking news actually. Crypto should be excempted from such reporting stuff to stay free tradeable. Anyway, there will still be plenty of options to avoid the reporting in Cryptoland I don't think it will have any impact before in maybe 10 years.
Cannot say for sure.
Do they allow you to hold fiat? If yes, then probably report.
Did you provide full kyc? if yes, then probably report.
Hk is a reporting country, so probably also yes.
However you cannot be sure about the data quality and effectiveness.
But I would avoid this stress and look for other methods and or move to a banana republic or tax haven.
If you cannot afford tax havens, then at least go to a banana republic. They can also be nice.
Do they allow you to hold fiat? If yes, then probably report.
Did you provide full kyc? if yes, then probably report.
Hk is a reporting country, so probably also yes.
However you cannot be sure about the data quality and effectiveness.
But I would avoid this stress and look for other methods and or move to a banana republic or tax haven.
If you cannot afford tax havens, then at least go to a banana republic. They can also be nice.
Binance is a centralized cryptocurrency exchange located in Cayman Islands. Binance Trade Volume, Trade︀ Pairs, and Info | CoinGecko
The beauty of crypto wallets is that you still don't have to provide any KYC and can hide behind all types of things to avoid to be traced. Only when you need the crypto exchanged to FIAT it will be needed to provide KYC - most often you want to apply for a business account in that case.
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