Rate my current setup

[spagge123]

Hi OTCers,

Just want to get some eyes on my current setup.

So, I work a 9-5, and also running a small business as a side hustle. All legit and green.

Then, I have some affiliate sites that is earning profits that is paid in crypto. I don't involve these payments in the company as the banks in my country would close our accounts if we mention crypto.

What I am doing right now is that I get the profits to my hardware wallet, then use the Ultimopay.io card (issued by JDB Bank in Laos) for daily spending. All other profit stays in the hardware wallet for future use/crypto investment.

So, what current breaches are there right now? And how can I make it even better?

Last edited: Sep 21, 2024

 

[cuno]

None - you can open an Kraken and Wise account, in that way you can transfer your crypto money to Wise and from there to your normal bank account without your bank knowing it comes from crypto.

 

[spagge123]

Thanks for answering. Why Kraken? No KYC there or what?
And if I start sending money from Wise to my bank account, don't you think the bank or the tax office in my country would be interested in the source of funds?

 

[lory]

You didn't mention anything about taxes in your first post, nor did you mention any other criteria for your setup. That's why you received a fitting response.

If you're too lazy to clearly state what you want to know, don't expect others to spend time providing a detailed explanation or an appropriate answer.

Casual chat belongs in the open forums. Here, you're expected to ask specific questions that you want answers to, and in return, respond directly to what is being asked.

Kraken -> Wise -> your bank account is the answer to what you're asking about and has nothing to do with avoiding reporting. I assume you know what you originally asked.

 

[spagge123]

Sorry about not stating clearly what I am asking for.

What I am looking for here is a discrete way to spend crypto. No need to transfer it to bank accounts.

And also, the chain:
Affiliate program payout -> Hardware wallet, how traceable is that for the authorites?

Last edited: Sep 22, 2024