darkster said:The EMI's in the EU will report your account balance at the end of the year so the account activity, it's at least what they should do according to international regulations for financial service companies. I know there are a handful that don't do that i.e. advcash and similar but they seem more like unregulated in Russia.
If you Google search the forum you can see a lot of great replies to similar questions as yours.
As far as I know EMI's aren't obliged to report account balance for non-residents. They lack specific regulations and are therefore 'free' in their decision to report account balance for non-residents. Some do, others don't. However, this is just temporary and it will not take long before an universal reporting law is implemented.
Frederic said:Hey Khan,
right now I am trying to figure out when reporting does start, where the barriers are etc.
If it would work to split the conversion of cryptos to several EMI debits like wirex, revolut, qck etc etc if going with relative small amounts it should stay under the radar, I guess - however, the question is how much...
Ultimately, it is interesting how to convert BTC to € without having to touch darks
The barriers you're talking about differ among countries. The CRS consist of both universal and non-universal laws. To give you an example: the standard has an additional category of low-risk excluded account which are not reported for tax purposes. This is determined under domestic law and not international law.
However if you want some piece of advice: i would strongly suggest you setup a legitimate business instead of layering your money do way you're doing now. Your solution is just temporary and it's risky. Banks who implemented the CRS in 2017/2018, didn't report balances from 2017 alone but also from 2015 and 2016. They will go back a couple of years. There is a high probability Wirex will do the same once they have to comply with CRS guidelines.
