How to buy Bitcoin and other cryptocurrencies
The easiest way to buy BitCoin, Ethereum and other cryptocurrencies with a credit card is as follows:
1. Register with WebMoney
2. Open a WMR account
3. Visit the WebMoney office, obtain a certificate to extend the limits
4. Top up your WMR wallet with the required amount (you can use a card)
5. Create a WMX wallet (Bitcoin equivalent)
6. Transfer funds with conversion WMR – WMX
7. WebMoney immediately creates a BitCoin wallet for each WMX wallet. You will see its address in the menu
8. That’s it, you are the owner of a BitCoin wallet, the interface is provided by WebMoney
In order to exchange BitCoin for Ethereum or another cryptocurrency, you can use, for example, the Polonex cryptocurrency exchange by opening an account there and specifying the number of your Bitcoin wallet received earlier.
Selling cryptocurrency and withdrawing funds, for example, to a bank card, is carried out in a similar way, only the actions must be performed in reverse order.
Purchase of cryptocurrency for legal entities
The above method may be good for individuals, but it has one limitation related to the very mechanics of the work of such exchange offices, namely: the availability of a reserve of the required currency. Therefore, the volumes available for purchase are very small.
“RF flagship” WebMoney solved the buffer issue more originally – they created their own closed cryptocurrency exchange. However, the volume of trades on the Bitcoin-ruble pair, at the moment (August 5, 2017), does NOT exceed 3,000,000 rubles per day. In addition, the total transaction losses are about 2.5%. When buying cryptocurrency through the WebMoney service, a legal entity receives a confirmation document “Acceptance Certificate”, which satisfies the domestic tax office.
As you can see, legal schemes for both the acquisition and sale of cryptocurrencies on the territory of the Russian Federation exist in principle.
The second way to buy cryptocurrency for an organization
An alternative is the old financial technology rooted in classic tax planning. Suitable for many jurisdictions. Details of the technology can be transferred, for a fee, to our clients who wish to create an exchange office or a cryptocurrency exchange.
In short, the following is done: a “recipient” jurisdiction with the required regulatory model for the circulation of cryptocurrencies is selected, which has a “sender” jurisdiction, in which there are fiat funds that need to be converted into crypto, an agreement “on the avoidance of double taxation” or a similar document allowing the transfer of taxation to the jurisdiction of the “recipient”.
A company in the “recipient” jurisdiction enters the “donor” in a certain way and conducts cryptocurrency transactions in its own law, the tax base in accordance with the avoidance agreement, along with the regulator and tax authority that follow it, is also transferred to the jurisdiction of the “recipient”, which may also be an offshore.
You can read more about creating an exchange office, exchange or money transfer systems in the relevant articles. Alexei Zarin
Moscow, 2017
