If someone pays me crypto-USDT in my wallet in MaiCoin(every few months), I am wondering if I can cashout/transfer that money to my Taiwan bank account. what are the regulations around that, I am not doing trading, so it is not a capital gain.
Or is there an easy other way, to convert that in cash. I already have a permanent job in Taiwan.
In a nutshell, I want to save taxes(if applicable). Or what is more common/trusted way or platform for P2P transactions. I am even willing to sell out my USDT in good(lower) price then market. I already have 13K USDT and expecting similar amount every 2-3 months.
Check out the post below that I created a few months ago. As a resident of Taiwan you can order a Crypterium card. You can send your USDT there, convert it and put it onto VISA card. You can then use the card to take out cash in an ATM in Taiwan, or use for purchases in-store and online. Fees are not super low but I haven’t found a better solution for now.
For the record, MaiCoin refused to open an account for me due to my nationality, so I don’t have a view on whether this is a better alternative.
Crypterium has a score of 4.3 on Trustpilot, which is the highest I can find for a comparable service. They have had some stability issues and the customer support is not great, so perhaps these are the reasons for some negative reviews.
Bad bad advice ! You may lose all your money ! They are run by Eastern European gangsters in my opinion. One day you will find your money stuck and all kinds of excuses as to why they cant transfer it. They locked my funds up and I had to harass them on social media to get it opened up again . Shysters.
Even if you can transfer it out they may charge a lot of BTC .
Regardless of whether the money arrives in Taiwan or not or whether you deal with cryptocurrencies or banks, you are liable for income taxes on work performed in Taiwan (even if the employer is based out of Taiwan).
Very surprised to hear that, as I haven’t had any issues with them whatsoever, and I have used them quite a lot in the past 3+ months. They did require a bunch of verification / source of funds documents at some point but they were processed within a few days and after that it has been business as usual.
Be very very careful and don’t leave large amount of funds on there.
Believe me when I say they are basically fraudsters and if there is a crash you may get all your funds locked in. Now they want to perform well as many people deposit money into their wallets. Their wallets aren’t decentralised and they will remove the withdrawal feature randomly , especially if there is a huge bust in the market or a run on their funds.
If you go to their Twitter you will see so many fake reviews and fake sbit. I have followed them for years since ICO when I invested money in them.
The verification source of funds stuff is real for exchanges sure as Binance but it’s just basically fake from CRPT. In fact they may even sell your personal information be warned. They are very experienced fraudsters IMHO.
Yeah, I am a very sceptical person by nature so I keep my crypto in a different wallet, and use Crypterium only when I need to make a withdrawal or pay something by card. I do it all within minutes, and before transferring anything I monitor their Telegram group to make sure everything is working at that specific time. This comes naturally to me, as I don’t generally trust most of the crypto services.
But yeah, thanks for sharing your experiences. Definitely makes me think.