I’m talking about Taiwan specifically because of the way Taiwanese invest their money this crypto issue is part of a much bigger picture of a lax tax reporting regime.
did anyone figure this out? what if one were to transfer large amounts legit earnings like millions?
From my experience, you quickly hit withdrawal limits implemented by Taiwanese crypto exchanges. Bito I think has 1mil $ntd per day and 5mil per month limit. Max or Maicoin as it used to call itself doesn’t even accept European or US citizens anymore even if you have an ARC or APRC as far as I know. So if you aren’t Taiwanese, Bito is sadly more or less the last remaining option to cash out directly to a Taiwanese Bank account as far as I know. I cashed out around 3.5 mil $ntd last January in four transactions and it worked. That said, when I actually made a purchase with that money I had to come to the bank in person, but that’s apparently normal here for even minor amounts. I didn’t feel overly comfortable doing all that since there is still so little clear regulation here. I would hesitate to cash out even larger amounts for buying a flat for example. If you have a bank account in the US or Europe it’s probably a lot safer to cash it out there and wire it directly for any amount north of 100k USD.
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I don’t think there’s any problem to cash out from Bitoex/Bitpro. There’s some guidance where a certain amount is reportable isn’t there now ? Just check with those guys. Or else take it out as USDT /BTC and cash elsewhere
I can verify binance Fiat to bank account of your choice works very well by swift remittance. Always check with a small transaction first.
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