Could you get around kyc by simply buying btc off someone you know? If someone buys btc and immediately sells it to someone else what are the effects/tax implications?
Getting Around KYC
byu/FlyingFishTacosSwim inBitcoinBeginners
Posted by FlyingFishTacosSwim
3 Comments
“Could you get around kyc by simply buying btc off someone you know?”
Assuming you have a wallet, and you mean you give a real person cash and they give you sats, yes, it’s just money.
Second question, no clue, sorry!
The person who buys it and then sends it to you, is responsible for the taxes if you receive it in a KYC structured wallet then when you go to sell it or transfer it out, you would be responsible for taxes unless it’s a cold storage wallet with no KYC integration
>Could you get around kyc by simply buying btc off someone you know?
Here are the ways to get BTC without KYC
1) mine btc
2) buy p2p in person
3) Buy in an online DEX
4) Buy smaller amounts without ID at certain atms
5) receive BTC for selling a good or service
6) receive BTC as a gift
> If someone buys btc and immediately sells it to someone else what are the effects/tax implications?
taxes are specific per country so we cant discuss the details with you lacking this info but in many countries with no gain there really is no cap gains to report