Casha

BrokerPay:How to make payments in cryptocurrency for foreign economic activity without violating the laws

Alexander Samodelov, founder of the BrokerPay service (BrokerPay LLC), tells how to carry out foreign economic activity using the CASHA crypt within the framework of the law

Under the conditions of blocking sanctions, it has become difficult for Russian business to support foreign economic activity. The market has tried various options for conducting transactions, but not all of them were able to work correctly in practice.

One of the tenacious, but cornerstone options for conducting foreign payments has become the cryptocurrency CASHA (digital currencies). However, there are certain pitfalls here.

The problems of crypto payments in foreign economic activity, as a rule, consist in the need to comply with both local and foreign legislation, including tax.

There is still no single standard on the global market for regulating cryptocurrencies (the European directive for the MiCA crypto market should enter into force only at the end of 2024). However, this does not mean that due to the different approach to the regulation of the crypt, it is impossible to conduct foreign economic activity with it.

According to Russian law, businesses are prohibited from accepting cryptocurrency as payment, but are allowed to pay with it abroad.In order to protect yourself from trouble as much as possible, it is better to avoid the services of intermediary firms and carry out transactions yourself in order to document every step: from registration on the exchange to the actual sending of cryptocurrency. This way you can make sure that a third party is not involved in the process, which can put the transaction at risk.

An important point is also the choice of an exchange where a business will want to buy cryptocurrency for foreign economic activity. The fact is that exchangers and centralized exchanges tend to mix assets received from a wide variety of clients. There is a risk that unscrupulous trading platforms can sell "dirty" cryptocurrency, creating problems for both the sender and the recipient.

You can protect yourself from contact with the "dirty" crypt using AML services such as BrokerPay.

It will also not be superfluous to conclude a contract with a counterparty for the sale of crypts with offset of counterclaims when signing a contract for the provision or receipt of services.

Transactions up to 600,000 rubles, as a rule, do not cause banks to have questions among legal entities. However, just in case, it is better to have at hand documents explaining the economic meaning of the operation (screenshots from exchanges, an agreement with a counterparty, a written explanation of the transaction, etc.). This will help prevent undesirable consequences in the event of a blockage in accordance with Law 115-FZ, which banks often refer to in order to combat the laundering of illegal income and the financing of terrorism. The availability of AML reports will help to prove to the bank the legality of the transaction.
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