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Masternode payments and banks

acidburn

Active member
Hello,

Over the last few days I've been thinking about the anti money laundering policy that our UK counterparts have to deal with. If the bank even as the slightest hint of money laundering going on they will freeze your assets and report you to the Feds.

That's all good since I'm all against dirty money. But how can I prove MN payouts? And their source?

When I buy drk I get it from a company which a a policy in place to protect them. I provide I'd, proof of purchase and I return get a invoice. If this was wet questioned I could provide credibility of the source of income.

If I trade it ad play the 'stock market game' I can also prove that the exchange I use has an ati money laundering policy in place and record all my transactions. Again, evidence to hand over to prevent te assets from being frozen.

But what happens to MN payouts? My understanding is that thy can't be traced, or proven. So how does one justify the extra £6,000 a year income is legit?
 
This is still a difficult topic. UK laws seem very restrictive.

Anyways, earning money with cryptos is neither illegal nor pushing money laundering.
If you want avoid to get in conflict with the law, here are some hints.
  • Register a business / register as self-employed
  • Report all earnings and related transactions to the tax offices
  • Report all accounts related to your business to the tax offices (e.g. a verified bitpay account or whatever you use)

To be honest, this all only makes sense if you really do shitloads of money. If it's some thousends per year, I'd rather look for other ways to cash out the money without any traceable stuff left behind... (For example, buy gold with DRK, sell gold to your local gold shop for cash ... no transaction at all.)
 
Thanks for This vertoe. I have a decent amount of coins - enough for a MN but I fear one day when I cash them in the banks will throw a strop and seize the account.
At that point I need to prove where each of the coins have come from. That I can do up to now but not when the MN payouts occurs.
 
If they went as far as asking for the origin of all coins (I doubt it but you can never know), you can always point to the blockchain because everything is recorded there:
1. You buy drk in an exchange and send it to your wallet
2. You send to your MN wallet from your other wallet
3. Your MN wallet receives payments that appear in the block when it is mined
4. You send your profits from the MN to your wallet
5. You send your profits from your wallet to your exchange
6. You sell at your exchange and send to your bank
 
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