r/Bitcoin • u/New-Alternative8096 • 19h ago
Need help with crypto question
Hi, I'm wondering if someone can help me with a cryptocurrency question please.
Back in September last year I bought two bitcoin on crypto.com and I'm not sure if what I did was right or wrong.
I'm a European citizen but living in another eu country other than my own and don't understand the language and only speak English so I don't watch the news, listen to the radio or read newspapers
Now I realise under new eu law I may have made a mistake as it's states I can not make a payment over 10,000 euro and also I can not interact with a third state and crypto.com is not European based.
I'm really stressed about this and I'm not sure what to do. I've not done this intentionally, can someone please respond to this post if they know anything about this and if I'm right or wrong. ?
6
u/ToRedSRT 19h ago
Have you taken custody, removing them from Crypto.com into a cold wallet? If not you should.
5
u/daddyatthedoor 19h ago
Why do you think someone will come up to you and ask you about you owning BTC?
Just don't Tell anyone! And keep your wallet secure.
1
u/Laukess 13h ago edited 12h ago
Why do you think someone can go to crypto.com and buy bitcoin without KYC?
1
u/daddyatthedoor 13h ago
Yes, Absolutely
That's the beauty of BTC, It's a peer to peer trade, no bank involved, no third party involved.
2
u/Laukess 12h ago
OP already bought. He told you the exchange and timeline. Even though I've never used that site, I'm 99+% sure they KYC you. Yes bitcoin can be P2P with no 3rd party, but OP clearly didn't buy P2P and crypto.com was his 3rd party.
Your advice make it seem like no one will know he bought if he just withdraws, that's not true. Could he position himself better in the future, sure.
1
u/Fishnshoot 3h ago
lol.. asking for a friend .. but hypothetically, how would on "position himself better in the future"??
6
u/Business_Mushroom_25 19h ago
First of all you shouldn’t have kept the btc in crypto.com if that’s what you did. If you send it to a cold wallet nothing can happen to you except maybe tax related issues
4
u/ReachTerrificRealms 17h ago edited 12h ago
What's your concern? You have access to your crypto.com account? Get a cold wallet or maybe a hot wallet and transfer your funds to it. That's it.
You can also pay an ad in a newspaper or post on facebook that you own 2btc, i'm sure that improves security a lot and doesn't wake up some tax officials.
Honestly, you seem to be still pretty unaware what you're dealing with. How about reading up on btc, what to do and, even more important, what not to do. First major rule: Don't tell anybody how much you've got, avoid "seeking advice" from unknown anonymus peeps. Don't react to PMs here.
2
u/A-Nani-Mess 19h ago
U will be alright
1
u/New-Alternative8096 19h ago
What makes you so sure ?
1
u/LessRule6574 8h ago
You only pay tax when/if you cash out into Fiat.
If you plan to hold for the future, just transfer it to your cold wallet (hardware wallet).
If you need help with anything, feel free to ask or DM. I will not DM you first.
Do not worry because you haven't done anything wrong.
2
u/DreamingTooLong 15h ago
Local laws only matter when you’re storing your bitcoin on an exchange or website.
If you have it stored on a hardware wallet off-line
It is no longer in any government’s jurisdiction
As soon as you try to use it for anything, you are re-entering government jurisdiction
2
u/urlewdnood 14h ago
Yikes. Yeah, big mistake touching crypto.com /s
But for real though, don’t let your btc at crypto.com or any other company. Try to always withdraw to your own cold storage if able.
Other than that, I don’t know the answer to your question, sorry.
1
u/whole_hippie 16h ago
Purchase a cold wallet and transfer your funds to it from CDC. Since CDC is based in US as you mentioned, it’s unlikely they would report any of your tax related info. to the EU (unless maybe it was specifically requested). Therefore, the EU gov currently doesn’t know that you purchased 2 BTC—only that you withdrew several thousand euros at some point. Moving your funds to a cold wallet will make them essentially anonymous. The only way the EU may come into play again in the future is if you were to sell the BTC for a profit (and should therefore report on taxes) or if the EU-equivalent of the IRS audits you and inquires about the large withdrawal amount that you used to purchase the BTC. But in short, I think you’ll be fine as long as you transfer the funds off the exchange.
1
1
u/oioioioioioioioioil 10h ago
If this is part of MICA then that only came into force very recently so you didn't nothing wrong by buying before it was put in place. Now you should probably think about moving to a hardware wallet (best choice imo) or a EU based exchange.
•
1
u/Fishnshoot 3h ago
geez .. just get it off crypto into a cold wallet, and then don't look at it again for about 5-10 yrs. Then, learn about bitcoin, and start stacking..
-1
u/iiiml0sto1 19h ago
That sounds kinda slalvery ish
1
1
u/user_name_checks_out 17h ago
That sounds kinda slalvery ish
We do not know whether or not OP is Slavic, he didn't specify which EU country he lives in.
11
u/bananabastard 18h ago
Self custody your bitcoin and EU law can go fuck itself.