How to make crypto payments corresponding with the local legislature?Denis
Crypto payments are paving the path towards a widespread trend; meanwhile, the vast majority of merchants still have no idea how such payments are regulated from the viewpoint of the legislature. Is the trend legal, and why should businesses apply to B2BinPay?
Since the year 2020 governments have commenced realizing that cryptocurrencies are not a one-time venture, but a fast-growing alternative to the traditional economic system. The DeFi sector connected traditional and modernized financial sectors, while stablecoins showed that cryptocurrencies can be not volatile assets.
The USA and the EU are two driving forces from the viewpoint of the global cryptocurrency legislation, and the officials accept the fact they cannot ignore digital assets anymore. Despite the fact that governments understand the crypto market as a threat to the existing economic system, they are working on laws to hasten mass adoption. Digital assets are step-by-step coming out of the shadow.
This said crypto payments are entirely legal in the majority of countries, but what about merchants? How should businesses stay in accordance with the law?
At the moment of writing, digital assets are legal means of payment in the following countries: Argentina, Australia, Canada, Denmark, Japan, the USA, and some other jurisdictions. A wide set of countries have not yet accepted the clear legislation on virtual currencies; this is why merchants are sometimes afraid of a new trend. Let’s clear things up.
The best way to both accept crypto payments and not violate the local legislature is to apply to special payment gateways that help companies simplify the process entirely. For instance, B2BinPay opens new horizons for businesses.
B2BinPay is a progressive way for merchants to make a jumpstart in the sector of crypto payments. Two ways are available:
- Get crypto and manage your digital capital.
When Bitcoin payments and other crypto transactions are legal in your country, get digital assets on secured wallets and manage crypto funds on your own. The service enables users to hold, send, receive, and exchange digital assets. Some countries understand cryptocurrencies as subjects of taxation; hence, merchants need to pay income, property, or other taxes, depending on the local legislature. B2BinPay offers merchants to download reports, access real-time balances, etc. to pay taxes timely and appropriately.
- Receive fiat money to your bank account.
When the local crypto regulation is against crypto payments, B2BinPay offers businesses an alternative decision. Receive fiat currencies directly on your bank account – merchants expand their audience by accepting crypto from throughout the world but don’t violate the legislature having no cryptocurrency on their accounts.
As such, B2BinPay is a perfect way for merchants to accept Bitcoin payments (and other top-rated digital assets) worldwide. Don’t miss your opportunity!