Bitcoin Forum

Which jurisdictions/countries have weak or no AML/KYC laws and would allow you to convert large amounts of BTC (>$1 million) to fiat without asking too many questions?

Query: If you happen to find one, what, you going to move and live there? If not then you still face the problem of moving your money from said country to where you live. Of course that means the monies WILL be reported to your gov tax agencies which brings you back to your initial concern...

As long as you are using centralized exchanges, there will still be question regardless of the jurisdiction. No centralized exchange is going to let you convert $1M minus asking for KYC verification unless if you opt for KYC-less p2p exchanges but I doubt if their volume is that good to convert $1M at once.

If you have this amount, then make a reward and you will find a lot of specialized comments that help you. The simplest way is to use mixing services, divide the amount into small portions, and start withdrawing within the limits that are available to you without verifying your identity.

many exchanges allow you to send/receive less than 20k per week

That is the viable option here. However, if he is withdrawing in fiat (like USD), I think they do require KYC for that.
How are they going to send the USD money if they don't have your details?
So one way, is to use p2p, which is quite not safe.
Really hard to convert this in fiat at once, should really be in small amounts and may use different p2p platforms.
I don't think the OP will find one that will not ask your credentials, when it is time to convert in fiat.

There must be a limit since there’s no KYC and my country has a limit too and you have to provide KYC if you’re dealing with a millions worth of Bitcoin. Some exchanges are also offering this without having any KYC but of course a limit must be set, if you are going to sell big then have some contact with the whales and make a p2p transactions.

Centralized exchange have the limits and will ask you for a KYC if you are going to hold such amount of Bitcoin. I suggest to sell that slowly, use a Mixer to remain anonymous, do this until you sold everything. If you want a one time big time transaction, then have a multi million deal with the whales but not on a centralized exchange.

But you haven't even answered the question. When you withdraw into your bank account the bank/government will start asking questions as to where the money is coming from. That's why I am asking which are the jurisdictions/countries without KYC and AML.

Then only used dex market for selling it. But I doubt that you can easily find or sell at a volume like that with your desire price. You can always used p2p for doing this but it's gonna be a gamble to find someone whom willing to transact with that huge quantity. I think questions are inevitable nowadays, due to high influx of scammers and hackers. Of course everybody will be worried so doing a heavy restriction is a must especially if you are gonna do big chunks like that.

Question: Why you asked countries about this? Probably in those low restriction like Malta could be a good answer to this.

He's looking to exchange crypto for fiat, and we all know where fiat is involved, an exchange which is legally controlled will ask for KYC. Not even Binance which allows limits of 2 BTC per day withdrawal minus KYC will let you withdraw even $1000 minus KYC. OP's best option is a p2p exchange like bisq or localcryptos

I can't remember this country that allows offshore people to open bank accounts in their jurisdiction. AFAIK, it's a country where it's known to be like that.
Not having that many restrictions for people from other countries who open bank accounts and deposit huge amounts without questioning where it came from. I just can't really remember the name of the country. I've tried googling it but I guess I'm missing some key words.

Any country that allowed that would be instantly swamped and also an instant pariah. I'm sure it's possible if you know the right people but I can't imagine there's anywhere fully and publicly wide open.

And even if the country allowed it the buyer of your crypto may get seriously stuck trying to get money to your obscure account. You're better off moving to a low/no tax haven where you can avoid paying it out in the open even if there is KYC required.

First of all, usually, small countries have weak laws when it comes to money deposits from other countries, etc. But the main problem is that 1 Million USD will look like a huge money for every country, especially for small ones and how are you gonna convert it? You may request special rate for exchange but they'll surely ask, how did you get that money? Every country has an anti-money laundering policy (AML). Even imagine and you got one million USD, then how are you gonna go away from that country into another one with that million? Well, you may still do something in this case but the fact that you aren't a citizen of a country where you plan to convert bitcoins, will cause problems. In overall, you have to be pro in it and don't ask such things on this forum.

Cayman Islands? Is that the place you are looking for?  :D
Certainly that place has a high reputation for being a tax haven but I still don't know how OP would pull if off minus getting in trouble. I mean at the end of the day, he will still get back to his Country where the tax policies are so strict so any extra sum of money could raise eyebrows.

You'd basically have to stay there or hardly ever touch the money. By the time you figure out the inconvenience and boredom and heart ache the average person would rather cough up the tax and carry on with a normal life. As long as it wasn't too egregious I would. Most tax havens are ghastly because the only reason people are there is money.

Hm, I think that's it.
If not, there is another country that has the same rules upon opening bank accounts for people that are not living in that country. But I guess, it is the country that I've heard of.

It highly depends on the origin of the exchange not by yourself, only p2p offers such feature because even exchanges which doesn't have KYC requirements for certain limitations may ask you to verify it at any time for any reason so choosing HodlHodl, Localcryptos and Bisq are the only options.

I believe some of those restrictions and asking questions are going to have something with how much funds you're going to convert, if the amount is high enough as you stated almost all countries are going to ask for KYC and have some further questions.

The question is what you're going to do next if you find one country that doesn't ask for KYC and any other questions?, are you going to move there and convert your BTC to their national currency then?

Over all I don't think you find any country that fits your description here and even if you do find one there's no guarantee you won't have any problem along the way like when you done the exchange and the national currency that you got in return sent to your bank account of that country, keep in mind that transactions of 1 million worth is extremely rare in some countries with weaker economies and they can block your account and freeze your bank account just as easily.

Sad but true that there's no country that has no jurisdiction on KYC in converting $1 million worth of Bitcoins to a fiat. 

Like the others who responded on the thread the only way is to divide the total amount into smaller fractions which will meet the allowable amount that will not require the KYC regulations in your country.  It is nonsense for me if you will migrate to another country that has no jurisdiction on KYC if you find one.  And the government will really do this to have control not only on the tax but also to have an eye over the culprits and be able to trounce money launderers.

Despite of how bitcoin and how crypto / digital currency are better transaction methods and storage for us, fiat has its usecase in society and like it or not we (or at least me) have to use it in specific cases.

As you said, decentralize your fund into

• Different fractions
• Different storage types: fiat, stablecoins, bitcoin and maybe a limited number of altcoins as risky investment.

For stablecoins: beware of PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets (https://bitcointalk.org/index.php?topic=5204055.0) and decentralize your stablecoin-fraction into different stable coins and different wallets.

Fiat: Only cash out to fiat if need to have it to pay for something.

There are many restrictions on kyc at every exchange site but do not allow direct. Works by controlling the rules through site selection no judiciary allows BTC to convert to Fiat without asking questions because tiat is allowed everywhere but Bitcoin is not available and the introduction of Bitcoin is not possible like fiat you want to exchange at any site you have to take permission through kyc there are no national steps to verify its requirements.