Crypto casinos affiliate income taxation

[Stratter]

Hi guys,

I've been doing affiliate marketing for crypto casinos for about a year now.
Of course, the results are far from what every affiliate dreams of, but still I am able to make some money and I would like to use it.

Thus, I need advice on how can I withdraw crypto income to a bank account in a legal way. If I just send it from a crypto exchange to a bank account - the financial monitoring department of the bank most likely will freeze those funds until the source of income is explained.
I was thinking about making a company in Malta, but the lawyer I had a consultation with said that the financial audit of the Malta taxation authority will need to see contracts and invoices with every casino I'm partnered with. Since the affiliate system of every casino is kinda automated - there is no way to get those documents.

There are affiliates who earn hundreds of thousands of dollars in a month, I believe they have some process to pay taxes for it and withdraw to a bank account for use. So I don't think it is technically impossible.

Has anyone already gone through this?
Or maybe someone can recommend jurists who can help with that.
Any kind of help would be appreciated.

 

[Kadabra]

Have no idea where you are located but I would suggest that you discuss it with local lawyer and CPA, as each country/bank and its own stance on crypto.

 

[casinobonusguy]

WE have no issues in Canada taking Bitcoin payments ,we claim it as affiliate income but if you hold bitcoin you also have to pay capital gains taxes. It is extra paper work as we invoice the program in USD ,then we have to journal entry the amount we actually receive in Cad to the bank account but Coinsquare has tax section so year end it is very easy to reconcile that to our books.

 

[casinobonusguy]

Have no idea where you are located but I would suggest that you discuss it with local lawyer and CPA, as each country/bank and its own stance on crypto.

You cannot send bitcoin to your bank ,we use Coinsquare to convert bitcoin to Canadian dollars then withdraw to our business bank account. The extra paperwork is internal bookwork .It only gets complicated if you hold it as you then have to put your original invoice amount in as paid and excess you declare as capital gains .We try to avoid that and sell as we receive it for our business accounts.