The mainstream status of crypto and blockchain has led to an explosion of crypto-related firms. Consequently, this has become a catalyst for the emergence of regulations and policies that are meant to set standards for crypto-related firms. You must have heard that various nations are working on rolling out tax policies or guidelines that will help individuals and firms properly pay taxes on their crypto related revenue.
These policies and regulations also govern crypto signal providers as they are required to pay tax on all their revenue. However, majority of signal providers are not complying with clearly stated laws which states that they must pay taxes. As such, it is safe to say that they are running illegal businesses and individuals and firms who do business or subscribe to their services are linked to tax evasion schemes.
Also, there are risks associated with transacting with businesses that do not pay taxes. It is possible for customers to lose their funds when tax agencies clamp down on such firms. This is also true for crypto signal providers as customers tend to lose the money they have invested in various signal providing services when their signal provider is on the run from the law or facing capital punishments.
In addition, accepting cryptocurrency as a form of payments without paying tax on each transaction is considered to be a form of money laundering. This means that individuals or firms that subscribe to tax defaulting signal providers are indirectly linked to a money laundering scheme. Therefore, it is important that you verify the tax compliance status of crypto signal providers before subscribing to their services. Doing this will spare you the headache of facing various tax evasion and money laundering investigations or even punishments. If you do a thorough analysis of the various crypto signal providers we have in the market, you will be shocked at the number of signal providers that are nonchalant about tax issues.
VCG Takes Tax and AML Seriously
We at VCG recognizes the risks associated with tax evasion, therefore, we have set up a business structure that strictly adheres to tax rules. Also, we understand that our goal to become a global community for crypto traders and investors can only come to fruition when we create a platform that promotes law abiding trading activities. Although we know that some of our competitors cut corners by facilitating huge transactions without verifying if they comply with anti-money laundering AML laws. Yet, we stay true to our business legacy, the sure route to longevity.
In order to create a law-abiding business structure, all our service fees include Value-Added Tax (VAT). Therefore, all fees for our service packages which include the merger trading, gold. Silver and bronze service plans are VAT inclusive. We also strive to comply with all the tax rules of the EU countries where we operate by adopting a system that will help us easily track our revenue and transactions. To achieve this, we verify the location of our customers.
In addition, we have put in place different measures that will help us comply with AML regulations. We verify the sources of payments in order to be sure that transactions are not linked to money laundering activities. By doing this, we are able to assure our customers that VCG pays attention to details which are evident in the quality services we offer.
VCG Also Complies With GDPR
On May 25, the European Union (EU) enforced a new regulation dubbed the General data protection regulation (GDPR) which is designed to protect the privacy of EU citizens. As its name suggests, the GDPR will function as a law which will reshape the way organizations handle data privacy. And defaulting individuals or organizations are at risk of facing stringent penalties. Therefore, organizations have begun to restructure their businesses in order to comply with the GDPR.
Since VCG is a group of law-abiding individuals, we have created a platform that is privacy conscious and GDPR compliant. Therefore, we can assure our customers that VCG will not give or sell any of their personal details to third parties. This is because we are a group of responsible and forward-thinking individuals that are working on creating a trust-driven relationship with our customers. Also, we have put in place security measures that will protect our customer’s information and details.
VCG Will Continue To Abide By the Law
Apart from providing quality trading signals and services, the team is also monitoring the various crypto-related regulations that are being introduced in the various countries where we operate. We believe that these laws will help us create a system that is based on business standards which optimize our efficacy. As earlier mentioned, VCG is a group of forward thinkers and we will not only keep providing quality services, we also plan on staying compliant with tax, AML and GDPR laws.