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Trouble cashing out your cryptoasset fortunes?

Via the FT: Bitcoin investors struggle to cash out new fortunes (paywall).

Mortgage lenders and brokers are avoiding cryptoasset riches. Even after converting to sterling, lenders wanted to know the source of income. However nothing in law prevents this, so, “Many lenders including Coventry Building Society, Skipton and the Yorkshire Building Society said they would accept deposits derived from bitcoin sales.” All that said and done, banks really do ask for your previous six months bank statements, so if you had money before, this really shouldn’t be a problem.

In addition, via the FT, Investors face barriers trying to turn bitcoin profits into pounds (paywall), it seems that there are hurdles to bringing money back into the UK, since exchanges lack banking relationships with UK banks. There seems to be more comfort with European banks and cryptocurrencies. Interesting to see banks like Standard Chartered not allow bitcoin-related transactions, while Barclays may do a crime investigation, and NatWest may alert customers of potential fraud.

Seems a matching exchange, i.e. Bittylicious, seems like the workaround. It seems quite a bit like Remitano. Go back to peer-to-peer.

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