Which limitations do I have with cryptocurrencies?

Last updated: November 28, 2020

Currently, Xolo takes the following view on our customers' business transactions with cryptocurrencies:

  • If your company has earned some profit from providing professional or digital services (i.e. the core business) and would like to invest the spare resources to cryptocurrencies (buying-selling cryptocurrencies), it's accepted. However, if buying-selling cryptocurrencies becomes the core business of the company, we cannot support it anymore, since it requires an activity license in Estonia.

  • If your company provides professional/digital services and would like to offer a customer an opportunity to pay in cryptocurrencies, it's accepted if the relevant sales invoice is issued in euros, the collected cryptocurrencies are automatically converted to euros by a marketplace/payment gateway, and transferred to the company's bank account in euros. We cannot support sales invoices in cryptocurrencies nor the direct payments in cryptocurrencies to the company's account.

  • The rules about the purchases of services/products for the company's business activities follow the same logic as sales transactions.

  • If your company wants to use its resources to mine a cryptocurrency, we don't support it.

  • If your company wants to initiate a (public) offering of tokens (ICO) or accept donations, we don't support it.

  • If your company wants to provide a virtual currency exchange service or a wallet service, or become a trading hub/payment gateway itself, we don't support it.

Before you start investing, please make sure your bank supports payments related to purchasing cryptocurrencies.

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