Palau ID for KYC on Bybit & Other Exchanges: Legality, Taxes and more (Complete Guide)
Are you considering using a Palau ID to access crypto exchanges like Bybit? In this video, we dive into everything you need to know about using a Palau digital residency ID for KYC on crypto platforms, especially if you’re from a restricted country like the United States. We’ll cover whether it’s legal, the risks involved, tax obligations, and more. If you’re curious about this trending method of bypassing restrictions, this guide has you covered.
Questions we answer in this video:
– Is using a Palau ID for KYC on crypto exchanges like Bybit legal?
– Where do you need to pay taxes using a Palau ID?
– Does using a Palau ID mean you’re a Palau resident?
– Are there risks or penalties for bypassing restrictions with a Palau ID?
– Which countries are restricted on Bybit, and why?
We’ll also discuss which exchanges may accept a Palau ID and what you should know if you’re worried about compliance in your country.
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Timestamps:
00:00 Intro
00:39 What is a Palau Digital Residency ID?
01:32 Costs
01:45 Is this legal?
02:42 Taxes
03:19 Bybit Restricted Countries
03:45 Do you become a resident of Palau?
04:14 Do you still need a VPN?
04:57 Summary
05:54 Links to all you need
06:39 Other Alternative (DEX)
07:28 Questions and Outro
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DISCLAIMER: The content of this video is not financial advice. You should not make any investments based on this video. I am not liable for any losses you may incur when trading crypto, always do your own research.
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