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Fiat and Crypto private finance
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Fiat and Crypto private finance
RU
EN
ES
CAPITAL
Capital Movement
Capital Preservation
Capital Transfer
MY HUB
Services for PEPs
ANTIDOT
About
How it works
Presentation
Project information
ANALYTICS
Research
Surveys
REGISTER
SIGN IN
RU
EN
ES
Survey: How to legally move from crypto into the world of fiat money
Thank you for completing the survey. You can download the analytical report here.
Crypto exchanges are often criticized for opaque practices and weak user protection. Though owners of crypto assets strive to use fiat currencies freely, they lack adequate knowledge in this area. This survey explores this issue from the perspective of crypto-asset owners.

Over the next 2 months, a series of surveys will be conducted among crypto entrepreneurs from around the world. This research aims to evaluate their methods and the difficulties they face in integrating crypto assets into the fiat system in various countries.

The survey consists of 29 questions that will give respondents insights on how to transition between the crypto and fiat worlds with minimal difficulty.

Why participate?

You will receive a full analytical report immediately after completing the survey as well as an updated analysis with the final statistical data at the end of the survey. Thus, based on the survey results, you will receive 2 emails from us, 2 months apart.

You can stop participating in the survey at any time. We reserve the right to exclude your responses if we suspect you are participating in bad faith.

Answer honestly — this is important for the final statistics as well as a more accurate analysis of the results.

Is your crypto wealth less than $1 million? If yes, please discontinue the survey. You will still be able to download and review the analytical report.
How do you identify yourself in the crypto world?
89% of surveyed crypto-asset owners believe that banks and financial institutions deliberately limit their freedom in the fiat world. In reality, financial regulators (such as the FATF and national regulators) set rules that make life equally difficult for holders of crypto assets and holders of traditional fiat assets. Unable to penetrate the crypto world, regulators have focused on the border between the fiat and cryptocurrency economies. For example, starting in 2024, the EU is gradually requiring crypto service providers to conduct checks and submit reports to authorities when their clients’ transactions amount to 1,000 euros or more. The thinking is that this will increase costs for small crypto platforms (KYC is expensive), trigger consolidation in the industry, and subsequently make it possible to control key players. You can only select one answer.
Have you ever thought about the following statistics?
Select the items that you are aware of
In 2023, the crypto market's capitalization grew by 108.1% and increased from $829 billion to $1.72 trillion, according to a operating report by analysts at CoinGecko, a data aggregator. Every month, $7 billion is withdrawn from crypto into fiat by cryptoenthusiasts, and $9 billion is poured in by institutions (hedge funds, banks, and other fiat institutions establishing themselves in the crypto community). Analyze your capital and specify the ratio between crypto and fiat money. You can select from 0% to 100%. Is your crypto wealth less than $1 million? If yes, please discontinue the survey. You will still be able to download and review the analytical report.
0%
100%
What investment methods have been successful for you?
Analysts give different forecasts for the future of the crypto-asset market: some expect Bitcoin to fall, others expect it to increase 10-20 fold in the next 10 years. Investments in cryptocurrency in 2023 produced returns of 170%. In 2024, the launch of spot Bitcoin ETFs, the halving, and new regulatory measures are attracting the attention of both crypto-capital owners and institutional investors. You can select as many answers as you want.
Who do you rely on most to make decisions about how to manage your crypto-asset portfolio?
We won't list all the challenges that owners of crypto assets face — you know them without us saying a thing. In this research, we are interested in learning which information sources crypto entrepreneurs trust when making decisions. Select your preferred answer.
Are you well informed about the actions being taken by fiat currency regulators and how these changes may affect you and your loved ones?
Together with the FATF, authorities continue to push crypto into a restricted area to reduce the number of uncontrolled crypto transactions in the fiat world. For example, starting in 2024, all residents of Spain must declare their crypto assets and pay capital gains taxes on them. More recently, crypto-friendly jurisdictions, such as South Korea, have introduced similar regulations and, in some respects (e.g. crypto mixers), even stricter controls. Select your preferred answer.
Have you tried paying for purchases by converting crypto to fiat money?
Cryptocurrency is used as a means of payment in a limited list of countries: Italy, Malta, Germany, and others. In other countries, crypto entrepreneurs have to work with fiat currency. Most of them don't want to spend time learning the rules of fiat money and are looking for “workarounds”. But the harsh "suits" continue to legalize crypto assets. Crypto entrepreneurs face a difficult choice: adapt to changes or dive deeper into crypto, i.e. buy and sell only in crypto, where possible. You can only select one answer.
What does the term “white” transfer from crypto to fiat mean to you?
What are a crypto entrepreneurs main goals in the fiat world? To be free, just like in the crypto world. We invite you to compare your priorities in relation to the following actions.
The market is flooded with offers to quickly withdraw large sums into fiat money. And stumbling upon scammers is just the tip of the iceberg. Here's a well-known example: a client accepts an offer from a counterparty in country N to open an account at a local bank and get the corresponding amount in exchange for cryptocurrency. The client quickly receives the fiat money and a bank account in the specified country. However, when attempting to transfer funds to any other country, the recipient's bank requires an explanation of the origin of the funds. The client is unable to provide the required documents, so the bank rejects the payment as well as future transactions. In the end, the client received fiat money but cannot use it outside the country where the account was opened, because he or she cannot prove the legal origin of the capital. When answering the question, select the purchase amount that is most applicable to you. You can select from $0 to $1 million.
0
1000000
How often have you received offers for “gray” conversion from crypto to fiat money over the past year?
Cryptomaniacs learn about fiat money from crypto service providers. They offer “fast” models and high fees for their work. According to statistics, 27% of offers are pure fraud, and the rest involve financial risks for crypto-asset owners. Legal (“white”) models work differently: crypto capital remains forever in the owner's hands and is not transferred to intermediaries. Even temporarily.
What models do you use when converting from crypto to fiat money?
86% of crypto entrepreneurs lack information about legal ways to withdraw crypto into fiat. Offers to convert cryptocurrencies come in from everywhere. And friends of friends know people who can be trusted. But which part of these offers is actually 100% legal and, most importantly, will not create problems for a crypto entrepreneur in the fiat world? The legal “white” model is simple: follow all the rules laid down by the "suits" and gain freedom to move (free transfer) your converted capital in the fiat world. A "white" model is set up and tested only once. If a bank approves a transaction under the model, the owner of the crypto capital will be able to use it on a permanent basis without risks or restrictions. For this question, you can select as many answers as you want.
Have you thought about the risks of using “gray” models?
Unlike “white” models, “gray” models cannot provide a 100% guarantee a positive result. Problems may arise in the medium term. And here's why. Suppose an intermediary (company or individual) through whom an exchange is made is on a list of questionable counterparties. Its account is hacked. Pursuant to the bank’s rules, every client is now the owner of “broken” fiat money. The bank reverses all of the counterparty's previously performed transactions. However, crypto service providers don't inform their clients about these risks. The legal “white” model works differently: if a transaction is completed and accepted by the bank, that’s the end of the matter. Your converted capital is designated a free transfer. You can only select one answer.
In your opinion, how likely is it that an asset transfer to your family will succeed?
Have you ever thought about what will happen to your family's well-being in the event of a catastrophic event? Will they be able to get to crypto assets on their own? The head of a family usually leaves general information about his or her assets. Heirs need time to recover information and dive into the details, but they will only have 3 months to assume legal rights. You can only select one answer.
In your opinion, will family members be able to use “white” models to convert cryptocurrencies into fiat money on their own if they need to?
Imagine a situation where family members need to use transferred crypto assets in the fiat world. Do you think they will be able to perform all the necessary legal actions without questionable intermediaries? You can only select one answer.
How well does your family (spouse, close relatives) know the location of your crypto assets?
From time to time, crypto entrepreneurs tell family members about their crypto capital and its location. The expectation that they will remember everything is too high. Statistics tell us that no more than 17% of this information is retained in a person’s memory. Accordingly, 23.7% of crypto assets (Bitcoin, Ethereum, etc.) are ownerless. As everyone knows, lost keys cannot be recovered. You can only select one answer.
Do you think banks deliberately discriminate against crypto entrepreneurs?
The fiat world's rules are just as strict for asset owners. In the eyes of the fiat world, crypto assets are the same as physical assets. 92% of surveyed crypto entrepreneurs believe that banks discriminate only against crypto-asset owners, whereas 86% of fiat businesspeople say the problem is universal for everyone. The difference is that fiat businesspeople are more willing to interact with banks. You can only select one answer.
What is crypto for you?
According to a market assessment report from Crypto.com, a cryptocurrency exchange, more than half a billion people became crypto-asset owners by the end of 2023. You can select as many answers as you want.
What types of cryptocurrencies are in your asset portfolio?
Bitcoin continues to lead the crypto-asset market — its owner base grew by 33% in 2023. Ether leads Bitcoin in terms of growth (39% over the past year), but it lags behind in the number of users: 124 million for Ether versus 296 million for Bitcoin. Tokens and stablecoins are also ascendant. For example, the stablecoin market has reached a capitalization of $142 billion, the highest since December 2022. Select the assets that are in your portfolio.
72% of crypto entrepreneurs mention the need to convert large amounts from crypto to fiat money. Of these, only 11% had previously done this. Despite high demand, most crypto entrepreneurs aren't adequately informed about legal ways to convert large amounts of crypto. As a result, funds are withdrawn in small lots through trusted intermediaries. For this question, you can select from $0 to $1 million.
0
1000000
Crypto entrepreneurs don't want to waste time interacting with the fiat world, so they prefer to postpone large purchases “for later” or find intermediaries. And if postponing purchases is impractical, then the choice to work with intermediaries means risks of blocked accounts and blocked transactions, and in some cases — moving into the “danger zone” at the bank. For this question, you can select from $0 to $1 million.
0
1000000
Do you have an SoWе?
A Source of Wealth (SoWе), also known as a Source of Funds, is a fundamental document in the fiat world, which describes the origin and history of movement of the owner’s crypto assets. Employees of banks and other fiat financial institutions turn to it first and last when making a decision about the trustworthiness of an asset owner. The impression of the client will be based entirely on what is written in the SoW. Among surveyed crypto entrepreneurs, only 8% of respondents recognize the importance of an SoW. 92% either do not have one or do not believe it is important. You can only select one answer.
Are you aware of the problem of breaking the chain of continuity of capital ownership?
43% of fiat businesspeople admitted that they lack sufficient information on how to correctly prove the continuity of capital ownership when completing a KYC (Know Your Customer) procedure. In the crypto community, the situation is clearly worse: 91.5% of surveyed crypto entrepreneurs have no knowledge of the procedure for proving the continuity of capital ownership or the possibility of breaking the chain of continuity. Breaking the chain of fiat capital ownership means that the bank cannot establish a link between the source of funds and the current owner. In this case, the bank may suspend serving the customer until the facts are clarified. The requirements for fiat and crypto entrepreneurs are the same. You can only select one answer.
Did you know that crypto assets are taxable?
99% of crypto entrepreneurs believe that cryptocurrency is not subject to tax. In the fiat world, all assets are taxed, including crypto, even if it did not change hands and only appreciated in value in storage. In the language of fiat currency, this is income from the growth of crypto assets and it must be paid for. You can only select one answer.
Do you know how to legally save on taxes on crypto assets?
99% of crypto entrepreneurs do not pay taxes on their crypto assets. The problems begin when transactions are performed. That said, with proper optimization, the bill can amount to 0-5%. You can only select one answer.
Last year, 24% of crypto entrepreneurs used “gray” schemes to convert amounts over $100,000. 39% of respondents plan to use them in the next 3-6 months. However, none of the respondents analyzed the risks of negative consequences, both personal and financial.
0%
100%
How often have you received offers for legal “white” conversion from crypto to fiat money over the past year?
86% of previously surveyed crypto entrepreneurs believe there are no legal way to move major crypto assets ($100,000 to $10 million) into fiat money. Only 2% understood the fiat world's rules and regularly used “white” models for the free movement (free transfer) of capital. You can only select one answer.
How long do you think it will take for crypto-asset owners to abandon dubious schemes for converting their assets and use only “white” models?
Our global survey will continue for another month. It will take several weeks to analyze the results and prepare the report. If you want to receive the final statistics and analysis, please leave your email address and we will send them to you.
According to statistics, 99% of families who own crypto assets face the problems described in this survey, and the consequences can be catastrophic. You would do them a favor if you make them aware of the problem. For our part, we will expand the survey's target audience to get more data for research. Please provide an email address to send the survey participation link to your family, children, or friends
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