U.S business selling cryptocurrency for INR and transferring the INR into USD.
I plan to establish a company that engages in buying cryptocurrency in USD and selling it for INR through peer-to-peer (P2P) transactions. The company aims to accept INR as payment, but it needs to convert it back into USD using a currency conversion service. The business will generate profits by capitalizing on the price difference between cryptocurrency purchased with INR, which tends to be higher, and selling it for USD. This cycle of buying with USD, selling for INR, converting back to USD, and repeating the process enables the business to generate profits. I understand that INR is a restricted currency, and I want to clarify that my business will not be directly dealing in INR or holding it. Instead, the primary requirement is to find a reliable service that accepts INR payments when selling cryptocurrency and efficiently converts them into USD. This allows the business to facilitate transactions seamlessly while complying with any applicable regulations regarding the restricted nature of INR. Here are some questions that I have: * Are there any services that will automatically exchange INR payments into USD? If so, what are they? * Do any exchanges offer OTC (Over-the-Counter) P2P trading for larger amounts? * How would the business be taxed? * What are the tax implications of engaging in cryptocurrency trading and currency conversion activities? * How would the profits generated from buying cryptocurrency with USD, selling for INR, and converting back to USD
