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UK and withdrawals to fiat.

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by COINS NEWS 86 Views

Hi team.

I’m looking to head off any problems before they arise.

I want to gift some crypto to someone. They are based in the UK and bank with Nat West.

I have talked them through setting up an account with Kraken. This has now been completed and they are good to go (although the account has not yet been funded in any way).

When I transfer them some BTC/ETH will they be able to convert to fiat and cash out or will there be a problem (either with the bank or with Kraken).

Note: I understand “they shouldn’t sell” and all the tax implications.

This is just about the mechanics.

submitted by /u/MonsieurGump
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