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How to provide Source of Funds for crypto assets

Source of Funds is a term used to describe where a client's money is coming from. At Blockrise, clients can fund their accounts with both Euro and crypto. Proving the source of Euro funds is relatively simple by sharing your bank statements or other records that show the source of your Euro income or savings. Proving the source of crypto funds requires you to provide some additional documents. Below, we expand on the requirements of the Source of Funds for crypto when depositing crypto in your Blockrise account.

In case of crypto deposits, Source of Funds can be provided by uploading proofs of crypto purchases, crypto income or crypto gains. Please note that individual transaction histories of clients might require various documents, proving the source of these funds.

 

Crypto purchases

Accepted forms of documents for crypto purchases  include, but are not limited to:

  • Cryptocurrencies purchased on exchanges:
    • A screenshot of purchase and withdrawal confirmations displaying your account ID and all transaction details.
    • A screenshot of the exchange account details (your name and/or email address, as well as the name of the platform).
    • Transaction history.
    • A bank statement showing the crypto purchase, including the amount of crypto.
    • An invoice or screenshot indicating the crypto purchase, including the amount of crypto.

 

Crypto income

Accepted forms of documents for crypto income include, but are not limited to:

  • Income from services (e.g. affiliate incomes or other services):
    • Detailed description of the service (contract in case it is signed).
    • Receipts for services displaying names, crypto addresses or transaction ID (hash), contact details and information about the entities/persons involved and amounts in question.
    • A screenshot of your account displaying that you are an affiliate.
    • Screenshots of your wallet(s), which show their current income.
    • Screenshots of your transaction history.
    • Proof of ownership of the wallet(s) in question.

 

Crypto gains

Often crypto gains originate from crypto purchases or gains. Please provide those statements too in case they are relevant. Accepted forms of documents for crypto gains include, but are not limited to:

  • Trading and portfolio management:
    • Screenshots of your trading history showing your gains.
    • Screenshots of your portfolios showing your gains.

    • Transaction history showing payouts to crypto wallet(s).

    • Proof of ownership of the wallet(s) in question.

  • Initial Coin Offering (ICO) and token sales:
    • A copy of the contract (Token Purchase Agreement - TPA) displaying the name of the ICO, your name and the exact amount invested in the cryptocurrency and the equivalent value in fiat.
    • Transaction ID (hash) related to the purchase of the token (wallet address where you received your tokens).
    • Bank statement, if a fiat currency was used for investing.
  • Staking:
    • Screenshots of the transaction history on which deposits, withdrawals, and profits are visible.
    • Screenshots of the transaction history showing the payout.
    • Wallet addresses and transaction IDs.
  • Mining:
    • Receipts for the purchase of mining hardware with the name of the buyer and seller displayed.
    • Photos of mining hardware and screenshots of the platforms and programs used.
    • Operating cost statements (e.g. electricity bills) also issued in the name that you have registered on Bity.
    • Screenshots of mining revenues and rewards as well as the transaction history from and to wallets.
    • If coins from mining activities have also been traded, screenshots displaying the transaction history are needed, which clearly display the receipt on the respective exchange and the name of the account holder.

 

Requirements for all documents

Please note that all documents should meet the following conditions:

  • Documents should come from an independent and reliable source.
  • Document must be in color, in PNG, JPEG, or PDF format.
  • Document must be clear and of high resolution, all information should be clear and readable.
  • Document can not be edited or manipulated.
  • Document data may not be blocked or blacked out.
  • Document should be original, no copies are allowed.
  • Document should not be expired.

 

What does Blockrise do with this information?

Blockrise will validate the provided proof of the applicant and decide if their crypto has come from a legitimate source. Through this process, Blockrise filters out possible bad actors with the intention to use the services of Blockrise for money laundering or terrorist financing. Blockrise strives to build a more transparent and safe crypto space and aspires to set an example for other crypto custodians in providing compliant and secure services for trustworthy clients.