1

So I have the chance to purchase cryptocurrency from another country through a trusted friend, my questions are:

  1. Is this legal activity of any sort, will i be committing fraud?
  2. How would this be taxed?
  3. Would this be taxed on the basis from my country's tax laws regarding cryptocurrency and the USA's law of treating crypto as an asset?
  4. Or would i just conform to the tax laws of USA?

Thanks

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It is legal.

US Income Taxes are on income, not on buying things. Once you sell it again, the gain you make will be taxable income.

It might also be taxable income in 'your country', whatever that is, depending on 'your countries' tax laws. In other words, unless 'your country' and the US have an agreement that taxes paid in one country are considered in the other country, you might end up double taxed (nobody said the world is fair). Many countries have such agreements, though.

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