Legal infrastructure for cross-border payments

Russian companies and individuals are currently severely restricted both in transferring funds abroad and in receiving finances from abroad. One of the few solutions to this problem may be the use of digital currency by commercial banks and individuals.

Common problems of using fiat currencies in cross-border bank transfers.

Sanctions-related restrictions

The European Union has introduced the sixth package of sanctions against Russia. The published document establishes the disconnection of several key Russian banks from the SWIFT financial messaging system. The EU sanctions regulation obliged all EU-based providers that deliver interbank messaging services to banks to cease communications with those entities that have been placed under blocking sanctions or on a special list. Also, the financial market was strongly affected by the exit of two payment systems: Visa and Mastercard. Thus, the options for cross-border transfers in fiat have been severely limited.

High bank commissions and difficulties in bank support

One of the key aspects that companies face in international cross-border payments can be considered high bank fees and difficulties in the process of bank support (possibility of unilateral bank rejection, long terms, etc.). Digital currency transactions can be completed in minutes, regardless of the location of the sender and receiver in the world, and without the need for intermediaries such as the correspondent banks.

Unpredictability and instability

The unpredictability of exchange rates and the volatility of financial markets can have a significant impact on the financial stability of your business. We provide advice and solutions to mitigate risks and ensure the stability of your cross-border financial transactions.

Digital currency has a number of advantages: faster and cheaper transactions, reduced exchange rate risk, increased transparency and security. However, at the moment there is no comprehensive regulation of digital currency in the Russian Federation, and its circulation is limited.

In order to conduct international business effectively, legal entities need to make cross-border payments in compliance with all legal norms and requirements. Our digital currency cross-border transfer support service provides a reliable and professional solution for your business.

Advantages of cross-border transfer support services

1. Legal formalization. Our legal experts will ensure that your cross-border settlements were handled correctly and legally in compliance with all the necessary regulations and standards.
2. Saving time and resources. By utilizing our services, you save time and resources by ensuring efficient and secure international financial transactions.

GMT Legal has extensive experience in handling cross-border transfers and is ready to help at every stage of transactions using digital currency.