Question Few questions about buying/selling Bitcoin and Banks accounts

[thegabelkeith77]

Hello,

I've few questions please buying/selling Bitcoin and Banks accounts since there is VARA, Dubai Virtual Assets Regulatory Authority.

1) What banks in Dubai is TOTALLY OPEN for Bitcoin, where I can tell them that I'm opening an account to buy/sell bitcoin and/or other crypto.?

2) Is it possible to have a PERSONAL BANK ACCOUNT to buy/sell bitcoin and/or other crypto.?

N.B. About 1, I don't mind not telling the bank and just turn blind about this, but I'm afraid of account closure after the bank seeing transactions coming from/in crypto. related entities.

 

[calnana]

There is no local bank in dubai that's totally open for Bitcoin. Hopefully it'll change.

Some choices are:
1). Build enough history and clout with a bank such that they don't mind you receiving some fiat from exchanges like kraken, ftx...
2). Trade crypto OTC for cash and use it as is
3). Fraud, the solution paddled by various providers -> you pretend to be receiving funds from a business transaction but in reality it would be a p2p crypto trade. (Not condoning this).
4). Purchase property via a broker

I actually heard that citi might be ok with receiving funds from crypto, assuming you'd need to pass some DD though. Not verified.

 

[thegabelkeith77]

@calnana Thank you for your reply.

What DD stands for please in regards to Citibank ?

 

[VESTANON]

Hello,

I've few questions please buying/selling Bitcoin and Banks accounts since there is VARA, Dubai Virtual Assets Regulatory Authority.

1) What banks in Dubai is TOTALLY OPEN for Bitcoin, where I can tell them that I'm opening an account to buy/sell bitcoin and/or other crypto.?

2) Is it possible to have a PERSONAL BANK ACCOUNT to buy/sell bitcoin and/or other crypto.?

N.B. About 1, I don't mind not telling the bank and just turn blind about this, but I'm afraid of account closure after the bank seeing transactions coming from/in crypto. related entities.

Banks willing to accept crypto transactions currently and directly are probably non existent, though this could change at some point with the rise and development of CBDCs .

Get a Setup that Incorporates Banking +Verified EMI attached.

This would enable you receive/send out fiat when required, as well as Swap Fiat for Crypto/ purchase crypto via Bank acct attached to EMI all on ramp.

probablity of obtaining a direct Banking dealing with crypto would be highly unlikely.

DD means, Due diligence, ie.. Kyc , vetting procedures, background checks etc.

 

[calnana]

@calnana Thank you for your reply.

What DD stands for please in regards to Citibank ?

due diligence. It might also be a good idea to investigate local exchanges, might get an idea on the progress they are making with local banks, or lack thereof.

 

[thegabelkeith77]

Banks willing to accept crypto transactions currently and directly are probably non existent, though this could change at some point with the rise and development of CBDCs .

Get a Setup that Incorporates Banking +Verified EMI attached.

This would enable you receive/send out fiat when required, as well as Swap Fiat for Crypto/ purchase crypto via Bank acct attached to EMI all on ramp.

probablity of obtaining a direct Banking dealing with crypto would be highly unlikely.

DD means, Due diligence, ie.. Kyc , vetting procedures, background checks etc.

@VESTANON Thank you for your reply, I've few questions please about this

1) The EMI will work as intermediary bank here?

2) Could you elaborate more on this please "Swap Fiat for Crypto/ purchase crypto via Bank acct attached to EMI all on ramp." as I didn't get it.

3) If I understood correctly, it's Me -} EMI -} Bank and Bank -} Me or Bank -} EMI -} Me, right?

4) Now since it's a setup which incorporates Banking and EMI, why won't the bank ask me for the source of funds?

Thank you.

due diligence. It might also be a good idea to investigate local exchanges, might get an idea on the progress they are making with local banks, or lack thereof.

@calnana Thank you for you continued support. I like your idea, will see what can I do. Thank you.

 

[VESTANON]

@thegabelkeith77

the ideal setup scenario, would be
1.Bank
2.EMI
3.Bank
Bank>Emi>Bank

1.banking acct to receive fiat
2.fiat sent into EMI used to purchase crypto
3.Bank Used to Receive Fiat from Crypto Sales on EMI.

you stated and indicated buying/selling BTC. the above is the blueprint to your solution.

TIP: Bank could be biz/personal acct.
Bank setup in Same Name As EMI.
Bank is swift/Sepa enabled to Transfer Funds to other jurisdictions when required.
SOF is payment from sales and services provided from freelancing services as this is a business acct.
If low amounts of TRX personal acct would be ideal.
if higher amount biz acct would suffice.
EMI would be Used as MID

trust the above covers your earlier feedback.!!!

 

[FreedomSearcher]

A solution I found is:

1. Deposit funds from your UAE bank onto BitOasis (UAE based exchange)
2. Swap all this money for a cryptocurrency with low transaction fees (LiteCoin, Bitcoin Cash)
3. Send these coins to your preferred exchange (FTX, Binance, etc.)
4. Vice versa if you want to cash out to your UAE bank account

I have done steps 1-3, haven't tried step 4 yet. Please someone let me know if this is a good method or not.

Hope this helps.

 

[thegabelkeith77]

@thegabelkeith77

the ideal setup scenario, would be
1.Bank
2.EMI
3.Bank
Bank>Emi>Bank

1.banking acct to receive fiat
2.fiat sent into EMI used to purchase crypto
3.Bank Used to Receive Fiat from Crypto Sales on EMI.

you stated and indicated buying/selling BTC. the above is the blueprint to your solution.

TIP: Bank could be biz/personal acct.
Bank setup in Same Name As EMI.
Bank is swift/Sepa enabled to Transfer Funds to other jurisdictions when required.
SOF is payment from sales and services provided from freelancing services as this is a business acct.
If low amounts of TRX personal acct would be ideal.
if higher amount biz acct would suffice.
EMI would be Used as MID

trust the above covers your earlier feedback.!!!

@VESTANON Thank you so much for your blueprint, much appreciated.

I've another questions please regarding this,

1) So it would be like this, am I right?

For Buying:

Deposit the cash I've into bank, wire to EMI, buy crypto.

For Selling:

Sell crypto for cash, wire cash to EMI, then finally wire to Bank account.

2) For SOF, how will I prove that I made sales and services provided from freelancing services?

A solution I found is:

1. Deposit funds from your UAE bank onto BitOasis (UAE based exchange)
2. Swap all this money for a cryptocurrency with low transaction fees (LiteCoin, Bitcoin Cash)
3. Send these coins to your preferred exchange (FTX, Binance, etc.)
4. Vice versa if you want to cash out to your UAE bank account

I have done steps 1-3, haven't tried step 4 yet. Please someone let me know if this is a good method or not.

Hope this helps.

@FreedomSearcher Thank you for your input. Buy wouldn't you see BitOasis all the long, why need to incorporate FTX or Binance here?

 

[VESTANON]

@VESTANON Thank you so much for your blueprint, much appreciated.

I've another questions please regarding this,

1) So it would be like this, am I right?

For Buying:

Deposit the cash I've into bank, wire to EMI, buy crypto.

For Selling:

Sell crypto for cash, wire cash to EMI, then finally wire to Bank account.

2) For SOF, how will I prove that I made sales and services provided from freelancing services?



@FreedomSearcher Thank you for your input. Buy wouldn't you see BitOasis all the long, why need to incorporate FTX or Binance here?

@thegabelkeith77

For selling, scenario would be as such,

Crypto Exchanged On EMI ramp Into Fiat, And sent to bank acct attached to EMI via wire facility....

for further clarity do PM me, as this is an open Thread, not suitable for direct info.

 

[FreedomSearcher]

@FreedomSearcher Thank you for your input. Buy wouldn't you see BitOasis all the long, why need to incorporate FTX or Binance here?

BitOasis has a limited selection of coins available. Binance and FTX are generally seen as good and trusted exchanges.
You can obviously choose to use BitOasis exclusively if you'd prefer that.

 

[llugguss]

Hello,

I've few questions please buying/selling Bitcoin and Banks accounts since there is VARA, Dubai Virtual Assets Regulatory Authority.

1) What banks in Dubai is TOTALLY OPEN for Bitcoin, where I can tell them that I'm opening an account to buy/sell bitcoin and/or other crypto.?

2) Is it possible to have a PERSONAL BANK ACCOUNT to buy/sell bitcoin and/or other crypto.?

N.B. About 1, I don't mind not telling the bank and just turn blind about this, but I'm afraid of account closure after the bank seeing transactions coming from/in crypto. related entities. If you don`t know how to install EA on mt4 it would be much faster.

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