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legally earn bitcoin (Crypto) cashout method without any setup in Dubai or any other juridication

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MiddleEuroAsia

opportunist.
So you mean I can open accoint in Kraken, send them my ID scan, auto licence and any other document, after send them btc/eth and in the same day sell them all this on good price and cash out money to any bank account WW?
Yes, pretty much, however, if you're a new customer or haven't trade with them before it might take 2-3 days to complete the transaction. just send and email to their OTC desk at [email protected] and tell them about your inquiry and that you are a new customer, and you might be able to expedite your verification process.
 

Dreamy

New member
Yes, pretty much, however, if you're a new customer or haven't trade with them before it might take 2-3 days to complete the transaction. just send and email to their OTC desk at [email protected] and tell them about your inquiry and that you are a new customer, and you might be able to expedite your verification process.
Sounds good. But if everything is so easy, why people use for example Freds setup in Dubai to cash out their crypto and other solutions that cost not so small money? It's interesting, but I think any euro bank will not like payment from Kraken and other crypto exchange in amount with at lease 5 numbers and more. At lease they will block this transfer, IMO.
 

John Spectre

Entrepreneur
Sounds good. But if everything is so easy, why people use for example Freds setup in Dubai to cash out their crypto and other solutions that cost not so small money? It's interesting, but I think any euro bank will not like payment from Kraken and other crypto exchange in amount with at lease 5 numbers and more. At lease they will block this transfer, IMO.

You are right.
Problems not in exchange side, but on banks receiver side. Banks not likes crypto.
Once you got bank who is crypto tolerance, you could send money to it from any reputable crypto exchange without single problem: kraken, bitstamp, binance, bitfinex, etc.
 

esdee

New member
Hey, I'm not sure whether you have looked into Dubai further, but I know a few people who have managed to exchange larger sums to bank accounts without issues in Dubai.
It is probably easier if you just want it in cash, but obviously thats not possible with this amount, so it might require some "paperwork" to convince the banks, but yeah many work arounds do exist.
For an amount this big I would personally setup a freezone company in Dubai to receive the exchanged amounts in slowly over a few month to avoid issues and then move it somewhere else.
 

Dreamy

New member
Hey, I'm not sure whether you have looked into Dubai further, but I know a few people who have managed to exchange larger sums to bank accounts without issues in Dubai.
It is probably easier if you just want it in cash, but obviously thats not possible with this amount, so it might require some "paperwork" to convince the banks, but yeah many work arounds do exist.
For an amount this big I would personally setup a freezone company in Dubai to receive the exchanged amounts in slowly over a few month to avoid issues and then move it somewhere else.
The problem also is that crypto is very volatile. Today btc can be 50k, in a week 40k, in a month 55k and so on.
 

esdee

New member
The problem also is that crypto is very volatile. Today btc can be 50k, in a week 40k, in a month 55k and so on.
Yeah true, its much easier to exchange it to USDT. There are a few places in Dubai where you can exchange larger amounts from USDT, and you definitely get a much better rate.
 

LiquiditySplash

New member
For an amount this big I would personally setup a freezone company in Dubai to receive the exchanged amounts in slowly over a few month to avoid issues and then move it somewhere else.

What kind of business would you register for that? If you could get a business bank account that accepts those payments it sounds like a good solution, but I imagine most banks aren’t going to like to hear your business is in crypto and receiving exchange withdrawals?
 

burden

Mentor Group Gold
How about to create a new wallet, verify it, and receive coins from your old anonymous wallet, use an invoice which you just make up and no one can claim it is your fault. You can always invoice someone that you never meet!
 

esdee

New member
Do you mind to share an URL of such a place?
They are unofficial exchanges, so no URL there. But yeah check out coinsfera, bit oasis etc. or p2p on binance to cash out smaller amounts on a regular basis, probably safer anyways.
These unofficial exchanges are more suited for someone who needs dummy receipts from a company to justify bigger transactions. But feel free to pm me if you want more details.

What kind of business would you register for that? If you could get a business bank account that accepts those payments it sounds like a good solution, but I imagine most banks aren’t going to like to hear your business is in crypto and receiving exchange withdrawals?

It depends on your background, and what you can come up with if questioned, so if you have knowledge about a certain business or a degree that qualifies you to operate certain business activities, then that might be easier for you to run and justify. But usually something like computer consultancy, advertising consultancy, some form of business management firm, software design etc are all viable options, and you could be getting clients from around the world since its remote work. If you do plan to stay in the UAE for sometime and invest then you might have other options available too like real estate for instance (a few brokers are starting to accept BTC).

I remember reading some good replies on the forum when one of the members was asking about setting up a company in Dubai and opening a bank account etc. so you can check that out.
 

CaptK

Nominee Company Bank Account Real Estate Passport
Mentor Group Gold
Take a look at coinsfera-com for example. They advertise on bitcoin-talk. I'm also interested to find more options.
That won't work, because you have to justify the cash and those guys won't give you invoice and most likely they all deal in cash.
 

azb1

Entrepreneur
and there is some legal solution for withdrawing cryptocurrency from binance, is there a bank that accepts such payments? in any juridication?
https://en.swissquote.com/ (Biggest swiss broker they accept payment from reputable crypto broker)

You can also use

TradeStation | Online Trading And Brokerage Services (US broker)

I also finding new banks for this purpose , If anyone please do share.

Thanks
 

Verbatim

New member
There is a reason you are left with few options and the ones left are tried and tested solutions.
I'm testing a few different jurisdictions but the only one that seems to be good for someone who wants to cash out in one years time and doesn't mind pooling or simply Hodl for that period is Germany. BUT you need to be resident there for that period so you must spend 183 days in Germany and that is not suitable for 99% of people.
Could you please elaborate why Germany would be a good place to cash out? I am now reading the BMF letter which seems to confirm the 1 year holding period. Also seems to clearly differentiate between private and commercial (latter is taxed at usual income rates). For banks' attitudes towards crypto, I am not sure.
 
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