Hey @Zikki I'm also amazed how most replies here are not only useless but designed to get you in trouble.
Let me narrow down 2 most common suggestions
1. exchange > EMI > brick and mortar bank account
Yes this might work for like 5k but for any serious amounts you will be asked for SoF either at the EMI or the bank or both once you mention to the bank it's crypto they might freeze your account. EMI even if crypto friendly can also freeze if as you say the rep feels unhappy.
2. Get it exchanged p2p and get false invoice to SoF︀ the funds.
I see quite serious debate if this is money laundering or not, some︁ people eager to prove it is not, but EVEN if it's not, and EVEN if︂ the court decides later it is not you will still have a lot of trouble︃ even if you win the case 5 years down the line while all your assets︄ are frozen you've already lost so much time and money.
And even if it really︅ is not money laundering it is still faking a document so are still on the︆ hook for AT LEAST that.
I completely get you that your goal is not only︇ to cash out a little but to do it without getting on the radar of︈ the government and avoid unnecessary trouble, since after all it is all legal, it's just︉ that banks are not crypto friendly enough yet.
Since I'm also an EU citizen and︊ about to become Dubai resident soon my limited research shows that ENBD and ADCB might︋ be somewhat crypto friendly but nobody has given me definitive answer for large amounts, since︌ most people on forums and such that share such information are wiring small amounts. If︍ you have some hands on expereince with Dubai banks I'll be happy if you share︎ it.
As to your problem, the best route I've found is to go with a️ tech savvy crypto friendly PRIVATE bank where you can SoF millions and they are adequate enough to do it onchain by following your blockchain tranactions. The downside with that is that they want you to have 500k eur parked with them just to be able to use them for transactions. I solved that by providing them staked ether which is sitting anyway and making me yield, they take 20% of the yield which is not ideal but at least is making me more than their annual fees.
Let me narrow down 2 most common suggestions
1. exchange > EMI > brick and mortar bank account
Yes this might work for like 5k but for any serious amounts you will be asked for SoF either at the EMI or the bank or both once you mention to the bank it's crypto they might freeze your account. EMI even if crypto friendly can also freeze if as you say the rep feels unhappy.
2. Get it exchanged p2p and get false invoice to SoF︀ the funds.
I see quite serious debate if this is money laundering or not, some︁ people eager to prove it is not, but EVEN if it's not, and EVEN if︂ the court decides later it is not you will still have a lot of trouble︃ even if you win the case 5 years down the line while all your assets︄ are frozen you've already lost so much time and money.
And even if it really︅ is not money laundering it is still faking a document so are still on the︆ hook for AT LEAST that.
I completely get you that your goal is not only︇ to cash out a little but to do it without getting on the radar of︈ the government and avoid unnecessary trouble, since after all it is all legal, it's just︉ that banks are not crypto friendly enough yet.
Since I'm also an EU citizen and︊ about to become Dubai resident soon my limited research shows that ENBD and ADCB might︋ be somewhat crypto friendly but nobody has given me definitive answer for large amounts, since︌ most people on forums and such that share such information are wiring small amounts. If︍ you have some hands on expereince with Dubai banks I'll be happy if you share︎ it.
As to your problem, the best route I've found is to go with a️ tech savvy crypto friendly PRIVATE bank where you can SoF millions and they are adequate enough to do it onchain by following your blockchain tranactions. The downside with that is that they want you to have 500k eur parked with them just to be able to use them for transactions. I solved that by providing them staked ether which is sitting anyway and making me yield, they take 20% of the yield which is not ideal but at least is making me more than their annual fees.
