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'd︀ 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]

Banks willing to accept crypto transactions currently︀ and directly are probably non existent, though this could change at some point with the︁ 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 for︃ Crypto/ purchase crypto via Bank acct attached to EMI all on ramp.

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

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

 

[calnana]

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]

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

1) The EMI will work as intermediary bank here?

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

3) If I understood correctly, it's Me︃ -} 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 bank︅ ask me for the source of funds?

Thank you.

@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 acct︀ would suffice.
EMI would be Used as MID

trust the above covers your earlier feedback.!!!︁cig-:,

 

[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]

@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 I︃ 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 from︅ freelancing services?

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

 

[VESTANON]

@thegabelkeith77

For selling, scenario would be⁢ as such,

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

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

 

[FreedomSearcher]

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]

If you can make accurate forecasts about︁ how the situation in the currency market will change, you can make good money together︂ with a crypto broker. Making money on the Forex market is as real as, for︃ example, playing the stock market. But according to the statistics, it is very hard for︄ the players to earn. The fact is that it is very difficult to predict the︅ dynamics of exchange rates. The situation in the currency market depends on many political and︆ economic factors, including the behavior of the world's largest banks, funds, and companies. Even news︇ and rumors influence currency rates.