UAE Crypto cash out via luxury goods

[J55k]

Hi all,

Another post on crypto cashout.

Does anyone have any experience of cashing out in UAE via various high end luxury goods - such as watches/cars/gold/design furniture etc? (not counting real estate)
I know there are plenty of ways to spend crypto on whatever you want in the UAE.

Will SOF be investigated further than the sale of these items? (as I have read that they might be with the sale of real estate)

Seems to me like a pretty straight forward way to exit a decent position.

Any inputs?

 

[0xDEADBEEF]

A year or two ago, handling transactions was fairly straightforward if you had the necessary paperwork in place. Some people I know managed to use the same documents for depositing money (from watch/car sales) across multiple banks without any issues. However, it's uncertain whether the recent push for compliance in the UAE will require more information.

If you're planning a short-term stay in the UAE before returning to your home country, be aware that depending on the country, authorities might inquire further and investigate more deeply.