Local Dubai crypto meetup

[spacenomad]

Dubai Expo 2020 is starting soon. Welcome to join our group. Today, we saw a bit of correction, nothing to worry about.

 

[NoKYC]

Thanks guys! It's a nice group of people with all like minded ideas. Worth sweating through my shirt to attend.

 

[SoNewToAllShit]

Damn I missed this thread. Next time mark the headline sticky please. I would have loved to be with you guys!

 

[clemens]

What's the catch with such an thread as this one? I mean, you can relocate to Dubai using Fred's services. I believe there is no point of return once setup up.

Or you get a setup in Dubai but don't relocate, you will have to visit Dubai to get the setup and bank account after that, you are all set I believe!

 

[NoKYC]

What's the catch with such an thread as this one? I mean, you can relocate to Dubai using Fred's services. I believe there is no point of return once setup up.

Or you get a setup in Dubai but don't relocate, you will have to visit Dubai to get the setup and bank account after that, you are all set I believe!

There's no catch, it's networking. Maybe it didn't started that way but that's not what it is now.

 

[spacenomad]

Our meetups are excellent for networking with local folks, who are into crypto and live in Dubai. Expo 2020, the 21st century modern Disneyland on steroids, is in full force now. Don't miss it, if you have the chance. Also, the Crypto Expo is coming in mid October, so further good opportunities await. We also initiated contact with another Bitcoin group.

 

[J55k]

Our meetups are excellent for networking with local folks, who are into crypto and live in Dubai. Expo 2020, the 21st century modern Disneyland on steroids, is in full force now. Don't miss it, if you have the chance. Also, the Crypto Expo is coming in mid October, so further good opportunities await. We also initiated contact with another Bitcoin group.

Can you hit me up with the details on the telegram group? Send invite link ?

 

[kokolokop]

My estimate is that all of the above are negligible risks compared to the only one Fred wasn't explicit about - the actual business activity performed at the crucial step where crypto is exchanged to fiat. I hoped that the OP knows something more about that.

Hey, this the concern I have. The whole set up looks great but I'm concerned about the crucial part of the set up, when crypto is converted to fiat. Have you found a better solution or have you get more details on this? How risky is that, and can we get in legal trouble? It feels like creating unnecessary risk. Any clues?

 

[JackAlabama]

What's the catch with such an thread as this one? I mean, you can relocate to Dubai using Fred's services. I believe there is no point of return once setup up.

Or you get a setup in Dubai but don't relocate, you will have to visit Dubai to get the setup and bank account after that, you are all set I believe!

There is no catch. It is "just" a group of likeminded people with a few of them intending of living in Dubai for the most part of the year or full time.
Of course, if you plan to just be in UAE for the 1 day / 180 days, this group is of limited use to you.

Hey, this the concern I have. The whole set up looks great but I'm concerned about the crucial part of the set up, when crypto is converted to fiat. Have you found a better solution or have you get more details on this? How risky is that, and can we get in legal trouble? It feels like creating unnecessary risk. Any clues?

There are generally many many options. But it is all very subjective and as there is no-one-fits-all solution in life so if you plan to spend some time on the ground, you can custom-tailor your own solution(s) for your individual circumstances with relative ease.

 

[kokolokop]

There is no catch. It is "just" a group of likeminded people with a few of them intending of living in Dubai for the most part of the year or full time.
Of course, if you plan to just be in UAE for the 1 day / 180 days, this group is of limited use to you.


There are generally many many options. But it is all very subjective and as there is no-one-fits-all solution in life so if you plan to spend some time on the ground, you can custom-tailor your own solution(s) for your individual circumstances with relative ease.

I like the idea that @MiddleEuroAsia presented. If you go to Dubai with intentions to stay longer then you can slowly withdraw funds to the personal banks account from Kraken. First you use the bank actively, for buying groceries, paying bills, taking some loan with the bank, putting some money on time deposit etc, slowly building relationship with the bank. After 2 months start transferring crypto gains from Kraken.

What do you think about this set up.

1. Do the company formation and get the resident visa in Dubai.
2. Open 2 personal bank accounts at NBD and ADIB. I guess no corporate bank needed then.
3. Use the bank actively, for buying groceries, paying bills, taking some loan with the bank, putting some money on time deposit etc, slowly building relationship with the bank.
4. After two months start funding the bank account through the following:

$10,000 from Kraken transfer ( can be split into $5000 transfers or less)
$10,000 cash deposit (from OTC sale of crypto) ( can be split into $5000 transfers or less)

Total $20,000 withdraw from crypto a month per account, so $40,000 total in two banks.

I would really want to avoid providing fake invoices and stuff like that. It would be easier for me to prove that my crypto is legit vs proving to someone why I'm hiding crypto gains this way or another.

What you all think about it? Is it possible to do it this way?

 

[JosephLL]

Even if the banks allow this (a big if, since the only inbound transfer is coming from exchanges), the exchange will probably stop this sooner rather than later with source-of-funds. The exchange that wouldn't ask for source-of-funds probably wouldn't be accepted as a source for a bank transfer anyway ...

Both ends need to work flawlessly: exchange (send) side and bank side (accepting side) . I pulled more than 100 btc through Bitstamp before 2015. In 2017 I've deposited 10 and, as a nonEEA pleb got a kyc panic attack from them. There is no way in heaven for me to legitimately use a reputable exchange in 2021 to pull through even 5 btc, despite the tx history I have with them.

My aim is to use the most bulletproof setup:

* Get a job in AUE. Develop relationship with banks first 12 months and get the UAE tax certificate.
* Update my kyc documents with reputable exchanges where I have history to let them know I'm an UAE tax resident and have an income.
* And only then, engage all three pipes cautiously: Fred + otc + exchange-to-private-account (to smallest extent).

EDIT: Once inside UAE, armed with tax cert , a path for buying a real-estate opens as well. (Ofc, ther is no true buying of re "with bitcoin". Conversion alaways happens in between with you ending up with a taxable event, that's why is important to get the tax cert).

 

[CyprusLawyer101]

Even if the banks allow this (a big if, since the only inbound transfer is coming from exchanges), the exchange will probably stop this sooner rather than later with source-of-funds. The exchange that wouldn't ask for source-of-funds probably wouldn't be accepted as a source for a bank transfer anyway ...

Both ends need to work flawlessly: exchange (send) side and bank side (accepting side) . I pulled more than 100 btc through Bitstamp before 2015. In 2017 I've deposited 10 and, as a nonEEA pleb got a kyc panic attack from them. There is no way in heaven for me to legitimately use a reputable exchange in 2021 to pull through even 5 btc, despite the tx history I have with them.

My aim is to use the most bulletproof setup:

* Get a job in AUE. Develop relationship with banks first 12 months and get the UAE tax certificate.
* Update my kyc documents with reputable exchanges where I have history to let them know I'm an UAE tax resident and have an income.
* And only then, engage all three pipes cautiously: Fred + otc + exchange-to-private-account (to smallest extent).

EDIT: Once inside UAE, armed with tax cert , a path for buying a real-estate opens as well. (Ofc, ther is no true buying of re "with bitcoin". Conversion alaways happens in between with you ending up with a taxable event, that's why is important to get the tax cert).

Hi what ia your current residency?

 

[JosephLL]

Hi what ia your current residency?

East european 3rd world shithole, why? (the irony of history that places like mine are increasingly becoming the pockets of leftover discency, being closer to ideas that made the western civilization great than the ....I truly don't know how to even call what's currently going on in the west ... ).

 

[4br]

East european 3rd world shithole, why? (the irony of history that places like mine are increasingly becoming the pockets of leftover discency, being closer to ideas that made the western civilization great than the ....I truly don't know how to even call what's currently going on in the west ... ).

Добар дан.

------------------

On people talking about pulling money into The UAE from crypto.

I think one of the best bets would be using BitOasis.

Dubai is slowly getting its act together with crypto. I saw there is even one bank that is coming onboard.

https://www.unlock-bc.com/news/2021...businesses-in-dmcc-with-banking-services/?amp
"Meanwhile, as Saudi Arabia and the UAE are positioning themselves as a safe harbors for cryptocurrency companies, the US is making it increasingly difficult for those same companies to operate domestically, the crypto bigs contend." - Yesterday in the NYP

https://www.business24-7.ae/regulation-of-bitcoin-and-cryptocurrencies-in-uae/
https://www.khaleejtimes.com/crypto...-local-funding-option-for-uae-based-customers
Both DIFC and DMCC are providing framework:

https://www.lexology.com/library/detail.aspx?g=88c0f35c-7ea5-439b-90d7-df3fe4f70586
https://www.arabnews.com/node/1972901/business-economy
It's only a matter of time before a A- or B-list exchanges moves to UAE. There are some of these companies based in Cayman, Cyprus, Malta and even Seychelles.


BitOasis told me you can use them with any bank except Mashreq, Arab Bank and maybe one other. As noted in the above article they are now accepting local AED transfers, and they have some tool to hook up your accounts for quick transfers. I have three personal UAE accounts and all of them are on there. I have been using FAB to buy crypto regularly, up to 40,000 AED. They didn't ask anything, even when the AED deposits were going to Switzerland.

If you upgrade to their their tier three you could withdraw 200,000 AED per month ($55K):

I can't imagine you would get many questions from banks, especially if you split it up.

Another alternative is deposit it in TransferWise and the dole it out to your bank accounts.

 

[CyprusLawyer101]

East european 3rd world shithole, why? (the irony of history that places like mine are increasingly becoming the pockets of leftover discency, being closer to ideas that made the western civilization great than the ....I truly don't know how to even call what's currently going on in the west ... ).

: ) ok i get it.. the reason I am asking is because I may be able to advice on transferring out your crypto without you necessarily leaving your country !

 

[4br]

I was on a DMCC webinar a while back. The CEO of The DMCC said this:

"Cryptо is here to stay... Some parts of the world don't want to have anything to do with it. And other parts of the world cannot survive without it... What is most attractive to me is it is a better alternative (in my opinion) to the IMF and World Bank... There is a lot of convicted felons, convicted banks involved in that industry [legacy banking], while crypto is just pure..."

If anyone wants the video, send a PM. I don't think the webinars are meant to be public.

 

[Verbatim]

Even if the banks allow this (a big if, since the only inbound transfer is coming from exchanges), the exchange will probably stop this sooner rather than later with source-of-funds. The exchange that wouldn't ask for source-of-funds probably wouldn't be accepted as a source for a bank transfer anyway ...

Both ends need to work flawlessly: exchange (send) side and bank side (accepting side) . I pulled more than 100 btc through Bitstamp before 2015. In 2017 I've deposited 10 and, as a nonEEA pleb got a kyc panic attack from them. There is no way in heaven for me to legitimately use a reputable exchange in 2021 to pull through even 5 btc, despite the tx history I have with them.

My aim is to use the most bulletproof setup:

* Get a job in AUE. Develop relationship with banks first 12 months and get the UAE tax certificate.
* Update my kyc documents with reputable exchanges where I have history to let them know I'm an UAE tax resident and have an income.
* And only then, engage all three pipes cautiously: Fred + otc + exchange-to-private-account (to smallest extent).

EDIT: Once inside UAE, armed with tax cert , a path for buying a real-estate opens as well. (Ofc, ther is no true buying of re "with bitcoin". Conversion alaways happens in between with you ending up with a taxable event, that's why is important to get the tax cert).

You bought 100 BTC on Bitstamp and now Bitstamp is not allowing you to deposit 5 BTC for selling because you don't live in the EEA?

 

[JosephLL]

You bought 100 BTC on Bitstamp and now Bitstamp is not allowing you to deposit 5 BTC for selling because you don't live in the EEA?

I said turnover, but never mind that. Yes. I bought, over multiple years, even as a very early Stamp customer, considerably more then 8 I deposited in 2017. Of course they've let me deposit after source-of-funds kyc panic, including proofs of employment and paystubs, they earn the fees on trading. But to withdraw fiat, no way.

 

[4br]

I said turnover, but never mind that. Yes. I bought, over multiple years, even as a very early Stamp customer, considerably more then 8 I deposited in 2017. Of course they've let me deposit after source-of-funds kyc panic, including proofs of employment and paystubs, they earn the fees on trading. But to withdraw fiat, no way.

Bitstamp seem to be the most slavish follower of state regulations. I would take anything and everything off there you can. I have found FTX and Crypto.com to be the best for fiat deposits.

 

[spacenomad]

I seem to be always posting when crypto crashes. On the other hand, Dubai crypto adoption is increasing, we have a network of people with various solutions and connections to other groups. You can join our telegram mentioned in the first post to get help locally at our meetups in Dubai. no commercial service.