UAE Exempts Crypto Transactions From Value Added Tax
Powered by @unfolded- The UAE has exempted all crypto transactions from value-added tax (VAT), effective November 15, 2024, and retroactively applicable from January 1, 2018.
- This change aligns the virtual assets sector with traditional financial services, which are also exempt from VAT.
- The exemption clarifies that the 5% tax does not apply to the exchange and transfer of ownership of digital assets, including all cryptocurrency transfers and conversions.
- Legal experts view this move as a significant step in legitimizing virtual assets within the UAE's financial framework.
https://www.coindesk.com/policy/2024/10/07/uae-exempts-crypto-transactions-from-value-added-tax/