• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

UAE Exempts Digital Assets from VAT: Implications for Business

user avatar

by Giorgi Kostiuk

9 months ago


The UAE Federal Tax Authority has announced amendments to VAT rules, exempting transfers and conversions of digital assets, including cryptocurrencies, from tax.

New VAT Regulations in the UAE

On October 2, the UAE's Federal Tax Authority announced amendments to VAT regulations. The new rules exempt transfers and conversions of digital assets, such as cryptocurrencies, from VAT. Additionally, the exemption applies to managing investment funds and other services related to virtual assets.

Impact on Businesses and Tax Obligations

According to PwC, this exemption will be applied retroactively from January 1, 2018, providing significant relief for businesses in the cryptocurrency sector. PwC advises businesses to review how these changes affect their input VAT recovery and to consider making voluntary tax adjustments if necessary.

Regulatory Changes in UAE's Crypto Industry

The UAE continues to enhance regulation in the virtual asset sector. On September 9, Dubai's Virtual Asset Regulatory Authority and the Securities and Commodities Authority agreed to jointly oversee virtual asset providers. VARA has also tightened marketing rules, requiring firms to include warnings about high volatility in promotional materials.

The recent changes in UAE's tax and regulatory frameworks demonstrate the country's commitment to fostering the cryptocurrency sector by creating favorable business conditions.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

Other news

Discussion on the prediction: HBAR could reach $100 by 2040

chest

Analysis of CryptoXAiMan's prediction of HBAR price at $100 by 2040 and community opinions on Hedera's potential.

user avatarGiorgi Kostiuk

Malaysia: Chip Investment Plans on Hold Amid US Tariff Uncertainty

chest

Chip companies in Malaysia are delaying investments as they await clarity from the US regarding tariffs.

user avatarGiorgi Kostiuk

How Rising Executive Compensation in Bitcoin Mining Provokes Shareholder Discontent

chest

VanEck's study reveals a significant increase in Bitcoin mining executive compensation, sparking concerns about corporate governance among investors.

user avatarGiorgi Kostiuk

Bitcoin and Ethereum Record Second Largest Inflow into ETFs in History

chest

Sustained growth in inflows to Bitcoin and Ethereum ETFs reached historic highs despite access limitations.

user avatarGiorgi Kostiuk

The Midas Project Files Complaint Against OpenAI, Pointing to Potential Violations

chest

The Midas Project has filed a complaint with the IRS against OpenAI, alleging conflicts of interest and dangers to its nonprofit status.

user avatarGiorgi Kostiuk

Ethereum Whale Moves 2,000 ETH to HitBTC During Market Rally

chest

Large transfer of ETH sparks community discussion and speculation about market implications.

user avatarGiorgi Kostiuk
dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.