• 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

New Opportunities in the Meme Cryptocurrency Market: Troller Cat Gaining Popularity

chest

Exploring the rise of Troller Cat amid shifts in meme cryptocurrencies and the current status of Shiba Inu and Pepe.

user avatarGiorgi Kostiuk

Bit Digital Makes $67.3 Million Ethereum Purchase, Strengthening Its Holdings

chest

Bit Digital invests $67.3 million in Ethereum, raising total holdings to nearly 120,306 coins.

user avatarGiorgi Kostiuk

Block Inc. Joins S&P 500, Replacing Hess Corp.

chest

Block Inc. will replace Hess Corp. in the S&P 500, potentially impacting Bitcoin's acceptance by institutional investors.

user avatarGiorgi Kostiuk

XRP Sets New Record Following Legislative Changes

chest

XRP hit $3.66, surpassing previous records due to increased investor interest and the expected signing of the GENIUS Act.

user avatarGiorgi Kostiuk

MEI Pharma and Litecoin: New $100 Million Treasury Strategy

chest

MEI Pharma has announced a $100 million treasury strategy with Litecoin, led by Litecoin creator Charlie Lee. Market reaction was volatile.

user avatarGiorgi Kostiuk

Merkel Urges for a Cohesive EU Response to US Tariffs

chest

Merkel calls for EU unity in response to US tariffs that may disrupt trade chains.

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.