The United Arab Emirates has exempted crypto transactions from paying value-added tax (VAT), bringing the industry into line with several traditional financial services, according to Coindesk.
The change, which takes effect Nov. 15, applies retrospectively to transactions from as far back as Jan. 1, 2018. The Arabic version of the Federal Tax Authority’s update was made public on Oct. 2, 2024, and the English translation was made public on Oct. 4, 2024.
The exemption makes clear for the first time that the tax doesn’t apply to digital assets. It covers the exchange of and transfer of ownership of those assets, which means all cryptocurrency transfers and conversions will now be exempt from paying the 5% levy.
Banking 4.0 – „how was the experience for you”
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Many more interesting quotes in the video below: