UAE Scraps Crypto Transaction Taxes: Will US Follow Same?
The UAE has made headlines by eliminating all taxes on cryptocurrency transactions, aiming to boost crypto adoption in the region. With these changes set to take effect on November 15, many are now looking to the United States to see if it will follow the same, especially as the nation prepares for crucial elections on November 4.
The Federal Tax Authority (FTA) in the United Arab Emirates has implemented changes that exclude citizens and companies from Value Added Tax (VAT) while transferring and converting virtual assets, such as cryptocurrencies.
This change is in line with the government’s plan to create a favorable climate for the development of crypto-related companies and entities. For instance, the…
