Tax-free crypto transactions coming to UAE in November to push digital ambition
The United Arab Emirates (UAE) has exempted crypto transactions from the country’s 5% value-added tax (VAT).
This exemption is part of an amendment to the Executive Regulation of the Federal Decree Law on VAT.
According to a document released on Oct. 4, the amendment will take effect on Nov. 15, 2024. However, the regulation will also apply retroactively to transactions conducted since Jan. 1, 2018.
With this new rule, all crypto-related transactions, including transfers and conversions, will no longer be subject to VAT in the UAE. As a result, crypto businesses must review past VAT filings to ensure compliance with the updated regulations.
What does this mean for crypto adoption in the UAE?
Market observers suggest that this move…
