UAE Eliminates VAT on Crypto Transfers: Boost for Virtual Asset Companies

• UAE eliminates VAT on crypto transfers, providing tax breaks for virtual asset businesses
• The Federal Tax Authority of the UAE released revised VAT regulations exempting virtual currency conversions
• Retroactive exemptions for virtual asset transfers and conversions implemented from January 1, 2018
• Virtual asset companies can reclaim VAT paid and may need to make voluntary disclosures
• VASPs in Dubai gain dual registration benefits with the Securities and Commodities Authority and Virtual Asset Regulatory Authority
• Tougher advertising laws for crypto investments enforced by VARA

Source: econotimes.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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