- UAE introduced key provisions related to Virtual Assets, exempting trading and conversion from Value-Added Taxes
- Virtual Assets are digital representations of value that can be traded or converted, excluding fiat currencies or financial securities
- UAE positioning itself as a global hub for virtual assets and trading
- Initiatives include establishment of Virtual Assets Regulatory Authority, regulatory framework by ADGM, Crypto Centre by DMCC, and blockchain strategy
- Amended UAE VAT Executive Regulations define Virtual Assets and include provisions for transfer of ownership and conversion of Virtual Assets
Source: insightplus.bakermckenzie.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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