Data from UAE cryptocurrency exchanges or financial reports

UAE Eliminates VAT on All Crypto Transactions Retroactive to 2018

Oct 6, 2024, 12:44 PM

The United Arab Emirates (UAE) has announced the elimination of Value Added Tax (VAT) on all cryptocurrency transactions, including transfers and conversions involving digital assets such as Bitcoin. Residents of the UAE will now pay 0% VAT on crypto transfers and conversions. The UAE Federal Tax Authority (FTA) revised the country's VAT rules on October 2nd to include exemptions for virtual assets. These exemptions will be applied retroactively from January 1, 2018, and virtual asset companies should take note. This move positions the UAE as a competitive hub for cryptocurrency activities, potentially attracting more investors and businesses in the digital asset sector.