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Which sector will lead blockchain investment in UAE by mid-2025?
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UAE Eliminates VAT on All Cryptocurrency Transactions Starting November 15, 2024
Oct 6, 2024, 01:20 PM
The United Arab Emirates (UAE) has announced the elimination of Value Added Tax (VAT) on all cryptocurrency and digital asset transactions. This significant policy change, effective retroactively from January 1, 2018, was announced by the UAE Federal Tax Authority on October 2nd. The move aims to enhance the UAE's appeal as a hub for cryptocurrency and digital asset activities, providing a competitive edge in the global market. Residents and companies dealing with virtual assets will benefit from the 0% VAT on transfers and conversions, making the UAE, including Dubai, an attractive destination for crypto innovation and investment. The exemption will start from November 15, 2024.
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