CandleFocus UAE crypto VAT exemption viewed as significant positive impact on virtual asset ecosystem
2024-10-22
Author: Content Editor
The UAE Federal Tax Authority has announced that crypto transactions will be exempt from value-added tax (VAT) starting from November 15, 2024. The exemption will apply retrospectively to transactions dating back to January 1, 2018. This decision is seen as positive for the virtual asset service provider (VASP) activities in the UAE and is expected to reduce the tax burden for VASPs. The exemption clarifies that the 5% VAT will not be applied to digital assets, including exchanges and ownership transfers. This move is seen as a significant development in establishing the UAE as a global blockchain hub and attracting firms and investors to its crypto market. It is also seen as a step forward for the virtual asset space, aligning with international best practices and reducing compliance costs. The UAE has become a major player in the crypto market, attracting over $30 billion in cryptocurrency investments between July 2023 and June 2024.
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