UAE removes taxes for all crypto transactions

Cryptomultiplier

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Quote from: SatoPrincess on Today at 02:54:57 AM

Quote

The UAE has exempted cryptocurrency transfers and conversions from value-added tax, positioning itself as a more crypto-friendly jurisdiction for digital asset transactions.

Amendments to value-added tax (VAT) regulations in the United Arab Emirates will exempt transfers and conversions of digital assets, including crypto.

On Oct. 2, the UAE’s Federal Tax Authority (FTA) published amendments to the country’s VAT rules. According to business consultancy company PwC, the new rules include VAT exemptions for additional services, including managing investment funds and transferring and converting virtual assets
source

The UAE just got a whole lot friendlier with its new no tax policy on crypto. Like El Salvador, the UAE may just become the next haven for crypto enthusiasts. Most countries in Europe tax over 30% of your profits. Do you think the UK and other countries in Europe will make such a move in the near future?

I think that the UAE is the next to be known destination as a cryptocurrency dominant region in the world.
I have followed up on some videos and post on social media about the trend of capitalist making play for owning Bitcoin mining farms.

The proposition by the government to remove taxes on cryptocurrency transactions isn't a surprise to me, and am sure that in the nearest future, if not now, crypto currency will be a renowned currency for exchange with easy rates and Bitcoin dispensing ATMs in surplus supply across locations in the UAE.

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Quote from: SatoPrincess on Today at 02:54:57 AM

Quote

The UAE has exempted cryptocurrency transfers and conversions from value-added tax, positioning itself as a more crypto-friendly jurisdiction for digital asset transactions.

Amendments to value-added tax (VAT) regulations in the United Arab Emirates will exempt transfers and conversions of digital assets, including crypto.

On Oct. 2, the UAE’s Federal Tax Authority (FTA) published amendments to the country’s VAT rules. According to business consultancy company PwC, the new rules include VAT exemptions for additional services, including managing investment funds and transferring and converting virtual assets
mpts-crypto-transfers-conversions-from-vat]source

The UAE just got a whole lot friendlier with its new no tax policy on crypto. Like El Salvador, the UAE may just become the next haven for crypto enthusiasts. Most countries in Europe tax over 30% of your profits. Do you think the UK and other countries in Europe will make such a move in the near future?

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Hatchy

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Quote from: SquirrelJulietGarden on Today at 03:04:11 AM

It's a big policy change in UAE but you did missed a fact that UAE in particular and Middle East in general, are hub of cryptocurrency founders, developers, enthusiasts for many years, not in 2024 or only after this policy change.

Furthermore, how El Salvador is competitive enough with UAE in their national policies and necessary infrastructures for cryptocurrency adoption? I doubt that El Salvador is ahead of UAE, only except Legal Tender. But between making Bitcoin legal tender and achieving nation-wide adoption and actual use of Bitcoin in their citizens is very big challenge to succeed.

It actually a nice move made by the UAE. We just hope it last long as the government sometimes do not stick to the promise or we don't really know their motive behind the removal. Well UAE is one of the most visited country by millionaires and lots of traders and I guess it's a way to attract even more investors into the country. Many other countries might not want to remove the taxes like the European countries that was mentioned by op. They have alot of reason with the taxes as they want to control the flow of money generated from crypto into the economy.

kryptqnick

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The UAE are known for lax business and financial regulations and for fostering innovation. But still, even for them, it's a bold and strong move to remove VAT on cryptos like that. From the article, I got the impression that the UAE want to regulate the market more and encourage businesses to report their crypto activities, providing them with VAT exemption as an incentive to do so.
I also want to point out that VAT isn't the only tax out there, so removing VAT doesn't mean there are no taxes to pay on cryptos. There's also usually income tax, but in the UAE it isn't imposed on individuals. But there's also corporate income tax which I assume applies to crypto businesses as well.

Baofeng

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Quote from: SatoPrincess on Today at 02:54:57 AM

Quote

The UAE has exempted cryptocurrency transfers and conversions from value-added tax, positioning itself as a more crypto-friendly jurisdiction for digital asset transactions.

Amendments to value-added tax (VAT) regulations in the United Arab Emirates will exempt transfers and conversions of digital assets, including crypto.

On Oct. 2, the UAE’s Federal Tax Authority (FTA) published amendments to the country’s VAT rules. According to business consultancy company PwC, the new rules include VAT exemptions for additional services, including managing investment funds and transferring and converting virtual assets
source

The UAE just got a whole lot friendlier with its new no tax policy on crypto. Like El Salvador, the UAE may just become the next haven for crypto enthusiasts. Most countries in Europe tax over 30% of your profits. Do you think the UK and other countries in Europe will make such a move in the near future?

It's good to hear that UAE has removed taxes, I might have to send that message to some of my friends in UAE right now so that they can invest on it. And with that, it's welcoming to hear such good news as a crypto enthusiast and it seems that the Middle East could be poised to become a crypto hub as well. And if you have to think of it, there are a lot of millionaires and billionaires around that country and who knows, maybe they will pour their wealth on the market.

However, as far as UK or any other UE countries, I doubt that they will suddenly make a U-turn and allow no tax. EU will be crypto friendly, but I doubt that they will simply not taxing everything related to crypto. They will have to make money out of it.

asriloni

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Quote from: SatoPrincess on Today at 02:54:57 AM

Quote

The UAE has exempted cryptocurrency transfers and conversions from value-added tax, positioning itself as a more crypto-friendly jurisdiction for digital asset transactions.
Amendments to value-added tax (VAT) regulations in the United Arab Emirates will exempt transfers and conversions of digital assets, including crypto.
On Oct. 2, the UAE’s Federal Tax Authority (FTA) published amendments to the country’s VAT rules. According to business consultancy company PwC, the new rules include VAT exemptions for additional services, including managing investment funds and transferring and converting virtual assets

source

The UAE just got a whole lot friendlier with its new no-tax policy on crypto. Like El Salvador, the UAE may just become the next haven for crypto enthusiasts. Most countries in Europe tax over 30% of your profits.

That's how UEA attracts new investment to come. And believe me, someday they'll tax it. They will remove the tax until new investment comes. Then, when the new investments settle, they will start to apply the tax.

Quote from: SatoPrincess on Today at 02:54:57 AM

Do you think the UK and other countries in Europe will make such a move in the near future?

I don't think EU countries will follow that.

Quote from: ImThour on Today at 03:12:21 AM

UAE after removing all the taxes from crypto transactions just makes it a heaven for Crypto lovers.

It's a heaven for the rich.

ImThour

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UAE after removing all the taxes from crypto transactions just makes it a heaven for Crypto lovers. Which surely includes people of both the types, good and bad which governments still need to work on. But in general, it's a great step. Other governments charge upto 30% tax on Crypto income and for some countries like India, it's 1% on every Crypto Transaction. Really interesting world we are in.

fikrett

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Quote from: SquirrelJulietGarden on Today at 03:04:11 AM

Quote from: SatoPrincess on Today at 02:54:57 AM

The UAE just got a whole lot friendlier with its new no tax policy on crypto. Like El Salvador, the UAE may just become the next haven for crypto enthusiasts. Most countries in Europe tax over 30% of your profits. Do you think the UK and other countries in Europe will make such a move in the near future?

It's a big policy change in UAE but you did missed a fact that UAE in particular and Middle East in general, are hub of cryptocurrency founders, developers, enthusiasts for many years, not in 2024 or only after this policy change.

Furthermore, how El Salvador is competitive enough with UAE in their national policies and necessary infrastructures for cryptocurrency adoption? I doubt that El Salvador is ahead of UAE, only except Legal Tender. But between making Bitcoin legal tender and achieving nation-wide adoption and actual use of Bitcoin in their citizens is very big challenge to succeed.

I never thought about it, but I do see in threads and news alike that UAE makes better and better conditions for crypto as we are going forward with some countries like El Salvador.
I do not think that Europe will go to such extents with crypto, simply put because they have a different approach: they regulate everything with frameworks, which usually goes with lots of oversight and additional rules intact, which won't make the situation better Roll Eyes

SquirrelJulietGarden

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Quote from: SatoPrincess on Today at 02:54:57 AM

The UAE just got a whole lot friendlier with its new no tax policy on crypto. Like El Salvador, the UAE may just become the next haven for crypto enthusiasts. Most countries in Europe tax over 30% of your profits. Do you think the UK and other countries in Europe will make such a move in the near future?

It's a big policy change in UAE but you did missed a fact that UAE in particular and Middle East in general, are hub of cryptocurrency founders, developers, enthusiasts for many years, not in 2024 or only after this policy change.

Furthermore, how El Salvador is competitive enough with UAE in their national policies and necessary infrastructures for cryptocurrency adoption? I doubt that El Salvador is ahead of UAE, only except Legal Tender. But between making Bitcoin legal tender and achieving nation-wide adoption and actual use of Bitcoin in their citizens is very big challenge to succeed.

SatoPrincess

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Quote

The UAE has exempted cryptocurrency transfers and conversions from value-added tax, positioning itself as a more crypto-friendly jurisdiction for digital asset transactions.

Amendments to value-added tax (VAT) regulations in the United Arab Emirates will exempt transfers and conversions of digital assets, including crypto.

On Oct. 2, the UAE’s Federal Tax Authority (FTA) published amendments to the country’s VAT rules. According to business consultancy company PwC, the new rules include VAT exemptions for additional services, including managing investment funds and transferring and converting virtual assets
source

The UAE just got a whole lot friendlier with its new no tax policy on crypto. Like El Salvador, the UAE may just become the next haven for crypto enthusiasts. Most countries in Europe tax over 30% of your profits. Do you think the UK and other countries in Europe will make such a move in the near future?

Topic: UAE removes taxes for all crypto transactions (Read 60 times)