UAE removes taxes for all crypto transactions

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Quote from: SatoPrincess on October 07, 2024, 01:54:57 AM

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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?

Big news! UAE’s zero-tax policy on crypto transactions sets the stage for a major shift—no VAT on crypto transfers and conversions. With Europe taxing crypto profits over 30%, UAE is becoming the go-to for tax-free crypto operations.

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Quote from: Learn Bitcoin on October 22, 2024, 12:33:23 AM

Quote from: Smack That Ace on October 21, 2024, 12:29:18 AM

Many people are moving to UAE just because they are tax free on crypto, where do you get that data? Can you give us more information about that news? I don't think many people will move there just because the UAE government exempts crypto from taxes, unless you are referring to crypto companies, institutions and not retail investors.

I am saying this from my personal observation and I didn't get any data from any news Website. It's not like they started to move recently after hearing the news; a lot of them were already there before the news of tax-free. I know at least two YouTubers with whom I used to play the Battle Royal games on the live stream moved to Dubai because they want to make a career in crypto trading/binary trading, etc. It's because crypto is illegal in my country. A lot of their subscribers and friends are also interested in moving to Dubai. But I don't think it's possible for everyone. I will think about that only if I can manage to make huge money. I don't have to move somewhere unless I make at least a couple of grand.

Such a move is not easy to do and that is because leaving behind your family and friends looking for new opportunities is always a risky move, but sometimes it is the only good move that you can make, since many governments on an attempt to keep their money monopoly are willing to do anything to keep it in place, which is why we have seen many policies over the years with the obvious intention to obstruct bitcoin and its adoption, but we are at a point in which not only this is not really possible anymore, but such opposition could bring the departure of many people out of the country that want to use bitcoin, and they are not willing to live in a country which will criminalize them over it.

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Quote from: X-ray on October 19, 2024, 09:32:13 PM

I guess the fact that country like UAE become friendly to crypto users also due to them wanting to develop their nations' prospect in term of investment and attract foreign investment to their country to get their citizenship.

Yep. There is no way that they remove the crypto tax if they have no big purpose on crypto. We can assume they want to improve their investment sector quickly, especially in digital investment. If this is only applied on digital investment, I think it doesn't have a purpose to invite foreign investors. It seems like they are trying to support the domestic investors (local investors).

Quote from: X-ray on October 19, 2024, 09:32:13 PM

lately UAE has shown the benefit of having their citizenship, demonstrating their willingness to negotiate with france in the case of durov.

What benefit they get from this matter? TBH, I don't really understand what UAE can get from the case like Durov.

Quote from: X-ray on October 19, 2024, 09:32:13 PM

seems the government right there acknowledged the fact that crypto holders might be prospective citizen that could bring in huge chunk of money, this tax free program is a good gesture.

Why they expect something like that from the prospective citizen?
It should be better if the government expect this from their citizen. UAE must prioritize their own citizen, dude.

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Quote from: freedomgo on October 18, 2024, 06:33:52 AM

They’re competing to lead the digital world, and removing taxes is a smart move for them to help crypto grow in the country. I believe they’re not focused on immediate profits but rather on the long-term benefits, which makes sense. They have plenty of resources to collect taxes from, so since crypto is still new, it’s a good call not to be too aggressive with taxes. Hopefully, other countries will follow suit because sometimes heavy taxes slow down progress and development.

Growth is constant, I tell you that for free. There's actually more to accomplish in cryptocurrency because we're still very early in the space. Although this process do require a process, we stick to a particular strategy and principles, knowing the basis of the system before anticipating.

Every nation seeks growth and they have major steps and budgets to execute. United Arab Emirates removes taxes on all crypto transactions? That's one major step to development you know that? Cryptocurrency have been banned by most of these European and African countries with the fear embedded in the leaders about crypto surpassing their fiat currency. That's so true to believe but come to think of it, the world is advancing, it's only polite and fair for these countries to start quick investments in cryptocurrency because it have remained the very top priority for investors and traders.

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Quote from: Learn Bitcoin on October 22, 2024, 12:33:23 AM

Quote from: Smack That Ace on October 21, 2024, 12:29:18 AM

Many people are moving to UAE just because they are tax free on crypto, where do you get that data? Can you give us more information about that news? I don't think many people will move there just because the UAE government exempts crypto from taxes, unless you are referring to crypto companies, institutions and not retail investors.

I am saying this from my personal observation and I didn't get any data from any news Website. It's not like they started to move recently after hearing the news; a lot of them were already there before the news of tax-free. I know at least two YouTubers with whom I used to play the Battle Royal games on the live stream moved to Dubai because they want to make a career in crypto trading/binary trading, etc. It's because crypto is illegal in my country. A lot of their subscribers and friends are also interested in moving to Dubai. But I don't think it's possible for everyone. I will think about that only if I can manage to make huge money. I don't have to move somewhere unless I make at least a couple of grand.

Yeah, those who have something to move there and to quadruple their profit / people around them in the meanwhile.
That's reasonable at least. The possibility that some have, influencers especially. Developers too.

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Quote from: Smack That Ace on October 21, 2024, 12:29:18 AM

Many people are moving to UAE just because they are tax free on crypto, where do you get that data? Can you give us more information about that news? I don't think many people will move there just because the UAE government exempts crypto from taxes, unless you are referring to crypto companies, institutions and not retail investors.

I am saying this from my personal observation and I didn't get any data from any news Website. It's not like they started to move recently after hearing the news; a lot of them were already there before the news of tax-free. I know at least two YouTubers with whom I used to play the Battle Royal games on the live stream moved to Dubai because they want to make a career in crypto trading/binary trading, etc. It's because crypto is illegal in my country. A lot of their subscribers and friends are also interested in moving to Dubai. But I don't think it's possible for everyone. I will think about that only if I can manage to make huge money. I don't have to move somewhere unless I make at least a couple of grand.

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Quote from: SatoPrincess on October 07, 2024, 01:54:57 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 54% here. I plan on paying back for the welfare.

FIFO taxed. You can't sell your crypto if your from before knowledge kicked in.

I go and get some more beers from the shop.

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Quote from: freedomgo on October 18, 2024, 06:33:52 AM

They’re competing to lead the digital world, and removing taxes is a smart move for them to help crypto grow in the country. I believe they’re not focused on immediate profits but rather on the long-term benefits, which makes sense. They have plenty of resources to collect taxes from, so since crypto is still new, it’s a good call not to be too aggressive with taxes. Hopefully, other countries will follow suit because sometimes heavy taxes slow down progress and development.

I love the UAE when it comes to competition with other world trying to be among in also controlling what ever other countries are controlling, because they don't take football that serious but since the World Cup a lot of things have changed and now they are taking football seriously and they want to buy all the prominent players just to make their own league colorful. And with this police's of making vat free for crypto users might even bring more people to want to stay in their country.

They most have understand that bitcoin is a future investment and that is why they want to take advantage and invest all they can, the government have made investing in crypto easy now, UAE is rich and they don't have problem with money, canceling vat does not affect the revenue flow of the country, they are among the bless nation.

When it comes to tax I don't think they will follow because other countries are addicted to way of making money from the citizens.

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Quote from: Learn Bitcoin on October 20, 2024, 08:27:51 PM

But I realized that a lot of people started to move to the UAE so they could benefit from that.

Many people are moving to UAE just because they are tax free on crypto, where do you get that data? Can you give us more information about that news?
I don't think many people will move there just because the UAE government exempts crypto from taxes, unless you are referring to crypto companies, institutions and not retail investors.
This reminds me of when El Salvador legalized Bitcoin as legal tender many of us stated that we would move there to be able to use Bitcoin freely. But who would leave their country, leave their family to go there just to use bitcoin? It's all just unnecessary hype.

Quote from: Learn Bitcoin on October 20, 2024, 08:27:51 PM

Dubai is a destination for these crypto fraudsters as well.

Where there is money, there is fraud.

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Quote from: fuguebtc on October 13, 2024, 04:34:55 AM

I'm talking about all crypto investors, not just traders. As I said, crypto is a financial market and there will be winners, losers, and even more losers than winners.

Regarding the use cases of bitcoin or cryptocurrency, it is true that it brings us a lot of benefits as you mentioned, I do not deny that. But I doubt people are taking advantage of its use cases, most are just using it as a speculative asset. Again , I want to ask will the economy benefit when people use crypto to avoid taxes, use it instead of banks...? The economy can only benefit from cryptocurrency when it is legalized and regulated but certainly investors like us don't like that .

Yes, you are right. Today we have come to the conclusion that crypto has become interesting only from the point of view of a speculative instrument. All other advantages are of no use to anyone. Of course, the picture is sad. There is nothing to be done about it. It remains to resign ourselves and accept this situation as it should be.

And so I want to congratulate the United Arab Emirates. The rulers came to the right conclusion and implemented it in practice. There is more than enough money from the sale of oil. They can also make concessions to citizens. This is real care for their wards.

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Being from the area close to the Emirates, I follow the news of the Emirates constantly, I have already heard about this news about the UAE exempting cryptocurrency transfers and conversions from VAT, this is great news for cryptocurrency lovers.

Of course, this news will attract more companies, some of which have already started moving to the Emirates, there are several companies that have obtained licenses to operate in the Emirates, including Binance and Bybit, and a few days ago OKX obtained a full license from the Virtual Assets Regulatory Authority in Dubai (VARA) to provide virtual asset trading, management, investment and lending services, to be the first exchange to provide crypto services to individuals and institutions with the ability to withdraw and deposit in UAE dirhams through UAE banks.

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Quote from: Learn Bitcoin on October 20, 2024, 08:27:51 PM

Quote from: Iranus on October 19, 2024, 09:59:31 PM

If you pay attention, you will see that the UAE has recently introduced crypto-friendly policies, not just this news. If I remember correctly last month they also announced allowing companies to pay salaries in crypto and many other crypto friendly policies. So this news is not too surprising and suspicious.

Many people are preaching this and saying that UAE government is great, but if people read OP's link, we can see that the government is tax free but they are strengthening crypto regulations. This makes me think maybe they are trying to attract investors, promote the crypto industry but at some point when things get in order they will start taxing again.

Probably yes. They might start applying tax again, so you could consider it a promotional offer for now Cheesy

. But since it's official from the government, it may stay a little longer.

It is usually difficult to know the government's intentions when they make laws. None of them will inform investors that the law was designed to attract businesses and will change soon. So the best choice will be to analyse the market and see other opportunities that the country can offer besides the friendly tax policies. So that even if the government scraps tax-free policies, your business will remain viable because of other advantages the country offers.

Quote

I am not aware of the other event you mentioned. I haven't read that news anywhere. But I realized that a lot of people started to move to the UAE so they could benefit from that. Not after the news was published did I know a couple of my country mates who have been there for a while now and are doing crypto-related business. I remember trying binary trading at some point with some signals from a telegram group, and that guy is living a luxurious life in Dubai doing this binary trading. I ended up losing all my deposits due to his wrong signals. Dubai is a destination for these crypto fraudsters as well.

I assume that this is the news he was referring Dubai court recognizes crypto as valid salary payment: Law Decoded. It was a court judgement that recognised that crypto could be used to pay workers remuneration. Friendly policies will always attract both legal and illegal business to a country. So it is likely that scammers will also take advantage of Dubai's government plans to make the country a crypto hub.

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Quote from: Iranus on October 19, 2024, 09:59:31 PM

If you pay attention, you will see that the UAE has recently introduced crypto-friendly policies, not just this news. If I remember correctly last month they also announced allowing companies to pay salaries in crypto and many other crypto friendly policies. So this news is not too surprising and suspicious.

Many people are preaching this and saying that UAE government is great, but if people read OP's link, we can see that the government is tax free but they are strengthening crypto regulations. This makes me think maybe they are trying to attract investors, promote the crypto industry but at some point when things get in order they will start taxing again.

Probably yes. They might start applying tax again, so you could consider it a promotional offer for now Cheesy

. But since it's official from the government, it may stay a little longer. I am not aware of the other event you mentioned. I haven't read that news anywhere. But I realized that a lot of people started to move to the UAE so they could benefit from that. Not after the news was published did I know a couple of my country mates who have been there for a while now and are doing crypto-related business. I remember trying binary trading at some point with some signals from a telegram group, and that guy is living a luxurious life in Dubai doing this binary trading. I ended up losing all my deposits due to his wrong signals. Dubai is a destination for these crypto fraudsters as well.

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Quote from: Learn Bitcoin on October 13, 2024, 09:19:37 PM

Can someone from the U.A.E. confirm this? I am in doubt because when the government announces something, it takes a long time to start implementing it on the market, especially when it comes to people's benefit. Many of my countrymates live in the U.A.E. I know some YouTubers and traders who live in Dubai just because of the availability of crypto.

If you pay attention, you will see that the UAE has recently introduced crypto-friendly policies, not just this news. If I remember correctly last month they also announced allowing companies to pay salaries in crypto and many other crypto friendly policies. So this news is not too surprising and suspicious.

Many people are preaching this and saying that UAE government is great, but if people read OP's link, we can see that the government is tax free but they are strengthening crypto regulations. This makes me think maybe they are trying to attract investors, promote the crypto industry but at some point when things get in order they will start taxing again.

Every government will have a different approach to the crypto industry, tax exemption is a great thing but we need to follow up more on the real purpose behind this. I don't believe they are so friendly that they don't need our taxes.

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Quote from: kawetsriyanto on October 19, 2024, 04:11:25 PM

Quote from: SatoPrincess on October 07, 2024, 01:54:57 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.

It is a significant change, I never imagine that UAE will decide to have no crypto taxes anymore (free taxes). I assume this is a way to accelerate the growth of the crypto industry in UAE. They know the potential of crypto industry, so they become friendlier and follow El Salvador policy. I think UAE has been a haven of crypto now. I just can't wait for the growth of crypto in UAE. I hope there will be good news from crypto business in UAE in the future.

Quote from: SatoPrincess on October 07, 2024, 01:54:57 AM

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 won't happen in Europe countries. The governments always try to get money from any sources, taxes become one of the source of the big incomes. Since crypto industry grows well and many people get huge money from crypto business, the government won't miss the chance to get more income from crypto taxes. By the way, this also happens in many countries in Asia, including in my country. Cheesy

I guess the fact that country like UAE become friendly to crypto users also due to them wanting to develop their nations' prospect in term of investment and attract foreign investment to their country to get their citizenship.
lately UAE has shown the benefit of having their citizenship, demonstrating their willingness to negotiate with france in the case of durov.

seems the government right there acknowledged the fact that crypto holders might be prospective citizen that could bring in huge chunk of money, this tax free program is a good gesture.

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Quote from: SatoPrincess on October 07, 2024, 01:54:57 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.

It is a significant change, I never imagine that UAE will decide to have no crypto taxes anymore (free taxes). I assume this is a way to accelerate the growth of the crypto industry in UAE. They know the potential of crypto industry, so they become friendlier and follow El Salvador policy. I think UAE has been a haven of crypto now. I just can't wait for the growth of crypto in UAE. I hope there will be good news from crypto business in UAE in the future.

Quote from: SatoPrincess on October 07, 2024, 01:54:57 AM

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 won't happen in Europe countries. The governments always try to get money from any sources, taxes become one of the source of the big incomes. Since crypto industry grows well and many people get huge money from crypto business, the government won't miss the chance to get more income from crypto taxes. By the way, this also happens in many countries in Asia, including in my country. Cheesy

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Quote from: knowngunman on October 13, 2024, 04:57:51 AM

Yours might be better compared to what is happening here in our own country. They don't only tax us but also restricting us from accessing some crypto related platforms. I thought things like this only happen in Africa and third world countries. I have no problem paying them tax despite they're not putting it to good use but what is the essence of paying tax and can not still have freedom to visit any crypto platform of my choice? It doesn't make any sense seriously. UAE is setting a legacy that other countries can emulate to create a more friendly relationship between crypto enthusiasts and the government but I don't think such policies would work out here in Africa since they are more concern about their pockets than building a relationship.

If you see how some countries are been flexible on people that do crypto you just get jealous but when you see how your own country treats you will just feel that what exactly did we do to deserve this no jobs and venturing into bitcoin they still make it hard and they have used what so ever to chase alway most of this exchanges from the space, for some reason that I don't even think is worth it, chasing away all most all the exchanges the government can be very unpredictable.

I think you should have a problem with paying tax imagine the government collecting 30% of what every you make from the market that percentage is actually a hudge number is it not counties like UAE that are making everything tax free.

So why are other countries especially Africa countries finding it difficult to actually support their people when it comes to stuffs like this, they will rather prefer the tax, than the support so it can not even work so that is the problem we are facing.

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Quote from: freedomgo on October 18, 2024, 06:33:52 AM

Quote from: dezoel on October 18, 2024, 05:49:19 AM

UAE has always been at the forefront of trying to make their nation look good to build a headquarters, and plenty of companies do have their headquarters there. Plus, they are not some backwards place where they ban everything, they do allow most things and sort of like a western country as well, which allows westerners to come in, build their company and live a comfortable life based on cultural similarity or at least understanding of it. This is why they are going to end up with a much better result when the time comes, they are growing, and I believe they will continue to grow and become a huge nation eventually.

They’re competing to lead the digital world, and removing taxes is a smart move for them to help crypto grow in the country. I believe they’re not focused on immediate profits but rather on the long-term benefits, which makes sense. They have plenty of resources to collect taxes from, so since crypto is still new, it’s a good call not to be too aggressive with taxes. Hopefully, other countries will follow suit because sometimes heavy taxes slow down progress and development.

Indeed by having those implementation it could attract people to use crypto since they provably save from paying taxes compare if they use fiat on every transactions they made. What they do is not for short term since they cannot get anything with these implementation. But soon provably that there would be a huge development will happen especially if their country would lead to towards dealing cryptocurrency since they could really take advantage and earn more benefits from this industry.

Also they are rich so they could able to sustain this and everything will provably in good place and crypto adoption towards will surely became more better especially if they create more laws like this which is truly helpful for bitcoin also to the people using crypto.

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Quote from: dezoel on October 18, 2024, 05:49:19 AM

UAE has always been at the forefront of trying to make their nation look good to build a headquarters, and plenty of companies do have their headquarters there. Plus, they are not some backwards place where they ban everything, they do allow most things and sort of like a western country as well, which allows westerners to come in, build their company and live a comfortable life based on cultural similarity or at least understanding of it. This is why they are going to end up with a much better result when the time comes, they are growing, and I believe they will continue to grow and become a huge nation eventually.

They’re competing to lead the digital world, and removing taxes is a smart move for them to help crypto grow in the country. I believe they’re not focused on immediate profits but rather on the long-term benefits, which makes sense. They have plenty of resources to collect taxes from, so since crypto is still new, it’s a good call not to be too aggressive with taxes. Hopefully, other countries will follow suit because sometimes heavy taxes slow down progress and development.

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Quote from: shield132 on October 14, 2024, 04:38:19 AM

UAE is a very innovative country. I don't understand why European countries hesitate to adopt crypto and lower taxes but among developing countries, the competition is growing in the crypto space. Some might not notice but many countries are fighting to attract crypto investors. For example, Kazakhstan offers very cheap electricity, my country also offers cheap electricity and partners with companies like Binance, Tether and BitFury to build and implement blockchain technologies but I guess we lack marketing because Georgia never gets mentioned while El Salvador and UAE are mentioned frequently.

They have literally built an entire nation based on these innovations and progressive thinking. While most of the world think they are just another Arab country, they are not like any others and they are quite progressive when it comes to business world and helped with so many companies grow their business while being there too.

UAE has always been at the forefront of trying to make their nation look good to build a headquarters, and plenty of companies do have their headquarters there. Plus, they are not some backwards place where they ban everything, they do allow most things and sort of like a western country as well, which allows westerners to come in, build their company and live a comfortable life based on cultural similarity or at least understanding of it. This is why they are going to end up with a much better result when the time comes, they are growing, and I believe they will continue to grow and become a huge nation eventually.

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