UAE removes taxes for all crypto transactions - page 2.

shield132

hero member

Activity: 2352

Merit: 905

Metawin.com - Truly the best casino ever

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?

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.

Learn Bitcoin

hero member

Activity: 462

Merit: 767

Instant cryptocurrency exchange with own reserves!

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 this is applied instantly, I think many crypto O.G.s will visit the U.A.E. because it will become heaven for crypto users. I don't make much from crypto, and I am not paying tax. So, personally, I am not going to get any benefit from their decision. But it is a revolutionary decision from the U.A.E. Dubai is one of the best tourist attractions, and now they will welcome crypto O.G.'s as well.

Tungbulu

full member

Activity: 182

Merit: 131

RATING:⭐⭐⭐⭐⭐

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 .

I think Bitcoin is more than just a speculative asset to a lot of people, as you’ve just said, yes lots of people are there for the short term gain, but if you really check very well, you’ll be shocked to know that a lot of people in the space (except for some newbies) have really understood the underlying risks involved in attempting to predict the market outcome in the short term and are trying as much as they can to avoid it and instead of putting their assets in harm’s way, most would rather utilize and harness the other use cases of Bitcoin.

Bitcoin has a decentralized nature and this is exactly one of the qualities that makes it exceptional and different from the traditional banking system, and it doesn’t need to be regulated or under and central authority before the economy can actually benefit from it, if that is to happen, I think the ones who will benefit more from crypto activities, rather than the economy, would be the government, so without being regulated, the economy still benefits from the existence of Bitcoin, both directly and indirectly.

Rabata

sr. member

Activity: 938

Merit: 292

Quote from: sarmrakib on October 13, 2024, 08:56:05 AM

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?

This is a great example for all the countries to know about crypto more and remove taxes. However it is also shown to the world how popular crypto now to the world. We have seen El Salvador proved that crypto is a real currency and a strong future. I have still believe that UAE is the leading country to the world who is always a great example for the developed countries . We have seen huge taxes on crypto to many countries though the except is. Its not a friendly for the user. So that they should think again and also follow UAE and make encourage to the user to involve with crypto.

I think the passage of time all countries will change their taxation system especially in cryptocurrency. Today, all major crypto traders in the world have their eyes set on El Salvador, a country offering tax-free use of cryptocurrencies. In that direction UAE is also trying to attract the attention of all the world's crypto entrepreneurs to their country. The opportunity that El Salvador offers will also move forward in the same way. As a result, crypto users will now have more opportunities in all cases. The biggest thing is that the UAE is making their country a paradise for cryptocurrency users all over the world.

snipie

legendary

Activity: 3178

Merit: 1140

#SWGT CERTIK Audited

Quote from: sarmrakib on October 13, 2024, 08:56:05 AM

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?

This is a great example for all the countries to know about crypto more and remove taxes. However it is also shown to the world how popular crypto now to the world. We have seen El Salvador proved that crypto is a real currency and a strong future. I have still believe that UAE is the leading country to the world who is always a great example for the developed countries . We have seen huge taxes on crypto to many countries though the except is. Its not a friendly for the user. So that they should think again and also follow UAE and make encourage to the user to involve with crypto.

From what I know, rich Gulf region countries are extremely wealthy and they haven't taxes and VAT until maybe few years ago, especially with the Covid-19 and the drop of oil prices where they started to add VAT which are way lower than all the other countries. This, and we could add the fact that UAE are trying to attract money from whatever source. I heard they are planning to open a world class casino, the first in the region, so giving the opportunity to bring cryptocurrencies and FIAT is just a win win situation for them!

sarmrakib

full member

Activity: 1292

Merit: 101

Vave.com

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?

This is a great example for all the countries to know about crypto more and remove taxes. However it is also shown to the world how popular crypto now to the world. We have seen El Salvador proved that crypto is a real currency and a strong future. I have still believe that UAE is the leading country to the world who is always a great example for the developed countries . We have seen huge taxes on crypto to many countries though the except is. Its not a friendly for the user. So that they should think again and also follow UAE and make encourage to the user to involve with crypto.

knowngunman

sr. member

Activity: 798

Merit: 364

Quote from: pawanjain on October 13, 2024, 03:12:45 AM

Good to know that few countries have started easing the taxation on crypto.
Just like many other countries, India has also imposed 30% tax on crypto profits and along with that 1% TDS on every crypto transaction.
This has been killing our profits but it's good to hear that UAE has become more crypto friendly now.
May be this will create a butterfly effect and some day India decreases the tax rate on crypto profits too.

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.

fuguebtc

hero member

Activity: 1960

Merit: 537

Leading Crypto Sports Betting & Casino Platform

Quote from: Tungbulu on October 12, 2024, 05:07:29 PM

Quote from: fuguebtc on October 12, 2024, 09:35:29 AM

But not everyone benefits from crypto, only those who make profit will benefit and those who lose will not benefit from it . Cryptocurrency is just a financial market and the nature of the financial game is that there will be winners and losers, it does not create jobs or income for everyone. Therefore, I don't think the country's economy will benefit if they can't tax it.

You're talking about crypto trading alone, but I on the other side is talking about crypto at large, even without trading, people still benefit from the existence of crypto, particularly Bitcoin. From having full custody of your finances, to the cheap and affordable options crypto offers us to send money across border, and then to one of the best way of wealth storage and preservation. The benefits of crypto are just so numerous that I can't name them all. This, not just those who make profits from trading actually benefits from crypto.

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 .

pawanjain

hero member

Activity: 2702

Merit: 716

Nothing lasts forever

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?

Good to know that few countries have started easing the taxation on crypto.
Just like many other countries, India has also imposed 30% tax on crypto profits and along with that 1% TDS on every crypto transaction.
This has been killing our profits but it's good to hear that UAE has become more crypto friendly now.
May be this will create a butterfly effect and some day India decreases the tax rate on crypto profits too.

Tungbulu

full member

Activity: 182

Merit: 131

RATING:⭐⭐⭐⭐⭐

Quote from: fuguebtc on October 12, 2024, 09:35:29 AM

But not everyone benefits from crypto, only those who make profit will benefit and those who lose will not benefit from it . Cryptocurrency is just a financial market and the nature of the financial game is that there will be winners and losers, it does not create jobs or income for everyone. Therefore, I don't think the country's economy will benefit if they can't tax it.

You're talking about crypto trading alone, but I on the other side is talking about crypto at large, even without trading, people still benefit from the existence of crypto, particularly Bitcoin. From having full custody of your finances, to the cheap and affordable options crypto offers us to send money across border, and then to one of the best way of wealth storage and preservation. The benefits of crypto are just so numerous that I can't name them all. This, not just those who make profits from trading actually benefits from crypto.

RockBell

sr. member

Activity: 952

Merit: 391

Underestimate- nothing

Quote from: tabas on October 08, 2024, 06:41:31 PM

Yeah, it's one of the paradises now for crypto people. And from what I have seen is that most of the crypto conferences now are being done there. It's good to see that the UAE government is helping and supporting the crypto community, from individuals to exchanges that have decided to operate their offices there. I think it's a boost to their economy in other means and not directly from the taxes that they'll get there. So obviously, people that will go there has to spend money for their needs and that's where they're going to get it indirectly that will benefit the country per se. There's a mutual benefit from all of the people involve from this decision of UAE, well done to them.

This will actually bring a lot of relief because paying tax is one thing that is actually killing people in some of this countries because the amount of taxes is just crazy I love how their government is trying to support then in their crypto journey, unlike other government that are yet to decide what direction that they are going when it comes to crypto and this is what the UAE is doing they have single direction for supporting crypto which I will encourage other countries to do so to.

And their are people that might even leave their country to to UAE just because of how friendly their space is when you want to trade or even do anything crypto because everyone will do what it's going to be in their favor, and if you look at UAE definitely they have all the money they need so they are not a country that they will like to put pressure on their citizens.

And I love how they are considerate they are so other countries should actually understand and if not for the greed of the government why tax people unnecessarily, I love the step that some countries are already taking when it comes to crypto.

fuguebtc

hero member

Activity: 1960

Merit: 537

Leading Crypto Sports Betting & Casino Platform

Quote from: Tungbulu on October 10, 2024, 12:43:47 PM

Quote from: jaberwock on October 09, 2024, 03:59:03 PM

It'll take time yeah and there is even a chance that it won't ever happen for the said reason. If the economy is also benefiting very well, then why not? But it isn't only good if not because the governments are corrupt. I still think that even if cryptos are not being taxed the economy can still be able to benefit with it and more people must be loving it more than the other way around.

Of course, with or without the government’s consent, people and the economy would still benefit from crypto, even in the countries that crypto is currently banned, people still manage to go about their daily crypto activities, traders still trade in the market, and may still invest, so whether or not the government support the mass adoption of crypto within their jurisdiction, people will still benefit from it.

But not everyone benefits from crypto, only those who make profit will benefit and those who lose will not benefit from it . Cryptocurrency is just a financial market and the nature of the financial game is that there will be winners and losers, it does not create jobs or income for everyone. Therefore, I don't think the country's economy will benefit if they can't tax it.

Many governments have banned cryptocurrencies in the past because many people do not use it for investment purposes, many people use it for tax evasion , and money laundering...This is not good for the country , so it cannot be said that cryptocurrency will always benefit the economy regardless of whether it is legal or not .

Antotena

sr. member

Activity: 490

Merit: 325

Quote from: Strongkored on October 08, 2024, 11:39:40 PM

I doubt the UK and other European countries will do the same as the UAE, a country that has had high taxes on many things from the start will do the same on other things including crypto transactions, only countries that have never implemented taxes or low are also likely to exempt crypto from taxes or only apply low taxes on crypto transactions.

The UAE has quite low taxes, some are even tax-free, so it's no surprise that they also do this for crypto, crypto lovers in this country are certainly happy with their government's decision.

This is a great news for the UAE, I think this will open way for people to come their country and since their is a way one can become citizens by investment, they will make millions of money from people because an average crypto investor doesn't like to pay tax, many United state citizens that invest in crypto feel they are been extorted by their govern after making their hard risk, they will rather pay the one time payment to become citizens than continue to pay 30% to their government everytime.

UK leave on tax and it's the system is sustained by the tax system, the queen has never relax on taxing system and I'm not sure if the prince will do the same. The United Kingdom is survive on taxes and in return people enjoy the good system. It will be difficult for them to see the massive profits people make from crypto and they are going to close eye on it. Maybe if they chargea the exchanges we'll enough they might reduce the % they collected from their citizens that invest in crypto.

tread93

hero member

Activity: 1344

Merit: 583

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?

I think the only other one that has already been this way closer to the States side is Cayman Islands. I wish that this were the case in the US taxation is theft!

Jet Cash

legendary

Activity: 2814

Merit: 2472

https://JetCash.com

Well the UK exempts some gold coins from VAT, capital gains and inheritance tax ( Sovereigns and Britannias). This is handy for the elite weathy banksers. As they are stocking up on Bitcoin, there is a chance that the gov will include Bitcoin in the list at some stage. By this time it will probably be difficult to buy more than a couple of Satoshi for the man on the Clapham omnibus.

Tungbulu

full member

Activity: 182

Merit: 131

RATING:⭐⭐⭐⭐⭐

Quote from: jaberwock on October 09, 2024, 03:59:03 PM

It'll take time yeah and there is even a chance that it won't ever happen for the said reason. If the economy is also benefiting very well, then why not? But it isn't only good if not because the governments are corrupt. I still think that even if cryptos are not being taxed the economy can still be able to benefit with it and more people must be loving it more than the other way around.

Of course, with or without the government’s consent, people and the economy would still benefit from crypto, even in the countries that crypto is currently banned, people still manage to go about their daily crypto activities, traders still trade in the market, and may still invest, so whether or not the government support the mass adoption of crypto within their jurisdiction, people will still benefit from it.

DaNNy001

hero member

Activity: 644

Merit: 520

Leading Crypto Sports Betting & Casino Platform

Quote from: mirakal on October 09, 2024, 07:27:57 AM

You could say they’re really pushing for crypto adoption, especially with zero taxes—it’s a major reason why it’s a better choice than paper money. Other countries might want to do the same, but let’s face it: some nations prioritize profits over helping their people, just like ours, where taxes keep rising. If we had zero taxes on crypto here, I’m sure many of my fellow citizens would jump at the chance to use it!

The UAE was the first to make this move, and I truly believe they’ll lead the way in crypto adoption one day. It sends a powerful message that a government can choose to go tax-free if they really want to!

Well you could say that again, its definitely a powerful message and also a positive note to take for the Bitcoin community at large as this just simply shows that no matter what Bitcoin is definitely striving and also striding with no hold or set backs. I know that lots of countries enjoy their profit making than actually making the needs of their citizen come first and that's just greed because crypto and most especially Bitcoin adoption will increase a whole deals if many countries operate more friendly like united Arab Emirates U.A.E

Natalim

hero member

Activity: 3094

Merit: 606

BTC to the MOON in 2019

Quote from: SquirrelJulietGarden on October 07, 2024, 02:04:11 AM

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. 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.

With all these advantages gained by UAE, then it's not surprising that one day UAE will be the next EL Salvador in the process. Not to mention that there are actually crowd of crypto enthusiasts living in UAE, then the biggest hope that one day bitcoin will also be legally adopted as a legal tender, or just even a reserved currency from their own official currency, that's already a great achievement for bitcoin.

LDL

hero member

Activity: 742

Merit: 671

Making such tax free on Bitcoin in UAE is considered as a very important step especially in terms of Bitcoin adaptation, this landmark step of UAE will open up hundreds of benefits for Bitcoin investors. The United Arab Emirates will want its country to succeed in Bitcoin adaptation just as El Salvador has succeeded in Bitcoin adaptation. However, if there is a tax like other European countries, there are certainly some obstacles for investors, but if the tax is free, there will not be all those obstacles. It may be that the government of the United Arab Emirates has removed the tax from all types of transactions.

South Park

hero member

Activity: 2884

Merit: 794

I am terrible at Fantasy Football!!!

Quote from: mirakal on October 09, 2024, 07:27:57 AM

You could say they’re really pushing for crypto adoption, especially with zero taxes—it’s a major reason why it’s a better choice than paper money. Other countries might want to do the same, but let’s face it: some nations prioritize profits over helping their people, just like ours, where taxes keep rising. If we had zero taxes on crypto here, I’m sure many of my fellow citizens would jump at the chance to use it!

The UAE was the first to make this move, and I truly believe they’ll lead the way in crypto adoption one day. It sends a powerful message that a government can choose to go tax-free if they really want to!

In a way I am surprised more countries have yet to decide to do this, after all there are many countries that are tax havens which may have done the same and they have not done so, so this is a great opportunity for UAE to attract bitcoin investors all over the world that do not want to pay the high taxes they will need to pay on their countries, since we need to admit that some of the taxes those governments want to charge are completely ridiculous, and they were established by politicians that hate this market and want to punish anyone that participates in it.

Topic: UAE removes taxes for all crypto transactions - page 2. (Read 1094 times)