UAE removes taxes for all crypto transactions - page 3.

jaberwock

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Quote from: Tungbulu on October 08, 2024, 10:21:38 AM

Well you may never know, you might be shocked to see the follow up. Most government are greedy and after their own personal interest and that's why they've not considered that as an option just yet. So if a new government that's after the interest of the people eventually comes to power, I believe it'll be a piece of cake.

I think it is not shocking anymore because it already happened before. What is only shocking is if the country that banned crypto will unban it, more if they won't also tax crypto transactions now. It's not always necessary to have new government only to experience these changes but a new government can show-off at first, so why not?

Quote from: Tungbulu on October 08, 2024, 10:21:38 AM

Although most of those countries' government are benefiting a lot from crypto traders at the moment, and it'll take a government that has the interest of their people and their economy to implement such a law, since it'll be more beneficial to the people and the economy.

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.

armanda90

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The UAE is most richest country and supported for their citizen by removing taxes for all cryptocurrency transaction, its very worth because holder and investor not required for using local exchange market after taxes transaction removing.
In my country have adopted taxes for all cryptocurrency transaction when trading at local exchange market and required taxes for buy and sell order around 0.4% each transaction.

Seems interested if our government Indonesia looking forward what did by UAE government removing all taxes for cryptocurrency transaction and helped their citizen take benefit with crypto by trading or long term holding. Give positive side for UAE Citizen because they can make all cryptocurrencies transaction without paying taxes and their government most helpful for crypto trader.

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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!

The UAE has an area of over 83km2, a population of nearly 10 million people and is in the top 10 richest countries in the world, so it is not surprising that they exempt their citizens from taxes. On the contrary, our country is mainly developing country, without economic potential or mineral resources. So there will be a huge difference in policy between the two governments, we cannot expect our government to be as friendly as the UAE government.

Even El Salvador, the first country to legalize Bitcoin as legal tender does not exempt its citizens from taxes, we cannot expect our government to do the same. I just hope they legalize bitcoin and have an open policy towards it then that would be a big success for us, I don't expect them to give us tax breaks.

I agree, I wouldn't be surprised if one day UAE becomes a crypto leader with crypto friendly policies.

FortuneFollower

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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!

UAE just utilizes what it can't do itself and would be beneficial for them - it can give them the edge they need and also go a different path, different from what usual govs would do Grin

Maybe some will follow in the far future, who knows.

mirakal

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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!

Strongkored

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

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

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.

SilverCryptoBullet

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I see this news like UAE is the first nation gives tax free to Bitcoin and cryptocurrency investors, traders. I am curious to fact check and the answer is not like this.

Crypto Tax Free Countries for 2024
There are 17 nations with crypto tax free.

Quote

Some notable examples for crypto tax free countries are Belarus, Bermuda, Cayman Islands, El Salvador, Georgia, Germany, Hong Kong, Malaysia, Malta, Puerto Rico, Singapore, Slovenia, Switzerland, and the United Arab Emirates.

What are the worst countries for crypto tax?

Quote

Denmark
The Netherlands
India
Spain

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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. 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?

No, I do not think so. At least in the near future. Didn't EU just introduce regulatory compliances for crypto projects and exchanges to follow? I do not think European countries are too eager to make crypto tax free. They all seem to want to control crypto as much as they can. The best we can hope for is for some of these european countries to acknowledge crypto legal and not make it illegal.

What UAE did though is a huge step and I am sure would contribute to their tourism and economy growth. They seem to be making steps that are unexpected.

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Quote from: bitLeap on October 08, 2024, 07:10:26 AM

Dubai has become a paradise for crypto communities, especially bitcoin, and indeed they aim to make Dubai the center of crypto in the world by freely opening crypto transactions without any taxes.

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.

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Quote from: Cookdata on October 08, 2024, 02:34:46 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. 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?

No wonder a lot of crypto gurus are running to thag region even before this news, they are having tax capital gain free on crypto even before now in Dubai but it's seems the regulation has been finally approve all over the city of UAE. Finally, they are going to have a lot of crypto immigrants move their family and friends over there to stop been drained of their profits by this European countries that dwell on citizens crypto investments.

Most African countries have had a relaxed taxation system where you don’t have most of the households and persons being taxed directly but, the indirect tax system as VAT is used. However, you don’t find migrants looking out for these places to build a life. Why is that, it’s largely because of what’s there to be offered. That’s the singular reason why Dubai will win in this policy formulation. It’s already a tourist destination and the one place you could go for them lavish lifestyle yet, here they are again with crypto centric policies. It’s a let’s go to Dubai for everyone but, you’ll be paying some of those taxes as VAT.

Orpichukwu

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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. 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?

One thing I believe contributes to how crypto-friendly a country can be is if they have lovers of crypto in their law makers list, which can propose some change and also put some pressure on it in order for such a law to get implemented.

Those crypto-friendly laws are what we need to be reading; at least let there be a little bit of freedom in terms of making trade and enjoying profit since the losses are not shared with the government.

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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
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 is always about imposing tax on crypto in different countries, I have never seen a country lifting tax or exempting it when they have already implemented it. It takes will power and love for cryptocurrency and the citizens to do that.
Most countries who implement outrageous tax for crypto thinks they do it for crypto and not knowing that it is also affecting the citizens of the country.
Very soon countries will be more and more lenient on crypto as the advantages of it is fast evolving.

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Quote from: Miles2006 on October 08, 2024, 04:28:06 PM

I’m forced to believe crypto adoption is perfectly fine in UAE seeing this news, it seems like there’s a force attached to this step but what’s more important is allowing crypto enthusiast to feel free besides crypto adoption will grow regardless of any opposition. This step is actually a great move but do I think other countries will follow suit like the UK? Yes probably at the right time.
I’m just seeing how few countries don’t support bitcoin adoption and it never affected bitcoin growth in any way rather citizens still decide to hold, taxing 30% is too much but still people in situations like this still trade and buy, it’ll be nice if most countries embrace bitcoin adoption.

Sooner or later, other countries will realize that with or without their participation, this market will continue to thrive and increase its adoption. Once they are seeing that this market is continuously gaining its popularity, they will for sure try their hands on this market. When the time comes, the demand will surely further increase. And since the supply is fixed, it only means that the price tendency will be on the positive side.

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I’m forced to believe crypto adoption is perfectly fine in UAE seeing this news, it seems like there’s a force attached to this step but what’s more important is allowing crypto enthusiast to feel free besides crypto adoption will grow regardless of any opposition. This step is actually a great move but do I think other countries will follow suit like the UK? Yes probably at the right time.
I’m just seeing how few countries don’t support bitcoin adoption and it never affected bitcoin growth in any way rather citizens still decide to hold, taxing 30% is too much but still people in situations like this still trade and buy, it’ll be nice if most countries embrace bitcoin adoption.

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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. 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?

How in the name of god can you cram so many misleading things in just three lines of text?

1) UAE is removing VAT only in crypto transfers, this means you're not going to pay VAT on buying crypto!
The only thing that has been amended is the transfer of crypt not being charged VAT:
https://www.pwc.com/m1/en/services/tax/me-tax-legal-news/2024/uae-vat-executive-regulation-amendments.html

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Article 42 - Tax treatment of financial services
Additional services are exempt from VAT:
Transferring ownership of Virtual Assets, including cryptocurrencies

2) Most European countries didn't even have VAT on crypto transfers at all and never had them

3) Taxes on profits are not over 30% in most European countries, actually in most of them are closer to 10% and in some cases, like Germany, you don't even pay tax if you have held your cryptos for more than one year!

So sorry, but if you're looking at the actual reality, it's the other countries in the world that need to copy Europe, not the other way around!

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It is good news for the people who live in the UAE and from the source i read, the law applies retrospectively and covers tx's that go as far back as 2018. UAE is a crypto friendly place and there would be more developments regarding crypto there in the future. However, we cannot expect other countries or regions to do the same thing, but there are countries that charge exorbitant taxes on crypto and it would be nice if they can review it and reduce it for crypto users.

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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. 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?

No wonder a lot of crypto gurus are running to thag region even before this news, they are having tax capital gain free on crypto even before now in Dubai but it's seems the regulation has been finally approve all over the city of UAE. Finally, they are going to have a lot of crypto immigrants move their family and friends over there to stop been drained of their profits by this European countries that dwell on citizens crypto investments.

I'm not sure the like of UK are going to allow crypto tax to be free, they wouldn't because I think they are already suffering from high rate of immigrants migration, doing that in UK will double the numbers of foreigners coming to their country. My only fear for the UAE now is that scammers don't use this opportunity to abuse the privilege so they don't take away it from people again, every advantage comes with its own disadvantages.

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Quote from: bitLeap on October 08, 2024, 07:10:26 AM

Dubai has become a paradise for crypto communities, especially bitcoin, and indeed they aim to make Dubai the center of crypto in the world by freely opening crypto transactions without any taxes. The government there is trying to jump far with breakthroughs like this and I think they are brave enough with the decision. There even though crypto transactions are fairly free, the crime rate is very minimal because the legal regulations will make criminals think 100x, therefore transactions especially bitcoin can be easily found at every outlet or store that implements crypto payments.

It's also a place where shitcoiners and scammers like to flee because they're reluctant to extradite Wink

I know a guy who was running a staking platform then moved to Dubai and conveniently a few months later the platform was "hacked" and disappeared. I don't know how much was lost but the fact is, most of the investors were from poor countries, trying to make a few bucks staking shitcoins. Chances that they will sue him are very low.

As for the lack of taxes, great! I'd love to see EU do something like that, but it won't happen. EU politicians are too greedy.

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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. 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 great news for crypto enthusiasts to hear about tax waivers for all transactions when they could still be subject to tax cuts of up to 30%.
I’m just guessing that countries like UAE are rich countries that no longer focus their revenue on taxes. It seems odd that they still tax transactions including crypto transactions.

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UAE is always ahead of the game & really keen to attract wealthy, smart people. The West could learn a thing or two from the way they do things in the UAE. No unskilled migrants go there, anybody who emigrates there has to pay for their own life, no begging, no government hand-outs, very little crime. It doesn’t surprise me at all they’re pro crypto.

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