Interesting to see which country would be the first to implement something along the lines of these two
I highly doubt that it will happen soon, though.
Topic: UAE removes taxes for all crypto transactions - page 4. (Read 1094 times)
Interesting to see which country would be the first to implement something along the lines of these two
I highly doubt that it will happen soon, though.
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.
Dubai have made crypto a very safe space very comfortable for does doing cryptocurrency and making all bitcoin transactions tax free is a good one coming from them, when it comes to any kind of investment Dubai will always want to take a lead on like other countries and imagine countries like I'm taking 30% from your intrest is just to much for what reason doing bitcoin over their is just going to be crazy because of the tax does I pity the most is not more than those that are into mining damn.
They actually have less crime over there just because of the way they have done everything they have made living very easy for them self, and with transactions been free will make it more easier for those that want to trade and even encourage their citizens to start up their own trading business without to much stress they can even loan you that is Dubai for you. Recognition as a payment makes it more fun but I don't think I will want to spend my bitcoin.
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.
This is a similar situation in my country. 30% tax is just too much that it makes me feel that I just laboured for the government. I just feel cheated that after working hard to save and invest in crypto assets, the government will just chop off a huge percentage. This has made many crypto firms and investors migrate to neighbouring countries with friendly policies. This policy change by UAE will attract more investors to the country and they will make money from other areas. The attraction of these crypto companies to the UAE will promote employment, tourism, infrastructure and transfer of technology. Countries that are hostile to cryptocurrencies don't know what they are losing. 
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.
While this might be a win for Bitcoin, crypto, and virtual asset industries, I'm not really sure that the rest of Europe would follow suit anytime soon. Many European nations, including the UK, are still quite skeptical about cryptocurrency due to their volatility and concerns about their misuse. For example, while the UAE scrapped VAT on crypto to enable innovation, most countries in the EU still impose levies as one way of retaining financial stability and keeping this growing crypto market in check.
UAE is known as a nation with very friendly tax policy on the rich especially foreigners. They are very welcome foreigners coming to their nation with money and tax is one of most attractive policies of UAE for foreigners.This latest tax policy, no tax on cryptocurrency transactions, is very matched with their root approach on foreigners. With this policy change, they will attract omre cryptocurrency millionaires, billionaires and companies moving to their nation. It will help their national economy and developments in many areas too.
Nations in Europe are different because their governments and societies work with foundations from tax. Removing tax on cryptocurrencies will be nightmare for European nations and they surely will not do it. No reasons for European countries to lift tax on cryptocurrency transactions or capital gain tax.
Latest in tax evation is about waiting it out. 5 years at least.
Make a new set up and don't touch the old one till 2030.
Leaves a backdoor for overexposed MAGA investors.
Make a new set up and don't touch the old one till 2030.
Leaves a backdoor for overexposed MAGA investors.
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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
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?
Indeed this is a great news. For taking out the taxes from crypto it somehow promotes good usage for this coins since people will get curious to discover or want to try using this since they won't worried about taxes anymore.
Europe seems heading in nice path and maybe next to it is their announcement towards bitcoin adaption and let see if they would follow the track what El Salvador did as you said. Provably other country would implement the same if they see how useful crypto if they adapt it. Future is exciting and hopefully US to became a crypto friendly country will trigger everything.
So looking forward for more positive news like this.
While this might be a win for Bitcoin, crypto, and virtual asset industries, I'm not really sure that the rest of Europe would follow suit anytime soon. Many European nations, including the UK, are still quite skeptical about cryptocurrency due to their volatility and concerns about their misuse. For example, while the UAE scrapped VAT on crypto to enable innovation, most countries in the EU still impose levies as one way of retaining financial stability and keeping this growing crypto market in check.
The main focus of Europe is on strengthening crypto regulations, such as MiCA, and not so much on providing tax breaks, so this might take quite a while before such huge changes are seen in that respect. On the other hand, some countries positioning themselves to be crypto hubs, such as Portugal or even Estonia, may consider similar policies in a bid to attract crypto investors.
The main focus of Europe is on strengthening crypto regulations, such as MiCA, and not so much on providing tax breaks, so this might take quite a while before such huge changes are seen in that respect. On the other hand, some countries positioning themselves to be crypto hubs, such as Portugal or even Estonia, may consider similar policies in a bid to attract crypto investors.
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
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?
The UAE government is well aware that the country is based in a desert. The UAE will become a desert if it does not create favorable conditions for business. The UAE is led by smart, far-sighted and practical rulers who try to support entrepreneurial initiative and scientific and technological progress.
Low taxes in the crypto industry will attract a large number of young and socially active people with money to this country.
Unfortunately, I am not sure that the EU and the US will follow the example of the UAE. I think that modern bureaucracy will not allow this.
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 move to support cryptocurrency in UAE. This will make the country more attractive to developers and companies that wanted to take advantage of cryptocurrency tax exemption so we might be seeing several new company launching their services in UAE.
I wish my country will also implement this kind of tax exemption so that we can see a boom of cryptocurrency company investing in our country by setting up bases of operation but sadly, some of our institution is somehow hostile to the word tax exemption instead they are planning to put more effort to tax digital services like crypto exchanges.
I'd rather pay taxes in my country than live in that hell hole of censorship and human rights violations.
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?
El Salvador is a crypto heaven but the high crime rate doesn't outweigh the pros of being crypto heaven. Crime rate is their weakest spot because this country isn't a safe place to live, so even in the case of very good opportunities and tax rates on crypto, it's hard to convince any developer or businessman to move there and live there.On the other hand, UAE looks far more attractive but the heat is unbearable there. A person from developed country like Norway, Sweden, Denmark, Finland, Germany, UK, Ireland and so on, can't live there long-term. I don't say all but most of them definitely can't last long in such a hot climate. So, this is the cons of UAE. UAE is far better choice compared to El Salvador because there is very low crime rate there and believe me, crime rate means a lot. No one wants to go outside and worry about getting stabbed or rob at any moment.
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.
UAE is putting its money where its mouth is. Because there was a news before about their plans of being a crypto haven. That's why with that news, exchanges like Binance have moved there and CMIIW, they've made an headquarters there. 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?
Everything is possible with these countries. They're still in the infancy of adopting it and that's why such taxation could be modified if they've seen that they're going to benefit more with lesser taxation from the transactions and profits that will be done and taken in crypto. This is a good news that have came out just in time. When we don't see some good news at all, UAE is there to announce this warm and welcoming news. 
I don't know what the laws are in the UAE regarding the use of cryptocurrencies, but I see that this tax removal is a good measure for those people who live in or go to the UAE and have cryptocurrencies. But we have to know if the government has also encouraged banks to cooperate with cryptocurrency companies such as exchanges in order to make it easier for people in the UAE to buy cryptocurrencies using bank accounts easily, because only then could the UAE have many cryptocurrency users. There is no point in removing taxes if the government prohibits banks from dealing with cryptocurrencies.
UAE is a center of tourism and a lot of people from all over the the world visits the country weekly either for business or for fun. This has made UAE outstanding to the point that the government na de the country a crypto friendly place so that visitors can use cryptocurrency whenever they are in town because they know that different people from different countries will be able to use crypto easily for goods and services and don't need to conver funds to fiat.
Removing task from crypto is a good development for crypto enthusiasts and an encouragement for those who are yet to be in ths crypto space to join the moving train, because when you pay with crypto, you're task free.
Removing task from crypto is a good development for crypto enthusiasts and an encouragement for those who are yet to be in ths crypto space to join the moving train, because when you pay with crypto, you're task free.
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?
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?
If UK or other European countries where crypto is actively used, are to follow in this step, they'll for sure lose lots of revenue from crypto investors and traders, but I think the result would be positive.
Interesting to see which country would be the first to implement something along the lines of these two
I highly doubt that it will happen soon, though.
You're absolutely right! The UAE's move is definitely a game-changer for the crypto industry in the region. By offering tax-free crypto transactions and profits, it's setting a strong precedent that will likely attract more investors and foster the growth of the crypto ecosystem. El Salvador’s early adoption of Bitcoin has indeed sparked interest from other nations, and it's interesting to see how other countries might respond to these trends.
As for the UK and Europe, while they might miss out on some tax revenue by adopting similar policies, the long-term benefits, such as increased innovation and economic growth, could outweigh the initial losses. It will be fascinating to see how different governments balance regulation and innovation in the crypto space. Macy’s Insite
As for the UK and Europe, while they might miss out on some tax revenue by adopting similar policies, the long-term benefits, such as increased innovation and economic growth, could outweigh the initial losses. It will be fascinating to see how different governments balance regulation and innovation in the crypto space. Macy’s Insite
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?
If UK or other European countries where crypto is actively used, are to follow in this step, they'll for sure lose lots of revenue from crypto investors and traders, but I think the result would be positive.
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
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 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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