UAE removes taxes for all crypto transactions

cryptocoupons

newbie

Activity: 79

Merit: 0

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
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.

South Park

hero member

Activity: 2884

Merit: 794

I am terrible at Fantasy Football!!!

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.

kawetsriyanto

legendary

Activity: 2464

Merit: 1140

duelbits.com

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.

CroverNo01

sr. member

Activity: 630

Merit: 271

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.

fikrett

copper member

Activity: 126

Merit: 6

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.

Learn Bitcoin

hero member

Activity: 462

Merit: 767

Instant cryptocurrency exchange with own reserves!

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.

Easteregg69

sr. member

Activity: 1579

Merit: 267

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.

RockBell

sr. member

Activity: 966

Merit: 391

Underestimate- nothing

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.

Smack That Ace

legendary

Activity: 2002

Merit: 1109

Free Free Palestine

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.

fruktik

hero member

Activity: 1204

Merit: 580

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.

yhiaali3

legendary

Activity: 1848

Merit: 1982

Payment Gateway Allows Recurring Payments

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.

Fiatless

hero member

Activity: 574

Merit: 554

Leading Crypto Sports Betting & Casino Platform

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.

Learn Bitcoin

hero member

Activity: 462

Merit: 767

Instant cryptocurrency exchange with own reserves!

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.

Iranus

hero member

Activity: 1792

Merit: 534

Leading Crypto Sports Betting & Casino Platform

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.

X-ray

hero member

Activity: 3108

Merit: 537

Leading Crypto Sports Betting & Casino Platform

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.

kawetsriyanto

legendary

Activity: 2464

Merit: 1140

duelbits.com

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

RockBell

sr. member

Activity: 966

Merit: 391

Underestimate- nothing

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.

Taskford

hero member

Activity: 2520

Merit: 783

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.

freedomgo

legendary

Activity: 3318

Merit: 1185

Playbet.io - Crypto Casino and Sportsbook

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.

dezoel

legendary

Activity: 2044

Merit: 1075

Leading Crypto Sports Betting & Casino Platform

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.

shield132

hero member

Activity: 2450

Merit: 948

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: 994

Merit: 314

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: 840

Merit: 380

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: 1974

Merit: 539

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: 966

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: 1974

Merit: 539

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: 1386

Merit: 599

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: 2828

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.

jaberwock

legendary

Activity: 2772

Merit: 1127

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

hero member

Activity: 1218

Merit: 608

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.

BALIK

copper member

Activity: 2310

Merit: 609

🍓 BALIK Never DM First

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

copper member

Activity: 196

Merit: 6

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

legendary

Activity: 3108

Merit: 1290

Leading Crypto Sports Betting & Casino Platform

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

legendary

Activity: 2814

Merit: 1112

Leading Crypto Sports Betting & Casino Platform

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

member

Activity: 97

Merit: 43

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

Reatim

sr. member

Activity: 2828

Merit: 357

Eloncoin.org - Mars, here we come!

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.

tabas

hero member

Activity: 3234

Merit: 775

🌀 Cosmic Casino

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.

Smartvirus

legendary

Activity: 1666

Merit: 1158

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

sr. member

Activity: 714

Merit: 409

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.

uchegod-21

hero member

Activity: 1176

Merit: 643

BTC, a coin of today and tomorrow.

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 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.

AmoreJaz

legendary

Activity: 3122

Merit: 1102

Leading Crypto Sports Betting & Casino Platform

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.

Miles2006

sr. member

Activity: 182

Merit: 120

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.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

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

Quote

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!

Z-tight

legendary

Activity: 994

Merit: 1089

Wheel of Whales 🐳

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.

Cookdata

hero member

Activity: 1106

Merit: 912

Not Your Keys, Not Your Bitcoin

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.

coolcoinz

legendary

Activity: 2814

Merit: 1192

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.

yudi09

hero member

Activity: 1316

Merit: 787

Rollbit - The #1 Solana Casino

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.

DeathAngel

legendary

Activity: 3346

Merit: 1617

#1 VIP Crypto Casino

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.

Tungbulu

full member

Activity: 182

Merit: 131

RATING:⭐⭐⭐⭐⭐

Quote from: FortuneFollower on October 07, 2024, 06:39:07 AM

Interesting to see which country would be the first to implement something along the lines of these two Grin

I highly doubt that it will happen soon, though.

Well you may never know, you might be shocked to see the follow up. 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. 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.

RockBell

sr. member

Activity: 966

Merit: 391

Underestimate- nothing

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.

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.

Fiatless

hero member

Activity: 574

Merit: 554

Leading Crypto Sports Betting & Casino Platform

Quote from: ImThour on October 07, 2024, 02:12:21 AM

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.

bitLeap

sr. member

Activity: 1204

Merit: 486

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.

SquirrelJulietGarden

hero member

Activity: 1442

Merit: 775

Quote from: icalical on October 08, 2024, 06:34:21 AM

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.

Easteregg69

sr. member

Activity: 1579

Merit: 267

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.

avp2306

sr. member

Activity: 1022

Merit: 363

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?

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.

icalical

sr. member

Activity: 1400

Merit: 268

Enjoy 500% bonus + 70 FS

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.

Smartprofit

legendary

Activity: 2338

Merit: 1775

Catalog Websites

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?

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.

lionheart78

legendary

Activity: 2982

Merit: 1153

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?

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.

MeGold666

jr. member

Activity: 28

Merit: 37

I'd rather pay taxes in my country than live in that hell hole of censorship and human rights violations.

Synchronice

hero member

Activity: 882

Merit: 792

Watch Bitcoin Documentary - https://t.ly/v0Nim

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?

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.

passwordnow

hero member

Activity: 3136

Merit: 591

Leading Crypto Sports Betting & Casino Platform

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.

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.

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?

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.

Slow death

legendary

Activity: 3234

Merit: 1130

Leading Crypto Sports Betting & Casino Platform

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.

Frankolala

hero member

Activity: 938

Merit: 605

Leading Crypto Sports Betting & Casino Platform

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.

Kelward

sr. member

Activity: 630

Merit: 352

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?

This is a good news to all crypto enthusiasts and it will encourage most crypto holders to come to UAE. I'm not surprised about this news because UAE has always been known to be an innovative country where they provide enabling environment for businesses and best experiences for tourism to thrive. I know that this tax free for crypto transactions will drive the adoption of Bitcoin in the country, both for the citizens and visitors. Countries like El Salvador and now UAE will further drive other countries to become more crypto friendly because the adoption is increasing geometrically.

FortuneFollower

copper member

Activity: 196

Merit: 6

Quote from: Tungbulu on October 07, 2024, 05:49:56 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?

That's indeed quite an applaudable step by the UAE, and this step will single handedly increase the use of crypto in the country and also attract even more crypto investors since they'll not have to pay tax on crypto transactions or over their profits. I think El Salvador has really influence several countries into taking crypto more serious and also enacting policies that'll facilitate the use of crypto.

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 Grin

I highly doubt that it will happen soon, though.

IronAnt

newbie

Activity: 1

Merit: 0

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

Tungbulu

full member

Activity: 182

Merit: 131

RATING:⭐⭐⭐⭐⭐

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?

That's indeed quite an applaudable step by the UAE, and this step will single handedly increase the use of crypto in the country and also attract even more crypto investors since they'll not have to pay tax on crypto transactions or over their profits. I think El Salvador has really influence several countries into taking crypto more serious and also enacting policies that'll facilitate the use of crypto.

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.

Cryptomultiplier

sr. member

Activity: 980

Merit: 237

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

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

[email protected]

newbie

Activity: 2

Merit: 0

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
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?

The future I'm willing to live in

Hatchy

sr. member

Activity: 336

Merit: 365

The Alliance Of Bitcointalk Translators - ENG>PID

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

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

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

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

kryptqnick

legendary

Activity: 3332

Merit: 1404

Join the world-leading crypto sportsbook NOW!

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

Baofeng

legendary

Activity: 2576

Merit: 1655

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

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

asriloni

legendary

Activity: 3038

Merit: 1024

Leading Crypto Sports Betting & Casino Platform

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.

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

Quote from: SatoPrincess on 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 don't think EU countries will follow that.

Quote from: ImThour on October 07, 2024, 02:12:21 AM

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

It's a heaven for the rich.

ImThour

copper member

Activity: 1498

Merit: 1619

Bitcoin Bottom was at $15.4k

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

fikrett

copper member

Activity: 126

Merit: 6

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.

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

SquirrelJulietGarden

hero member

Activity: 1442

Merit: 775

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.

SatoPrincess

hero member

Activity: 1204

Merit: 802

Leading Crypto Sports Betting & Casino Platform

Quote

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

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

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

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

Topic: UAE removes taxes for all crypto transactions (Read 1133 times)