Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
UAE Eliminates Value-Added Tax From Crypto Transactions in New Regulation Amendment

UAE Eliminates Value-Added Tax From Crypto Transactions in New Regulation Amendment

Daily HodlDaily Hodl2024/10/07 16:00
By:by Mark Emem

Cryptocurrency transactions in the United Arab Emirates (UAE) will be exempt from value-added tax (VAT) starting next month, according to accounting giant PricewaterhouseCoopers (PwC).

The accounting giant says the UAE’s Federal Tax Authority (FTA) published amendments earlier this month exempting crypto transfers from VAT charges.

“Additional services are exempt from VAT:

The management of investment funds
Transferring ownership of Virtual Assets, including cryptocurrencies
Converting Virtual Assets.”

According to PwC, the exemption of crypto transactions from VAT is effective from January 1st of 2018.

The amendments exempting crypto transactions from paying VAT come about a month since the UAE’s Securities and Commodities Authority (SCA) and Dubai’s Virtual Assets Regulatory Authority (VARA) inked an agreement seeking to boost the country’s global position in the cryptocurrency industry.

“Under the agreement, the SCA and VARA will set forth rules and procedures for licensing and supervision virtual asset service providers (VASPs) and any related activities, services or associated transactions…

The two parties agreed that VASPs operating in/from Dubai, or wishing to service the emirate of Dubai require to obtain a license from VARA, and can be registered by default with the SCA to service the wider UAE. VASPs wishing to operate out of any other Emirates, must be licensed by the SCA to do so.

The agreement covers the mechanism for mutual supervision of VASPs, penalty and fine imposition, the exchange of information and statistics, as well as cooperation in employee training and qualification.”

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X , Facebook and Telegram

Surf The Daily Hodl Mix


Generated Image: Midjourney

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

New spot margin trading pair — ES/USDT!

Bitget Announcement2025/07/24 05:56

SLPUSDT now launched for futures trading and trading bots

Bitget Announcement2025/07/23 11:57