PANews reported on October 6 that the United Arab Emirates' amendments to the Value Added Tax (VAT) regulations will exempt the transfer and conversion of virtual assets, including cryptocurrencies. PwC said the new regulations include VAT exemptions for additional services, including the management of investment funds and the transfer and conversion of virtual assets. Finanshels, a UAE-based tax company, said that input VAT refunds allow registered businesses to claim back the VAT they have already paid for eligible business purchases.