🚨 UAE Exempts Crypto Transfers from VAT

The UAE is stepping up as a top crypto-friendly hub! With new amendments to the country’s VAT regulations, transfers and conversions of virtual assets, including cryptocurrencies, are now exempt from VAT.

Crypto transactions and conversions are VAT-free, making the UAE an even more attractive spot for digital asset companies. This VAT exemption is applied retrospectively from January 1, 2018, meaning businesses can also reclaim previously paid VAT on eligible transactions. Businesses dealing in crypto should review their past VAT filings for any potential recovery. Input VAT recovery lets registered firms claim back VAT on business expenses, which is a huge tax benefit for crypto players!

Dubai’s VARA and the SCA are streamlining licenses for VASPs. Now, firms licensed by VARA can also serve the wider UAE market through automatic SCA registration. VARA has also tightened marketing rules: Crypto promos must include disclaimers about extreme volatility and possible full loss of value.

Is the UAE setting the stage for even more crypto growth?
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