An amendment to exempt all cryptocurrency transactions by individuals and legal entities from value added tax (VAT) will come into effect in the United Arab Emirates (UAE) on November 15. The Federal Tax Authority (FTA) said in a statement that the amendments, which were made in accordance with Cabinet Resolution No. 100 of 2024, aim to simplify VAT rules, encourage investment, and bring the system in line with international standards. “The abolition of the 5% VAT is expected to benefit companies working with virtual assets and investment funds, thereby strengthening the UAE’s position as a global financial hub,” the FTA commented.$BTC

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