• Authorities #ОАЭ exempted all cryptocurrency transactions from value added tax (5%), and this decision is retroactive - from January 1, 2018.
• This step helps legitimize cryptocurrencies and allows companies working with digital assets to return previously paid VAT.
• The tax exemption also applies to services such as investment fund management and conversion of virtual assets.
• The UAE is among the leaders in the adoption of digital assets along with Singapore and Turkey.
