Quote from: SatoPrincess on October 07, 2024, 06:54:57 AM

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The UAE has exempted cryptocurrency transfers and conversions from value-added tax, positioning itself as a more crypto-friendly jurisdiction for digital asset transactions.

Amendments to value-added tax (VAT) regulations in the United Arab Emirates will exempt transfers and conversions of digital assets, including crypto.

On Oct. 2, the UAE’s Federal Tax Authority (FTA) published amendments to the country’s VAT rules. According to business consultancy company PwC, the new rules include VAT exemptions for additional services, including managing investment funds and transferring and converting virtual assets
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The UAE just got a whole lot friendlier with its new no tax policy on crypto. Like El Salvador, the UAE may just become the next haven for crypto enthusiasts. Most countries in Europe tax over 30% of your profits. Do you think the UK and other countries in Europe will make such a move in the near future?

UAE is a very innovative country. I don't understand why European countries hesitate to adopt crypto and lower taxes but among developing countries, the competition is growing in the crypto space. Some might not notice but many countries are fighting to attract crypto investors. For example, Kazakhstan offers very cheap electricity, my country also offers cheap electricity and partners with companies like Binance, Tether and BitFury to build and implement blockchain technologies but I guess we lack marketing because Georgia never gets mentioned while El Salvador and UAE are mentioned frequently.