They’re competing to lead the digital world, and removing taxes is a smart move for them to help crypto grow in the country. I believe they’re not focused on immediate profits but rather on the long-term benefits, which makes sense. They have plenty of resources to collect taxes from, so since crypto is still new, it’s a good call not to be too aggressive with taxes. Hopefully, other countries will follow suit because sometimes heavy taxes slow down progress and development.
Every nation seeks growth and they have major steps and budgets to execute. United Arab Emirates removes taxes on all crypto transactions? That's one major step to development you know that? Cryptocurrency have been banned by most of these European and African countries with the fear embedded in the leaders about crypto surpassing their fiat currency. That's so true to believe but come to think of it, the world is advancing, it's only polite and fair for these countries to start quick investments in cryptocurrency because it have remained the very top priority for investors and traders.