Bitget App
Trading lebih cerdas
Beli KriptoPasarTradingFuturesBotsEarnCopy
UAE Makes Crypto VAT-Free, Strengthening Hub Ambitions

UAE Makes Crypto VAT-Free, Strengthening Hub Ambitions

CoineditionCoinedition2024/10/07 09:54
Oleh:By Nynu V Jamal
  • The UAE has implemented amendments to its Value-Added Tax (VAT) regulations.
  • The new amendments will exempt the transactions and conversions of crypto assets from VAT.
  • The FTA has urged crypto businesses in the country to review their retrospective VAT position.

The United Arab Emirates (UAE) made crypto transactions and conversions VAT-free with amendments to its Value-Added Tax (VAT) regulations. This change, effective January 1, 2018, solidifies the UAE’s position as a leading crypto hub.

The UAE’s Federal Tax Authority (FTA) issued the VAT amendments on October 2, 2024. Tax consultancy firm PwC noted that the UAE defines cryptocurrencies as “representations of value that can be digitally traded or converted.” The auditing firm added that this category excludes financial securities and fiat currencies.

Bitcoin enthusiast Kyle Chasse called the development “bullish.” He said the UAE’s move to eliminate VAT for crypto transfers is “huge” for both individual and institutional investors.

BULLISH!!

🇦🇪 UAE ELIMINATES VAT (VALUE-ADDED TAX) FOR ALL CRYPTO TRANSFERS.

THIS IS HUGE FOR PEOPLE AND COMPANIES DEALING WITH DIGITAL ASSETS!

DON'T YOU DARE SAY YOU'RE BEARISH. pic.twitter.com/5HlzKl6wcT

— Kyle Chassé / DD🐸 (@kyle_chasse) October 6, 2024

The FTA encouraged crypto businesses in the country to review their retrospective VAT position under the new amendments and focus on input tax recovery. PwC indicated that virtual asset companies may need to submit voluntary disclosures to correct past VAT returns. UAE tax company Finanshels previously stated that registered businesses in the UAE can reclaim previously paid Value-Added Tax (VAT) through the Input Tax Recovery mechanism.

UAE Strengthens Crypto Regulations

UAE has led the way in implementing strong crypto regulations that support its goal of expanding its crypto hub. Coinbase CEO Brian Armstrong recognized the UAE as the first country to establish a specialized crypto regulator. The UAE’s progressive stance on crypto is also clear in the country’s work to publish a transparent rule book.

Baca juga: Ripple Berkembang di UEA dengan Lisensi Layanan Keuangan Baru

Additionally, the country’s FSRA updated its Anti-Money Laundering (AML) and Sanctions Rules and Guidance. The FSRA released the updated AML Rulebook in December 2023 to strengthen regulatory measures against money laundering, terrorism financing, and proliferation financing.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

0

Disclaimer: Konten pada artikel ini hanya merefleksikan opini penulis dan tidak mewakili platform ini dengan kapasitas apa pun. Artikel ini tidak dimaksudkan sebagai referensi untuk membuat keputusan investasi.

PoolX: Kunci untuk token baru.
APR hingga 12%. Selalu aktif, selalu dapat airdrop.
Kunci sekarang!

Kamu mungkin juga menyukai

Harian: Harga kripto anjlok, kerugian belum terealisasi Strategy sebesar $6 miliar di Q1, pengacara kripto menggugat untuk mengungkap identitas asli Satoshi Nakamoto dan

Harga Crypto anjlok saat taruhan leverage senilai $1,6 miliar terhapus, sementara ETH mencapai titik terendah dalam dua tahun Strategi Saylor mengungkapkan kerugian belum terealisasi hampir $6 miliar pada Q1 saat penjualan menghentikan pembelian bitcoin Pengacara crypto menggugat Departemen Keamanan Dalam Negeri untuk mengungkap identitas pencipta Bitcoin Satoshi Nakamoto

The Block2025/04/07 23:35
Harian: Harga kripto anjlok, kerugian belum terealisasi Strategy sebesar $6 miliar di Q1, pengacara kripto menggugat untuk mengungkap identitas asli Satoshi Nakamoto dan

Strategi Saylor ungkap kerugian belum terealisasi hampir $6 miliar di Q1 saat penjualan hentikan pembelian bitcoin

Quick Take Strategy melaporkan kerugian yang belum direalisasikan pada kepemilikan Bitcoinnya senilai $5,91 miliar di Q1 setelah menghabiskan sekitar $7,66 miliar untuk membeli 80.715 BTC selama kuartal tersebut. Perusahaan belum membeli BTC baru sejauh ini di kuartal kedua, meninggalkan total kepemilikannya pada 528.185 BTC yang bernilai lebih dari $43 miliar per 31 Maret.

The Block2025/04/07 21:00
Strategi Saylor ungkap kerugian belum terealisasi hampir $6 miliar di Q1 saat penjualan hentikan pembelian bitcoin

Onchain Bitget — Trading Onchain, Tanpa On-Chain

Bitget Announcement2025/04/07 14:00
Onchain Bitget — Trading Onchain, Tanpa On-Chain