UAE Exempts Crypto Transfers and Conversions from VAT, Boosting Its Crypto-Friendly Status

🌐 The United Arab Emirates has significantly enhanced its appeal to crypto businesses by exempting cryptocurrency transfers and conversions from value-added tax (VAT). Announced by the Federal Tax Authority on October 2, 2024, this exemption applies retroactively from January 1, 2018, and covers "virtual assets" defined as digital representations of value that can be traded or converted for investment purposes.