The United Arab Emirates has exempted crypto transactions from paying value-added tax (VAT), bringing the industry into line with several traditional financial services. The change, which takes effect Nov. 15, applies retrospectively to transactions from as far back as Jan. 1, 2018. The Arabic version of the Federal Tax Authority's update was made public on Oct. 2, 2024, and the English translation was made public on Oct. 4, 2024. The exemption makes clear for the first time that the tax doesn't apply to digital assets. It covers the exchange of and transfer of ownership of those assets which are exempted from paying the 5% levy.
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