tldr; The UAE has amended its VAT regulations to exempt transfers and conversions of digital assets, including cryptocurrencies, from VAT. These changes, effective retrospectively from January 1, 2018, also cover managing investment funds. Virtual assets are defined as digital representations of value for trading or investment, excluding fiat currencies and securities. Businesses dealing with virtual assets are advised to review their VAT positions and input tax recovery. The UAE is also updating regulations for virtual asset service providers.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
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UAE in a race to become the global hub of Crypto
tldr; The UAE has amended its VAT regulations to exempt transfers and conversions of digital assets, including cryptocurrencies, from VAT. These changes, effective retrospectively from January 1, 2018, also cover managing investment funds. Virtual assets are defined as digital representations of value for trading or investment, excluding fiat currencies and securities. Businesses dealing with virtual assets are advised to review their VAT positions and input tax recovery. The UAE is also updating regulations for virtual asset service providers.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Must be nice