🇦🇪UAE Exempts Cryptocurrency Transfers and Conversions from VAT

$The United Arab Emirates is taking a major step towards the crypto world by exempting digital asset transfers and conversions from value-added tax (VAT)! This is not just a symbolic gesture. From 2018, all cryptocurrency transactions in the UAE will be exempt from VAT, making the region even more attractive to investors. In addition, companies working with virtual assets will be able to reimburse input VAT. This means that they will be able to get back the VAT they have already paid on their business purchases. Such changes position the UAE as a more favorable jurisdiction for cryptocurrency transactions. From a business perspective, the new rules open up a lot of opportunities. Cryptocurrency exchanges, funds, and other market participants can expect more favorable conditions for working in the UAE. $BTC