UAE Exempts Crypto Transfers from VAT to Boost Crypto-Friendly Environment

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UAE Exempts Crypto Transfers from VAT to Boost Crypto-Friendly Environment The United Arab Emirates (UAE) has officially announced a value-added tax (VAT) exemption on cryptocurrency transfers and conversions of digital assets, according to PricewaterhouseCoopers (PwC) and reported by Cointelegraph.

By eliminating VAT on these activities, the UAE aims to create a more favorable environment for cryptocurrency adoption, fostering growth within the blockchain ecosystem.

The VAT exemption, announced by the UAE’s Federal Tax Authority (FTA), applies to all transactions involving the transfer and conversion of cryptocurrencies.

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Article Details

Author / Journalist: Sonam Aggarwal

Category: Crypto

Markets: IndiaUnited Arab Emirates

Topics: UAE Crypto News

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-07 @ 03:34:34 (15 hours ago)

News Timezone: GMT +8:00

News Source URL: bitcoinworld.co.in

Language: English

Article Length: 403 words

Reading Time: 3 minutes read

Sentences: 17 lines

Sentence Length: 24 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © BitcoinWorld

News ID: 22916670

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About BitcoinWorld

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Official Website: bitcoinworld.co.in

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News Last Updated: 8 hours ago

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