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The United Arab Emirates (UAE) strengthened its position as a crypto-friendly jurisdiction by exempting #cryptocurrency transfers and conversions from value-added tax (VAT).
This decision was announced by the Federal Tax Authority (FTA) and will come into effect on 15 November 2024.
Another notable point is that the exemptions will be applied retrospectively until January 1, 2018. This provides businesses with the opportunity to review their previous VAT declarations and reclaim previously paid taxes.