Picture for illustrative purposes only. ARCHIVE

Certain cryptocurrency activities and virtual assets are now exempted from the Value-Added Tax (VAT) in UAE, according to the latest amendments to Executive Regulations approved by the UAE Cabinet. The new amendments say that certain virtual assets, like cryptocurrencies and NFTs, are now VAT-free if used for investment. It covers the transfer and conversions of these assets. However, this tax break does not apply to digital versions of traditional money and investment products like stocks and bonds. The Ministry of Finance announced that the UAE Cabinet has approved Decision No. 100 of 2024, which amends part of the Executive Regulations of Federal Decree-Law No. 8 of 2017 on VAT. The new amendments are effective starting November 15, 2024. FLE/Expat Media
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