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On October 2, the UAE Federal Tax Authority (FTA) announced key amendments to its VAT framework, following Cabinet Decision No. (100) of 2024.
These changes, which come into effect on November 15, provide clarity on the tax treatment of virtual assets, tokens, and blockchain-based transactions.
“The US needs to follow if they want to be competitive." crypto analyst Borovik wrote in an October 6 social media post on X.
For the first time, the amendments formally address the VAT treatment of virtual assets, such as cryptocurrencies and digital tokens, by exempting certain transactions from the existing 5% levy. This includes the management of investment funds and the transfer and conversion of virtual assets, with the exemption retroactively effective from January 1, 2018.
These amendments signal the UAE’s effort to remain a global leader in fostering innovation within the digital asset industry while safeguarding the interests of both businesses and consumers.
A key highlight of the FTA’s amendment is the formal definition of "Virtual Assets." According to the new law, virtual assets are now recognized as digital representations of value that can be traded, transferred, or used for investment purposes.
A Financial Times report indicates that valuation in the private assets market continues to pose significant challenges due to the inherent complexities of these investments. Factors such as the opaque nature of some assets, less frequent pricing, and reliance on subjective estimates can complicate accurate valuation.
The Chartered Alternative Investment Analyst Association (CAIA) is actively advocating for enhanced valuation methodologies in the alternative investments sector.
The Federal Tax Authority (FTA) is the government entity responsible for administering, collecting, and enforcing federal taxes in the United Arab Emirates.
CoinFlip, a global digital currency platform, has announced the launch of a new user interface for its CoinFlip Preferred service.
Gum Shoe, a crypto influencer, has highlighted the long wait times and high fees at Coinbase compared to better service at Binance as evidence of the need for increased competition among U.S. crypto exchanges.
Changpeng "CZ" Zhao, founder of Binance, said that practical education data from his Giggle Academy learning platform will connect young learners to job opportunities instead of focusing on degrees.
Farid Mahmoodi, a crypto trader and whistleblower, has raised serious allegations against the cryptocurrency exchange Bitget.
The Financial Conduct Authority (FCA) has issued a warning regarding Codex Finance, which is allegedly offering financial and crypto-related services without proper authorization.
The Financial Conduct Authority (FCA) has issued a warning regarding Dragonfly Capital Fx, which is reportedly offering financial and crypto-related services without proper authorization.
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