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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.
Christophe De Beukelaer, President of Les Engagés Bruxelles Party, expressed concerns regarding the European Central Bank's (ECB) development of a digital euro.
Binance has announced the launch of DEX Pro Mode for its Binance Wallet, as said in a press release.
Michael Saylor, Executive Chairman of Strategy (formerly MicroStrategy), announced that the company has continued to increase its Bitcoin holdings and reported a strong year-to-date yield, reinforcing its leadership in corporate cryptocurrency...
The Australian Securities and Investments Commission (ASIC) has issued a warning to investors regarding unlicensed crypto asset futures products offered by Bitget, as said in a public announcement.
Binance has announced an expansion of its institutional off-exchange settlement services, introducing support for two tokenized real-world assets, USYC and cUSDO, which can now be pledged as collateral.
Vitalik Buterin, co-founder of Ethereum, has said that approximately half of the network's stake supports an increase in the Ethereum Layer 1 (L1) gas limit.
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