On 6 September 2024, the Cabinet of the United Arab Emirates adopted the amended executive regulation of the federal decree-law No. 8 of 2017 on value-added tax (VAT), exempting cryptocurrency transfers and conversions from value-added tax. The amended regulation seeks to provide additional details on essential provisions and procedures and align with previous modifications to the decree law and other relevant tax regulations. Article 42 of the amended regulation outlines the tax treatment of financial services and indicates that the transfer of ownership of virtual assets, including cryptocurrencies, will be exempt from VAT. The amended regulations will enter into effect on 15 November 2024.
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