United Arab Emirates: Implemented amended executive regulation of the federal decree-law No. 8 of 2017 on value added tax exempting cryptocurrency transfers and conversions from value-added tax

On 15 November 2024, 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 enters into force. The amended regulation provides additional details on essential provisions and procedures and aligns 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.