The United Arab Emirates Federal Tax Authority has made a decision that is exciting the crypto ecosystem. From now on, it will exempt the transfer of cryptocurrency assets from value added tax. VAT exemption, Until January 1, 2018 It will also cover transactions that have taken place retroactively.

UAE, fintech And blockchain wants to be a leader in technologies. The regulations that serve this purpose describe crypto assets as “a representation of value that can be bought, sold or converted digitally and used for investment purposes.” This definition separated crypto assets and traditional financial instruments.

The UAE prepares for crypto assets and fintech breakthrough

This decision is general blockchain It is considered the last step of their policy. The United Arab Emirates, which has important financial centers such as Dubai and Abu Dhabi, wants to attract global crypto companies and investors to the region. According to experts, thanks to this tax benefit, entrepreneurs in particular will show great interest in the country.

worldwide Countries like Singapore, Malta and Switzerland too It is struggling to become the center of crypto investment. The new decisions of the United Arab Emirates also provide new opportunities for entrepreneurs and investors in cryptocurrency. Golf country in the past “vision on the digital economy” had announced. Cryptocurrency experts have now discussed the possible effects of this decision on Bitcoin, Ethereum and other major cryptocurrencies.

What do you think of this move by the United Arab Emirates?