Amendments to the value-added tax (VAT) regulations in the United Arab Emirates (UAE) will exempt transfers and conversions of digital assets, including cryptocurrencies. On October 2, the UAE’s Federal Tax Authority (FTA) announced these changes to the country’s VAT rules. According to business consultancy PwC, the new regulations also include VAT exemptions for additional services, such as managing investment funds and the transfer and conversion of virtual assets. These exemptions will be applied retroactively from January 1, 2018, providing significant relief to businesses in the crypto space. PwC explained that virtual assets in the UAE are defined as a “representation
