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The UAE Exempts Crypto Transactions from VAT

  • The UAE updated its tax laws to exempt crypto transactions from value-added tax.
  • The change will take effect on November 15 but retroactively apply to transactions from January 1, 2018.

The UAE government amended its regulations around value-added tax laws to exclude digital assets and transactions involving them.

The document published by the Federal Tax Authority (FTA) of the UAE also exempted the activities of investment funds that manage digital assets, and the transfer of ownership of assets and their conversion to or from fiat from value-added tax.

This development is part of a wider streamlining of digital asset regulations by various regulatory authorities within the UAE. For example, the Securities Commodities Authorities (SCA), UAE’s premier financial regulatory authority, partnered with Dubai’s authority, the Dubai Virtual Asset Regulatory Authority (VARA), to jointly oversee digital asset service providers operating within both nations.

A wider push for legitimacy

The UAE’s amendment to its crypto tax laws lends more legitimacy to digital assets within the region as the same VAT exemption is also applied to traditional financial firms and transactions.

According to PwC, virtual assets within the UAE are considered as a “representation of value that can be digitally traded or converted and can be used for investment purposes.”

The post The UAE Exempts Crypto Transactions from VAT appeared first on CoinJournal.

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Tether to release documentary on its mission to bring financial freedom on 10th anniversary

  • Tether is building a financial tool for the “people left behind”
  • The stablecoin was created in 2014 by Brock Pierce, Reeve Collins, and Craig Sellers
  • It remains the largest stablecoin with a market cap worth $120 billion

To celebrate the 10th anniversary of Tether, the stablecoin is releasing a documentary on USDT and how it’s working to bring “financial freedom worldwide.”

In a post on X, Tether said it would soon release its documentary “Stability and Freedom in Chaos.” During the two-minute video, Tether shows interviewees from several countries including Argentina, Brazil, and Turkey.

One interviewee in Brazil stated, “Tether with USDT is like 90% of the transactions that Brazil makes during the day.” Another interviewee claimed that people in Argentina don’t want to save in pesos, the local currency, and want a stable currency like Tether.

Tether, named the seventh-largest Bitcoin holder in April, was created in 2014 by Brock Pierce, Reeve Collins, and Craig Sellars. Before being renamed to Tether, it was known as The Realcoin, and today is the largest stablecoin by market cap.

At the time of writing, it’s currently worth $120 billion.

Working for the people left behind

Built on several blockchains including Avalanche, Ethereum, and Polygon, Tether works on a 1:1 ratio, pegging its value to the US dollar.

Following the Tether documentary news, Paolo Ardoino, Tether CEO, said on X that the company’s mission has always been simple: to “bring financial inclusion to the billions of people, primarily living in developing countries, that can’t have bank accounts or that live in high inflation countries.

Ardoino, who joined as Tether’s new CEO in 2023, added that they are building financial technology “for the people left behind” and that Tether has become a “symbol of disintermediation, resilience and stability.”

With hundreds of millions of people transacting with USDT, Tether has seen its market share increase to more than 75% from 55% over the past two years, solidifying its presence in the market.

The post Tether to release documentary on its mission to bring financial freedom on 10th anniversary appeared first on CoinJournal.