"The UAE has essentially classified virtual assets in the same bucket as traditional financial services - several of which are already exempt from VAT. This legitimizes VAs," said Ankita Dhawan, a senior associate at Métis Institute, a dispute resolution think tank.
"The change further legitimizes the virtual assets sector, one legal expert said."
"The exemption makes clear for the first time that the tax doesn't apply to digital assets. It covers the exchange of and transfer of ownership of those assets, which means all cryptocurrency transfers and conversions will now be exempt from paying the 5% levy."
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