The UAE is fully abolishing taxes on cryptocurrency transactions from November 15 💸 — A Stimulus for Accelerated Adoption of Digital Assets 🚀

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The UAE made a bold statement by abolishing all taxes on cryptocurrency transactions, aimed at accelerating the adoption of cryptocurrencies in the region. The changes will come into effect on November 15. The Federal Tax Authority of the UAE excludes citizens and companies from paying Value Added Tax (VAT) on the transfer and conversion of virtual assets, such as cryptocurrency.

This decision aligns with the UAE government’s plan to create favorable conditions for the development of cryptocurrency companies. Earlier this year, the country allowed salaries to be paid in cryptocurrency.

With this growing trend, the question arises: will the US follow suit? The presidential elections, scheduled for November 4, may impact future cryptocurrency policies.

This material was prepared by Khachatur Davtyan, developed and translated by artificial intelligence.

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