UAE Scraps Crypto Transaction Taxes - Build a Crypto Payment Gateway
The United Arab Emirates (UAE) has recently made important changes in the cryptocurrency industry by getting rid of all taxes on cryptocurrency transactions. It will encourage more people and businesses in the region to adopt cryptocurrencies and crypto payment gateway solutions . With these changes coming into effect from November 15, many people in the industry are now looking at the United States, especially with the key elections coming up on November 4. Could the U.S. make similar changes to help cryptocurrencies grow? No More Transaction Taxes The UAE’s Federal Tax Authority (FTA) has made new rules that say citizens and businesses will not have to pay Value Added Tax (VAT) when they transfer or convert virtual assets, including cryptocurrencies. It is a part of the UAE government’s broader plan to create a welcoming environment for crypto-related businesses. Earlier this year, the UAE even allowed salaries to be paid in cryptocurrency. By removing the previous 5% VA...