<ul><li>The UAE has introduced new VAT amendments impacting cryptocurrency transactions.</li><li>These amendments, effective from November 15, 2024, have retroactive rules from 2018.</li><li>The amendments extend VAT exemptions to certain virtual asset transactions, including transfer of ownership and conversion of assets.</li><li>The UAE has shown significant growth in the cryptocurrency market, processing over $30 billion worth of cryptocurrency between July 2023 and June 2024.</li></ul>

UAE Scraps VAT on Crypto Transfers, Paving the Way for Ripple and XRP Adoption

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