UAE Announces VAT Exemption for All Crypto Transactions

@newsontheblockchain, 07/10/2024

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Global Stats:

• Cryptocurrencies: 2.4M+

• Exchanges: 751

• Market Cap: $2.2T (+1.74%)

• 24h Volume: $57.66B (+63.18%)

• Bitcoin Dominance: 56.8%

• Ethereum Dominance: 13.4%

• ETH Gas Price: Not provided

• Fear & Greed Index: 43 (Neutral)

🪙 Top 5 Cryptocurrencies by Market Cap:

💹 Market Highlights:

• Total DeFi Volume: $3.23B (5.60% of total volume)

• Stablecoins Volume: $51.3B (88.97% of total volume)

• Coin with highest % change: Mog Coin $MOG +17.84%

📈 Preview On Today’s News:

1. - UAE Announces VAT Exemption for All Crypto Transactions

2. - Russian Court Freezes American Banks’ Assets Amid Heightened Tensions

3. - Cryptocurrency Market Overview: Key Insights and Altcoin Performance

🔥Heat Map:

Top 10 News for today:

1)

UAE Announces VAT Exemption for All Crypto Transactions

The UAE has introduced significant amendments to its Value Added Tax (VAT) regulations, making all crypto-related transfers and conversions exempt from VAT starting November 15, 2024. This change is part of a broader revision under Cabinet Decision No. (100) of 2024, which also simplifies VAT rules for exporters by reducing the documentation requirements for zero-rated goods and services. The updated regulations, which retroactively apply to virtual assets since January 2018, are expected to alleviate tax burdens for businesses involved in crypto, and companies must now assess their compliance and adjust past filings if necessary.

• Crypto Tax Exemption: The UAE has removed VAT on crypto transfers and conversions, with the new rules taking effect from November 15, 2024, retroactively impacting transactions since January 2018. Companies dealing in crypto must evaluate how the changes affect their tax obligations and, if needed, revise historical filings.

• Export Regulation Revisions: The amendments also streamline VAT requirements for exporters, easing the documentation needed to apply for zero VAT on goods and services, though some services will still be taxed depending on where they are supplied.

2)

Russian Court Freezes American Banks’ Assets Amid Heightened Tensions

A Moscow court has frozen $372 million worth of assets held by JPMorgan Chase and BNY Mellon within Russia, citing ongoing legal disputes and international sanctions. The decision follows the withdrawal of MR Bank's license, a subsidiary of Sberbank, by the National Bank of Ukraine. Russian authorities allege that these U.S. banks unlawfully appropriated funds, prompting legal action to safeguard Russia’s financial interests. The move is part of a broader retaliatory stance by Russia in response to international sanctions targeting key financial institutions like Sberbank and VTB. Market observers are closely monitoring these developments as they could have significant implications for global financial markets and future U.S.-Russia banking relations.

• Legal Disputes & Asset Freezes: A Russian court ordered the freezing of $372 million in assets held by JPMorgan Chase and BNY Mellon, alleging that the banks unlawfully took funds belonging to MR Bank, a Sberbank subsidiary. This action follows MR Bank's license revocation by Ukraine's central bank.

• Broader Economic & Diplomatic Implications: The freeze is part of Russia’s retaliation against international sanctions targeting its financial sector. The impact of this move on global financial markets and U.S.-Russia banking relations could be substantial, warranting close attention from market participants.

3)

Cryptocurrency Market Overview: Key Insights and Altcoin Performance

The cryptocurrency market showed resilience over the weekend, with Bitcoin (BTC) striving to hold above the $62,000 mark. For altcoins to maintain their upward momentum, BTC needs to stay above its critical support level of $61,700. Notable altcoins such as WIF, SUI, ONDO, and RENDER showed varied performance trends. WIF Coin increased by nearly 9% to $2.43, with expectations of hitting $3.4 if it breaks resistance. SUI Coin surged 146% over the past month, indicating strong network growth, while ONDO Coin recovered from $0.654 and is targeting $0.809. RENDER Coin, despite a 44% rise in September, lost 20% in October due to BTC’s dip. Positive developments in AI could further benefit RENDER in the future.

• BTC and Altcoin Analysis: BTC is striving to hold above $62,000, while maintaining support at $61,700 is critical for the continued growth of altcoins like WIF, SUI, ONDO, and RENDER.

• Notable Altcoin Performance: WIF Coin saw a 9% gain, SUI surged 146% in the past month, ONDO recovered to target $0.809, and RENDER faces potential recovery influenced by AI advancements.

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