🎉 UAE🇦🇪: Bybit Receives Approval to Establish a Virtual Asset Platform

🎉 UAE🇦🇪: Bybit Receives Approval to Establish a Virtual Asset Platform

After a recent scandal, good news arrives. Bybit has obtained preliminary approval (IPA) from the Securities and Commodities Authority (SCA). A full operational license may be close.

🟣 This approval brings Bybit closer to offering a wide range of digital asset services to both retail and institutional clients.

🟣 Context: The UAE has become a leading global hub for cryptocurrency and blockchain innovation, driven by a favorable tax policy. For example, transactions related to crypto exchange, transfers, or brokerage are exempt from VAT. Auxiliary services (advisory and wallet management) may be subject to a 5% VAT if consumed within the UAE. Services provided to non-residents may qualify as zero-rated exports, if certain conditions are met.

🟣 Regarding corporate taxation, crypto businesses generating revenue in the UAE, including mining, trading, or consulting, are subject to a standard 9% corporate tax on taxable profits exceeding 375,000 dirhams ($101,250 USD).

A key aspect is the government's intention to conduct all government transactions using blockchain technology by 2030.

#news #MiddleEast #crypto

🏦 Payouter.com — looking for traders for processing in 🇮🇳 India: P2P, P2C, Intent. We are waiting for you