- Shytoshi Kusama praised the UAE for its progressive stance on cryptocurrencies, highlighting its potential as a global leader in the industry.
- The UAE’s recent VAT exemption for cryptocurrency transactions is a significant step towards fostering a more favorable environment for digital assets.
- The exemption has drawn positive attention from the crypto community and could contribute to increased adoption of Shiba Inu and other cryptocurrencies in the region.
Shytoshi Kusama, the lead developer behind the Shiba Inu cryptocurrency ecosystem, has lauded the United Arab Emirates (UAE) for its recent decision to exempt cryptocurrency transactions from value-added tax (VAT). The reaction has drawn the interest of the crypto community and might signal the increased adoption of Shiba Inu and other cryptocurrencies in the region.
In a post on X (formerly Twitter) on Sunday, Kusama responded to the news with a GIF of Vegeta, a character from the popular anime series Dragon Ball. The pseudonymous developer dubbed the UAE the “cryptocurrency capital,” expressing his enthusiasm for the country’s progressive stance on digital assets.
Recently, the UAE’s Federal Tax Authority made significant changes and amended its VAT laws to eliminate taxes on the transfer and conversion of virtual assets. According to the accounting firm PricewaterhouseCoopers (PwC), this move will retroactively take effect on January 1, 2018.
Shiba Inu: UAE Next Big Adoption?
The exemption is the latest in a series of steps the UAE government took to promote the country as a crypto-friendly hub. Earlier this year, Binance, the world’s largest cryptocurrency exchange, secured a full regulatory license in Dubai. Last week, Ripple Labs also received in-principle approval to offer blockchain-enabled payment services from the Dubai International Financial Centre (DIFC).
Ripple’s current CEO Brad Garlinghouse believes UAE’s favorable approach to regulation is the critical factor that could prompt blockchain and cryptocurrency adoption. He said:
With its forward-thinking regulatory approach and clear guidance for innovative businesses seeking to invest and scale, the UAE is positioning itself as a global leader in this new era of financial technology.
Earlier Kusama has expressed admiration for the UAE’s cryptocurrency landscape, culture, and his connections within the country. His praise for the VAT exemption further underscores the growing appeal of the UAE as a destination for cryptocurrency businesses and investors.