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15 October 2024 UAE VAT Executive Regulation: Significant amendments under Cabinet Decision No. 100 of 2024

The UAE’s VAT Executive Regulation has undergone substantial amendments through Cabinet Decision No. 100 of 2024, effective from 15 November 2024. These amendments introduce new rules, expand existing provisions, and clarify many aspects of VAT regulations, helping businesses align more effectively with the UAE’s dynamic tax environment. These changes cover multiple areas, including exports, financial services, tax groupings, and deemed supplies. We have prepared a description of the substantive amendments and a comparative table of the key amendments to the original provisions.

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1 October 2024 A comprehensive overview of VARA’s new regulatory framework

On October 1st, 2024, a new set of VARA regulations will officially replace the existing framework, marking a significant shift in how virtual assets and their operators are promoted and marketed in Dubai. We provide you with the comparative analysis of the key changes, highlighting the progression from the old to the new framework.

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24 September 2024 Procedural changes for obtaining dividend payment and loan repayment permit

9 September 2024 saw issue of Presidential Decree No. 767 amending the procedure for residents to obtain permit to fulfil their obligations to "unfriendly" foreign non-residents to pay dividends (profits) and repay loans (credits). Specifically, these amendments modify Presidential Decrees No. 95 of 5 March 2022 and No. 254of 4 May 2022.

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23 September 2024 Approaches to the transfer of powers of the general meeting of shareholders or participants have been improved

On August 8, 2024, amendments to the Federal Laws “On Joint Stock Companies” and “On Limited Liability Companies” came into force aimed at improving and increasing the efficiency of corporate governance and streamlining the management of the so-called “lost” shareholders.

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20 September 2024 A Comprehensive Analysis of the SCA’s Regulatory Framework for Virtual Assets and Virtual Asset Service Providers

The UAE’s Securities and Commodities Authority (SCA) has issued a detailed set of guidelines to regulate virtual assets and virtual asset service providers, perfecting the existing legislations. The regulatory framework represents a comprehensive approach to ensuring market stability, investor protection, the preservation of financial integrity, and managing the risks and opportunities presented by the rapidly evolving digital economy.

To learn more about the SCA’s Guidelines for Regulations of virtual assets and virtual asset service providers please read the comprehensive analyses prepared by Zijad Hanic, Counsel at SEAMLESS Legal in the UAE.

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20 September 2024 An Overview of ADGM’s Consultation Paper No. 7 of 2024

In August 2024, the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) issued Consultation Paper No. 7 of 2024 for public comments on a newly proposed regulatory regime for Fiat-Referenced Tokens (FRTs). FRTs are distinct from other stablecoins in that they maintain their value by being backed by high-quality, liquid assets that can be redeemed on demand.

The Paper is designed to bring clarity and structure to the growing virtual assets market in ADGM. It will certainly enable FSRA to ensure that the market participants comply with the regulatory standards while further encouraging innovation within the virtual asset ecosystem. The issuers and stakeholders might provide their comments within a consultation period that ends on October 3rd, 2024 to help shape the final regulatory landscape.

Zijad Hanic, Counsel at SEAMLESS Legal in the UAE, provides an overview of the main features of the proposed regulatory regime.

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