Latest legal updates, business news and new documents in the Real Law service.
1. We kindly inform you that new Regulations on the Marketing of Virtual Assets and Related Activities 2024 came into force on October, 1.
The Regulations will apply to all entities that promote virtual assets and related activities in the UAE or in relation to the UAE. We also draw your attention to the fact that foreign entities and entities without a VARA licence will be subject to the new regulations. There are fines for breach of the Regulations, ranging from AED 500,000 to AED 10 million, so keep this in mind.
2. We also draw your attention to Guidance on Regulations on the Marketing of Virtual Assets and Related Activities 2024. The Guidance is a detailed guide to the Regulations in the form of illustrative examples and explanations.
3. Corporate tax paying postponement. The FTA has issued a Decision No. 7 of 2024 to postpone the deadline for filing tax returns and paying corporate tax for certain tax periods in accordance with Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses. The dea...