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United Arab Emirates vs Latvia

Crypto regulation comparison

← Back to map | United Arab Emirates | Latvia
United Arab Emirates

United Arab Emirates

Latvia

Latvia

Legal
Legal

The UAE has become a global crypto hub with multiple regulatory frameworks. Dubai's VARA (Virtual Assets Regulatory Authority), established in 2022, is the world's first dedicated crypto regulator and licenses exchanges, brokers, and other VASPs. Abu Dhabi's ADGM regulates crypto through the FSRA. The federal SCA also oversees crypto at the national level. The UAE has no personal income or capital gains tax. Major global exchanges (Binance, Bybit, OKX, Crypto.com) have obtained UAE licenses.

Cryptocurrency is legal in Latvia and regulated under the EU MiCA framework. Since 2023, the financial regulator FKTK merged into Latvijas Banka, which now oversees VASP registration and AML compliance. Capital gains from crypto are taxed at 20%. Latvia has been proactive in implementing EU-wide crypto standards.

Tax Type None
Tax Type Capital gains
Tax Rate 0%
Tax Rate 20%
Exchanges Yes Yes
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator VARA (Dubai), ADGM/FSRA (Abu Dhabi), SCA (Federal), CBUAE
Regulator FKTK (Finanšu un kapitāla tirgus komisija) / Latvijas Banka
Stablecoin Rules VARA regulates stablecoins in Dubai; ADGM has separate framework
Stablecoin Rules Regulated under EU MiCA framework
Key Points
  • VARA (Dubai) — world's first standalone virtual asset regulator; comprehensive licensing framework
  • ADGM/FSRA (Abu Dhabi) — separate regulatory framework for digital assets in the financial free zone
  • No personal income tax or capital gains tax in the UAE
  • 9% corporate tax (from 2023) may apply to crypto businesses but not individual investors
  • Major exchanges licensed: Binance, Bybit, OKX, Crypto.com, BitOasis
Key Points
  • VASPs must register with Latvijas Banka and comply with AML/CFT requirements
  • Capital gains from crypto taxed at 20% personal income tax rate
  • MiCA framework applies from December 2024, transitioning existing registrations
  • Latvia transposed the 5th Anti-Money Laundering Directive for crypto oversight
  • Latvijas Banka absorbed FKTK regulatory functions in January 2023
Sources
Sources