ETHERFI CASH TAX TREATMENT BY REGION

Summary from the TLDR Crypto newsletter

This thread breaks down how EtherFi Cash's tax treatment varies drastically by country. In the EU and US, "Direct Pay" spending counts as a taxable crypto disposal, while "Borrow Mode" (spending against borrowed funds) generally isn't taxed until repayment/liquidation. The UAE has no personal income or capital gains tax. Kazakhstan taxes disposals around 10%. Onboarding is blocked entirely in India, South Africa, the Netherlands, Estonia, and Finland, and Kenya/Nigeria have their own evolving digital-asset tax frameworks.