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Learn More about buying OCEAN in Australia
How to buy Ocean Protocol in Australia
Is OCEAN a good investment in Australia?
Ocean Protocol is a decentralized data exchange platform designed to allow data providers to securely and privately share valuable data and artificial intelligence models while maintaining control over their data. It enables users to discover, access, and use data through a marketplace while ensuring data privacy, security, and compliance with data sharing agreements. Through this protocol, publishers can earn money from their data while maintaining privacy and have control, and along with this, users or data consumers will have access to a set of data that was previously unavailable or difficult to find. These datasets can be found on Market Ocean, a place to buy, use and sell them.
The main idea of Ocean Protocol is to make data available to startups and researchers without leaving the ownership of their custodians. The Ocean platform is built with the goal of facilitating the exchange of data, and connecting users who need this data, or cannot afford to store it, with users who have data to sell. In return, data providers of the Ocean Protocol cryptocurrency are rewarded.
What is Ocean Protocol ?
OCEAN is the native token of the Ocean Protocol blockchain. Crypto traders use the symbol "OCEAN" to refer to the Ocean Protocol token (OCEAN), which is commonly traded on different platforms. The symbol is used to distinguish it from other crypto assets and to make it easier for users to identify and trade the token. The symbol is standardized and is widely recognized by the cryptocurrency community, making it easier for users to trade OCEAN on different mediums.
Is Ocean Protocol legal to buy in Australia
Yes. According to the Reserve Bank of Australia (RBA), cryptocurrencies are digital tokens. They are a type of digital currency that allows people to make payments directly to each other through an online system. Cryptocurrencies can be used to buy and sell things but they are not widely accepted as a means of payment. According to the above-mentioned explanation by the RBA, in Australia the prices of goods and services are measured in Australian dollars. While some businesses may accept cryptocurrencies as payment, they are not commonly used to measure and compare prices. So, while cryptocurrencies can be used to make payments, currently their use as a means of payment is limited and they do not display the key characteristics of money. However, there is one type of digital currency that could be considered money which is digital currency issued by the central bank.
Is Ocean Protocol taxed in Australia
Yes. According to the Australian Government Taxation Office, cryptocurrencies are treated as property and subject to Capital Gains Tax (CGT). So, Crypto investors have to report capital gains and losses within their Income Tax Return, and pay Income Tax on any net gains. The percentage of Income Tax they pay is the same as the Personal Income Tax rate, starting only from earnings above $18,201. According to the mentioned guideline, the tax treatment of your crypto assets will typically depend on whether you are seen as an individual investor or a trader making a regular income. If you hold shares as an investor, your shares are assets and are subject to capital gains tax when you sell them. If you are a share trader, your shares are treated like trading stock in a business and your gains are treated as ordinary income.
After you've bought Ocean Protocol in Australia
The OCEAN token has several uses within the Ocean Protocol network, including: Access to data and services provided by the network, Staking to secure the network and earn rewards, Governance through voting on protocol upgrades and other important decisions, Payment for data and compute services provided on the network. The OCEAN token can also be used outside of the Ocean Protocol network as a form of currency or asset for: Trading on cryptocurrency exchanges, Payment for goods or services from merchants who accept OCEAN, and for investment or speculative purposes.
Who can buy Ocean Protocol in Australia
Anyone. One of the safest and easiest ways to buy cryptocurrency in Australia is to seek out a registered exchange. Australia supports various payment services such as: Apple pay, Google pay, Credit Card, Debit Card, Bank Transfer and PayPal. Our exchange offers payments through the mentioned services using secure transactions while charging no exchange fees.
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Frequently asked questions
Ocean Protocol is a valuable project because it enables secure and transparent data exchange between individuals and organizations, it also facilitates the creation of new data-driven products and services. Additionally, it provides a way for individuals and organizations to monetize their data. It uses blockchain technology to ensure data privacy and security. And at last, this project can be very interesting to an average data user as it offers a decentralized and open platform for data exchange, where users retain control over their data. Such reasons could lead to the increase of this project's popularity and demand in the future.
According to the crypto asset transactions guide by the Australian Government, Capital Gains Tax should be considered when you dispose of your crypto asset. If you make a capital gain after a disposal, you may pay tax on it. A transaction involving a disposal takes place when you do any of the following: sell a crypto asset, gift a crypto asset, trade, exchange or swap a crypto asset for another crypto asset, convert a crypto asset to Australian or foreign currency (otherwise known as fiat currency), and buy goods or services with a crypto asset.
According to the crypto asset record keeping guide by the Australian Government, you must keep records of each of your crypto assets and every transaction, to work out whether you have made a capital gain or loss. For your crypto assets, you should keep: receipts when you buy, transfer or dispose of crypto assets, a record of the date of each transaction, a record of what the transaction is for and who the other party is (this can just be their crypto asset address), exchange records, a record of the value of the crypto asset in Australian dollars at the time of each transaction, records of agent, accountant and legal costs, digital wallet records and keys, a record of software costs that relate to managing your tax affairs.
There is no official minimum amount to buy Ocean Protocol (OCEAN) set by the Ocean Protocol project. The minimum order requirement to buy OCEAN token on our exchange is $10 USD. Plus, there are multiple payment options available for your convenience while using our exchange.
It is estimated that 0.9 million people, 3.4% of the total Australian population, currently own at least one form of cryptocurrency.
Since Ocean Protocol’s digital currency is an ERC-20 token and conforms to Ethereum standards, it can be stored on a wide range of Ethereum-compatible wallets. In addition to these software wallets, which are free and web-based or app-based, you can also store your valuable OCEAN tokens on hardware wallets. If you have a large amount of OCEAN tokens and you do not intend to buy or sell them at the moment, it is probably a better option to keep them in a hardware wallet. Although hardware wallets are not free, they have much higher security. Also, on our exchange, in addition to the possibility of buying and selling OCEAN tokens, there is also an internal wallet where you can store your crypto tokens after purchase. One of the most important features of the internal wallet of our exchange is the elimination of the transaction fee of transferring assets to a personal wallet. Also, if you want to transfer your Ocean Protocol crypto currency to the exchange and buy and sell it, the speed of your operation will be faster through this internal wallet.