Buy Binance Coin
in Austria

Binance Coin (BNB) was introduced and launched in July 2017 at the initial coin launch event. At the time of launch, each coin was sold for 15 cents. Binance was able to raise a total of around $15 million from this ICO. The value of Binance's native coin, BNB, has increased significantly over time as a result of the company's explosive growth in the cryptocurrency sector.

The price of BNB cryptocurrency in US dollars increased gradually at first, staying below $50 between 2017 and the beginning of 2021. BNB tokens’ high price record reached $24.71 (in January 2018) during the 2017 to 2018 crypto market bull run. Later, in May 2021, the entire cryptocurrency market experienced a significant uptrend, with some cryptocurrencies setting new all-time highs. As a result, on May 10, 2021, the price of BNB increased from under $50 to an all-time high of $690.93, a 460520 percent rise from its price at the time of the ICO. Additionally, BNB was valued at over $100 billion at the time. By the start of 2023, BNB has been trading between about $245 to $310. Some crypto experts believe that BNB has an outstanding potential to reach new heights. They predicted that it could reach about $1,047 by 2025. In spite of all that, this information is not aiming to act as a buying signal or a financial advice. We encourage you to do your research regarding the crypto market movements and even consulting with a professional before attempting to invest in cryptocurrency.

Binance Coin (BNB) is a cryptocurrency that can be used for trading and payment on the Binance platform. This digital currency was first created on the Ethereum network with the purpose of paying transaction fees in the Binance exchange. But in a short time, it moved to its native blockchain, Binance Chain. Binance Chain network was optimized for super-fast transactions. To achieve this goal, the Binance Chain network had to balance between different categories. One of these cases was flexibility in terms of programmability. Therefore, introducing Binance Smart Chain, known as BSC, changed this situation.

In February 2022, Binance’s two main blockchains, Binance Chain and Binance Smart Chain, were grouped together and called the BNB Chain. Binance Coin (BNB) digital currency then was set as a native and exclusive digital currency of the BNB network. This altcoin is based on the ERC-20 standard and follows the same rules governing the Ethereum blockchain. This digital currency makes the Binance Blockchain benefit from the stability and safety of the Ethereum and other Blockchain networks. Also, this digital currency is well protected from theft and has low costs due to its initial creation in the Ethereum network.

In Austria, cryptocurrency is accepted as an intangible asset. According to Global Legal Insight website, there is no specific regulation against buying or trading crypto in this country. Therefore, it is considered legal. However, the country’s financial authorities announced in 2020 that it has set a fine of up to 200,000 Euro for individuals or businesses related to cryptocurrency who don’t follow anti-money-laundry laws. By 2022, almost 2% of Austrians had at least one cryptocurrency as their digital assets. They also have stated in the digital currency laws in Austria that these cryptocurrencies are not considered a means of payment or supported by this body. Businesses related to digital currencies must obtain a license from the financial organization.

According to the Federal Ministry, Republic of Austria Finance, dgital currencies are exempt from value-added tax (VAT). But, if these cryptocurrencies are used as a payment method or in exchange for a product, they will be taxed and dealt with according to the laws of payment instruments.

Crypto tax laws were reformed on March 1, 2022. Previously, crypto owners in Austria only had to pay income tax on short-term crypto gains. This means that if they sold, spent or traded the cryptocurrency in less than a year, they would have to pay income tax. But if they kept this digital currency for more than a year, even if they made a profit by selling it, they would not pay any tax. New laws changed this situation. From now on, all crypto transactions will be subject to a 27.5% tax rate, whether the crypto owner sells it for less than a year or holds it for a long time. However, the new rules only apply to coins purchased after February 28, 2021. Any digital currency purchased before this date will be operated with the previous rules.

At first, BNB was used to support the Binance exchange's development and marketing with the money raised from it. Binance Coin (BNB) today facilitates discounted crypto trading on Binance in addition to providing holders with access to the launchpad of the exchange and a number of other goods and services. Besides, nowadays Binance Coin is similar to other digital assets in the market from a general point of view. It is a form of digital asset that can increase in value based on user usage and transactions. Users can also hold BNB like other cryptocurrencies in compatible wallets and send and receive this asset directly.

Everyone can buy cryptocurrency in Austria. However, people need to have a valid identity and bank account while buying cryptocurrency on any exchange. They will be authenticated, then they can start buying coins. Although people can buy cryptocurrency anonymously, it is not recommended to people, especially beginners because it is not a secure way of buying cryptocurrency, and people will be more prone to be hacked or losing their assets. If you want to buy cryptocurrency in Austria, sign up on Blocktrade and select the coin you want to buy. It is a safe and cheap way of purchasing cryptocurrency in Austria.