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Learn More about buying Celo in Belgium
How to buy Celo in Belgium
Is Celo a good investment in Belgium?
The main network of Celo (Mainnet) was launched in April 2020. Celo protocol is an open source, decentralized and distributed blockchain network. The purpose of this network is to create an environment for the development and launch of decentralized applications (DApps) compatible with smartphones. Cello's goal is for every user anywhere in the world to be able to access financial services, in order to transfer money to their contacts and buy goods through a smartphone. In the Celo protocol, there is the ability to develop and deploy smart contracts. The codes of these smart contracts are fully compatible with Ethereum virtual machines. The codes used in the design of the Celo blockchain network architecture are also similar to the Ethereum network codes. However, Celo is a completely separate network from Ethereum.
This network uses ‘zero knowledge proof’ technology and digital signature to optimize its capabilities even in weak connection conditions. In this way, very secure and extremely fast synchronization between smartphones and the Celo network is possible. This means that even users who use weak internet, low bandwidth, expensive services and cheap and old mobile phones can use Celo-based applications.
What is Celo ?
Currently, Celo network uses two native tokens or crypto assets in its network. One of them is CELO. CELO is the symbol for the cryptocurrency Celo. The symbol CELO is frequently utilized on trading platforms to identify the Celo currency. By searching for CELO on our exchange, you may quickly access information about this cryptocurrency.
Read more about this coin on Celo's official website.
Is Celo legal to buy in Belgium?
Yes. According to the press release by Belgium’s Financial Services and Markets Authority (FSMA) and the National Bank of Belgium (NBB), and the definition of virtual money offered by FSMA, cryptocurrencies are popular digital investments that can be traded and sometimes can be used as means of payments but since they are not recognized as legal tender, they are not widely accepted like money. According to the mentioned press release, FMA and NBB state that crypto currencies can be bought and sold like assets and stock.
Is Celo taxed in Belgium
Yes. According to the Belgian Tax Code cryptocurrency gains are either subject to professional income tax (in accordance to Article 23 of Income Tax Code) or miscellaneous income (Article 90, 1° of Income Tax Code).
According to the Article 23 of above-mentioned Income Tax Code, if a person's professional occupation is trading cryptocurrencies, the profits generated from this occupation will be taxed as professional income, and will therefore be subject to the progressive tax rates that range between 25 and 50 percent in Belgium.
According to the Article 90, 1° of above-mentioned Income Tax Code, if a Belgian individual earns gains on cryptocurrency transactions not as a professional activity, they will benefit from a tax exemption on those gains, but only on condition that the transaction is realized within the boundaries of the normal management of their private wealth. According to the same Article 90, 1° of Income Tax Code, if an individual makes transactions in a very short timeframe by repeatedly selling at a high point and buying at a low point, they will be accounted as a trader. The trader is not engaged professionally, but these types of transactions will fall outside the normal management of private assets and are accounted as speculative capital gains and will be taxed at a flat rate of 33%.
After you've bought Celo in Belgium
CELO cryptocurrency plays a crucial role in the advancement of the Celo platform's ecosystem by aligning the incentives of all stakeholders. It serves as a beneficial asset to the Celo community as it can be used for transactions, reserves, staking, and governance. In addition, CELO holders can use the token to fund community-driven projects that align with the Celo network's mission of financial inclusion.
Who can buy Celo in Belgium?
Anyone. Owning cryptocurrency is possible in Belgium by the assistance of different cryptocurrency exchanges. You can use several payment services accessible in Belgium in order to buy, trade, sell and manage your crypto assets. Such services include Apple pay, Google pay, Credit Card, Debit Card, Bank Transfer and PayPal. But note that for you to be able to use these services, your chosen exchange must offer payment through these services. Our exchange provides fast and secure transactions by the mentioned services and is free of charge for crypto transactions in Belgium.
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Frequently asked questions
CELO platform aims to bring financial services to people who are underbanked or unbanked. CELO’s worthwhile proposition lies in its focus on financial inclusion and its aim to bring economic empowerment to people who are currently excluded from the traditional financial system. By providing a secure and user-friendly platform for financial services, CELO aims to make it easier for people in developing countries to access the financial tools and resources they need to improve their financial well-being. Additionally, the CELO platform is designed to be highly scalable and flexible, which allows developers to build and deploy a wide range of financial dApps quickly and easily. This could lead to a vibrant ecosystem of financial services built on the CELO platform, which could increase demand for the CELO cryptocurrency and drive its value higher over time.
No. According to the European Court of Justice, in case C-264/14, virtual money is considered currency, which means, according to article 44, §3, 9° of the VAT Code, the purchase or sale of a cryptocurrency is VAT exempt.
In Belgium, the Federal Public Service of Finance offers conciliation service, through which they will examine your assets in accordance with federal tax authorities’ perspective. This helps to avoid a long and costly procedure, with an uncertain outcome, since this is a free and official service.
On our exchange, the minimum purchase amount for CELO is $10. You also have the option to use various payment methods to complete the transaction. Once the purchase is complete, the CELO units will be visible in your cryptocurrency assets list.
It is estimated that 1.98% of Belgium’s population, which is about 230,693 people, own some form of crypto assets in their possession
Protecting your CELO investment is crucial, and there are several ways to do so. Keeping your private keys offline makes storing your CELO in a hardware wallet one of the safest options. You can also use a common method of keeping crypto investments which is known as the software wallet, a digital wallet that you can store on your computer or mobile device. Also, in order to make trading for CELO cryptocurrency more practical, our exchange also provides a secure private online wallet with extra features and simple access to numerous trading options.