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How to buy Decentraland in Canada
Is MANA a good investment in Canada?
Decentraland is a decentralized metaverse (virtual world). This metaverse operates on the platform of the Ethereum blockchain and was created to support the creation, development, hosting and sale of virtual property. Virtual worlds that provide this feature, lead users to a fascinating digital world where they can buy, sell, and build anything they can think of. Decentraland also provides its users with the possibility to purchase virtual property. Users of this metaverse can develop their property as an online and virtual business and a source of income. They can create different buildings and attractions in their virtual land and earn money through them. In addition, users also get good profits by selling their built properties.
Decentraland platform is supported by MANA which is an ERC-20 token that serves as the system's primary currency. Members of the Decentraland community can purchase virtual parcels of the VR platform with MANA. The entire virtual reality ecosystem, which has no central authority, is run and governed by users of Decentraland. The world serves as an alternative VR ecosystem where users can buy and sell virtual goods and real estate, play games, and do whatever they want with their land as long as the network's features permit it. Users are able to interact, manage, monetize, and develop the Decentraland metaverse, which simulates reality in a virtual setting.
What is Decentraland ?
MANA is the symbol and the main in-game currency of Decentraland. It is an ERC-20 token that lets users purchase, trade or develop virtual lands in a decentralized manner.
Is Decentraland legal to buy in Canada
Yes. According to the Canada Revenue Agency (CRA), virtual currency is a digital asset that can be used to buy and sell goods or services. According to the definition of virtual currency provided by the Financial Consumer Agency of Canada, digital currencies can be used to buy goods and services on the Internet and in stores that accept digital currencies. Digital currency may also be bought and sold on cryptocurrency exchanges. It is estimated that 1.2 million people, 3.2% of Canada's total population, currently own cryptocurrency.
Is Decentraland taxed in Canada
Yes. According to the Canada Revenue Agency (CRA), tax rules apply to digital currency transactions, including those made with cryptocurrencies. Using digital currency does not exempt consumers from Canadian tax obligations. This means digital currencies are subject to the Income Tax Act. According to the mentioned rules, you will pay Income Tax on half of any crypto asset gains from dispositions of cryptocurrency, as well as Income Tax on any additional income from crypto assets, like staking or being paid in cryptocurrency. As stated by the CRA, you will pay Income Tax on half of any crypto gains from dispositions of cryptocurrency, as well as Income Tax on any additional income from crypto activities, like staking or being paid in cryptocurrency.
After you've bought Decentraland in Canada
Decentraland (MANA) token holders are important members of the Decentraland platform; Because they are known as part of the network governance (DAO) in each region. Using MANA tokens, they can vote on issues affecting these regions. The total amount of mana tokens held by each member determines the weight of his vote.
MANA tokens are the power behind this platform. In fact, everything on this platform gets its power and value from this token. In addition to its governance use in this game, MANA can also be used to buy LAND or any number of other virtual assets and services in Decentraland.
Who can buy Decentraland in Canada
Anyone. Two common ways to buy cryptocurrency in Canada include either through a broker or directly through an exchange. However, brokers may put restrictions on holdings, withdrawals, transfers and storage depending on their brokerage policy while cryptocurrency exchanges give the account holder more control over their crypto assets. Our exchange allows fast and secure cryptocurrency transactions through different payment services such as: Apple pay, Google pay, Credit Card, Debit Card, Bank Transfer and PayPal, which are supported in Canada. Also, our exchange charges zero transaction fees.
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Frequently asked questions
What ensures the survival and future of digital currencies is a strong development team, functional services and an attractive platform to attract users. Fortunately, Decentraland (MANA) has all these features. In 2021, Metaverse was one of the hottest topics in the cryptocurrency world. The future of MANA currency mostly depends on how long people are interested in the metaverse. According to Mark Zuckerberg the CEO of Meta, the future is going to be all about the Metaverse market and we are still at the beginning point. Most experts believe that if Decentraland can maintain its appeal to users with timely and correct updates, it has a bright future and buying it at its current price might be a profitable and reasonable investment.
According to the CRA tax guide, you're not taxed when you buy crypto with fiat, like Canadian Dollars. This said, even though you don't pay tax, it's still really important you keep good records of your crypto transactions so you can keep a detailed account of your cost basis. This lets you calculate accurate crypto gains and losses when you later dispose of your crypto assets. But note that according to the above-mentioned tax guide, buying crypto with another crypto is subject to Capital Gains Tax. The CRA views this as a disposition, meaning you're getting rid of one asset. It doesn't matter that you're using it to buy another.
According to the CRA tax guideline, since cryptocurrency is viewed as a capital asset, when you dispose of it by selling it, swapping it, spending it or gifting it, you'll owe Capital Gains Tax on any profit you make. Crypto transactions which are considered a disposition in Canada according to the CRA include: Selling crypto for CAD, swapping crypto for another crypto, spending crypto on goods or services, gifting crypto. According to the mentioned guideline, you won't pay Capital Gains Tax on the entire proceeds when you sell, swap, spend or gift your cryptocurrency, but only the profits from it. Also note that you'll only pay Capital Gains Tax on half your net capital gain each financial year in Canada.
You can purchase Decentraland (MANA) for less than a dollar. Therefore, the least amount of Decentraland (MANA) that you can likely purchase is dependent upon the minimum purchase offered by your exchange. Our exchange allows a minimum of $10.
According to the CRA tax guide, you should maintain the following records on your cryptocurrency transactions: the date of the transactions, the receipts of purchase or transfer of cryptocurrency, the value of the cryptocurrency in Canadian dollars at the time of the transaction, the digital wallet records and cryptocurrency addresses, a description of the transaction and the other party (even if it is just their cryptocurrency address), the exchange records, accounting and legal costs, the software costs related to managing your tax affairs.
As an ERC-20 token, Decentraland (MANA) can be safely stored in any Ethereum compatible wallet. It is usually recommended to use a Metamask wallet to connect to the Decentraland platform. To use personal wallets, be sure to back up your wallet so that you can restore your assets in case of any software or device issues.