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How to buy Bitcoin in Cyprus
Is BTC a good investment in Cyprus?
Bitcoin has been a popular name over the last decade. The growth in Bitcoin’s popularity has made it a globally acknowledged currency and a valuable asset. In July 2010, Bitcoin began trading at US$0.0008. By mid-April of 2021, Bitcoin prices reached new all-time highs of over $60,000 but by the summer of that same year prices were down by 50%. Bitcoin later reached its all-time high above $68,000 in November 2021. In 2022, Bitcoin's price continued to gradually decline but this is a natural process, as we have seen it happen before. You should keep in mind that in the world of cryptocurrencies, every high has a low and after every low, there will be a high sometime. So, it is important to get the timings right. Understanding the nature of the market and analyzing the movements of Bitcoin can be a guide for investors. That is why people’s attention and interest in Bitcoin remains high yet cautious, regardless of its price. As a result, some crypto market experts have even predicted that Bitcoin’s price could reach around $79,000 by the year 2025. In simple terms, it is hard to reach a definite answer when it comes to crypto investments. But if you have a good crypto market outlook to some extent and Bitcoin fits within your risk tolerance prospects, then it could be a satisfactory investment on the long-term perspective.
What is Bitcoin ?
Bitcoin is a digital currency or a form of digital asset, which is of high market value. It is ranked 1st in the crypto market. Bitcoin is a decentralized digital currency that no one controls and anyone can use it in order to transfer monetary units of the network. Bitcoin has made it possible to send money to any part of the world easily and regardless of geographical borders and banking networks.
A very important function of Bitcoin is to maintain value. Because as we know, governments and central banks have the power to print money indefinitely and thereby reduce the value of their national currencies. In the Bitcoin network, although everyone can participate in the creation of new currency units, the total number of coins that can be created can be a maximum of 21 million units. The limited number of Bitcoin coins and the impossibility of creating more Bitcoins than what miners are allowed to mine are from the rules of the Bitcoin network which protect its value. This is one of the reasons that distinguishes Bitcoin as a long-term investment.
Is Bitcoin legal to buy in Cyprus?
Yes, cryptocurrency is legal to buy in Cyprus. In Cyprus, the Cyprus Security and Exchange
Commission (CySec) has been designated as the competent supervisory authority for matters
relating to crypto asset regulations. CySec has issued its regulatory framework through which it
authorizes the trade, sell, buy, hold and many other cryptocurrency transactions. According to
this above-mentioned framework, Cyprus has embraced the use and trade of cryptocurrencies,
and the government has not placed any restrictions on buying or owning digital currencies.
Is Bitcoin taxed in Cyprus
Yes, cryptocurrency is taxed in Cyprus. The tax treatment of cryptocurrencies in Cyprus is
similar to that of other financial assets. Cryptocurrency is taxed in this country according to the
Income Tax Law, the Corporation Tax Law, and the Capital Gains Tax Law. These laws apply to
all forms of income, including income derived from cryptocurrencies, and set the rules for
taxation of profits from trading or investing in cryptocurrencies. According to the above-
mentioned Income Tax Law, income generated from trading or investing in cryptocurrencies is
subject to income tax. Also, if the trading or investment is considered personal, then the profits
are subject to personal income tax. According to the mentioned Corporation Tax Law, if the
trading or investment is considered a business activity, then the profits generated are subject to
corporate tax. The taxation of gains from the sale of cryptocurrencies, in accordance with the
mentioned Capital Gains Tax Law, is subject to capital gains tax in Cyprus. This tax applies to
profits made from the disposal of assets, including cryptocurrencies.
It's important to note that the exact tax treatment of cryptocurrencies may vary based on the
specific circumstances of each case, and it is recommended to seek the advice of a tax
professional for more information. Additionally, the tax laws in Cyprus and the way in which they
apply to cryptocurrencies may change over time, so it is advisable to stay informed of any
updates or changes.
After you've bought Bitcoin in Cyprus
Bitcoin is a kind of electronic money by which you can send money to any part of the world or sometimes use it to buy goods and services. Bitcoin's two main features of decentralization and freedom from printing more currency units are significant achievements over today's money. These Bitcoin features are paving the way for a new form of economic system in the future. You can consider Bitcoin as a payment token, use it to make currency transfers, and even order from online stores. But looking at the use of Bitcoin in today's world, it can be seen that most people buy Bitcoin as an investment. For this reason, another point of view has emerged according to which Bitcoin can be used as an asset in addition to being able to play the role of money; An asset that can maintain its value over time.
Who can buy Bitcoin in Cyprus?
In Cyprus, anyone who is legally allowed to own and trade financial assets is able to buy
cryptocurrency. This includes citizens, residents, and non-residents. To buy cryptocurrency in
Cyprus, individuals typically need to open an account with a cryptocurrency exchange or broker
that operates in the country. Using an exchange as your cryptocurrency service provider would
be of most convenience. Our secure and trustworthy exchange platform provides a range of
convenient payment methods, including bank transfer, credit/debit card, PayPal, Google Pay,
and Apple Pay, to buy cryptocurrency in Cyprus. With our platform, you can purchase, sell, and
exchange digital tokens using the Euro. Our exchange operates within the bounds of the law
and doesn't have any extra transaction costs.
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Frequently asked questions
If we consider Bitcoin to have intrinsic value due to some of its features such as limitedness and unforgeability and use it as a tool that preserves value over time, perhaps it is an asset worth buying. Bitcoin can be presented as a type of investment that preserves the value of your savings in the long term. However, we recommend that before purchasing Bitcoin, study the ins and outs of the Bitcoin market and consult with professionals.
To report cryptocurrency tax in Cyprus, individuals and businesses must declare their
cryptocurrency-related income on their tax returns. The exact process for reporting
cryptocurrency taxes in Cyprus may vary depending on the specific circumstances of each
case, but generally you would need to gather records of all cryptocurrency transactions
including the date, amount, and type of each transaction, as well as the value of the
cryptocurrency in Euros at the time of the transaction. Then determine whether each transaction
is subject to income tax, corporation tax, or capital gains tax, and calculate the tax owed on
each transaction. Next, file a tax return with the Cyprus Tax Department. The tax return should
include a declaration of all cryptocurrency-related income, as well as any other taxable income.
Additionally, the process of reporting cryptocurrency taxes can be complex, and it is
recommended to seek the advice of a tax professional for more information.
Yes, you can cash out your cryptocurrency assets in Cyprus. To do so, you will need to seek
assistance from a cryptocurrency exchange that operates in the country and allows you to sell
your digital currencies for the Euro. The exchanged currency can then be withdrawn to your
bank account or used for other purposes. Also, our exchange platform does not charge any fees
for selling your cryptocurrencies within our platform.
You can purchase a small amount of Bitcoin, unlike stocks. The least amount of Bitcoin that you can likely purchase is equivalent to 1 Satoshi, or 0.00000001 Bitcoins, depending on its price of the day.
The popularity of cryptocurrency in Cyprus can be difficult to determine, as it can vary greatly
depending on a range of factors such as local laws and regulations, economic conditions, public
perception, and general technological literacy. However, it is widely reported in various media
outlets and financial websites that the use of cryptocurrencies has been growing in Cyprus,
along with other countries around the world. This growth can be attributed to several factors,
including the increasing awareness of digital currencies and their potential use cases, as well as
advancements in technology that make it easier for individuals and businesses to buy, sell, and
Due to theft, computer malfunction, loss of access keys, and other reasons, users may lose Bitcoin and other cryptocurrency tokens. Although hot wallets are still practical for some users, cold storage (also known as offline wallets) is one of the safest ways to store Bitcoin because it cannot be accessed online. Consider using a hardware wallet for all of your long-term Bitcoin and cryptocurrency storage if you’re looking for the safest storage option. For short-term investments, you can also keep your Bitcoins on our exchange wallet in order to trade more easily.If you want to hold Bitcoin long-term, although you can still keep your cryptocurrency in this wallet, it is better to not keep it in the exchange wallet nor the software one. The safest option would be a hardware wallet.