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Learn More about buying LINK in Cyprus
How to buy Chainlink in Cyprus
Is LINK a good investment in Cyprus?
LINK crypto was released in 2017 with an initial price of $0.11. Its price didn’t have a salient change until mid-2019 when it finally could reach $1 per token and continued to grow and ended the year with a price of $4. 2020 was more surprising for this coin because it could mount up to $14 and become a wonderful investment for its owners. LINK could reach its highest price of $37 in February 2021. Although it might seem that LINK didn’t have a great beginning, its price suddenly surprised everyone. However, 2022 wasn’t a great year for this crypto because the LINK price dropped to $19.60 in January, and ended the year at $7.
Like many cryptocurrencies, LINK also had fluctuations. People who want to invest in this crypto would like to know if it will end up profitable. No one knows the answer to this question, but some factors can help investors decide on buying this crypto. One of them is LINK price predictions. Some crypto analysts believe that LINK price may continue to fall until 2027, but then it might increase to $70 and may continue to grow and be around $169 in the next ten years. Therefore, they expect LINK to be a good long-term investment. However, predictions are just some expectations that might not come true. It is better to check the news about this crypto, read its whitepaper, and investigate the price of the day to decide whether it is the best time to buy LINK.
What is Chainlink ?
Chainlink is a decentralized oracle network announced in 2017. It runs on the Ethereum blockchain and is used to support advanced smart contracts. Generally, smart contracts are automated agreements on blockchain. But, sometimes, they need to connect to the real world to make some processes possible. Chainlink makes this possible and acts like a bridge between blockchains and external data sources or what is known as off-chain.
Is Chainlink 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 Chainlink 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 Chainlink in Cyprus
LINK coin is mainly used on the Chainlink network as a payment fee or for voting on different processes. It can’t be used as a payment method outside this network. Therefore, it is not possible to use it as a real currency to purchase goods or transfer money. However, this might be possible in the future. You can trade or swap the LINK coins with Eth or XRP and then use it to purchase goods or even use it in gaming or other processes.
Meanwhile, most people buy a cryptocurrency for investment. In this case, the usage is not that important because you only need to keep your coins in a wallet and wait until the right time to sell. Investment needs you to be aware of the crypto market and check the coin price every day. If you are new to this world, we recommend you choose an exit point for your investment. Thus, if the price of LINK reaches that amount, you can easily sell it to get a profit. In the end, we also suggest investing as much as you can afford to lose because cryptocurrencies are volatile, and nothing is predictable in this world.
Who can buy Chainlink 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
The Chainlink network is one of the first networks that make it possible to link blockchain with off-chain or the world outside of the blockchain. Therefore, it is very useful, especially when working with advanced smart contracts. It is believed that this network and its coin will act as well in the future.
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.
LINK tokens are available on most exchanges. Blocktrade is one of the exchanges that support this crypto. This exchange has the lowest trading fee and is regulated in the EU. Therefore, you can simply sign up on this exchange and buy the crypto you want.
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
Sergey Nazarov, a Russian entrepreneur is the founder of Chainlin and Steve Ellis is the CTO at this company. The headquarters of Chainlink is in the Cayman Islands.