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Learn More about buying OCEAN in Czechia
How to buy Ocean Protocol in Czechia
Is OCEAN a good investment in Czechia?
Ocean Protocol is a decentralized data exchange platform designed to allow data providers to securely and privately share valuable data and artificial intelligence models while maintaining control over their data. It enables users to discover, access, and use data through a marketplace while ensuring data privacy, security, and compliance with data sharing agreements. Through this protocol, publishers can earn money from their data while maintaining privacy and have control, and along with this, users or data consumers will have access to a set of data that was previously unavailable or difficult to find. These datasets can be found on Market Ocean, a place to buy, use and sell them.
The main idea of Ocean Protocol is to make data available to startups and researchers without leaving the ownership of their custodians. The Ocean platform is built with the goal of facilitating the exchange of data, and connecting users who need this data, or cannot afford to store it, with users who have data to sell. In return, data providers of the Ocean Protocol cryptocurrency are rewarded.
What is Ocean Protocol ?
OCEAN is the native token of the Ocean Protocol blockchain. Crypto traders use the symbol "OCEAN" to refer to the Ocean Protocol token (OCEAN), which is commonly traded on different platforms. The symbol is used to distinguish it from other crypto assets and to make it easier for users to identify and trade the token. The symbol is standardized and is widely recognized by the cryptocurrency community, making it easier for users to trade OCEAN on different mediums.
Is Ocean Protocol legal to buy in Czechia
Yes. According to the Article 4(1) of Act No. 370/2017 on Payment system, crypto assets in the Czech Republic have the status of goods (in case of purchase) or products (in case of sales) and their circulation is not prohibited. Under the same Act legislation, cryptocurrencies aren’t treated as electronic money and according to Article 2(1)(c) of the Payment System Act, they aren’t considered funds either. It is estimated that over 100,000 people in the country own cryptocurrencies.
Is Ocean Protocol taxed in Czechia
Yes. According to the Czech Income Tax Act, taxable income arises in the following cases: cryptocurrency exchange for FIAT currency; sale of cryptocurrency; exchange of one cryptocurrency for another cryptocurrency (in this case it is important to realize that it represents a sale of one cryptocurrency and at the same time purchase of another cryptocurrency); and also obtaining cryptocurrency free of charge, e.g. in case of incentives for a future purchase or gift. According to the mentioned tax act, Czech citizens who use cryptocurrencies to sell goods and services must pay income taxes on those transactions. Also, Individuals who receive payments in cryptocurrencies are taxed similarly.
After you've bought Ocean Protocol in Czechia
The OCEAN token has several uses within the Ocean Protocol network, including: Access to data and services provided by the network, Staking to secure the network and earn rewards, Governance through voting on protocol upgrades and other important decisions, Payment for data and compute services provided on the network. The OCEAN token can also be used outside of the Ocean Protocol network as a form of currency or asset for: Trading on cryptocurrency exchanges, Payment for goods or services from merchants who accept OCEAN, and for investment or speculative purposes.
Who can buy Ocean Protocol in Czechia
Anyone. In Czechia, a more convenient method to purchase cryptocurrencies is through the exchanges. Many different means of payment such as Apple pay, Google pay, Credit Card, Debit Card, Bank Transfer and PayPal are available through our exchange which guarantees secure, fast and free of charge transactions.
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Frequently asked questions
Ocean Protocol is a valuable project because it enables secure and transparent data exchange between individuals and organizations, it also facilitates the creation of new data-driven products and services. Additionally, it provides a way for individuals and organizations to monetize their data. It uses blockchain technology to ensure data privacy and security. And at last, this project can be very interesting to an average data user as it offers a decentralized and open platform for data exchange, where users retain control over their data. Such reasons could lead to the increase of this project's popularity and demand in the future.
Yes. But note that according to Czech Income Tax Act, if the taxpayers generate income from the sale of cryptocurrencies, they are obliged to file a personal income tax return. If you are selling your crypto asset in Czechia, keep in mind that our exchange charges ZERO fees for transactions.
No. According to Czech Income Tax Act, the purchase and holding of a cryptocurrency does not constitute taxable income, even if the value of the cryptocurrency increases significantly during the holding.
There is no official minimum amount to buy Ocean Protocol (OCEAN) set by the Ocean Protocol project. The minimum order requirement to buy OCEAN token on our exchange is $10 USD. Plus, there are multiple payment options available for your convenience while using our exchange.
According to Czech Income Tax Act, individuals that trade cryptocurrencies are taxed at a rate of 15%.
Since Ocean Protocol’s digital currency is an ERC-20 token and conforms to Ethereum standards, it can be stored on a wide range of Ethereum-compatible wallets. In addition to these software wallets, which are free and web-based or app-based, you can also store your valuable OCEAN tokens on hardware wallets. If you have a large amount of OCEAN tokens and you do not intend to buy or sell them at the moment, it is probably a better option to keep them in a hardware wallet. Although hardware wallets are not free, they have much higher security. Also, on our exchange, in addition to the possibility of buying and selling OCEAN tokens, there is also an internal wallet where you can store your crypto tokens after purchase. One of the most important features of the internal wallet of our exchange is the elimination of the transaction fee of transferring assets to a personal wallet. Also, if you want to transfer your Ocean Protocol crypto currency to the exchange and buy and sell it, the speed of your operation will be faster through this internal wallet.