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Learn More about buying AAVE in Estonia
How to buy Aave in Estonia
Is AAVE a good investment in Estonia?
When the Aave coin was called LEND, its initial price was $0.01 per token. When the name changed to Aave in October 2020, every 100 LEND tokens were swapped to 1 Aave, and the price was around $50. Very soon, the Aave price rose to $87, which was due to the release of the new version of the protocol in December 2020, which made using the platform easier and more efficient. At the beginning of 2021, Aave continued to grow and reached $100, and only in a few months, it set a record of $638 per token in February of 2021. It showed that it was an excellent investment for Aave owners. Nevertheless, 2022 wasn’t that good for this coin because from the beginning of the year, it dropped to $256 and ended the year with a price of $62.
There are ups and downs in the history of all cryptocurrencies. Aave is not an exception. It was a good investment sometimes, but the price failure might make people rethink whether to buy this coin. First, no one can tell you if your investment will be profitable because the cryptocurrency world is volatile. However, crypto analysts and experts can give you hints about how the future might be for Aave. Most of them believe that the Aave price would rise to $180 by 2025 and might reach the highest value of $606 in 2030. Please note that these are only predictions and might not be %100 guaranteed.
What is Aave ?
Aaave is a decentralized Ethereum-based lending platform launched in 2017 to give this opportunity to crypto owners to receive loans. The process is based on smart contracts, which means every step of borrowing and lending crypto is automated. The borrower should keep cryptocurrency assets as collateral and receive 80% of that amount as a loan. All the processes of calculating the loan terms and giving the loans to the borrower are done automatically via smart contracts. Therefore, no one has access to this process as a third party. The process of lending and borrowing is also done from liquidity pools. Thus, the borrower and the lender won’t know each other either. Aave network was called Ethlend but it was renamed to Aave in 2020.
Is Aave legal to buy in Estonia
Estonia was among the first countries that legalized cryptocurrency and related economic activities. It was in November 2017 when a law was introduced that accepted cryptocurrency as a payment method to keep up with the development of technology. Therefore, activities such as mining, crypto investment, adding cryptocurrency to a company balance sheet, and even establishing a cryptocurrency exchange or wallet are allowed in this country.
Is Aave taxed in Estonia
According to the Estonia Tax and Customs Board, cryptocurrency trading contains taxes in Estonia. People who buy cryptocurrency should pay tax in case of trading, converting to fiat, or paying the crypto to purchase something. They should declare all the transactions they have with cryptocurrency because the income from mining or trading any crypto is considered the business income of a person, which is included in the tax rules in Estonia.
The tax report should be declared once a year in March. Generally, if you keep the cryptocurrency as an investment and don’t do anything to it, you won’t need to pay taxes. For example, if you have kept the coins in a wallet for the whole year, you won’t need to mention it in your tax report. Only the profit you gain from selling or trading crypto is taxed. However, if you sell crypto at a lower price than you bought, you won’t need to pay tax for it. Only the profits from selling crypto are reported. Therefore, even if cryptocurrency assets are not tangible assets like a car or a house, that doesn’t bother tax authorities. The tax rate is 20% in Estonia.
After you've bought Aave in Estonia
Aave tokens are called utility and governance coins. The main use of this token is for voting on the system to propose new features and ask for updates. Since Aave is a lending platform, its tokens are mostly used as collateral. Although borrowers can use different crypto as collateral on this platform, if they use AAVE they will get a discount. You can swap a limited amount of Aave coins with any other crypto. But it is not usable for purchasing goods. However, it might be possible in the future.
Meanwhile, most people buy Aave coins to receive a loan on the Aave network or keep the coins as an investment. The price history of the Aave coin showed it could be a profitable investment in the past. If you want to hold these coins as an investment, be patient and keep watching their price. If you are a beginner, only invest as much money as you afford to lose because the future of cryptocurrency is unpredictable.
Who can buy Aave in Estonia
Anyone can buy cryptocurrency in Estonia. Since cryptocurrency is taxed in Estonia, buying it requires you to prepare a couple of things including a passport or a national ID, a mobile phone to verify your identity, a bank account to make fiat currency deposits, and a crypto wallet to store your assets. However, that may depend on the exchange you use. Exchanges in Estonia ask you to verify your identity and address as part of the Know Your Customer (KYC) process. You can buy cryptocurrency anonymously too, but you should use other exchanges that might not be as user-friendly or secure as the ones that have been verified legally.
One secure and user-friendly way to buy cryptocurrency in Estonia is via Blocktrade exchange. This exchange doesn’t have any trading fees, and you can find a wide range of cryptocurrencies to buy here. You only need to sign up on the website, verify your account, and then start buying coins.
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Frequently asked questions
The Aave platform and its native coin are gaining more and more popularity each day. Therefore, they will be still in use in the future. Check the Aave price prediction and read its whitepapers if you want to invest in this crypto.
Cryptocurrency exchanges have different fees; you need to check different Estonian crypto exchanges to find the one with the lowest fee. Blocktrade exchange is available in Estonia and doesn’t have any fee.
It is legal to buy cryptocurrency in Estonia. However, you should keep in mind that the profit you may get from any cryptocurrency will be taxed at the end of the year.
You can buy Aave tokens on most exchanges. However, you need to know that each exchange might have different trading fees. If you want to find the cheapest one, we recommend you sign up on Blocktrade, which allows you to do trading without any fee. This exchange is regulated in the EU and supports most cryptocurrencies.
Since trading and exchanging cryptocurrency is allowed in Estonia, if you have any tokens, you can sell without any problem.
Aave crypto was founded by Stani Kulechov, who was still studying law in Helsinki when he decided to run the such system. The network is based in Switzerland.