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How to buy Cardano in Finland
Is ADA a good investment in Finland?
Cardano and its official coin “ADA” is known as the third generation blockchain, which has fulfilled the issues on the previous generations of blockchains. It is now faster and cheaper than Bitcoin and Ethereum. But that’s not the only benefit that this coin has. There are other factors to check to find out if Cardano is a good investment. One of them is its performance over the years. ADA was released as the native token of Cardano in 2017 with the price of $0.024, which was the lowest price of this token. Very soon the price rose up to $3 in 2021, which shows this coin was a good long-term investment.During this period, ADA had many fluctuations, but analysts always had positive opinions about this coin.
One important thing to consider is that no one can guarantee if the future of a coin is positive because everything in the world of cryptocurrencies is volatile and risky. However, the price predictions of a coin can help you see how positive the analysts and experts think about the future of a coin. Many experts have predicted the future of ADA until 2030 between $3 to $5. Thus, considering a long-term investment, check the price of ADA for the day you are buying and check the future prediction for up to 5 years later. Think about the risks and choose an exit point for your investment. These steps can help you have a good investment.
What is Cardano ?
You may have heard about Cardano and ADA and wondered if there is any difference between these two names. First, you need to know that Cardano is the name of the company that has launched the ADA coin. Therefore, Cardano and ADA are somehow used interchangeably. To take a deeper look into Cardano we need to mention that Cardano is a decentralized public blockchain that is designed to have a faster and more efficient performance compared to its previous blockchains. As one of the first blockchains of this new generation, Cardano has become so popular and one of the biggest cryptocurrencies by market cap. From the first day of its release, it acted better than most of its previous competitors.
Learn more on Cardano official website.
Is Cardano legal to buy in Finland?
Yes. According to the Bulletin by Bank of Finland, cryptocurrencies refer to virtual mediums of
exchange, which are transferred from one holder to another without the use of a centralized
ledger. They are viewed as speculative assets. According to the definition of cryptocurrency by
the Finnish Tax Administration, cryptocurrencies are considered a type of personal asset that
can be traded freely on the open market and can be electronically transferred, saved, and
Is Cardano taxed in Finland
Yes. According to the Finnish Tax Administration (Vero Skatt), you are subject to tax if the
amount of your crypto transactions exceeds €1000. According to the mentioned reference,
cryptocurrency investments can be subject to two tax formats: Capital Gains Tax and Income
Tax. Profits from exchanging or selling cryptocurrency are considered capital income and are
therefore taxed as Capital Gains Tax. Capital gains are subject to a 30% tax rate on the amount
up to €30,000, and a 34% tax rate for any amount exceeding this.
As for the Income Tax rule, in accordance with the same above-mentioned reference, every
Finnish taxpayer is taxed on their income. This means if you have earned crypto for some form
of work or effort, you need to pay typical income taxes which ranges from 6% to 31.25%
depending on your total income amount.
After you've bought Cardano in Finland
When you buy a coin, you can use it in different ways. Most people would like to keep a token as an investment. Therefore, they should find a secure wallet to keep their coins there and keep an eye on their price each day to find the right time to trade. But there are still other uses for ADA coins rather than just investing. Many companies accept ADA as a currency, so you can buy something on the internet and spend your ADA to pay for it. Most of the time, crypto coins are used for online games. ADA is accepted for some online games too. Furthermore, ADA can be used to build smart contracts and create decentralized applications.
Who can buy Cardano in Finland?
Anyone can buy cryptocurrency in Finland. The easiest method to buy crypto assets in Finland
is through a cryptocurrency exchange. Finland offers access to a number of payment services:
Among all, Apple pay, Google pay, Credit Card, Debit Card, Bank Transfer and PayPal are
some of the popular ones. Our exchange presents fast and secure transactions through these
commonly preferred services and is free of charge for your different crypto transactions in
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Payment methods to buy Cardano in Finland
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Frequently asked questions
ADA is a popular digital asset on the market that is actively in use. Its history and the predictions of its future show that ADA can be a good option for people who consider buying a crypto and take their first steps to this market.
Yes. But remember that according to the Finnish Tax Administration, selling cryptocurrency will
always require you to declare capital gains tax, whether at a profit or loss.
According to the Finnish Tax Administration, you need to report this information in your tax
return reports: selling dates, selling prices, purchase dates, purchase prices and also report the
property acquisition costs and selling expenses, such as broker’s fees.
ADA and XRP are both well-known coins on the market, both are fast, cheap, and energy-efficient. Furthermore, most of the top brands support them as trusted currencies. However, some experts believe that ADA might perform slightly better than XRP in the future because it has a more promising blockchain.
According to the detailed guidance on taxation of virtual currencies by the Finnish Tax
Administration, activities such as buying cryptocurrency, transferring cryptocurrency between
your wallets, lost/stolen crypto assets, gifting cryptocurrency and donating cryptocurrency are
the transactions that do not trigger tax events.
The future of every cryptocurrency is unpredictable; but experts and analysts believe that Cardano is one of the coins that may perform well on the market in the future.