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How to buy Maker in Finland
Is MKR a good investment in Finland?
Maker coin (MKR) was created in 2015 but officially released to the market in January 2017 with a price of $22.10. It didn’t have many fluctuations until August of the same year when it suddenly reached $288 and continued to grow until it ended the year with a price of $959. That was a surprisingly profitable investment for someone in only one year. The first months of 2018 were even better for Maker owners because its price mounted up to $1,369.99, which was again a record for this token. But it didn’t last long, and the MKR price dropped and ended the year at $449. 2019 and 2020 passed with almost stable prices between $500-$700. MKR again surprised the market in 2021 and reached its highest price of $4,341 in April. For the second time, Maker showed its holders that it could be a profitable investment if they have more tolerance.
The price of Maker coin was shocking all these years and always seemed to be a good investment. But it doesn’t mean it will be a %100 good investment in the future. If you want to invest in this token, MKR price predictions may be helpful, especially for beginners. But you should still read more about its news and experts' opinions the moment you decide to purchase this coin. Crypto analysts and experts expect MKR price to reach $6,000 by 2025. They believe its price could rise to $40,000 in the next ten years. Therefore, they think buying Maker tokens might be a good investment. However, predictions are just predictions, and the future might not be exactly the same as these expectations.
What is Maker ?
Maker is an open-source Ethereum-based blockchain created in August 2015. It is known as one of the most popular and oldest Ethereum-based platforms available. The Maker project is known as MakerDAO, which is an open-source project whose operation is based on the Decentralized Independent Organization (DAO) system. A DAO is considered an organization that is defined based on clear and codified rules, the control of this organization is in the hands of its members. Maker was created as a lending platform. People can use Ether as collateral in a smart contract called Collateralized Debt Position (CDP) to create DAI stable coin through MakerDAO.
Learn more on MakerDAO official website.
Is Maker 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 Maker 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 Maker in Finland
Maker coin (MKR) is mostly used as a governance token. MKR holders can propose upgrades to the system, leverage collateral assets, create smart contracts, or simply use their coins as payment for purchasing something online or inside games. DAI coins can be used in the same manner, but since their price is stable, it is not considered an option for investment. However, MKR can still be used as an investment because its price changes over time. People who want to keep this digital asset as an investment should check different factors, from its history to MKR price predictions; there are many things you need to consider while buying Maker coins as an investment.
Who can buy Maker 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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Frequently asked questions
The Maker coins have experienced many ups and downs during its history, but most of the time it was considered a good investment. Most experts and analysts also predict a bright future for this token.
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.
Almost 100 exchanges support MKR tokens. Since they may have different fees, check their information and find the right exchange. We can suggest you the Blocktrade exchange which doesn’t contain any trading fee.
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 MakerDAO protocol was founded by Rune Christensen. After being introduced to Bitcoin in 2011, Christensen sold his business and invested in Bitcoin, then became interested in stablecoins and eventually founded MakerDAO.