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Learn More about buying LRC in Italy
How to buy Loopring in Italy
Is LRC a good investment in Italy?
LRC was released in 2017 with an initial price of $0.05. It started 2018 with a surprisingly high price of
$2.59 but quickly fell to $0.25. This token was almost asleep for two years because its price didn’t
change significantly until 2021, when it set a record all-time high price of $3.81. However, it recessed
again and dropped to $0.21 at the end of 2022.
It is common for people who want to buy a coin to be curious about its future, especially for investment.
However, the future of cryptocurrency is not predictable. But you can read about price predictions
because these are the analyses that experts in this field have done. Therefore, the LRC price prediction
can give you a hint about the probable fate of this coin. Crypto analysts think the LRC price would go
higher than $1 in 2026 and might continue to grow and reach $3 by 2030. Considering these predictions,
it might be better to think about LRC as a long-term investment.
What is Loopring ?
Loopring is a decentralized exchange (DEX) based on Ethereum that launched in 2017. It is considered
the second layer solution of Ethereum called Loopring L2, which allows users to do their transactions
with higher speed and lower fees compared to Ethereum. Loopring L2 is more than a decentralized
exchange, it acts more like a payment software that allows users to send their ERC-20 tokens to any
Ethereum address quickly, securely, and with lower costs. The Loopring users can also create new
exchanges on this protocol.
Is Loopring legal to buy in Italy
There is no doubt that Italy is grossing in the global economic field by expanding its horizons on digital investment. However, the laws and regulations regarding cryptocurrencies are not fully developed yet. According to the public authority responsible for regulating the Italian financial markets (CONSOB), the ownership and trading of cryptocurrencies are not considered illegal in Italy. But you should keep in mind that there are no definite regulations about taxation. While crypto-assets do not have a specific regulatory status in Italy, the only Italian laws and regulations that provide a definition applicable to them are those concerning anti-money laundering regulations. It is estimated that 2.3% of the Italian population, which is approximately 1.3 million people, own crypto assets in Italy.
Is Loopring taxed in Italy
The Italian Tax Administration, also known as Agenzia Delle Entrate, is still developing official tax guidance on the topic of cryptocurrency taxation. However, two resolutions issued by Agenzia Entrate in the past are currently being used to form the basis for how cryptocurrencies are taxed in Italy.
According to Resolution no. 72 /E/2016, profits from trading cryptocurrencies are not considered taxable income due to the lack of speculative nature. However, in Resolution no. 788/2021 it is mentioned that if the person’s total wallet or account balance exceeds €51,645.69 for a minimum of seven consecutive days during the tax year, the profits from selling, exchanging, or disposing of cryptocurrencies are taxed as capital gains at a flat rate of 26%. This is good news for all Italian crypto investors considering you are not paying taxes on your profits as long as your total portfolio value does not exceed €51,645.69 for seven or more consecutive days.
After you've bought Loopring in Italy
LRC is mainly used on the Loopring protocol for creating decentralized exchanges. It doesn’t have any
uses outside of this platform yet. However, it might be consumed for purchasing things in the future.
But right now, it is very useful for developers on the blockchain.
Like other cryptocurrencies, LRC can be a good investment too. You don’t need to consume your coins
on the Loopring protocol, you can buy LRC and keep it until its price gets higher. For this purpose, you
need to choose a secure wallet to keep your tokens in a safe place for a while. Furthermore, since the
cryptocurrency world is so volatile, it is better to read more about LRC and its predictions. If you are a
beginner in this world, start with a minimum amount of money and choose an exit point for your
investment so that you will not lose your money.
Who can buy Loopring in Italy
The requirements for anyone to buy cryptocurrency in Italy are a mobile phone to verify identity using two-factor authentication (2FA), a bank account or credit card to make fiat currency deposits to purchase cryptocurrencies and crypto wallet to store the assets. Our exchange authorizes fast and secure transactions through different means such as Apple pay, Google pay, Credit Card, Debit Card, Bank Transfer and PayPal. In conclusion, it is possible for almost everyone to enter the world of crypto assets and our website provides a safe and secure beginner-friendly experience.
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Frequently asked questions
The Loopring coin (LRC) is available on most exchanges. You can also buy this crypto from the Loopring
exchange itself. However, it would be a good option if you purchase this coin on a more affordable
exchange like Blocktrade. Since you don’t need to pay any processing fee on this platform, it would be
more cost-effective for you to buy LRC on Blocktrade.
Your crypto taxes should be reported in your personal tax return where you also report ordinary income from employment. According to Agenzia Entrate, a tax return must be submitted every year, by the following deadlines: 30 September and 30 November of the year following the tax year.
First, calculate your capital gains and income for all transactions during the tax year. Then, report your crypto taxes in your personal tax return before the deadline in the following year. You must file your tax form online via the dedicated website of Italy’s tax office. If you have further questions about how to file your taxes, we recommend contacting Agenzia Entrate or a tax advisor in Italy directly.
The loopring is a Chinese-based company founded by a software developer called Daniel Wang.
However, the Loopring protocol was registered in Singapore.
As a general rule, you should keep records of the following details for each transaction as a minimum: the date of the transaction, the cryptocurrencies involved in the transaction, the type of transaction, how much was bought, sold, or exchanged, the value of the cryptocurrency in euro at the time of the transaction, exchange records and other similar cases.
Loopring is a protocol that makes it possible for its users to create their own exchanges on this network.