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How to buy Loopring in Latvia
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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.
Yes. Note that according to Latvian Income Tax Act, selling your cryptocurrency can be subject
to Capital Gains Tax with a 20% rate, so it is advised to keep records of your cryptocurrency
purchase and sell transactions.
Yes. According to Latvian Income Tax Act, you need to submit a tax declaration if your total
income from transactions with capital assets exceeds EUR 1000 in a quarter, as in the year
2022. (Latvia follows a quarterly tax method which means that the year is divided into four
The loopring is a Chinese-based company founded by a software developer called Daniel Wang.
However, the Loopring protocol was registered in Singapore.
It is estimated that over 62 thousand people, 3.3% of the total Latvian population, currently own
at least one form of cryptocurrency.
Loopring is a protocol that makes it possible for its users to create their own exchanges on this network.