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Learn More about buying MKR in Latvia
How to buy Maker in Latvia
Is MKR a good investment in Latvia?
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 Latvia?
Yes. According to the explanation of the virtual assets document by the Latvian Financial and
Capital Market Commission, a virtual asset or cryptocurrency is a digital representation of value
not issued or guaranteed by a central bank or any other public authority, that may be digitally
transmitted, stored, or traded, and that may function as a medium of exchange for payment of
goods or services with persons who mutually agree to accept the virtual currency.
Is Maker taxed in Latvia
Yes. According to the Latvian Income Tax Act, there are two types of income that come from
selling cryptocurrencies: 1. Capital gains and 2. Income from economic activity.
According to the above-mentioned Income Tax law, capital gain from selling crypto assets is the
difference between the purchase cost and the disposal cost of the crypto assets. If it is not
possible to determine the purchase price of virtual currency, the purchase price is considered to
be 0. As stated in Latvian Income Tax Act, income from economic activity is triggered when the
virtual currency is sold as part of an economic activity or it is generated or received as payment
for goods, services or an occupation. In this case, economic activity must be registered and
personal income tax must be paid in total. Both capital gains and income from economic activity
are subject to a personal income tax rate of 20%.
After you've bought Maker in Latvia
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 Latvia?
Anyone can buy, sell, and hold cryptocurrency by the use of cryptocurrency exchanges in
Latvia. This is specifically because it is easy and quick to start an account and buy your desired
crypto assets through an exchange service. Popular and secure payment services such as
Apple pay, Google pay, Credit Card, Debit Card, Bank Transfer and PayPal are also accessible
in Latvia if your exchange supports payments by these methods. Our exchange offers fast, legal
and safe cryptocurrency transactions through the stated payment services. Our exchange is
also one of the cheapest ways to buy cryptocurrency as we charge no fees for cryptocurrency
transactions in Latvia.
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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. 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
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.
It is estimated that over 62 thousand people, 3.3% of the total Latvian population, currently own
at least one form of cryptocurrency.
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.