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How to buy OMG in Latvia
Is OMG a good investment in Latvia?
OMG was released in 2017 with an initial price of $0.53. It rose to $11.38 in September 2017 and started 2018 with a surprise. At the beginning of the year, OMG reached its all-time highest price of $28.35. Although it fell quickly, it was still a wonderful profit for people who had bought this coin one year earlier. 2018 didn’t end well, because OMG's price dropped to $1.25 in December. It also experienced two years of recession in 2019 and 2020. However, it seems that these years were a great time to buy OMG as a long-term investment because in 2021 it rose to $20 and became a profitable investment again. OMG price passed 2022 with almost a stable price and ended the year at $1.02.
How well might OMG perform in the future? Will its price grow again? These are the questions that no one can answer. But people who want to buy OMG would like to know if their investment might be profitable. Since the cryptocurrency market is volatile, the future is not predictable. However, analysts and crypto experts usually give price predictions based on technical and fundamental analysis of a coin. What they predict about the future of OMG is not bad. Some of them believe OMG's price would rise to $13 by 2026, and it might reach $30 by 2030.
What is OMG ?
The OMG network is an Ethereum-based centralized payment system that supports different digital assets. It uses the Proof-of-Stake protocol to secure staking on its platform. The company was founded in 2013 and is called OmiseGo. Then its blockchain was launched in 2017, and the company rebranded to OMG network in 2020. The main goal of the OMG network is to facilitate the transfer of assets from different e-wallets. Its vision is also to speed up transaction time and reduce transaction fees. OmiseGo or OMG project allows users to create a wallet on their blockchain; In fact, this cryptocurrency is a software development kit (SDK).
Is OMG 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 OMG 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 OMG in Latvia
OMG is mainly usable on the OMG platform as a utility token. People can use this coin for staking or to pay transaction fees. It is not used to pay for services or payments outside the platform.
On the other hand, for investors, the usage of a coin is the least important factor because they want to buy the coin and sell it in the future. However, coin use also can impact its price. Therefore, don’t underestimate it. If you want to keep OMG coins as an investment, read all about its past, predictions for the future, and the updates that might happen to its network. You can also follow crypto experts on social media to know their opinion and comments about OMG. In the end, if you have bought OMG and kept it in a safe and protected wallet, always check the price of the day to find the right time to sell. It is recommended the beginners start with a minimum amount and consider an exit point for their investment to avoid any loss.
Who can buy OMG 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 OMG coin is available on most exchanges. You can buy OMG coins on the Blocktrade exchange at the most affordable price. Since you don’t need to pay an extra amount as a processing fee on this exchange, buying OMG would be more cost-effective for you.
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 OMG network is a Thailand-based company founded in 2013. Vasana Chatikavanij joined OmiseGo in 2017 after spending 7 years at the World Bank. After two years, he was elected as the CEO of the company.
It is estimated that over 62 thousand people, 3.3% of the total Latvian population, currently own
at least one form of cryptocurrency.
The future of cryptocurrency is not predictable. However, experts believe OMG coin has a bright long-term future. As a future investor, you should still be aware of what's happening to the market so that you can make a better decision about buying and selling your coins.