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Learn More about buying RARI in Latvia
How to buy Rarible in Latvia
Is RARI a good investment in Latvia?
RARI was released to the market in August 2020 with an initial price of $0.31, and very soon, it could reach $7. Thus, it was a wonderful investment for only a few months. However, it didn’t resume that well and ended the year with a price of $2. Although it seemed that RARI token holders were facing failure, 2021 was very amazing for them because the RARI price reached its highest record of $49 in March of 2021. After this record, the RARI price faced many ups and downs until it ended the year with a value of $13. 2022 started profitably for RARI holders. At the beginning of the year, the RARI price amounted to $23 and then fell again. It couldn’t set any price record and even dropped to $1.84 by the end of the year.
The history of the RARI token shows it was a good investment for its owners several times. However, it was stagnating and might seem uninteresting for people to buy. Furthermore, no one can tell you what may happen to this coin in the following years. But the price predictions may give you a hint about the expected future of RARI. Crypto analysts and experts expect the RARI price to go up again in the next 5 years and may become stable at $10 by 2026 and might reach $17 by 2030. Many also consider RARI a good short-term investment that would have a better profit in one year.
What is Rarible ?
Rarible is the first cryptocurrency dedicated to NFTs, launched in 2020. The main reason for creating such a platform was to secure the digital collections that are designed with blockchain technology. Its focus is on artistic assets. NFTs (non-fungible tokens) allow artists to keep the copyright of their artworks. Rarible works as a marketplace for its users to create, sell or buy digital collections or NFTs. Users can put a preview of their works on this platform, so others check and use their Rarible tokens to purchase the full version.
Is Rarible 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 Rarible 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 Rarible in Latvia
The main purpose of creating the RARI token was to empower Rarible users to vote on different projects and upgrades on this platform. Therefore, after buying RARI you will have the power to make changes to the network. Creating, selling, and buying digital content or NFTs are other uses of RARI coins.
Furthermore, after purchasing RARI tokens you can keep them in a wallet as an investment. However, you should also know that investing in cryptocurrency is risky. We recommend you check the price history and price prediction. Read Rarible white paper and follow top crypto experts to learn more about investing in RARI. Anyhow, if you are a beginner in this world, it is better to start your investment with a moderate amount and think about an exit point for your investment so that you won’t lose much money if the predictions didn’t go well.
Who can buy Rarible 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
Several exchanges support buying RARI coins. If you want to find a trusted, easy-to-use, and cheap exchange to buy RARI, we recommend you BlockTrade. Unlike most exchanges, you don’t need to pay any processing fee on this exchange. Therefore, buying RARI will cost less than other platforms.
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
Rarible is a marketplace for creating, selling, and buying NFT. Therefore, if you are an artist and would like to sell your digital art, the Rarible platform and token will be a good option for you.
It is estimated that over 62 thousand people, 3.3% of the total Latvian population, currently own
at least one form of cryptocurrency.
Everyone can use the Rarible platform and its token (RAR). However, most of the users of this NFT marketplace are digital artists and content creators. They can use their RARI coins to create digital content, such as a book, music, or artwork. Then, they can put their NFT digital content on this platform and sell it to others.