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Learn More about buying USDC in Netherlands
How to buy USD Coin in Netherlands
Is USDC a good investment in Netherlands?
The USD coin was released in September 2018 as a bridge between dollars and trading on cryptocurrency exchanges. It means USD Coin is equal to USD but in the cryptocurrency world. Therefore, its price is always equal to $1. However, there were sometimes during its history when the price changed a bit, but that wasn’t that much to consider. Anyhow, the USDC price has never been more than $1, and less than $0.99. That shows how stable this coin has been through all these years.
Since the USDC price never changes, you might wonder if it is a good investment. To answer this question, we need to explain how stablecoins are used and invested. They are not considered an investment to get profit, but investors usually buy stablecoins to avoid the volatility of the cryptocurrency market. If the market seems so volatile, traders and investors swap their coins with USDC and keep it stable until they pass the bad days of this market. That’s how they can keep their assets safe from losing their value.
What is USD Coin ?
Circle is a financial technology company that created USD Coin with the collaboration of Coinbase. Their main goal was to help people gain more money on the internet and be able to exchange their coins more easily. The USD coin is considered a dollar in people’s digital wallets.
Learn more on USDC official website.
Is USD Coin legal to buy in Netherlands?
According to The Dutch National Bank (DNB) all cryptocurrency transactions are legal in the Netherlands. However, cryptocurrencies are still not accepted as digital money. The Dutch National Bank is in charge of cryptocurrency regulations in the Netherlands. They prevent cryptocurrency from being used for illegal purposes such as money laundering or funding of criminal or terrorist activities. It is estimated that over 520 thousand people, 3.04% of Netherlands’ total population, currently own cryptocurrency.
Is USD Coin taxed in Netherlands
Yes. According to Netherland’s Money Laundering and Terrorist Financing Prevention Act (Wwft), all crypto assets of a private individual count as salary or income. There is no crypto capital gains tax in the Netherlands. Rather, crypto is taxed as an asset. According to the same document, if the taxable base value of your assets (crypto and non-crypto) is more than 50,000 EUR, you are subject to the net worth tax of 31%. This is a fixed percentage return assumed by the government.
After you've bought USD Coin in Netherlands
USD Coins can be used to pay for goods or services. It is also tradable on most exchanges. Thus, you can trade your USDC to any other cryptocurrency whenever you want. USDC owners can always exchange it with the dollar and receive cash equal to the number of coins they have. For example, if you have 100 USD coins in your wallet, you can turn them into $100 cash. Furthermore, USDC offers investors safety during times of instability or downturn in the crypto market. Therefore, it is the best option for investors to keep their digital assets stable for a while. Since the price of USDC is always stable, they won’t lose much money. However, you should still read more about it to know if it is the best time to trade your current assets with USDC or buy this coin.
Who can buy USD Coin in Netherlands?
Anyone with a bank account or credit card. You can use fiat currency deposits to purchase cryptocurrencies in the Netherlands with the help of a trusted exchange. Plus, secure and easy transactions with zero transaction fees are provided by our exchange and through different pay methods such as Apple pay, Google pay, Credit Card, Debit Card, Bank Transfer and PayPal.
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Frequently asked questions
Most exchanges support USDC as a trusted and available coin. Find a suitable exchange to trade or buy this coin. However, some exchanges may ask you to pay additional money as the processing fee. But if you buy USDC in the BlockTrade exchange, you don’t have to pay that fee. That’s why Blocktrade is considered one of the cheapest and the most secure exchanges to buy crypto.
According to the website of the Dutch Government, if you submit your tax return too late or not at all, the Tax and Customs Administration will see this as undisguised capital and impose a fine. Before you receive a fine, the Tax and Customs Administration will send you a reminder and later probably a final notice. If you cannot submit your tax return in time, you can ask for a deferment.
Yes, you do. The Netherlands is different from many countries where cryptocurrency is only taxed when you sell, trade, spend or gift it. This is based on the Dutch tax office statement which assumes you make a return from your assets and tax you on this assumed return.
USD Coin will be available as long as the cryptocurrency world is still alive. Furthermore, since its price is stable and equal to the dollar, it would still be in use in the future.
According to Dutch tax office you are not charged tax for simply buying or selling crypto. Contrary to most other countries, you are not taxed when buying, selling, exchanging, or otherwise disposing of a cryptocurrency. It is taxed as an asset, so you are charged tax on the amount of savings and investments you hold at the beginning of the tax year.
The truth is that USD Coin is not as profitable as other cryptocurrencies. The main advantage it has is the stable price. Therefore, you can use this coin to stabilize your digital assets for a while or be able to exchange coins more efficiently.