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How to buy Enjin Coin in Norway
Is ENJ a good investment in Norway?
Enjin is an IT company in Singapore that was founded in 2009. This company is one of the biggest gaming platforms. Enjin helps more than 20 million gamers create communities around their favorite games. Enjin Coin is a blockchain-based cryptocurrency designed to facilitate contracts in the video game industry. This platform is built on the Ethereum blockchain by Enjin. This video game community and platform enables the development and exchange of digital goods. The forum is broadly aimed at the decentralized video game industry and has been able to engage a lot with founders who are looking to get seriously involved in the video game industry. The Enjin ecosystem acts like a software through which users can develop and expand virtual products on the Ethereum network. Moreover, users can create digital assets for themselves and transfer it to other apps or games. These assets are even customizable. This ecosystem has a native cryptocurrency so that users can employ this token in order to use platform services. The name of this token is Enjin Coin (ENJ).
What is Enjin Coin ?
The abbreviation symbol of a digital currency is the symbol by which the cryptocurrency is traded in the digital currency market. The abbreviation of Enjin Coin is ENJ, you can easily search this coin by typing this symbol in the cryptocurrency search bar on any exchange.
Is Enjin Coin legal to buy in Norway
Yes. According to the Norwegian Government’s strategy document for cooperation with the EU, the government states that the usage of blockchain technology is an area of importance for Norway and that the government is working to ensure secure storage and use of digital personal data. Also, in a recent report by the Central Bank of Norway, it was stated that the development of digital currencies may help to give crypto assets a greater role in ordinary domestic and cross-border payments.
Is Enjin Coin taxed in Norway
Yes. According to the Norwegian Tax Administration, cryptocurrencies in Norway are treated as assets and must be declared in yearly tax returns. Almost all of your crypto transactions are subject to tax in Norway. According to the above-mentioned tax regulation, if your crypto holdings are above NOK 1,500,000, they are subject to a wealth tax of 0.7%. Any gains on cryptocurrency transactions are also subject to a capital gains tax of 22%. For income earned in cryptocurrency, you have to pay an income tax of 22% as well as a bracketed tax. For more information on bracket tax see the guide by the Norwegian Tax Administration. As stated in the Norwegian crypto tax regulations, you can also claim a tax deduction for transaction costs linked to trading and income from virtual currency.
After you've bought Enjin Coin in Norway
Generating blockchain assets with ENJ token has various benefits for creators and users, including: injecting a store of value into assets, ensuring transparency and scarcity, providing instant liquidity, application in games and apps, and anti-inflation. Enjin Coin allows users to manage and store virtual gaming products such as character accessories or in-game currencies. Users can also earn ENJ tokens by selling their NFTs. Enjin Coin is used as a currency to buy, sell and trade non-equivalent tokens. This currency is also used to create, manage and destroy in-game items. Developers can issue custom tokens, unique items, or reward tokens powered by Enjin Coin.
Who can buy Enjin Coin in Norway
Anyone can easily buy cryptocurrency in Norway through cryptocurrency exchanges. There are different means of payment when it comes to purchasing crypto assets in Norway. The country provides payments through: Apple pay, Google pay, Credit Card, Debit Card, Bank Transfer and PayPal. But you must also consider if the exchange you choose supports these payment methods. Our exchange offers access to all these payment services while charging zero exchange fees for offering you secure and fast transactions.
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Frequently asked questions
The Enjin project has provided developers with the ability to build and manage virtual products on the Ethereum blockchain. The purpose of this platform is to manage items in games. Enjin has achieved this goal by reducing transaction fees, overcoming duplication and copying of content, and eliminating fraud. Millions of transactions are done monthly in the marketplace of this platform and by providing real ownership of virtual products to their holders, it has brought users a seamless experience of working with ENJ digital currency. In both the cryptocurrency and NFT industries, Enjin is a pioneering project. Enjin Coin is a cryptocurrency with a smart and promising future. It can dominate the cryptocurrency market as it rides the crypto wave, giving it a long reign as a form of payment.
Yes. According to the virtual currency taxation by the Norwegian Tax Administration, selling cryptocurrency will require you to declare capital gains tax whether it's at a profit or loss. Note that it's important to calculate the selling price in local currency at the time of sale.
Yes. According to the virtual currency taxation by the Norwegian Tax Administration, buying digital currency has no tax consequences at the time of purchase. You do not need to declare the costs attributable to the purchase until you sell, but when you sell your crypto asset, you must know how much you paid. As a result, you should keep documentation of the date of purchase, transaction costs, and market value as of the date of purchase.
Enjin Coin can be purchased for less than a dollar. In this situation, the minimum purchase quantity that your exchange permits will likely determine the minimum amount of Enjin Coin you can purchase. In our exchange, the smallest payments start at $10.
It is estimated that 420,000 Norwegians, approximately 10 percent of the total population, own cryptocurrency.
The Enjin team has developed their own wallet in order to ensure user security. Enjin Wallet is a digital currency wallet with high security and simple user interface, developed for the safe keeping of your Enjin Coin assets. Enjin Wallet uses two layers of encryption to protect users' data and a safe keyboard. In this wallet, special codes are considered to prevent the penetration of hackers through the breach of processors with ARM architecture. Therefore, ORU's security team did not find any loopholes in this wallet that could allow hackers to steal users' private keys and assets. Furthermore, Enjin Wallet supports Samsung Blockchain Keystore under Samsung's Knox military-grade security system to protect private keys.