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Learn More about buying USDT in Norway
How to buy Tether in Norway
Is USDT a good investment in Norway?
Tether is the first stablecoin in the crypto world, launched in July 2014. Like other stablecoins, Tether's price is tied to the price of USD. It means every Tether is always $1. It is also called USDT, which means USD Tether. The stable price of Tether makes it a great alternative to USD in the online world. People can easily use their Tether to purchase other coins. Although the Tether price is always stable, it fell to $096 once in May 2022. However, that didn’t impact its market because very soon it rebounded to $1.
Tether is not an investment like other coins. Since its price is stable, nothing can happen in the future. But people buy Tethers for other reasons. One of them is trading it with other coins whenever they want. The other reason is to avoid the volatility of the crypto market. Traders and investors usually trade their coins with Tether when the crypto market seems unstable or collapsing. Therefore, they can keep their digital assets safe from this risky world. Then, when the market stabilizes, they again trade their tether with other coins that seem to have a better future. Thus, Tether is not considered an investment but can help traders in difficult times.
What is Tether ?
Tether was launched on a platform called Omni via a blockchain company called Tether Holdings Limited. The Omni platform is a sub-layer of the Bitcoin blockchain. Tether was then released as an ERC-20 coin on the Ethereum blockchain.
Is Tether 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 Tether 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 Tether in Norway
You can use Tether to purchase goods or services. Since Tether has been on the market for so long, you can find lots of stores and shops that accept it as their payment method. Furthermore, Tether is an alternative to USD in the digital world. Therefore, Tether is your dollar in the digital wallet. You can also use it to buy other coins. In the case of keeping Tether in a wallet, it is better to choose a software wallet to be able to use Tether easily.
Who can buy Tether 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
Tether is available on almost all exchanges. If you want a low-cost and trusted exchange to buy Tether, BlockTrade will be the right place for you. You only need to create an account and start buying cryptocurrency. Furthermore, unlike most exchanges, BlockTrade doesn’t have any processing fee. So, purchasing Tether on this exchange will cost you lower than in other places.
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.
Tether Limited Inc is the company behind creating Tether, which is also owned by a larger company called IFinix inc, located in Hong Kong. Reeve Collins, Craig Sellars, and Brock Pierce had the most important roles in creating Tether, and are considered the first owners. However, in 2015, the company was purchased by its new owner in Hong Kong.
It is estimated that 420,000 Norwegians, approximately 10 percent of the total population, own cryptocurrency.
Tether always has a stable price. Since its price will not change or grow, you cannot make money from keeping Tether in your E-wallet. It is not a coin to invest in.