in South Africa
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Learn More about buying ATOM in South Africa
How to buy Cosmos in South Africa
Is ATOM a good investment in South Africa?
Cosmos, which is introduced as "Blockchain Internet", tries to bring different blockchains together in one unit and from the very beginning solve several main problems that plague this technology. ATOM is the core cryptocurrency on top of the Cosmos platform, which is designed to facilitate communication, scaling and collaboration between independent blockchains. The projects launched in the Cosmos network allow the exchange of their tokens as well.
In addition, Cosmos presents itself as a set of tools, with its modular and adaptable features, available to developers who are ready to start working on the decentralization of the Internet and related financial infrastructure. In other words, Cosmos, known by its founding team as the Internet of Blockchain, aims to create a cryptographic network united by open-source tools to simplify transactions between them. It is this focus on customization and interoperability that sets Cosmos apart from other projects.
What is Cosmos ?
The native staking token for Cosmos platform is called ATOM. This currency forms the foundation of the token economy of the Cosmos network. The ATOM symbol is widely and commonly used on exchanges in order to address the Cosmos currency. You can easily find information about this cryptocurrency by searching its symbol, ATOM.
Learn more on Cosmos official website.
Is Cosmos legal to buy in South Africa?
Yes, it is legal to buy cryptocurrencies in South Africa. A position paper on crypto assets’
regulation necessity was published by the Intergovernmental Fintech Working Group (IFWG)
with the supervision of the South African Reserve Bank. The position paper's objective is to
offer detailed advice on how to create a regulatory framework for digital assets, along with
recommendations on how to carry out the necessary regulatory changes. According to the same
paper mentioned above, “A crypto asset is a digital representation of value that is not issued by
a central bank, but is capable of being traded, transferred or stored electronically by regular
individuals and legal persons for the purpose of payment, investment and other forms of utility;
applies cryptographic techniques and uses distributed ledger technology.” The proposed
regulations and a policy on the practices associated with crypto assets are also being
developed further, using that same position paper as inspiration.
Is Cosmos taxed in South Africa
Yes. According to the Explanatory Memorandum on the Taxation Laws Amendment Bill
provided by the South African Revenue Service (SARS), based on the taxation of
cryptocurrencies in countries such as the United States and India, South Africa appears to tax
cryptocurrencies in line with internationals trends. According to the above-mentioned
Amendment Bill, the treatment of capital gains from investment assets, such as property or
cryptocurrency. If an individual derives a gain or loss from the sale of a property held for
investment purposes, the gain or loss will be taxed as part of the individual's taxable income.
Similarly, if an individual disposes of a cryptocurrency, any gain arising from the disposal will be
subject to tax under the provisions of capital gains tax.
Moreover, in accordance with the same mentioned Bill, if a taxpayer is found to be frequently
engaged in cryptocurrency transactions, they could be considered a cryptocurrency trader. In
such a case, the income generated from the cryptocurrency trade will be included in the
taxpayer's taxable income and will be subject to taxation. This means that all the profits made
from buying and selling cryptocurrencies will be considered taxable income and the taxpayer will
be responsible for paying taxes on it.
After you've bought Cosmos in South Africa
ATOM has three main use cases: A spam-prevention system, a voting system for governance, and staking. Users can “stake” their ATOMs (lock them up in a smart contract for a period of time) to earn rewards. “Staking” is similar to investing money earning a return on investment. The process is similar to depositing cash into a bank account to generate interest over time. Stakers earn the rewards for their work securing the network.
Who can buy Cosmos in South Africa?
In South Africa, there is no restriction on who can buy cryptocurrency. Any individual or entity,
regardless of their age, residency, or nationality, can purchase cryptocurrencies as long as they
have access to the necessary technology and financial resources. It is advisable for crypto
buyers to purchase their desired cryptocurrency assets through exchanges. On this note, our
exchange is a reliable and secure option for individuals looking to purchase cryptocurrencies in
South Africa. Our platform is fully compliant with the law and provides a range of payment
methods for customers to choose from, including Apple Pay, Google Pay, credit card, debit
card, bank transfer, and PayPal. Importantly, our exchange does not charge any transaction
fees for buying or selling cryptocurrencies, making it an affordable and accessible option for
those looking to invest in this asset class. Whether you're a seasoned crypto investor or just
starting out, our exchange provides a convenient and secure way to buy and sell
cryptocurrencies in South Africa.
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Frequently asked questions
The value of Cosmos is impacted by numerous factors. One of which is that it was generated with a fixed supply, similar to many cryptocurrencies. In this regard, it won’t experience inflation and its price hikes could result from its scarcity. Also, all payment processes, transaction fees, rewards, etc. are paid through this digital currency. This has caused a great demand for ATOM digital currency. This demand, in turn, has caused its price to experience a good growth. In such a way that this currency has experienced a growth of 528% in the last two years.
According to the Explanatory Memorandum on the Taxation Laws Amendment Bill provided by
the SARS, a calculation of income tax or capital gains tax (CGT) with respect to cryptocurrency
transactions will be the same as for any other revenue or CGT calculation because
cryptocurrency transactions are subject to the general principles of South African tax law,
depending on whether the cryptocurrency is held on a revenue or capital account. Also,
according to SARS, a taxpayer may deduct costs related to cryptocurrencies (such as bitcoin
trading tax) so long as they comply with all of the act’s requirements.
Yes, you can sell cryptocurrency in South Africa. The quickest and most secure method to sell
your crypto assets in South Africa would be through cryptocurrency exchanges. Our exchange
helps you with this matter in a fast, convenient and cost-effective way as it is user-friendly and
charges no fees for buying and trading your cryptocurrency.
You are able to purchase the minimum order size of $10 in order to buy ATOM on our exchange. Additionally, you can choose from a number of payment methods that our exchange offers to finalize your purchase transaction. Then, on your portfolio of cryptocurrency assets, the attained ATOM units will be visible.
The number of people in South Africa who own cryptocurrency is difficult to determine with
certainty. However, it is estimated that around 4-5% of the population owns some form of
cryptocurrency. This number is expected to grow as awareness and adoption of
cryptocurrencies increases in the country.
After buying ATOM digital currency, you must transfer it to a wallet in order to keep it safe and secure. Cryptocurrency wallets are mainly divided into the two categories of hardware and software wallets. Hardware crypto wallets are the most secure, but software wallets usually have more features and a better user interface. Our exchange offers you a personal online wallet, which, because it can quickly connect to a wide range of trading options, greatly simplifies your trading of ATOM cryptocurrency.