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How to buy Aave in Sweden
Is AAVE a good investment in Sweden?
When the Aave coin was called LEND, its initial price was $0.01 per token. When the name changed to Aave in October 2020, every 100 LEND tokens were swapped to 1 Aave, and the price was around $50. Very soon, the Aave price rose to $87, which was due to the release of the new version of the protocol in December 2020, which made using the platform easier and more efficient. At the beginning of 2021, Aave continued to grow and reached $100, and only in a few months, it set a record of $638 per token in February of 2021. It showed that it was an excellent investment for Aave owners. Nevertheless, 2022 wasn’t that good for this coin because from the beginning of the year, it dropped to $256 and ended the year with a price of $62.
There are ups and downs in the history of all cryptocurrencies. Aave is not an exception. It was a good investment sometimes, but the price failure might make people rethink whether to buy this coin. First, no one can tell you if your investment will be profitable because the cryptocurrency world is volatile. However, crypto analysts and experts can give you hints about how the future might be for Aave. Most of them believe that the Aave price would rise to $180 by 2025 and might reach the highest value of $606 in 2030. Please note that these are only predictions and might not be %100 guaranteed.
What is Aave ?
Aaave is a decentralized Ethereum-based lending platform launched in 2017 to give this opportunity to crypto owners to receive loans. The process is based on smart contracts, which means every step of borrowing and lending crypto is automated. The borrower should keep cryptocurrency assets as collateral and receive 80% of that amount as a loan. All the processes of calculating the loan terms and giving the loans to the borrower are done automatically via smart contracts. Therefore, no one has access to this process as a third party. The process of lending and borrowing is also done from liquidity pools. Thus, the borrower and the lender won’t know each other either. Aave network was called Ethlend but it was renamed to Aave in 2020.
For more information and updates about this coin, check out Aave network official website.
Is Aave legal to buy in Sweden?
Yes. According to an overview of fintech and crypto-assets document by the Financial Stability
Department of Sweden, cryptocurrencies are digital assets which can be bought, sold,
transferred and held and used mainly as speculative investments; which means that they are
bought in the hope that they will gain value. According to the above-mentioned document,
legislation aimed at counteracting money laundering and terrorist financing is often applicable
also for crypto-assets and related operations.
Is Aave taxed in Sweden
Yes. According to the declaration by the Supreme Administrative Court in Sweden,
cryptocurrencies are not considered similar to foreign currencies, shares, or equities from a tax
perspective. Instead, cryptocurrencies are viewed as other assets and are taxed according to
Chapter 52 of the Swedish Income Tax Act. According to the mentioned tax act, your
cryptocurrency activity may be subject to three different types of taxes: Capital Gains Tax,
Income tax and Interest Income Tax. As could be taken from the tax act, cryptocurrency sales
are subject to capital gain tax of 30% rate on the profits you make. If you have earned crypto for
some form of service or work, then you need to pay typical income tax, but if you decide to hold
the cryptocurrency that you received, then you will need to pay capital gains tax on the profits or
losses that can happen when you sell them. If you have received crypto in the form of loan
interest or staking rewards, then you will be subject to interest income tax at a rate of 30%. It is
highly recommended to consult a professional on the details of your taxations.
After you've bought Aave in Sweden
Aave tokens are called utility and governance coins. The main use of this token is for voting on the system to propose new features and ask for updates. Since Aave is a lending platform, its tokens are mostly used as collateral. Although borrowers can use different crypto as collateral on this platform, if they use AAVE they will get a discount. You can swap a limited amount of Aave coins with any other crypto. But it is not usable for purchasing goods. However, it might be possible in the future.
Meanwhile, most people buy Aave coins to receive a loan on the Aave network or keep the coins as an investment. The price history of the Aave coin showed it could be a profitable investment in the past. If you want to hold these coins as an investment, be patient and keep watching their price. If you are a beginner, only invest as much money as you afford to lose because the future of cryptocurrency is unpredictable.
Who can buy Aave in Sweden?
Anyone can easily buy, sell, convert, hold and trade cryptocurrencies using one of the many
cryptocurrency exchanges available in Sweden. Many payment services are accessible in
Sweden through which you can purchase crypto assets; namely: Apple pay, Google pay, Credit
Card, Debit Card, Bank Transfer and PayPal. Our exchange supports all of the mentioned
payment services and provides quick, secure and free of charge transactions in Sweden.
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Payment methods to buy Aave in Sweden
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Frequently asked questions
The Aave platform and its native coin are gaining more and more popularity each day. Therefore, they will be still in use in the future. Check the Aave price prediction and read its whitepapers if you want to invest in this crypto.
Yes. According to the Swedish Income Tax Act, selling cryptocurrency will require you to
declare capital gains tax no matter a profit or loss. Note that, it is important that you calculate
the selling price in local currency at the time of sale.
Yes. According to the Swedish Income Tax Act, there are no taxations for buying crypto assets.
But you have to make sure that you keep documentation of the purchase price of the crypto
asset for it to be added to your average cost basis.
You can buy Aave tokens on most exchanges. However, you need to know that each exchange might have different trading fees. If you want to find the cheapest one, we recommend you sign up on Blocktrade, which allows you to do trading without any fee. This exchange is regulated in the EU and supports most cryptocurrencies.
It is estimated that 1.88% of the citizens in Sweden, about 196,948 people, own some form of
crypto assets in their possession.
Aave crypto was founded by Stani Kulechov, who was still studying law in Helsinki when he decided to run the such system. The network is based in Switzerland.