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How to buy Cardano in Switzerland
Is ADA a good investment in Switzerland?
Cardano and its official coin “ADA” is known as the third generation blockchain, which has fulfilled the issues on the previous generations of blockchains. It is now faster and cheaper than Bitcoin and Ethereum. But that’s not the only benefit that this coin has. There are other factors to check to find out if Cardano is a good investment. One of them is its performance over the years. ADA was released as the native token of Cardano in 2017 with the price of $0.024, which was the lowest price of this token. Very soon the price rose up to $3 in 2021, which shows this coin was a good long-term investment.During this period, ADA had many fluctuations, but analysts always had positive opinions about this coin.
One important thing to consider is that no one can guarantee if the future of a coin is positive because everything in the world of cryptocurrencies is volatile and risky. However, the price predictions of a coin can help you see how positive the analysts and experts think about the future of a coin. Many experts have predicted the future of ADA until 2030 between $3 to $5. Thus, considering a long-term investment, check the price of ADA for the day you are buying and check the future prediction for up to 5 years later. Think about the risks and choose an exit point for your investment. These steps can help you have a good investment.
What is Cardano ?
You may have heard about Cardano and ADA and wondered if there is any difference between these two names. First, you need to know that Cardano is the name of the company that has launched the ADA coin. Therefore, Cardano and ADA are somehow used interchangeably. To take a deeper look into Cardano we need to mention that Cardano is a decentralized public blockchain that is designed to have a faster and more efficient performance compared to its previous blockchains. As one of the first blockchains of this new generation, Cardano has become so popular and one of the biggest cryptocurrencies by market cap. From the first day of its release, it acted better than most of its previous competitors.
Is Cardano legal to buy in Switzerland
Switzerland is one of the most well-known banking and financial centers in the world. The country is progressive on the development of cryptocurrencies. In January 2018, Swiss Economy Minister Johann Schneider Ammann stated that he sought to make Switzerland a “crypto nation”. According to the Swiss Financial Market Supervisory Authority (FINMA) and the Switzerland Federal Tax Administration (SFTA), cryptocurrencies and virtual currencies are legal and classified as assets or property.
Is Cardano taxed in Switzerland
Yes. According to the established tax legislation defined by The Swiss Federal Tax Service (SFTA), cryptocurrencies are assets. This means that they are subject to Swiss wealth, income and capital gains taxes and must be declared in annual tax returns. The mentioned tax legislation treats crypto assets similar to stocks, bonds and real estate in Switzerland. According to the mentioned document above, if you are a private crypto investor, your crypto profits will be completely exempt from Capital Gains Tax. This is as long as you fulfill these five criteria:
- transaction volumes should not exceed five times the original capital
- holding period of crypto assets should be six months or more
- capital gains should be less than 50% of overall taxable income
- minimal usage of third-party financing (buy assets with your money)
- derivatives only used as a hedging tool
Note that as stated by the tax legislation document, if you violate two or more criteria, chances are that you may not be considered a private investor but a self-employed trader instead. If you are not sure that you will be considered a private investor or a self-employed trader, we recommend consulting a tax professional in Switzerland or the SFTA directly.
According to the tax legislation document, private investors don’t have to pay tax on their trading profits, but you might still need to pay Income Tax on cryptocurrency. Having your salary from a job being paid in a cryptocurrency, getting paid in crypto in exchange for services if you are a freelancer, or receiving crypto from activities such as mining will be considered income by the FTA.
After you've bought Cardano in Switzerland
When you buy a coin, you can use it in different ways. Most people would like to keep a token as an investment. Therefore, they should find a secure wallet to keep their coins there and keep an eye on their price each day to find the right time to trade. But there are still other uses for ADA coins rather than just investing. Many companies accept ADA as a currency, so you can buy something on the internet and spend your ADA to pay for it. Most of the time, crypto coins are used for online games. ADA is accepted for some online games too. Furthermore, ADA can be used to build smart contracts and create decentralized applications.
Who can buy Cardano in Switzerland
All citizens of Switzerland can convert, buy, and sell cryptocurrencies with fiat. Cryptocurrencies are accepted as legal tender in certain cities. Many traditional banks in Switzerland are partnering with digital asset banks to allow their customers to purchase crypto assets. These Swiss banks accept cryptocurrency and enable individuals and businesses to convert it into fiat. A more efficient and quick way to buy crypto in Switzerland would be through crypto exchanges. Our service authorizes fast and secure transactions through different means such as Apple pay, Google pay, Credit Card, Debit Card, Bank Transfer and PayPal.
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Frequently asked questions
ADA is a popular digital asset on the market that is actively in use. Its history and the predictions of its future show that ADA can be a good option for people who consider buying a crypto and take their first steps to this market.
According to the deadline settlement document of Swiss Federal Tax Service (SFTA), the tax year in Switzerland runs from January 1 to December 31 each year. Crypto holders are taxed depending on the rates published by the FTA by the end of the fiscal year (31 December). Your crypto taxes should be reported in your annual tax return where you also report ordinary income from employment.
According to the tax legislation by SFTA, income from cryptocurrency mining and staking is declared as taxable income for tax purposes. Mining considerations can qualify either as employment income or as income from self-employment.
ADA and XRP are both well-known coins on the market, both are fast, cheap, and energy-efficient. Furthermore, most of the top brands support them as trusted currencies. However, some experts believe that ADA might perform slightly better than XRP in the future because it has a more promising blockchain.
There are two factors that affect the cost of cryptocurrency purchase. The price of the cryptocurrency itself and the exchange commission. Our exchange is practically one of the cheapest means to buy crypto since it does not charge any exchange fee.
The future of every cryptocurrency is unpredictable; but experts and analysts believe that Cardano is one of the coins that may perform well on the market in the future.