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How to buy Celo in Switzerland
Is Celo a good investment in Switzerland?
The main network of Celo (Mainnet) was launched in April 2020. Celo protocol is an open source, decentralized and distributed blockchain network. The purpose of this network is to create an environment for the development and launch of decentralized applications (DApps) compatible with smartphones. Cello's goal is for every user anywhere in the world to be able to access financial services, in order to transfer money to their contacts and buy goods through a smartphone. In the Celo protocol, there is the ability to develop and deploy smart contracts. The codes of these smart contracts are fully compatible with Ethereum virtual machines. The codes used in the design of the Celo blockchain network architecture are also similar to the Ethereum network codes. However, Celo is a completely separate network from Ethereum.
This network uses ‘zero knowledge proof’ technology and digital signature to optimize its capabilities even in weak connection conditions. In this way, very secure and extremely fast synchronization between smartphones and the Celo network is possible. This means that even users who use weak internet, low bandwidth, expensive services and cheap and old mobile phones can use Celo-based applications.
What is Celo ?
Currently, Celo network uses two native tokens or crypto assets in its network. One of them is CELO. CELO is the symbol for the cryptocurrency Celo. The symbol CELO is frequently utilized on trading platforms to identify the Celo currency. By searching for CELO on our exchange, you may quickly access information about this cryptocurrency.
Is Celo 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 Celo 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 Celo in Switzerland
CELO cryptocurrency plays a crucial role in the advancement of the Celo platform's ecosystem by aligning the incentives of all stakeholders. It serves as a beneficial asset to the Celo community as it can be used for transactions, reserves, staking, and governance. In addition, CELO holders can use the token to fund community-driven projects that align with the Celo network's mission of financial inclusion.
Who can buy Celo 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
CELO platform aims to bring financial services to people who are underbanked or unbanked. CELO's worthwhile proposition lies in its focus on financial inclusion and its aim to bring economic empowerment to people who are currently excluded from the traditional financial system. By providing a secure and user-friendly platform for financial services, CELO aims to make it easier for people in developing countries to access the financial tools and resources they need to improve their financial well-being. Additionally, the CELO platform is designed to be highly scalable and flexible, which allows developers to build and deploy a wide range of financial dApps quickly and easily. This could lead to a vibrant ecosystem of financial services built on the CELO platform, which could increase demand for the CELO cryptocurrency and drive its value higher over time.
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.
On our exchange, the minimum purchase amount for CELO is $10. You also have the option to use various payment methods to complete the transaction. Once the purchase is complete, the CELO units will be visible in your cryptocurrency assets list.
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.
Protecting your CELO investment is crucial, and there are several ways to do so. Keeping your private keys offline makes storing your CELO in a hardware wallet one of the safest options. You can also use a common method of keeping crypto investments which is known as the software wallet, a digital wallet that you can store on your computer or mobile device. Also, in order to make trading for CELO cryptocurrency more practical, our exchange also provides a secure private online wallet with extra features and simple access to numerous trading options.