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How to buy ELROND in Switzerland
Is EGLD a good investment in Switzerland?
EGLD was officially released to the market in July 2020 with an initial price of $9.4. It didn’t have much value until 2021 when it suddenly reached $195.9. It was great news for ELDG owners because their investment was highly profitable in less than a year. This token had many ups and downs in 2021. It could even set a record for the highest price for the second time in one year at a value of $490. It sounded like ELDG would have more surprises on the way. But that didn’t happen, and ELDG ended the year with a price of $24.5. This coin also didn’t have a great year in 2022 because it started to drop until it reached $33 at the end of the year.
The good days of the ELDG coin sound surprising to everyone because that’s how beneficial they like their investment to be. However, no one can ensure that their investment will be profitable because of the risky world of the cryptocurrency market. But it is recommended to check ELDG price forecasts to see the probable future of this token. However, you should still know that predictions are not guaranteed. They are just some probabilities based on the coin's analysis. Crypto experts and analysts have predicted growth in this token’s future. They believe that the ELDG price might reach $255 by 2028 and if everything goes well, it could rise to $340 by 2030.
What is ELROND ?
Elrond is a decentralized blockchain network launched in 2017. The main idea behind founding this network was to increase the sustainability of the blockchain. Therefore, Elrons is one of the most successful examples of an energy-efficient blockchain network. It has implemented a technology to improve the speed of block verification and information processing. Furthermore, one thing that distinguishes this network from similar ones is the support of smart contracts and decentralized apps, which are very popular these days.
Is ELROND 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 ELROND 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 ELROND in Switzerland
ELDG is a governance token. It means it is mainly used on its network to give power to its owners. ELDG holders can participate in different elections on this network. They can vote to change regulations or accept a new project. Therefore, somehow the ELDG owners can impact the future value of this token and its network because it is they who vote and suggest projects and have power on this network.
On the other hand, most people buy cryptocurrency because they seem so profitable. ELDG can be kept as an investment too. In the past, it has been shown several times that it could be a good investment. However, no one can guarantee the future of a cryptocurrency based on its past. Therefore, if you want to buy ELDG as an investment, we recommend you to read the news about this network, its investors, the projects it accepts, and the price predictions that the experts' analysis. In the end, if you are a beginner in this world, it is better to start with a limited amount of money to invest to avoid any loss.
Who can buy ELROND 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
You can buy ELDG from different exchanges. Blocktrade offers you zero processing fee, which makes it much more cost-effective to buy ELDG or other coins on this exchange. Furthermore, Blocktrade is a trusted exchange regulated in the EU.
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.
The main structure of this platform was launched by the Mincu brothers and their friends. The major founders are Benjamin Mincu, a well-known blockchain engineer in Europe, and his brother Lucian Mincu who has experience in setting up complex technologies and infrastructures for the German government. This issue can easily determine his abilities.
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 coins is not predictable. No one can tell you if ELDG will have a future or if it may lose on the way. But, since the network is trying its best to solve the problems of previous blockchains, it is possible that ELDG will still be in use in the future.