in the UK
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How to buy Kusama in United Kingdom
Is KSM a good investment in United Kingdom?
Kusama was released in 2019 with an initial price of $1.71. It experienced a price drop very soon after its release, but it never dropped less than $1. Kusama crypto owners might have been disappointed with this price, but 2020 was a surprising year for them because the Kusama price suddenly mounted to $14 in July and ended the year at the price of $60. The Kusama price continued to rise until May 2021, when it reached its highest record of $624.78. That shows how profitable Kusama was in only two years. Kusama had many fluctuations in 2022 and dropped to $28 at the end of the year.
The history of Kusama shows it was a profitable investment. However, it won’t guarantee its profitability in the future. Therefore, you need to check other factors to decide if Kusama is a good investment. One thing that can help you have a broader overview of the future of this coin is checking the price predictions that are made by analysts and crypto experts. Most of them believe Kusama might have good days to come, and its price may go up to $225 by 2025. They also predict that in the long-term it might rise more and mount to $600 again by 2030. However, you should notice that these are just predictions. Your decisions shouldn’t be only on these numbers. Check the news about Kusama the day you decide to purchase it.
What is Kusama ?
Kusama is a decentralized cryptocurrency network created in 2019. The main purpose of creating such a network was to enable developers to have their dedicated blockchain on this network. It means the Kusama network is a platform for developers to test the projects that are going to run or implement on the Polkadot network. That’s why Kusama is known as the “Canary of Polkadot network.” Although the codes of both look the same, Kusama is much faster than Dot (Polkadot). Kusama and Polkadot are two completely separate networks that work in parallel. One of the benefits of this network is that users can vote for changes on the platform.
Is Kusama legal to buy in United Kingdom
Yes. According to the definition of crypto assets provided by FCA (Financial Conduct Authority), crypto assets are cryptographically secured digital representations of value or contractual rights that use some type of distributed ledger technology (DLT) and can be transferred, stored or traded electronically. According to the consumers’ investment definition by FCA, buying, selling, investing and making payments through cryptocurrency is legal in the UK. But remember to check before you make a purchase, receive a payment or pay using crypto assets if the deployed crypto assets or services are regulated in the UK. An extensive report on UK’s crypto assets regulations is issued by the HM Treasury, Financial Conduct Authority and the Bank of England.
Is Kusama taxed in United Kingdom
Yes. According to the tax authority of the U.K. government (HMRC) Crypto Assets Manual, cryptocurrency is taxable in the UK. HMRC are clear that crypto may be subject to both Capital Gains Tax and Income Tax depending on the specific transaction. According to the above-mentioned manual, if you’ve sold your crypto for more than you bought it, you’ll likely pay capital gains tax on the profit. For capital gains from crypto tax-free allowance, you'll pay 10% or 20% tax. If you’re trading huge amounts of crypto, HMRC will think you are a trader and ask you to pay income tax on trading, rather than capital gains taxes. For additional income from crypto over the personal allowance, you'll pay between 20% to 45% in tax. The exact amount you'll pay will depend on the transaction you've made, the tax that applies and the Income Tax band you fall into. See UK’s Crypto Assets Manual for Individuals for more information.
After you've bought Kusama in United Kingdom
Most people buy cryptocurrencies to keep them as an investment. Kusama is not an exception. You can keep them in a secure wallet and sell them whenever their price rises. However, this is not as simple as it is in theory. You need to check its price every day to make sure it is growing or find out when it is the right time to sell. If you are a beginner in this world, we suggest you invest as much as you can afford to lose because the cryptocurrency world is volatile and unpredictable. Furthermore, it is better to consider an exit point for your investment to avoid losing money in case the coin didn’t do as well as you thought.
As mentioned earlier, investment is not the only thing you can do with Kusama coins. KSM is a governance token; KSM owners can use their coins to validate the network, vote on changes on the platform, and nominate validators. In addition, the KSM cryptocurrency can be used for linking to support new parachains.
Who can buy Kusama in United Kingdom
Anyone can easily purchase cryptocurrencies in the UK through exchanges. There are different payment methods available in the United Kingdom. Some popular payment services are: Apple pay, Google pay, Credit Card, Debit Card, Bank Transfer and PayPal. Our exchange allows cryptocurrency handling through the mentioned services via secure, fast and free of charge transactions.
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Frequently asked questions
Many analysts have predicted a bright future for Kusama. They believe its price may rise, and it could be a good investment for people who buy it when the price is dropped. Its history also shows it was a profitable investment before. However, Kusama is a volatile and unpredictable crypto like other cryptocurrencies; anything may affect its future.
Yes. You won't always pay tax on crypto in the UK. According to the UK government Tax Manual, transactions that are tax free include: When your total gains are under annual tax-free
allowance (£12,300), Gifting crypto-assets to your spouse, transferring cryptocurrency between your own wallets and donating cryptocurrency to charity.
According to HMRC guidelines, when you dispose of crypto-asset exchange tokens (known as cryptocurrency), you may need to pay Capital Gains Tax. Note that you pay Capital Gains Tax when your gains from selling certain assets go over the tax-free allowance.
The Kusama coin was released in October 2019, the same time as its network was created.
According to HMRC tax record guide, crypto investors must declare the following: Type of tokens, date you disposed of them, number of tokens you’ve disposed of, number of tokens you have left, value of the tokens in pound sterling, bank statements and wallet addresses, and records of the pooled costs before and after you disposed of them.
Gavin Wood is the founder of Kusama and Polkadot. He was one of the co-founders of Ethereum, who left the company in 2015. Therefore, he was completely familiar with the cryptocurrency world. He created the Kusama network in 2019.