Ireland Crypto Buying Guide is a hot topic and is forecast to rise even further in value. Considering that, many people will be interested in adding it to their investment portfolios. Thankfully, numerous reputable exchanges offer the opportunity to buy cryptocurrency in Ireland.
In addition to trading on well-established international platforms, some of Ireland’s more prominent crypto exchanges allow Irish residents to purchase cryptocurrency using their debit or credit cards. This can be a quick and convenient option, but be mindful of foreign transaction fees.
Ireland Crypto Buying Guide: Safely Investing in Digital Assets
For tax purposes, gains on cryptocurrency disposals are generally taxable as capital acquisitions tax (CAT) at 33 percent in Ireland. This is based on the premise that the first asset acquired by an individual is the first one sold, although there are exemptions for short-term disposals and transactions carried out within a set timeframe.
Cryptocurrency losses are considered allowable expenses in Ireland, reducing the amount of taxable capital gain incurred. For example, Malcolm bought his bitcoin for EUR800 and paid EUR20 in fees. He then disposed of the coin for EUR1,000. He incurs a capital gain of EUR180 (EUR1,000 – EUR800 – EUR20).
The Revenue Commissioners have clear mechanisms for monitoring cryptocurrency activity, including the reporting of suspicious transactions and significant gains. Additionally, EU anti-money laundering and counter-terrorism financing laws apply to crypto activities.