The No1 Reason i would not trade with Coin base
While it sits as the eighth-largest cryptocurrency by market cap, XRP is no longer listed on many exchanges, including Coinbase.
As per CoinMarketCap, XRP is a cryptocurrency that runs on the digital payment platform RippleNet, which is on top of a distributed ledger database called XRP Ledger. Ripple created XRP to become a faster, cheaper, scalable alternative to digital assets and platforms.
However, Coinbase delisted XRP from its platform because of a US regulatory issue with the cryptocurrency. Here’s why.
Why Can’t I Buy XRP On Coinbase?
Ripple has been embroiled in a legal suit with the US Securities and Exchange Commission since December 2020.
The US regulators accused Ripple of conducting a US$1.3 billion unregistered security offering. The complaint further comprises details that alleges that Ripple raised funds through the sale of XRP in an unregistered security offering that led SEC to file a suit against the said organization.
Responding to the news of the Ripple-SEC tussle, Coinbase decided to delist XRP from its exchange, suspending its trading.
Can you buy XRP from other cryptocurrency exchanges?
Coinbase updated its page on XRP, underlining different ways through which users can trade the cryptocurrency.
Users will first have to check on CoinMarketCap to see places where XRP is listed as a legitimate crypto asset. At the time of writing, these include the likes of Binance, KuCoin, Kraken, and Huobi.
Places i would Find an Exchange and find a local Trusted broker
Countries with cryptocurrency tax exemptions
In Malta, cryptocurrencies are not legal tender. They are, however, recognized by the government as “a medium of exchange, a unit of account, or a store of value”. Malta has no specific cryptocurrency tax legislation, nor is VAT currently applicable to transactions exchanging fiat currency for crypto.
The country, over the years, has attracted firms purposely because of its liberal taxation policy. This has equally been extended to cryptocurrency as the country aims at becoming a haven for the cryptocurrency industry. The country has been pursuing this goal with friendly regulations for the industry.
Crypto holdings must be declared and are subject to wealth taxes. They are to be valued according to the Swiss Federal Tax Administration’s year-end average prices, if available. Otherwise, they are valued according to purchase price.
Capital gains taxes and offsets for losses only apply to those who trade crypto professionally.
Crypto earned as a salary is subject to income tax, even for self-employed persons. Mining profits are also subject to income tax.
Gibraltar has a reputation as a low taxation environment: it does not impose capital gains or dividend tax on cryptocurrencies. Gibraltar is also in the process of formulating a legal framework for cryptocurrency businesses, which should bring further clarity on taxation issues.
Estonia is a Northern European country and a member of the eurozone. Cryptocurrency is seen as an alternative currency, but not as security. People or companies conducting cryptocurrency transactions must be registered as providers of business services. It has a crypto-friendly financial institution, and profits are subject to capital gains tax (of around 25%) but exempt from VAT (20%).
Cryptocurrency is not seen as a legal tender in the country and tax in Georgia is relatively low. Companies situated in the Poti free industrial zone benefit from a preferential taxation scheme. Within this zone, there is no VAT, dividend, profit or property tax.
Hong Kong is a Special Administrative Region of China, located along its southern coast. The country’s banking sector is not so friendly with cryptocurrencies, but it has a crypto-friendly government and regulations as well. Cryptocurrency is exempted from both VAT and capital gains taxes in Hong Kong.
Japan is a leading country in the crypto space. Japan was the first country in the world to approve Bitcoin as legal tender. The nation was also the first to pass broad regulations to its 32+ cryptocurrency exchanges, aimed at improving their security. Crypto profits are taxed, but not holdings.
Luxembourg is governed by the CSSF and cryptocurrency institutions must follow the same rules as other financial institutions.
Regarding taxes, cryptocurrencies are treated as intangible assets and are not subject to income tax until they are disposed of, while cryptocurrency transactions are exempt from VAT.
Barbados has rather friendly taxation laws, with their tax brackets for this sort of income.
The BSE is working on becoming a designated offshore security market with the US Securities and Exchange Commission (SEC), as well as filing applications to obtain recognised stock exchange status under section 1005 of the Income Tax Act in the UK.
This will mean that US and UK citizens will be able to trade STOs and digital assets on the BSE, while paying a significantly lower amount of tax.
Furthermore, a digital Barbadian dollar, a digital asset fastened to the value of its real-world counterpart, has been recently created by the Barbados-based start-up Bitt
In Liechtenstein, cryptocurrency sales are exempt from the VAT but you will be subject to income tax.
Note: There are all sorts of Bitcoin taxes in different countries (like GST, VAT, Service Tax, CGT (Capital Gains Tax), etc.) So you will need to check within the specific country regaiding purchases or conducting business with cryptocurrency. However, with investing, these countries are your best bet.