- The bank in Estonia (LHV) started supporting crypto trading and investing on their app today.
- LHV’s support for cryptocurrency trading is to attract more customers and diversify its offerings.
Today the bank in Estonia LHV started supporting crypto trading and investing on their app. A great move considering the problems many have had with their banks and crypto is now solved with the introduction of trade cryptocurrency in its app. LHV partnered with Bitstamp to become the Baltics’ first bank to offer crypto trading services. They have enabled the trading option on their app directly. That means that users who have a bank account with LHV do not need to use an exchange if the app meets their needs. This is also a significant step, as the bank is one of the largest banks in Estonia.
Customers’ crypto assets are displayed in the app, and they can manage them alongside their other investments. It also provides people with pre-filled tax forms so that they can declare cryptocurrency transactions quickly and correctly. Customers are able to buy and sell eight major cryptocurrencies at market prices including bitcoin (BTC-USD), ethereum (ETH-USD), litecoin (LTC-USD), uniswap (UNI3-USD), chainlink (LINK-USD), stellar lumens (XLM-USD), polygon (MATIC-USD), and aave (AAVE-USD).
If you trade crypto assets as an individual, keep in mind that any transaction that results in a net gain must be reported to the tax authorities and is subject to income tax. It should be noted that gains are not offset by losses. So, if you make a capital gain of €20 from selling Bitcoin and later lose €30, you must still pay income tax on the €20 gain.
LHV has made it as simple as possible for you to declare your crypto asset income to the tax authorities. When it comes time to file your taxes, you will receive a summary of your crypto asset transactions via LHV internet bank, which you will be able to submit to the Tax Board more easily: by instrument. As an individual, you will not be required to report each transaction to the tax office separately, but you can submit the summary prepared by the bank for each instrument to the tax office.
LHV has made it simple for business clients to purchase crypto assets. There is no need to waste time opening an account with another crypto trading site. A company does not also need an LEI code (link) to purchase crypto assets. They can also buy crypto assets if they have a corporate account with LHV. Gains from crypto assets are taxed similarly to other corporate income. The tax liability arises only if the company pays dividends, salaries, or fringe benefits.
LHV Bank has a diverse customer base that includes small, medium, and enterprise customers, with a total of approximately 250k customers. LHV is also one of the country’s largest stock exchanges and brokers. As a result, their support for cryptocurrency trading is to attract more customers and diversify their offerings. They are a firm believer in digital payments and did not offer any cash services until 2015 when they opened ten ATMs.