A Complete Guide to Buying Crypto in Ireland were once deemed a fad, but 14 years after their launch they’re still here to stay. According to a survey conducted by Banking and Payments Federation Ireland (BPFI), about one in five Irish people hold bitcoin. If you are interested in investing, here is a comprehensive guide to buying crypto in Ireland safely and securely.

The first step in purchasing cryptocurrencies is finding a trusted exchange that accepts your preferred payment method. Choosing a reputable platform requires due diligence, so make sure to research different options and choose a site that offers multiple deposit/withdrawal options. It should also offer stringent security measures like KYC, 2FA, and cold storage to protect your funds.

A Complete Guide to Buying Crypto in Ireland

Once you find a secure exchange, provide your personal information and verify your identity. Most exchanges will ask for a government-issued ID, like your passport or driver’s license. This is a standard procedure to ensure compliance with anti-money laundering (AML) standards and prevent fraud.

Purchasing and selling crypto triggers capital gains tax, and it’s important to keep accurate records of all transactions. This will help you maximize your crypto profits by minimizing your tax liability.

It’s also important to know that you must file your cryptocurrency taxes by October 31st every year. This will ensure you don’t miss your payments and face penalties. You can use a crypto profit calculator to estimate your potential tax liability. For more information on cryptocurrency taxes, visit the Revenue Ireland website.