Q: Cryptocurrencies and ‘Virtual Currencies’: a quick tax guide

Download the free e-book ‘Cryptocurrencies and “Virtual Currencies”: a quick tax guide for investors’ edited by Dr Giorgio D’Amico, available using this link. The sole purpose of this brochure is to provide information of a general and informative nature in relation to the tax obligations associated with transactions involving “virtual currencies”. Although it has been drafted with the utmost care and attention, it cannot and must not be considered a substitute for professional advice in making decisions regarding specific cases. Studio Dr. Giorgio D’Amico and Young Platform therefore expressly disclaim any liability for any consequences arising from actions taken or not taken by anyone on the basis of the contents of this document.

Q: What are the euro deposit fees?

Young Platform’s deposit fees are free of charge for wire transfers and instant transfers. Visa and Mastercard commissions of 2.2% + €0.25 are applied to card deposits. See the dedicated page for more details.

Question 1

How should activities involving cryptocurrencies be treated for tax purposes?

Accepted Answer

Income-generating activities and instruments associated with Virtual Currencies must be treated on the basis of their actual characteristics. This page and the Guide by Dr. Giorgio D&#8217;Amico in fact only focuses on income deriving from buying and selling activities carried out in a &#8220;non-professional&#8221; manner. Therefore, income derived from other activities such as mining, the production and trade of NFTs and &#8216;professional&#8217; trading or from derivative contracts (forwards, futures, options, CPD etc.) must be considered separately, as they respond to different regulatory frameworks.

Question 2

How can fees be reduced on Young Platform?

Accepted Answer

Buying and selling fees on Young Platform are reduced for Club members. By joining the Bronze Club, you get a 30% discount on fees. The discount is increased 50% with Silver Club membership, and to 75% for Gold Club membership. Fees are reduced to zero for Platinum Club members. View the table explaining the full range of discounts provided by each Club. To register for the Young Platform Clubs, simply block a share of your YNG tokens. The subscription process can be followed directly in the exchange.

Question 3

Cryptocurrencies and ‘Virtual Currencies’: a quick tax guide

Accepted Answer

Download the free e-book &#8216;Cryptocurrencies and &#8220;Virtual Currencies&#8221;: a quick tax guide for investors&#8217; edited by Dr Giorgio D&#8217;Amico, available using this link.

The sole purpose of this brochure is to provide information of a general and informative nature in relation to the tax obligations associated with transactions involving &#8220;virtual currencies&#8221;. Although it has been drafted with the utmost care and attention, it cannot and must not be considered a substitute for professional advice in making decisions regarding specific cases. Studio Dr. Giorgio D&#8217;Amico and Young Platform therefore expressly disclaim any liability for any consequences arising from actions taken or not taken by anyone on the basis of the contents of this document.

Question 4

Is the Young Platform account considered a current account?

Accepted Answer

No, your account is not considered a current account, so you do not have to declare it as such for tax purposes.

Question 5

Consider the above warnings

Accepted Answer

Given the complexity of the subject matter and the rapid changes in legislation and interpretations, Dr Giorgio D&#8217;Amico&#8217;s Guide and the entire contents of this page are for guidance purposes only. They should not be used as sole sources of information, and cannot in any event replace professional advice. The entirety of the content is in fact based on interpretations that, even if carefully considered and authoritatively agreed upon, could be contradicted in the future at a regulatory level.

Question 6

If I activate a discount on Young Platform is it also valid on Young Platform Pro?

Accepted Answer

The discounts and, more generally, the benefits of Club memberships are valid on both Young Platform and Young Platform Pro. The validity of any other type of discount depends on the characteristics of the relevant promotion, so please read the rules carefully.

Question 7

What are transaction fees?

Accepted Answer

Fees are necessary for a transaction to be authorised and executed on the blockchain. They are a necessary contribution to the functioning of the technology. Fees vary according to the network. For example, transactions on the Ethereum network tend to be more expensive than those on the Bitcoin network. All exchanges add a small percentage to the network fees to cover the service they provide.

Question 8

What are the euro deposit fees?

Accepted Answer

Young Platform&#8217;s deposit fees are free of charge for wire transfers and instant transfers. Visa and Mastercard commissions of 2.2% + €0.25 are applied to card deposits. See the dedicated page for more details.

Question 9

Are there any fees for depositing cryptos?

Accepted Answer

Depositing cryptocurrencies from an external wallet is completely free for any cryptocurrency.

Question 10

What are the fees for buying and selling cryptocurrencies?

Accepted Answer

Depending on the currencies involved in the transactions, the fees vary as follows:

Euro > Crypto = 2.5%Crypto > Euro = 2.5%Crypto > Crypto = 1.35% Euro > Young (YN) = 1% Young (YNG) > Euro = 1%

To reduce your commissions by up to 100% on buying and selling transactions, join a Club!

Question 11

What is the minimum amount for cryptocurrency withdrawals?

Accepted Answer

Minimum amounts are specified in the “withdrawal fee” column next to each cryptocurrency. You can view the table using this link.

Remember: if you want to withdraw your cryptocurrencies, you have to send them to a wallet address. Alternatively, you can sell them and transfer the proceeds to your bank account.

Question 12

What are the crypto withdrawal fees?

Accepted Answer

Young Platform has significantly lowered its withdrawal fees as of July 2021 based on current network conditions. See the specific withdrawal fees for each cryptocurrency on the dedicated page.

Question 13

Can crypto withdrawal fees change?

Accepted Answer

Yes, during periods of high network congestion, fees may vary. Young Platform always communicates any changes in advance, either through newsletters, blogs or in-app communications. We therefore recommend that you subscribe to the Young Platform newsletter and activate notifications to stay up-to-date. It is possible that our e-mails arrive in your Spam inbox.

Question 14

What is the minimum amount for Euro withdrawals?

Accepted Answer

The minimum amount to make a fiat currency withdrawal from Young Platform is € 20.00 (Euro). For operations below this threshold, please contact our Support Team for assistance.

If you do not know how to send money from your Young Platform account to your bank account, click here.

Question 15

What are the Euro withdrawal fees?

Accepted Answer

The fees for a Euro withdrawal are € 1.99. Simply enter the name of your bank and your IBAN. Remember: to withdraw your cryptocurrencies and send the money to your bank account, you must first sell them to convert them into euros. Once you have converted your cryptos, you can make a transfer to your bank account.

Question 16

On which transactions are discounts applied?

Accepted Answer

Discounts are only applied to fees for buying and selling cryptocurrencies, both Euro-Crypto and Crypto-Crypto. They are not applied to withdrawal transactions.

Question 17

Is there any way to get YNGs for free?

Accepted Answer

Yes, by downloading the Step app and using the games and features within it, you can earn YNG tokens for free. Download the app using this link.

Question 18

Where can I buy YNG tokens to join the clubs and therefore get fee discounts?

Accepted Answer

Currently, the purchase of YNG tokens is only available on the Young Platform exchange. YNG was launched on the market in June 2022. If you want to find out more about the YNG token, read the dedicated page.

FAQs Cryptocurrency Fees

Introduction