Following the new Budget Law 2023, stamp duty was introduced on Young Platform.
Young Platform has updated its Terms and Conditions, introducing new rules regarding stamp duty for its users. This update has been introduced in compliance with the Italian Budget Law 2023, particularly with circular number 30/E of the Agenzia delle Entrate having as its subject “Tax treatment of crypto-assets. Article 1, paragraphs 126 to 147, of Law No. 197 of 29 December 2022′.
As an ‘other financial operator’, Young Platform must charge stamp duty to its users for anti-money laundering regulations and tax monitoring obligations (Article 1(1) of DL 167/1990).
This tax is equal to 0.2 per cent of the value of the cryptocurrencies held by the user on 31 December of the taxable year. Let’s look at stamp duty, who is responsible for paying it, and how it can be paid.
1. Definition of Stamp Duty
Stamp duty is an indirect tax that applies to certain economic transactions as a sign of the taxpayer’s financial capacity. In practice, this tax affects transactions that indicate a specific economic availability, such as the transfer or consumption of goods and services and financial instruments. Until 2022, cryptocurrencies were exempt from this type of tax. However, with the introduction of Act No. 197 of 27 December 2022, the situation changed: now, those who own cryptocurrencies have to pay stamp duty.
2. Who is liable to pay Stamp Duty
Regardless of their tax residence, all cryptocurrency holders are now subject to the stamp duty obligation. This obligation applies irrespective of the exchange used to hold one’s cryptocurrencies.
3. Calculation of the tax base
The taxable base for stamp duty is 0.2% of the value of cryptocurrency assets held at the end of each calendar year. It is, therefore, calculated by multiplying the value of cryptocurrencies held on 31 December of the relevant year by the 0.2% rate. If the computed tax is less than 1 euro, the applicable tax will still equal this amount (1 euro) under Article 3, paragraph 3 Presidential Decree 642/72.
The tax base consists of the value corresponding to the value of the crypto-assets at the end of each calendar year, as recorded by the exchange platform where the purchase thereof was made. Should it not be possible to ascertain the value on the 31st of December of the reference year from the platform where the crypto-asset was originally purchased, such value may be ascertained from a similar platform where the same crypto-assets are tradeable or from specialised sites in the detection of their market values. In the absence of the aforementioned value, reference should be made to the purchase cost of the crypto-assets. If the crypto-assets are no longer held as of the date of the 31st of December, reference should be made to the value ascertained at the end of the holding period. As provided by paragraph 19 of article 19 of the decree law no. 201 of 2011, the tax is due in proportion to the days of holding and the share of ownership in the case of jointly held crypto assets.
4. How much do I have to pay for the tax?
The tax is calculated automatically by the platform. You can find the details under ‘Profile’ > ‘Payments and Gift Cards’ > ‘Stamp Duty’.
5. By when must stamp duty be paid?
On Young Platform, the balance must be paid by 1 April of the year following the end of the tax period, i.e. by 1 April 2024 for the tax relating to 2023.
6. How is stamp duty paid?
In the specific case of Young Platform, the stamp duty will be automatically calculated and deducted from the user’s Euro Wallet as of 21/02/2024 against adequate liquidity to meet the relevant tax liability.
Consequently, for all users who, as of 21 February 2024, did not have enough liquidity in the Euro Wallet of their Young Platform account, the charge will be made at the first useful transaction. It will be sufficient to deposit into your account via one of the following payment methods:
Credit, debit or prepaid card.
Bank transfer.
Converting cryptocurrencies into fiat currency.
7. Where can I find details of the tax payment?
In the Euro Wallet section, under ‘History’, there will be an entry ‘Stamp Duty’. By clicking on it, it will be possible to view the details of the transaction:
Transaction ID
Reasons under “Notes”
Date of execution
Status
8. How often does one have to pay stamp duty?
Stamp duty must be paid annually, due by April. The amount to be paid is based on the value of cryptocurrencies held on 31 December of the previous tax year.
You can now buy four new cryptos on Young Platform: find out all about NEAR (NEAR), Sei (SEI), Starknet (STRK) and Sui (SUI)
You can now buy and sell NEAR, SEI, STRK and SUI on Young Platform! Deposits and withdrawals are not available for Sei (SEI), Starknet (STRK) and Sui (SUI), while are available for NEAR (NEAR). For more information, please read our Terms and Conditions.
Find out how these innovative protocols work to decide if they are right for you!
NEAR (NEAR)
NEAR is an environmentally sustainable, scalable, fast and decentralised user-friendly Layer
1 blockchain. This network, made secure by a Proof-of-Stake consensus mechanism, uses sharding. This means that its blocks are divided into smaller ‘chunks’ so that each validator node has to handle a smaller amount of data.
Sei (SEI)
Sei is a Layer 1 blockchain built on Cosmos that focuses on decentralised trading, NFTs and gaming. The protocol’s slogan, ‘The fastest Layer 1 for trading’, sums up the main peculiarities of this network: speed and scalability, which it achieves thanks to an innovative Proof-of-Stake ‘Twin-Turbo’ consensus mechanism.
Starknet (STRK) and what do you need to know?
Starknet is an Ethereum scalability solution using zero-knowledge rollup technology. In particular, this network uses zk-STARK cryptographic proofs to make the network competitive in terms of scalability, speed and security. These proofs group transactions in batches or ‘batches’, allowing them to occupy much less space and lower transaction fees.
Sui (SUI)
Finally, Sui is a fast and scalable Layer 1 blockchain made secure by the Proof-of-Stake consensus mechanism. To programme its smart contracts, developers use Move. This programming language was created by the same team responsible for developing Libra, the cryptocurrency Meta (formerly Facebook) designed that never saw the light of day. The consensus mechanism, consisting of the Narwhal, Bullshark and Tusk protocols, allows processing up to 120,000 transactions per second.
How to use NEAR, SEI, STRK and SUI on Young Platform
Here are all the features available for NEAR (NEAR), Sei (SEI), Starknet (STRK) and Sui (SUI) on Young Platform and Young Platform Pro:
Buying and selling with EUR
Recurring purchase
Creating a Single Currency or Customised Money Box
Warning. These cryptocurrencies can only be bought and sold but not withdrawn or deposited by and on Young Platform.
You can now buy three new cryptos on Young Platform: find out all about Injective (INJ), Dymension (DYM) and Fetch.ai (FET)!
Now you can trade INJ, DYM and FET on Young Platform, but deposits and withdrawals are not available. For more information, please refer to our Terms and Conditions.
Find out how these innovative protocols work to decide if they are right for you!
Injective (INJ), Dymension (DYM) and Fetch.ai (FET) what do you need to know?
Injective is a Layer 1 blockchain built on the Cosmos ecosystem specifically for decentralised finance platforms. The Injective network allows for a high volume of transactions per second at meager fees, and sometimes even without any fees, thanks to the relay service offered by the API nodes in this network.
Fetch is a platform that combines two cutting-edge technologies – artificial intelligence (AI) and blockchain. The platform’s key product is Autonomous Economic Agents (AEAs), which are capable of programming themselves to fulfil specific needs. Like AI chatbots such as Chat GPT, AEAs analyse real-time data and context and act accordingly to achieve a goal.
Introducing Dymension, a new Layer 1 blockchain created on Cosmos. Its primary goal is to become a leading modular ecosystem for developing decentralised applications. The future RollApps that will be integrated into Dymension are neither dapp nor real blockchains. They are unique in that they are exceptionally easy to develop. It’s worth noting that RollApps should not be confused with Rollups, which are Layer 2 scalability solutions.
How to use INJ, DYM and FET on Young Platform
Here are all the features available for Injective (INJ), Dymension (DYM) and Fetch.ai (FET) on Young Platform and Young Platform Pro:
Buying and selling with EUR
Recurring purchase
Creating a Single Currency or Customised Money Box
Warning: These cryptocurrencies can only be traded on Young Platform, but cannot be deposited or withdrawn.
The fourth-quarter report of the YNG token – summarising the year. What has unfolded in this eventful 2023, and what are the next steps?
What transpired in the last quarter? What were the achievements throughout 2023? How many tokens were issued, bought, and sold, and what are the forthcoming actions? A complete overview of the year just ended is available in this report, drafted in January 2024.
Young Platform Club Numbers for Q4 2023
YNG is Young Platform’s utility token, providing access to the Clubs: subscription plans with exclusive benefits for our major supporters.
Currently, the Clubs consist of 1437 members, divided into:
1011 in the Bronze Club;
190 in the Silver Club;
121 in the Gold Club;
115 in the Platinum Club.
A certain quantity of YNG must be locked on Young Platform’s exchange to join a Club. The number of subscribed members is vital for token distribution analysis, especially since more members mean less selling pressure on YNG. The primary consequence? Greater price stability for YNG. Compared to the last report, Club membership has increased by 2.6%, and Platinum members by 41%.
Comparing these figures with last year’s, it’s evident that 2023 was a positive year for the adoption of Young Platform Clubs. At the end of 2022, there were 1,214 members, divided as follows:
903 in the Bronze Club;
174 in the Silver Club,
92 in the Gold Club,
45 in the Platinum Club.
Therefore, Club membership grew by 18%, and Platinum members by approximately 155%. This growth makes us optimistic about the future, particularly with many new initiatives planned for our loyal supporters in the coming months.
YNG Token Distribution
The number of YNG in circulation at the end of September was about 23.1 million. At the beginning of January, the circulating supply is approximately 23.3 million, indicating a net increase of about 166,000 tokens, or 0.9%.
These tokens were distributed through the Young Platform Step app in various ways:
49,009 through completing Quizzes, Challenges, and Up&Down (before level implementation);
117,341 through completing Levels.
The YNG token market is managed by an algorithm that defines the exchange rate using two underlying liquidity pools, EUR and YNG. At launch in May 2022, these pools contained:
1M Euros
4M YNG
Considering token sales and purchases over recent months, as of January 2023, the pools contain:
750K Euros
5.61M YNG
This configuration results from purchases and sales during the third quarter, summarised below along with the price trend:
YNG Issuances in 2023
This is the conclusive report of 2023, making it the right time to summarise the year in terms of tokenomics. The way the token is issued changed after the Step 3.0 update. How has the introduction of XP impacted limiting YNG inflation?
As the graph shows, thanks to the latest Step update, we’ve significantly limited YNG distribution. The issuance of new tokens has been reduced by 93%.
YNG Price
From a price action perspective, 2023 was a transitional year. The bearish movement affecting our token since November 2022 halted at the €0.1 level reached in February.
Subsequently, YNG, supported by the Buyback initiative, experienced an 86% bullish rally, pushing the price to a high of €0.16 by the end of August 2023. It currently fluctuates between €0.12 and €0.14.
Achievements in 2023
During 2023, we achieved numerous goals and released several new features. This report is an excellent opportunity to summarise all the work done in the last few months. Let’s detail the initiatives undertaken in 2023 to expand the appeal of our YNG token and those related to the Young Platform ecosystem in general.
YNG Token
Buyback: The Buyback operations were completed. We purchased €62,000 in tokens through spot transactions and supported the price with limit orders.
Vouchers and Benefits for Clubs: In 2023, many incredible benefits for the clubs in the form of vouchers arrived: We Road and NordVPN. In 2024, we’ll continue collaborating with other brands to offer our supporters more benefits.
YNG Token Listing: We are still considering listing the Young (YNG) token on other exchanges. Our main goal is to initiate trading on DEXs by the end of the first half of 2024.
Dust: In recent months, a feature was released that allows converting small crypto balances into Young (YNG) tokens.Dust lets you revitalise unused cryptocurrency cents.
Token Tracking (CoinMarketCap and CoinGecko): Our weekly reminders to CoinMarketCap and CoinGecko have yet to produce results beyond those achieved in the second quarter of 2022. Communication with CoinMarketCap, through which we provided all requested data, continued for several months but ceased when they asked for money to expedite the process.
We are considering proceeding in this direction once the token is tradable on the decentralised market. In doing so, we intend to maximise interest around the event. Currently, we are listed as an exchange on CoinMarketCap, while the YNG token appears on CoinGecko, although trading volumes still need to be available for both pages.
Young Platform Ecosystem
Tax Report. In May, we introduced one of our most successful features: the “Tax Report,” a tool simplifying crypto declarations, offering a downloadable PDF for tax declarations. Developed in collaboration with Taxtris, it’s the first service provided by an Italian exchange. Remember, the Tax Report is discounted for Silver and Gold Club members and accessible for Platinum.
Listing on Young Platform: With the market’s resurgence in 2023, we expanded the range of cryptocurrencies available on our exchange. We started with Arbitrum, Ethereum’s most-used Layer 2, then proceeded with Optimism, dYdX, GMX, Cosmos, Lido DAO, Render, and Celestia. In 2024, we’ll continue to broaden our token offerings on Young Platform to allow our users to catch new market trends.
Multi Network: We enabled multi-network deposits and withdrawals to meet the needs of users who intend to use Young Platform as a “launchpad” to access DeFi decentralised applications. It’s now possible to deposit and withdraw Ethereum, USDT, and USDC, even through the Arbitrum, Optimism, and BSC networks. This way, you can maximise the opportunities Web3 offers with shallow deposit and withdrawal costs.
Moneybox 2.0: This update expanded the range of cryptocurrencies available for recurring purchases in May. We introduced the Thematic Moneybox (composed of ready-made cryptocurrency mixes) and the Customized one, allowing you to make recurring purchases of your preferred cryptocurrencies (from 2 to 5).
Services for Businesses: Services for businesses that see crypto as a tool to make their business competitive and scalable have also arrived. In recent years, more and more companies and institutions have started recognising cryptocurrencies as a fundamental tool for a complete digital transition.
Step 3.0: Step has also been wholly revolutionised after the latest updates. Initially a pedometer app, it’s now Italy’s most-used “Cryptogame” and a guided journey to explore and study the cryptocurrency world.
Community
Development regarding the community was diverse in 2023. All the initiatives undertaken aim to establish a two-way dialogue between us and our users.
Discord: In 2023, we completely restructured the central hub dedicated to our community. The Young Platform Discord server also saw the creation of a channel reserved for our biggest supporters, the Platinum Club members, and we are working on creating one for other supporters. To comply with current regulations, we have yet to be able to reward the most active members with free token distributions. 2024, we plan to distribute many benefits to our most loyal supporters.
Telegram and WhatsApp: We also launched a new Telegram channel and a WhatsApp Community. The primary goal of these two digital spaces is to keep our users informed about the latest crypto news. We also publish weekly analyses of the price of Bitcoin, Ethereum, and the best-performing cryptocurrency.
Upcoming News!
Many new developments await us in the coming weeks. Here, we can only reveal two of them, which will help us achieve two key objectives: enhancing the trading experience on our platforms and increasing the adoption of the YNG token.
The first relates to the “little robot” visible on our app and in various social media content published in recent months. Predictably, it is linked to some automated trading features we will release in the coming weeks. These will enable all our users to access intelligent solutions for purchasing and managing cryptocurrencies and tailor them according to their strategy. But that’s not all. Launching these new functions is also an incentive to join our Clubs, as members will be rewarded with various advantages. This could also positively influence YNG’s price action.
The second development is designed for those who actively and regularly use the applications of our ecosystem, particularly the Pro version. We are improving the interface to make trading on Young Platform Pro moreprofessional. Additionally, we are enhancing our APIs and exploring various options to increase liquidity on the order books and minimise the spread as much as possible. We aim to establish partnerships with a specialised market maker in this regard.
For now, the spoilers end here. Continue following us on all our channels!
You can now buy, sell, and hold TIA on Young Platform! Learn about this innovative project and the purpose of its token!
Celestia: everything you need to know
Celestia is a distinct modular blockchain infrastructure designed to enhance the scalability and flexibility of networks developed on it.
TIA serves a dual purpose as both a utility and governance token. It’s essential for paying fees on the network and the Layer 2 platforms that will be developed in the upcoming months, and it’s also vital for participating in protocol governance votes.
The project, launched in October 2023, began with its prototype in 2019. The founding team includes Mustafa Al-Bassam, CEO and co-founder of Chainspace (acquired by Meta), Ismail Khoffi, John Adler, and Nick White. Celestia raised $55 million across two distinct funding rounds, earning it the status of a unicorn startup (valued at over $1 billion). Its venture capital supporters include prominent names like Coinbase Ventures, Jump Crypto, Placeholder, Galaxy, and Delphi Digital.
Interested in Learning More?
Delve deeper into Celestia in the Academy.
How to Use TIA on Young Platform
Explore the full range of features for Celestia (TIA) available on Young Platform and Young Platform Pro:
Buy and sell with EUR
Set up recurring purchases
Deposit from another wallet or send via the Celestia network
Starting today, you can buy a new cryptocurrency on Young Platform: learn about Render (RNDR)!
From now on, you can buy, sell, and store RNDR on Young Platform! Learn how this innovative project works and what the token is used for to decide if it’s right for you!
Render: everything you need to know
Render Network is a unique protocol in its field, as well as one of the fastest-growing blockchain platforms currently.
It is built on Ethereum and leverages blockchain technology to democratise access to the necessary resources, predominantly graphics cards (GPU), for content rendering.
RNDR serves both as a utility and a governance token: it is essential for accessing the platform’s decentralised rendering service as well as for participating in voting on the future of the protocol.
The project, created in 2017 by Jules Urbach, then CEO of OTOY, a company specialising in rendering and computer graphics, stems from an ambitious idea: to use blockchain technology to revolutionise graphic rendering.
Want to learn more? Dive deeper into Render Network on Academy!
How to use RNDR on Young Platform
Here are all the features available for Render (RNDR) on Young Platform and Young Platform Pro:
Buying and selling with EUR
Recurring purchase
Deposit from another wallet or send through the Ethereum network
From today, a new crypto is available on Young Platform: find out all about the listing of Lido DAO (LDO)!
Now you can finally buy, sell and store Lido DAO (LDO) on Young Platform. Check out the main features of this DeFi project and its crypto, to find out if it’s right for you!
Lido DAO: all you need to know
Lido is among the leading projects in the DeFi landscape today, as the most widely used liquid staking protocol for Ethereum.
In a nutshell, thanks to Lido, it is possible to stake ETH or MATICs and receive tokens in return that can be used on the most popular DeFi services, including DEXs and Yield Farming platforms.
LDO, on the other hand, is the governance token: itmeans that whoever owns it can vote in the decisions that govern the operation of the protocol. At the time of writing, the token ranks 35th by market capitalisation.
Also thanks to its token, Lido DAO is a particularly decentralised service, being governed precisely by a DAO. The latter is a decentralised autonomous organisation, which enables the management of a project in an automated and participative manner.
The project stems from the desire to solve the limitations of ETH staking, which were particularly acute during the run-up to the Merge between 2020 and 2022. Specifically, by some developers and personalities from the Ethereum community such as Stani Kulechov and Jordan Fish (@cobie on Twitter).
The 3 investment rounds that enabled the development of the project were led by Paradigm and a16z. Not only that, the protocol was verified through technical audits by no less than 14 bodies.
Send your cryptos via your preferred blockchain, to and from Young Platform with the Multinetwork
For some time now, many people in the community have been asking us to introduce the possibility of withdrawing and depositing crypto via different networks, such as Layer-2s. Here’s what it means and the perks of the Multinetwork feature!
What are networks?
During your journey in the crypto market, you might want to use a wallet or a DeFi application.
To add cryptocurrencies to these wallets and use these apps, however, you will have to go through an exchange toconvert euros into crypto.
Or, at some point, you might want to transfer the tokens you got from these applications to Young Platform, so you can convert them, or keep them to simplify your funds management.
To transfer crypto from Young Platform to other crypto applications and vice versa, you’ll go through the network of a blockchain.
And here is the heart of the matter: which blockchain to use?
Each cryptocurrency, in fact, is supported by different blockchains (and networks): BTC can mainly be transferred via the Bitcoin network, ETH via Ethereum and so on.
Over time, however, several increasingly fast and convenient blockchains have emerged, especially for transferring Ethereum’s native cryptocurrencies. Layer-2s such as Arbitrum, Optimism and Polygon have allowed ETH and all ERC-20 tokens to circulate in a scalable and efficient manner.
Therefore, in many crypto applications you will find the possibility of using different blockchain networks. Now you can do this on Young Platform too!
Which new networks are supported?
In this first round, the new networks only concern ETH, USDC and USDT, the most widely used cryptos in DeFi. New ones will be added in the future.
Here are the new networks supported for withdrawals and deposits:
ETH
Arbitrum
Optimism
BSC
USDT
Polygon
Tron
Arbitrum
Optimism
BSC
USDC
Polygon
Arbitrum
Optimism
The complete list of networks can be found on the Prices and Fees page, while guides on how to withdraw and deposit are available on our Support Portal.
Take advantage of the Multinetwork to transfer your cryptos in the fastest and cheapest way!
Warning: cryptocurrency transfers sent on the wrong network, or to the wrong wallet, or without a memo/tag may not be recoverable.
One of the community’s most requested features has arrived: the conversion of ‘Dust’ into YNG tokens!
You know when, after a sale, you are left with a few cents of a cryptocurrency, which you will probably never buy again?
Doesn’t it bother you, every time you scroll through your wallet and see a microscopic balance, those pennies you can never sell?
It’s finally time to get rid of them!
From today, those forsaken cents find a utility: you can convert them into YNG tokens with the new Dust feature.
How does it work?
You can convert all cryptocurrencies available on the exchange into YNG. This means that a cryptocurrency is only compatible with the Dust function if you can buy and sell it normally. Consequently, cryptos listed only to support airdrops and delisted cryptos are excluded.
Converting Dust is very easy (and also quite satisfying):
Go to the Wallet section of the app or website
Click on the button ‘Turn small balances into YNG’.
Select the cryptocurrencies you want to convert
Click on ‘Convert’ to complete the procedure and receive YNG.
We know you can’t wait: tidy up your wallet and collect YNG!
Only one person has the right to know what you do online: you. Discover NordVPN’s offer and the discount for your Club
Being tracked online is never pleasant, even if you have nothing to hide. Since we, too, are fans of online security and privacy, we thought NordVPN would be just the thing for Clubs.
What is NordVPN?
A VPN (virtual private network) usually hides your IP address and allows you to surf in private mode, even on sites with geographical limitations.
NordVPN isa VPN that uses a network of servers worldwide: more than 5,000 servers in 60 countries. But it is also much more!
All plans, in fact, include these services:
Web access without geographical limits: explore the Internet from anywhere in the world
Surf safely even when connected to public Wi-Fi;
Worry-free sharing of files and information, e.g. to work or play online with other people;
Protection from malware, online trackers and malicious advertising.
More advanced plans even include Nordpass and Nordlocker, thepassword manager and encrypted file storage service.
In short, NordVPN has thought of everything: now you can surf carefree and completely control your data.
It can be used from any device and is also very intuitive! It is not hard to see why it is one of the top VPNs.
How does the benefit work?
NordVPN offers three packages: Ultimate, Plus, and Base. The official website already offers discounts for each.
On top of these, Young Platform Clubs add an additional cumulative discount, exclusively applicable to two-year plans.
Combining the two promotions results in the following:
Bronze: up to 74% total discount + 4 months free
Silver: up to 75% total discount + 3 months free
Gold and Platinum: up to 78% total discount + 3 months free
How to apply the discount?
First, join a Club or upgrade to the most advantageous one with the Young Platform app.
Select the two-year plan, and choose the package you prefer
Clicking on the button “Get [package]” takes you directly to the payment page
Here, enter your email address
Click on “Got a coupon?”
Enter the discount code received by email
Check that the code has been accepted
Select a payment method (yes, even cryptocurrencies are accepted!)
Conclude payment
If you have any problems, you can contact NordVPN customer service at [email protected]. If you are not satisfied with the service, you can request a refund within 30 days.
