Category: Young Platform

You can now buy three new cryptos on Young Platform: find out all about Tron (TRX), Stacks (STX) and Filecoin (FIL)! 

Great news! You can purchase and trade TRX, STX, and FIL on the Young Platform. While you can deposit and withdraw TRX, you can only trade STX and FIL, as deposits and withdrawals are unavailable. For more information, please refer to our Terms and Conditions.

Find out how these profoundly different decentralised protocols work to decide if they are for you!

What do you need to know about Tron (TRX), Stacks (STX), and Filecoin (FIL)?

Tron (TRX) is a blockchain infrastructure that enables the development of smart contracts and the use of decentralised applications and NFT platforms. Its founder, known to most crypto enthusiasts, is the Chinese entrepreneur Justin Sun, who managed in 2017 to raise 70 million dollars through an ICO to support the project.

Stacks (STX) is a Layer 1 blockchain that enables smart contracts. This brings Ethereum’s universe of programmability to the Bitcoin blockchain. To achieve this, Stacks uses a unique consensus mechanism called Proof-of-Transfer. The mechanism requires continuous transfers of BTC to specific addresses predetermined by the network.

Filecoin is a distributed and dynamic cloud storage network that offers a powerful alternative to centralised services such as Amazon Web Services, Dropbox, iCloud, and Google Drive. The project aims to establish a decentralised and peer-to-peer cloud infrastructure.

How to use TRX, STX, FIL on Young Platform

Here are all the features available for Tron (TRX), Stacks (STX) and Filecoin (FIL) on Young Platform and Young Platform Pro:

• Buying and selling with EUR
• Recurring purchase
• Creating a Single Currency or Customised Savings

Please note that you can only buy and sell Stacks (STX) and Filecoin (FIL) on the Young Platform, but you can’t deposit or withdraw them.

This message is for informational purposes only. Listing a new crypto-asset on the platform does not constitute a recommendation to purchase, nor a guarantee of the asset’s future value. Users are encouraged to conduct their own independent evaluations, taking into account the risks associated with investing in crypto-assets, including the possibility of total loss of capital.

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Starting on 4 March 2024, we will introduce significant updates to our commission model to enhance our users’ trading experience. These changes will make Young Platform more competitive and attractive to traders and investors.

These updates were introduced following a survey extended to the entire community, whom we warmly thank for their suggestions and feedback. 

Recognising the sensitivity of this topic, we have adopted an approach centred on transparency and valuing direct benefits to our users. To completely understand these updates, please consult our detailed commission page of Exchange Base and Exchange Pro and review the Terms and Conditions.

Young Platform 

Commissions for Euro-Crypto exchanges

The update of commission rates on Euro-Crypto transactions aims to maximise the yield of cryptocurrency buying and selling transactions by moving to a hybrid model with fixed and variable commissions. 

Introducing a fixed and variable structure aims to enhance users with amounts over €100, who comprise the majority of our community.  

Therefore, the variable calculation on buying and selling transactions from Euro to Crypto and vice versa was integrated, making exchanges with more significant amounts more convenient. 

Commissions for Crypto-Crypto and Euro-YNG exchanges

The fees for conversion from one cryptocurrency to another (Crypto-Crypto) and for trading the Young Token (YNG) remain unchanged, as shown in the table below.

Money Boxes 

Your dedication to gradually growing your crypto portfolio is something we deeply admire. That is why we keep the fees for recurring piggy bank purchases unchanged, making regular savings worthwhile, even for small amounts.

Young Platform Pro 

We revolutionised our commission model for Young Platform Pro from a fixed fee structure (0.2%) to a fully variable one for maker-and-taker trades. This innovation is designed to meet the needs of advanced traders, offering more favourable conditions for those trading with significant volumes.

The determination of the commission rate is based on a 30-day assessment period, during which commissions are calculated according to the trading volumes realised. The calculation is performed every day at 00:00 UTC. This implies that the adjustment of fees always occurs concerning the volumes traded in the previous thirty days.

Same Club, same benefits!

Enjoy club discounts on Young Platform and Young Platform Pro: the exact discount percentages will be applied to the new commission model. 

Fee discounts are applied to all buy and sell orders. If these orders are executed on the Pro Platform, the discount is applied up to a maximum of €50,000 volume in the last 30 days. Standard buy and sell commissions will apply if the maximum is exceeded in this timeframe. These can be found on the Commissions and Prices page.

Unlocking Commission Discounts: More Ways to Save

Invite a Friend 

Our ‘Invite a Friend’ programme is an unmissable opportunity to benefit from commission discounts. Inviting friends to join our platform, you both get a 10€ discount applicable on purchases, sales and conversions.

Joining a Club 

Joining a club offers significant advantages on commissions and access to an exclusive package of discounts on additional services, allowing you to customise your experience in the crypto world according to your preferences.

N.B. fee discounts are applied to all buy and sell orders. If these orders are executed on the Pro Platform, the discount is applied up to a maximum of €50,000 volume in the last 30 days. Standard buy and sell commissions will apply if the maximum is exceeded in this timeframe. These can be found on the Commissions and Prices page.

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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. 

It is reported in section 3.7.3 of the Revenue Agency’s circular that explains how the tax value is calculated:

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.

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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.

This message is for informational purposes only. Listing a new crypto-asset on the platform does not constitute a recommendation to purchase, nor a guarantee of the asset’s future value. Users are encouraged to conduct their own independent evaluations, taking into account the risks associated with investing in crypto-assets, including the possibility of total loss of capital.

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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.

This message is for informational purposes only. Listing a new crypto-asset on the platform does not constitute a recommendation to purchase, nor a guarantee of the asset’s future value. Users are encouraged to conduct their own independent evaluations, taking into account the risks associated with investing in crypto-assets, including the possibility of total loss of capital.

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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
• Create a single currency or a customised Moneybox
  

This message is for informational purposes only. Listing a new crypto-asset on the platform does not constitute a recommendation to purchase, nor a guarantee of the asset’s future value. Users are encouraged to conduct their own independent evaluations, taking into account the risks associated with investing in crypto-assets, including the possibility of total loss of capital.

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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
• Creating a Single Currency or Custom Moneybox

This message is for informational purposes only. Listing a new crypto-asset on the platform does not constitute a recommendation to purchase, nor a guarantee of the asset’s future value. Users are encouraged to conduct their own independent evaluations, taking into account the risks associated with investing in crypto-assets, including the possibility of total loss of capital.

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