Lunar launches crypto platform in Denmark
BANK
… but Norwegians have to wait to use Lunar Block.
The Nordic Challenger Bank Lunar continues to expand its product offering. On Monday, the bank launched Lunar Block, a trading platform for cryptocurrencies.
For the time being, it is only available to Danish customers, but the ambition is that Norwegian users will also have the opportunity to deal with cryptocurrency in the near future. First, Lunar wants to seek dialogue and registration with the Danish Financial Supervisory Authority and the Tax Administration. It appears in a press release from the company.
– We clearly see that buying and selling cryptocurrencies is increasing in popularity, especially among the younger generation. We believe it is necessary to make cryptocurrency available in a way that is beneficial to consumers, and here we think it is natural that Lunar is in the driver’s seat, says Ken Villum Klausen, founder and CEO of Lunar in the press release.
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Test lab for crypto options
Klausen believes cryptocurrency and blockchain technology are part of the future and the opportunity must be tested through the new subsidiary Lunar Block.
– There we work with trends in blockchain technology, web3 and metaverset, and the first step is direct purchase and sale of crypto, says Klausen.
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Offers five currencies
To begin with, Lunar will offer the buying and selling of five currencies; bitcoin, ether, cardano, doge and polkadot. It will cost 1–2.5 percent in trading fee when buying and selling in the Lunar app.
According to the message, users must automatically be offered the best price for the currency to be bought or sold. The prices are obtained from the large crypto exchanges Coinbase, Kraken and Bitstamp.
Lunar, on the other hand, should not be a fee for depositing or withdrawing money from the account on the app, nor a deposit fee. On the other hand, the bank must store the cryptocurrency on behalf of the customer.
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Easier tax reporting
This should help make it easier for the customer to report gains and put pressure on the tax authorities. This is something Lunar is concerned with simplifying, according to Klausen:
– One of the concerns with cryptocurrency is that it can be difficult to see where the gain is coming from. Lunar has created a protected environment for the purchase and sale of crypto, where the risk of money laundering and blurring of values is reduced. In addition, consumers will have access to invest through a Nordic platform
He believes it is a challenge for both those who invest in cryptocurrencies and for the authorities in Norway that consumers are unsure of how to report correct tax on cryptocurrencies.
– That’s why we provide users with digital guides and tools. We would also like to work with the tax authorities to find the solutions of the future, if they so wish.