When the European Union`s Sixth Anti-Money Laundering Directive fully comes into force on June 3, 2021, any business providing financial services to cryptocurrency customers and businesses will have to comply with much stricter regulations on when and how it identifies customers. The data is made available between EU Member States in order to eradicate money laundering and illegal activities. The subsequent development of legal regulation for decentralized industry in Germany has meant that 16% of the German population aged 18 to 60 is made up of crypto investors who own cryptocurrencies or have traded cryptocurrencies in the past six months, according to the report. Statistics also show that 41% of the aforementioned crypto investors intend to increase the share of their investments in cryptocurrencies in the next six months. Another 13% of Germans are crypto-curious and intend to invest in cryptocurrencies in the next six months. However, only 23% of crypto-curious people said they would likely invest in cryptocurrencies, while the rest remain hesitant. As part of an airdrop, a trader receives a crypto without having bought it or provided any other service. Cryptocurrencies are not transferred from the legal sphere of a third party to the user. Rather, they “exist” only in the user`s assets. Cryptocurrency is created directly in users` wallets, and wallets must meet certain criteria. In this respect, airdrops look like a lottery win or a chance (so-called windfall profits).
Cryptocurrencies (e.g. Bitcoin, Ethereum and others) are not legally defined as “currencies” in Germany, but as goods (as in “object”). Therefore, buying bitcoins is like buying art, music, or other items. Related: The City of Lugano Accepts Bitcoin, Tether and LVGA Tokens as “de Facto” Legal Tender Answer: There are legal ways to avoid paying taxes on your crypto. For example, keep it for more than a year. If you own it for a year, you are exempt from tax, regardless of the profit you make from the subsequent sale. In order to benefit from the cryptocurrency tax exemption on placed tokens, coins and tokens must be staked 10 years after purchase. Answer: Bitcoin and cryptocurrencies are treated as private money by the tax authorities – the Federal Central Tax Office (BZSt). This means that it is not property, legal tender or foreign currency. Kraken has top-notch security and is the best exchange in this regard. It is also preferable for advanced speculative trading.
You can also use CoinATM Radar.com to find Bitcoin ATMs in your city if you want to exchange your Bitcoin for cash in no time. Crypto.com allows users not only to buy and sell cryptocurrencies in Germany, but also to use a tax calculator to calculate complicated crypto taxes at no extra cost. The market works unlike most cryptocurrency exchanges, as you buy bitcoins directly from the seller via bank transfer. All users are checked and then continuously evaluated by other users to increase confidence and the possibility of withdrawing more Bitcoin. If you have Bitcoin in another exchange or wallet, you should always have a verified bank account linked to your profile. You can then send Bitcoin to your recipient address Bitcoin.de. This works well if you want to sell your Bitcoin and exchange it for another supported coin, as you`ll see in the next section. KuCoin`s customer support and service is excellent. They offer a 24/7 support online chat service where experienced representatives are available to help users with any questions. Support is also available via email and a simple but informative FAQ page. Support staff usually respond promptly, friendly and professionally. Compared to many other cryptocurrency exchanges, KuCoin support rises beyond that.
In addition to buying, you can resell Bitcoin in cash and receive it through the methods mentioned above. Card purchases are capped at $20,000 per week or $50,000 for one month. Bank transfers are recommended for large purchases, although they take 1 and 3 business days.
Recent Comments