Crypto news in Germany | Press Augsburg

Germany, officially the Federal Republic of Germany, is a country in Central Western Europe. Germany is a powerful country with a strong economy that ranks fourth in the world in terms of nominal GDP. In Germany, cryptocurrency is not just a product, but legal tender, with a decree from the Federal Ministry of Finance allowing purchases using digital currencies without taxation, as the virtual currency is considered equivalent to fiat. Unlike in the US, where digital currencies are considered electronic assets subject to capital gains tax. In Germany, the regulation of cryptocurrencies and tax policy create a good environment for starting new businesses related to bitcoin.

We will now take a closer look at some of the latest news on the crypto scene in Germany. You can find more precise facts and information about this at https://crypto-currency.dea platform that brings you all kinds of valuable information related to cryptocurrencies.

What is cryptocurrency.com?

Before we dive deeper into the latest news surrounding the crypto world in Germany, we would like to briefly inform you, What a role we play in it. At kryptowahrung.de you will not only find the latest news regarding the crypto market worldwide, you will also have the opportunity to find out about current prices. For example, if you are interested in trading coins, you will find detailed instructions on how to do this here. In addition to various charts and statistics, you will find additional information to succeed in trading.

Germany is the number one tax haven for crypto investors with 0% tax rates

Germany has recently made headlines for being a crypto-friendly country, encouraging its citizens to hold their cryptocurrencies. The German Federal Central Tax Office considers cryptocurrencies as private money for tax purposes. This means that cryptocurrencies cannot be used as legal tender, nor as a form of foreign currency or as a form of Property to be regarded as.

The concept is simple: if you want to profit from cryptocurrencies, you must hold them for a full 365 days. If you subsequently convert them back to fiat money, any profits are tax-free.

Germany is the most crypto-friendly country in the world, but against DeFi

According to Coincub’s latest quarterly report, Germany has climbed three places year-on-year to take first place as the world’s most crypto-friendly country. However, the country is not open to decentralized finance (DeFi). Coincub rates the country’s acceptance of the burgeoning DeFi sector as five out of ten.

Each country’s crypto adoption rating is separate from the quarterly Global Crypto Ranking Report. All countries, including Germany, are rated out of 10 across eight different categories that make up the country’s crypto rating. Germany scored eight out of ten points or more in all categories except DeFi adoption.

Nuri files for bankruptcy, CoinFlex initiates restructuring process

Unfavorable market conditions have forced Germany-based crypto bank Nuri to file for bankruptcy.

Nuri announced on August 9 that she has become insolvent due to financial difficulties resulting from the crypto winter and her addiction to the collapse of Luna and Celsius. The filing became necessary for the digital bank to safely return customer funds while it works on a viable restructuring option.

Nuri said all customer funds are safe and can be audited at any time as banking infrastructure provider Solarisbank AG protects them.

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