About regulation of cryptocurrencies in Germany


About regulation of cryptocurrencies in Germany

Lawyer, author of the methods for investigating cryptocurrency crimes for the Ministry of Internal Affairs of the Russian Federation Yulia Nitchenko:

“The Germans do not consider it necessary to directly regulate the crypt. For a long time, they could not find an official approach to the definition of virtual money. In 2011, the Federal Office for Financial Review (BaFin) responsibly stated that bitcoins are not electronic money, as there is no link to the traditional currency. And the Germans decided that bitcoin is a commodity.

In 2014, the Federal Ministry of Finance made a reservation that commercial activity with bitcoins is a “different service”. For those who accept cryptocurrency as payment for the goods, both the sale of the product itself and the sale of bitcoin should be taxed.

In addition, the Germans decided to ask for a special permit / license for some uses of cryptocurrencies. ”

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