Germany Released a Crypto Tax Guide

by in Cryptocurrency News

Bitcoin Germany

The Ministry of Finance (BMF) of Germany has updated its crypto policy. According to new rules, the sale of bought digital assets like bitcoin and eth won't be taxed if held longer than a year.

Related: Commerzbank applied for a crypto custodian license in Germany

It is the first time that Germany issues a nationwide uniform and instructions on cryptos. In addition to purchasing and selling, the law applies to crypto mining, staking, lending, hard forks, airdrops, and special features of utility and security tokens.

The previous laws defined that users need to hold crypto for ten years for not to be taxed. The Ministry mentioned that it will keep working on the digital asset taxation framework and deal with appearing issues.

BMF will work in collaboration with tax authorities and state agencies. Parliamentary state secretary Katja Hessel noted that the fast growth of the crypto sector ensures further discussions. The paper also says that an additional letter is in progress.