5 Ways to Increase Acceptability of Cryptocurrency: From Skepticism to Mainstream Adoption
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2022-05-13 | Selina Mathew
According to a statement from the German Ministry of Finance, cryptocurrency will be tax-free in Germany if held for at least one year.
For once, bitcoin investors in Germany will be relieved to hear good news from the finance ministry.
It released a statement on cryptocurrency taxes, outlining how tax authorities should manage cryptocurrency revenue from staking, lending, and airdrops.
Individuals who have kept Bitcoin or Ether for more than a year will be exempt from paying taxes on the sale of their cryptocurrency. This is consistent with previously released information on cryptocurrency taxation, which ranked Germany as the most crypto-friendly country.
The government noted, however, that not even utilizing BTC or ETH for staking and lending reasons extends the minimum time a person must keep their coin. In other words, if you retain your ETH and BTC for at least one year, you won't have to pay income tax on them.
This is in sharp contrast to the fact that many governments tax staking income.
The ministry also stated that the current situation should not be viewed as a definitive answer to the country's crypto taxes. It said it's already working on a supplemental statement explaining what documents cryptocurrency holders must keep, given the rapid pace of growth in the blockchain field.
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