🔸 Crypto-friendly Countries
🇩🇪 Part 3: Germany 🇩🇪
🧵 Thread #43👇
▫️ tl;dr
80 million Germans use the euro and joined the EU in 1958.
Crypto is tax-free after a year of holding,
but new crypto asset tax laws will come in 2026.
Customers of banks are able to have crypto accounts
in the second half of 2023.
▫️ History
Germany's past is long and complicated.
It has been shaped by many events,
from the Middle Ages to World War II.
Germany joined the EU in 1958
and uses the € as its official currency.
It borders eight EU nations and Switzerland.
82 million are living in 🇩🇪.
▫️ General
Germany is one of the most crypto-friendly countries.
It has has the largest economy in Europe.
The country is home to the most zoos (over 400)
and sausages variations (more than 1,000).
Crypto asset companies must follow
Anti-Money Laundering (AML) rules.
▫️ Regulations
The financial regulatory authority is the Federal Financial Supervisory or BaFin.
Businesses in Germany need a BaFin license to offer crypto services.
It will start to follow EU MiCA rules at the beginning of 2024.
Also see: @skribrnetwork and 👇
twitter.com/wssounddesign/status/1650834866710409216
▫️Tax
The German Federal Central Tax Office can track crypto.
👇 The tax laws are similar to those of Portugal.
The EU will introduce DAC8 crypto asset tax laws in 2026.
It will make companies handling crypto-assets collect information about the assets and their users.
twitter.com/wssounddesign/status/1658813918020788224?s=20
▫️ Crypto ATMs
There are 106 cryptocurrency ATMs spread out over Germany, according to @CoinATMRadar .
BaFin is now requiring licenses for Bitcoin ATMs that offer Litecoin and Bitcoin.
There are ATMs in Germany's largest towns.
▫️ Facts
Dwpbank is launching a new platform called wpNex that will allow customers to buy crypto in the second half of 2023.
It will provide securities processing services to over 1,200 banks.
Customers will have crypto accounts alongside their other accounts.
▫️ Conclusion
Germany is one the most crypto-friendly country due to its policies and regulations.
It has become an attractive hub for crypto investments and the development of blockchain applications in various sectors.