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Author Topic: Germany gives tax exemption for bitcoin exchange operators  (Read 389 times)
Jonsnowstark
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April 22, 2018, 10:26:12 AM
 #1

Germany sees bitcoin as a currency, equivalent to legal means of payment, an alternative to fiat and an acceptable mode of payment. They will not tax the person who buys coffee using bitcoin. More interestingly, they are not to tax bitcoin Exchange operators who are using their name or act as intermediaries for buying and selling bitcoin. Not included in this exemptions though are exchanges that operate as a technical marketplace.

This actually is the evidence that bitcoin can be regarded as a currency, not as an asset wherein every mkve you make using it you will be taxed. If only more countries will accept bitcoin as payment then it will really level up how people look at bitcoin.

Source: https://www.coindesk.com/germany-considers-crypto-legal-equivalent-to-fiat-for-tax-purposes/

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April 22, 2018, 10:37:03 AM
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Germany sees bitcoin as a currency, equivalent to legal means of payment, an alternative to fiat and an acceptable mode of payment. They will not tax the person who buys coffee using bitcoin. More interestingly, they are not to tax bitcoin Exchange operators who are using their name or act as intermediaries for buying and selling bitcoin. Not included in this exemptions though are exchanges that operate as a technical marketplace.

This actually is the evidence that bitcoin can be regarded as a currency, not as an asset wherein every mkve you make using it you will be taxed. If only more countries will accept bitcoin as payment then it will really level up how people look at bitcoin.

Source: https://www.coindesk.com/germany-considers-crypto-legal-equivalent-to-fiat-for-tax-purposes/
This is quite a logical explanation. I think this clarification has not yet been approved. Banks will oppose this approach. They will blackmail governments and perhaps some of them will go bankrupt. This could force the government to abandon such an idea and return to accepting bitcoin as property.
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April 22, 2018, 10:41:43 AM
 #3

bitcoin is instantly viewed as an investment but also as a currency, if it is given tax exemption on bitcoin exchange then this is great for bitcoin users in germany

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April 22, 2018, 10:41:50 AM
 #4

this is the right way of doing it, the way that these countries like Japan are treating bitcoin. all the rest such as US needs to accept the fact that bitcoin is a currency not  a commodity and then treat it as such and that helps with a fair taxation also.
hopefully more countries will join this movement.

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April 22, 2018, 10:45:24 AM
 #5

Germany sees bitcoin as a currency, equivalent to legal means of payment, an alternative to fiat and an acceptable mode of payment. They will not tax the person who buys coffee using bitcoin. More interestingly, they are not to tax bitcoin Exchange operators who are using their name or act as intermediaries for buying and selling bitcoin. Not included in this exemptions though are exchanges that operate as a technical marketplace.

This actually is the evidence that bitcoin can be regarded as a currency, not as an asset wherein every mkve you make using it you will be taxed. If only more countries will accept bitcoin as payment then it will really level up how people look at bitcoin.

Source: https://www.coindesk.com/germany-considers-crypto-legal-equivalent-to-fiat-for-tax-purposes/
This is quite a logical explanation. I think this clarification has not yet been approved. Banks will oppose this approach. They will blackmail governments and perhaps some of them will go bankrupt. This could force the government to abandon such an idea and return to accepting bitcoin as property.

Blackmail and bankrupt? I don't see this as a possible scenario. Banks are not that strong afterall.
But since Germany is part of European Union this could be a good example for all other members to follow it.
Anyway I expect European Union to be positive environment for Bitcoin and other cryptocurrencies.

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April 22, 2018, 10:53:28 AM
 #6

this could be a lasting war . i think bitcoin will win . because the number of people holding bitcoin is increasing .bitcoin's influence is growing . when there are enough people , it can affect government policy . especially in the USA and Europe they would be the first to recognize the bitcoin as a currency .

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April 22, 2018, 10:58:23 AM
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Germany sees bitcoin as a currency, equivalent to legal means of payment, an alternative to fiat and an acceptable mode of payment. They will not tax the person who buys coffee using bitcoin. More interestingly, they are not to tax bitcoin Exchange operators who are using their name or act as intermediaries for buying and selling bitcoin. Not included in this exemptions though are exchanges that operate as a technical marketplace.

This actually is the evidence that bitcoin can be regarded as a currency, not as an asset wherein every mkve you make using it you will be taxed. If only more countries will accept bitcoin as payment then it will really level up how people look at bitcoin.

Source: https://www.coindesk.com/germany-considers-crypto-legal-equivalent-to-fiat-for-tax-purposes/

Only i can see about the bitcoin it is an investment, and you can be transact by online payment.
And I actually see bitcoin as a currency.
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April 22, 2018, 11:23:10 AM
 #8

Germany sees bitcoin as a currency, equivalent to legal means of payment, an alternative to fiat and an acceptable mode of payment. They will not tax the person who buys coffee using bitcoin. More interestingly, they are not to tax bitcoin Exchange operators who are using their name or act as intermediaries for buying and selling bitcoin. Not included in this exemptions though are exchanges that operate as a technical marketplace.

This actually is the evidence that bitcoin can be regarded as a currency, not as an asset wherein every mkve you make using it you will be taxed. If only more countries will accept bitcoin as payment then it will really level up how people look at bitcoin.

Source: https://www.coindesk.com/germany-considers-crypto-legal-equivalent-to-fiat-for-tax-purposes/
very positive news for the development of bitcoin, because as we know Germany as one part of europe try to give a positive impact on bitcoin, hopefully this can be an example to other countries willing to follow the footsteps done by germany.
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April 22, 2018, 11:51:50 AM
 #9

Germany exempts bitcoin operators. The German Federal Government has decided not to list Bitcoin and other codified currencies in the list of taxable goods. "Virtual money (eg Bitcoin) is considered to be equal to other legal means of payment, as long as these virtual currencies are accepted as a means of payment. Replace with the agreement between the parties involved in the transaction and no other purpose than to use for payment. "
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April 22, 2018, 12:23:40 PM
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 #10

I do not know if anyone noticed the date of the article,it is almost 2 month old story and there is dozens thread on this topic here on forum.

However this is very important thing,and not only for exchanges-but for ordinary users who use BTC as a means of payment.So you can buy BTC on exchange and use it anytime as currency without worrying about some extra tax,user pay VAT anyway on every purchase.On the other hand, anyone who purchases BTC and hold it for 1 year or more can sell it and there is no obligation to pay taxes.

Germany has done a great job regarding rules and regulations in cryptocurrency,and since it is the strongest country in EU we can hope that some other countries will adopt similar laws.

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April 22, 2018, 12:26:10 PM
 #11

Germany levies bitcoin extraction. This is an advantage for bitcoin investors in Germany. Thus bitcoin participants will make a lot of money without being taxed. In addition, the conversion of virtual currency to real money or vice versa falls into the category of "other taxable services." As a result, intermediaries who carry out the transaction will not be taxed. Under this provision, entities that act as a trading floor are also subject to tax exemption "if the floor acts as an intermediary representing the parties to the sale of Bitcoin."
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April 22, 2018, 12:42:18 PM
 #12

Germany sees bitcoin as a currency, equivalent to legal means of payment, an alternative to fiat and an acceptable mode of payment. They will not tax the person who buys coffee using bitcoin. More interestingly, they are not to tax bitcoin Exchange operators who are using their name or act as intermediaries for buying and selling bitcoin. Not included in this exemptions though are exchanges that operate as a technical marketplace.

This actually is the evidence that bitcoin can be regarded as a currency, not as an asset wherein every mkve you make using it you will be taxed. If only more countries will accept bitcoin as payment then it will really level up how people look at bitcoin.

Source: https://www.coindesk.com/germany-considers-crypto-legal-equivalent-to-fiat-for-tax-purposes/
This is a great move by Germany, and I think other countries should also implement similar rules/law regarding this matter. Although there are still plenty of uses for Bitcoin as a currency or payment method, using Bitcoin as mode of payment should not be taxed because there are taxes (VAT) that people are already paying when purchasing goods, especially online products (but to be clear you will still be taxed on your gains in trading Bitcoin in Germany). While the US Internal Revenue Service is stupid to treat Bitcoin as property just to put tax on it. They should rethink the ruling that they are implementing to be fair with cryptocurrency users.
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April 22, 2018, 01:09:56 PM
 #13

This is great news for the residents of Germany, there are a lot of bitcoin holders in Germany , I believe that other States also need to follow the example of Germany
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April 22, 2018, 03:01:08 PM
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Germany is doing nothing more than applying what was ruled by the Court of Justice of the European Union in 2015. The interesting thing about this news is that Germany is, together with France, the most important country and leader within the European Union and its decisions can have an influence on the rest of the EU member countries. It's interesting that, unlike France, Germany adopts a more crypto-friendly approach, closer to the approach of countries such as Portugal or Malta.
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April 22, 2018, 03:06:01 PM
 #15

Germany sees bitcoin as a currency, equivalent to legal means of payment, an alternative to fiat and an acceptable mode of payment. They will not tax the person who buys coffee using bitcoin. More interestingly, they are not to tax bitcoin Exchange operators who are using their name or act as intermediaries for buying and selling bitcoin. Not included in this exemptions though are exchanges that operate as a technical marketplace.

This actually is the evidence that bitcoin can be regarded as a currency, not as an asset wherein every mkve you make using it you will be taxed. If only more countries will accept bitcoin as payment then it will really level up how people look at bitcoin.

Source: https://www.coindesk.com/germany-considers-crypto-legal-equivalent-to-fiat-for-tax-purposes/

Germany really understands the nature of cryptocurrencies so their taxation was fair and just for these digital cryptocurrencies. Possibly they have seen cryptocurrencies as a currency and not as a property, stock or a commodity which is taxable. Taxing exchanges is the right way but the taxation is called the business and income tax. I salute Germany and this principle is also applied in the Philippines. Hope other parts of the world also uses this kind of fair taxation.
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April 22, 2018, 03:07:11 PM
 #16

Its a good news for bitcoin ecosystem, I hope all other countries are really supportive into bitcoins and other cryptocurrencies like this countries like Germany and Japan.    


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April 22, 2018, 04:21:54 PM
 #17

I think that other countries should follow Germany and they should make cryptocurrency taxes more clear and lower in order to encourage investors to stay in their mother country. I don't understand why other countries try to get rid of Bitcoin even though there are many others who would gladly accept investors from them. Are politicians that much ignorant? What a pity, it looks like crypto investors will have hard time in my country. Time to consider moving out.

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April 25, 2018, 11:54:37 PM
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Germany is the most powerful and developed country in Europe and if such a country recognizes bitcoin as a currency, then this is a huge success!
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April 26, 2018, 12:57:22 AM
 #19

If bitcoin exchange and operators exempted or even  people using bitcoin its a good Idea and good new in crypto world more people will encouraged to use bitcoin in real world. Hope it will happen and not only in Germany but the entire world.

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April 26, 2018, 01:27:17 AM
 #20

I think this is a good news. If Germany will give tax exemption bitcoin exchange operators,That's mean Germany accepted crypto currency.
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