Germany gives tax exemption for bitcoin exchange operators

[batang_bitcoin]

If you'll start to read the whole article there are some glitched on the news although overall this is still a very good news. A country that starts adopting bitcoin whether they tax it or not just the acceptance or adoption of it is already important. Giving equivalent as legal tender seems to get a very good support from the ministry of finance.

That's mean Germany accepted crypto currency.

Yes this is the most important part of the news.

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[Gulayman]

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/

Wow, for me that is a great news and I wish I live in that country. This is prove that Bitcoin is a currency and not an asset. And I amaze because they cannot put taxes for the users of Bitcoin. Thumbs up, this is a beautiful news.

[bitart]

Idea:
What I would do is the following: opening a small shop at the biggest airport's duty free zone in Germany and would sell jewellery or anything that's small in size but really expensive and I would advertise myself with the bitcoin acceptance.
Also I would offer a kind of compensation (paying e.g. 50% of the airplane ticket to home) for the customers if they just fly to Germany to buy jewellery at the airport with bitcoin.
I know this sounds weird now, but if it's legal somewhere to spend your bitcoins, it can make people to think about visiting that place.

[HopeHK]

OP thanks for this.  It's extremely interesting and encouraging.

[audaciousbeing]

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 narrative and the title the thread are negating each other. The report is about how Germany is considering taking this course of action as against taking a position. In the process of decision making, a lot of promises are always made but when its time to take a stance on it, that's when several variables start to play an important roles. That is to say until it becomes an action backed by legislation, its nothing short of speculation.

Even though, the news talks about Ministry of Finance releasing The Guidance, its still not sufficient to take a position because guidance can be reviewed without stress and every hopes given to crypto enthusiasts goes bleak compared to a law which the process to amend alone takes more time to make a new one.

[felicita]

yes iam from germany and we have even no regulation here in germany !
Our goverment is so low and allways behind everythink what happens in the internet
But still good to live her XD


regards

[Maestro75]

This should be great news but it is with mixed feelings for me. For me, I don't see any reason why bitcoin operators should be exempted from paying tax. I believe every business should be made to pay tax. There should not be any sympathy for anybody, including we bitcoin fans. Business should be treated as business and emotions should not come in.

[Kavallo]

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 an interesting news. Germans usually are some of the first ones willing to regulate whatever is still unregulated. Anything being unregulated is simply unbearable for them.

[BChydro]

This should be great news but it is with mixed feelings for me. For me, I don't see any reason why bitcoin operators should be exempted from paying tax. I believe every business should be made to pay tax. There should not be any sympathy for anybody, including we bitcoin fans. Business should be treated as business and emotions should not come in.

There is nothing weird in their decision, it is a good decision which accepts bitcoin as a legal tender and hope this rule will be used in all European countries and in my opinion the decision they made is the correct one, if you are converting the assets to fiat currency you will be paying your taxes and not for purchasing products with it.

[Snaic]

It should be borne in mind that such a decision in Germany was made on the basis of the decision of the European Court of Human Rights of 2015. They announced it. All countries that signed the European Convention for the Protection of Human Rights and Fundamental Freedoms of 1950, and there are forty one states, are obliged to implement the specific decision of this court and be guided by it as a source of law, that is, to change their existing laws to a specific decision of the European Court of Human Rights if the domestic laws of the country are contrary to such a judicial decision. This means that all other forty states will have to follow the example of Germany. They simply do not have a choice.

[pushups44]

If so, this is a step in the right direction. Sooner or later nations will have to come to terms with the emergence of cryptocurrencies. Nations that fight the trend will be left behind in innovation and wealth.

[Heart18]

The german federal ministry of finances considers bitcoin as tax-exemp so long as it is used as a means of payment.

[KingScorpio]

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/

they do that because they know exactly that they cant burocratically divide 1600 and more cryptocurrencies on their countless pots. they have the most complicated tax system worldwide, so they instantly give up.

they didnt do that because they "like" cryptocurrencies.

[chalbinov]

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 great news, but how can we say that those who possess crypto aren’t in possession of an asset at their disposal to either keep, spent, and or trade with? Many of us have assumed that the largest issues with governments adopting BTC would be the ability to tax, followed by the ability to track assets. Germany could possibly even be making this move could be to attract and stimulate growth, somehow to their future advantage, making them a hub for legally recognized BTC activity.

[Nilda]

All nations should follow the lead of Germany. That’s the kind of government that every country should have. No wonder it is one of the most advanced countries in the world.

[damsix]

nice when there is no fee for Exchange Bitcoin, it can light up to the Bitcoin user.

but unfortunately if the tax does not exist for the Exchange may be the income of the country does not have the results of the Exchange earlier.

[Pursuer]

my guess is that the majority of countries in the world will eventually do the same (possibly in less than 5 years) as Germany, Japan, and other countries that did this, they will see bitcoin as a currency because they have no other choice and then only put taxes on when you convert your money to bitcoin meaning when you invest in it or trade it. which is the only logical move to make and it is the right way to go too.
right now the biggest country that has done this is Japan and I guess Germany will join them soon since Japanese merchants are already accepting bitcoin to benefit from the no tax option and attract more customers and increase their revenue.

[katulana]

   The German Federal Ministry of Finance recently said Bitcoin would be exempt if it was used as a means of payment in the transaction.
   On February 27, the German Federal Government decided not to list Bitcoin and other codified currencies in the list of taxable goods.
   This is also a precedent for all member states of the European Union.
   Explaining the decision has just been made, the court said coded money is considered a legal means of payment in this country.
   Represented by the court: " Virtual money (eg Bitcoin) is considered to be equal to other legal means of payment, as long as these virtual currencies are accepted as an alternative means of payment under the agreement between the parties. party involved in the transaction and no other purpose than to use for payment. "
   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."
   The Court's decision also indicated that the pre-encoding operation was also tax exempt, as payment was made on a voluntary basis.
   These guidelines indicate that the views of Germany and the United States on the way they receive and manage Bitcoin are very different. In the United States, Bitcoin is considered an asset, so trading Bitcoins is a trading off of assets, so they are subject to tax.

[tungnhapchanvui]

I do not see this as a possible scenario.

[Liternyy]

the German government has done well since the beginning of the crypt development, Germany is one of the first countries to accept the crypto currency and support it, because it understands the value of crypto currency!