[2018-04-27] Germany Gets Its First Crypto Exchange for Whales

[limek]

Germany’s VPE Wertpapierhandelsbank AG (VPE) has announced its institutional investor cryptocurrency trading services and claims them to be the first of their kind for the country. Armed with a Bundesanstalt für Finanzdienstleistungsaufsicht (Bafin) license, in expanding its brokerage offerings VPE purports to offer “best-in-class technology” to customers, “secure and regulated.”

VPE Launches Germany’s First Institutional Investor Cryptocurrency Trading Services

VPE Wertpapierhandelsbank AG spokesperson Katharina Strenski stressed, “Until now, institutional investors have faced high entry barriers to crypto trading. Our cryptocurrency trading services offer a much more convenient alternative.”

The world over, institutional investors, or whales, usually control vast sums of capital. They’ve been looking for ways to leverage cryptocurrency markets, but often run up against their own lobbying efforts in wielding government regulatory power to insulate themselves from competition. The consequences thus far include uneven access to a red hot and emerging asset class, arguably the future of finance in one form or another, cryptocurrency.

Read more: https://news.bitcoin.com/germany-gets-its-first-crypto-exchange-for-whales

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[cetald]

Many businesses in Germany are low-profitable due to the large tax burden. Recently communicated with the Germans - they say that cryptocurrency are interesting for them from the point of view of the absence of taxes.
The German authorities understand this and will not rush to take any radical decisions that will give the freedom to market of Crypto

[Qartersa]

Well, the idea is good but I still wonder how the execution can match the expectation. You know, how can whales be interested about something that is made especially for the likes of them to think they earn better when they are in the circle of those who aren't like them? Simply put, when whales put themselves in the business where there are small investors, they earn WELL at the expense of the latter. Whereas when they simply situate themselves where there are whales like them, they would not make good money as compared to the earlier situation. Hence, while the idea is admirable, I do not think it can be executed very well.

[1Referee]

Recently communicated with the Germans - they say that cryptocurrency are interesting for them from the point of view of the absence of taxes.

Not sure what makes them think so, but there is no such a thing as absence of taxes when it comes to crypto. I am from Western Europe myself, and believe me, even your poo poo gets taxed (no joke). Just because crypto in certain countries isn't mentioned specifically by name, or that crypto isn't legal yet, it doesn't mean you don't have to pay tax. It's something a lot people think, that I definitely noticed, but that's false. Everyone is legally obliged to pay tax, especially over their gains. In some European countries you don't even need to gain or lose anything to pay tax; just holding it is enough for these countries to tax your crypto holdings every year. It's unfair, especially if your wealth get taxed regardless of your financial results, but that's the system we're in. It's rotten to the core.