Topic: Germany gives tax exemption for bitcoin exchange operators - page 2. (Read 528 times)
Good news from Germany. The country has been the major source of good news for the cryptocurrency world, so friendly. This will help the exchanges to be more competitive. Many of the other countries will have to learn from Germany and know that cryptocurrency can no longer be eradicated.
Good move. At least there is mutualism between the government and the owners of the Exchangers. As long as they do not mind to pay taxes on their profits.
Germany is one of the most advance country in the world also so maybe they are trying to start defirent kinds of payments if which is good in there country. I hope all country will do like that in the future too.
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 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/
"Virtual currencies (cryptocurrencies, e.g., Bitcoin) become the equivalent to legal means of payment" - This is the most important thing, you can not read further.
Other countries should follow this. Treat bitcoin as a currency and not an asset. Just like japan. We need to have more countries like this
This is just the beginning.. With more country will accept bitcoin as a legal currency.. The more bitcoin will become popular. Soon bitcoin gonna rule the world..
this is a good move by Germany towards the development of bitcoin. With this move I think other countries will take a look towards bitcoin.Bitcoin should be treated as a currency not as a commodity or an asset. People can use this for their day today transactions which makes their lives easy. Germany is a member country of European Union and I think that due to its power many countries will treat bitcoin as a currency following germany. I wish this happens in entire world in near future
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/
I am happy with this news, suppose I live in Germany and maybe I will be able to see people buying coffee with bitcoin and they do not suffer from taxes imposed 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/
I heard about this news. And I feel happy for those bitcoin miners in Germany. Currently, my country is banned from importing equipment that can exploit Bitcoin because the government of my country is still trying to destroy Bitcoin.
I would like to become a German. Germany is a great country for the cryptocurrency. Bitcoin is now accepted in Germany and Bitcoin investors and operators in this country always receive the best incentives.
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!
I do not see this as a possible scenario.
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.
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.
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.
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.
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.
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.
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.
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. 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 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 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.
The german federal ministry of finances considers bitcoin as tax-exemp so long as it is used as a means of payment.
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.
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