Germany Simplifies Laws on Taxation of Crypto Income

Crypto holders in the country will no longer be held to the previous traditional "10-year" rule.   Germany’s federal ministry of finance has published a release outlining its plans for taxing crypto and blockchain-related income.   Among other things, Germans who sell their crypto holdings after 1 year of possession do not have to pay taxes.  Tax-Free After a Year According to Parliamentary State Secretary Katja Hessel, this applies specifically to digital currencies Bitcoin and Ethereum. This is only one of…

German Real Estate Group Issues $24M bond using Stellar blockchain

 German real estate group Vonovia has revealed that it has issued a $24 million bond via the Stellar (XLM) blockchain. This initiative was also driven by the recent approval of a bill in the European country that authorizes digital securities' issuance. $24 Million Digital Bond on Stellar Network Vonovia revealed details of the digital debt bond via a press release on its website. According to the report, the $24 million worth of digital bonds will be issued on Stellar blockchain…

Germany’s Fintech Space Rocked By a Financial Scandal

A financial scandal has rocked Germany’s fintech domain, as Wirecard is allegedly involved. Mark Kristopher G. Tolentino is allegedly behind this, as he is known as Trustee 2 for being the manager of the money. Nonetheless, Tolentino is clearly not responding to the allegations. A mainstream German daily said Tolentino opened 6 accounts for Wirecard with the Bank of the Philippine Islands (BPI) and BDO Unibank following his appointment as trustee late last year. It was reported that he deposited a sum of…

Security Token Platform in Germany Collaborates to Develop a Custody Solution

Black Manta Capital Partners which manages German security token offering (STO) platform is now into partnership with Finoa (a local digital asset custody company). This is towards the development of an institutional security token custody. The partnership was announced on May 4 and it was noted that it is towards the development of a regulated security token custody solution clearly focused on institutional investors, high net worth persons and corporations. Last month, an announcement stated the tokenization of $12 million worth…

BaFin Officially Classifies Crypto as a Financial Instrument

The Federal Financial Supervisory Authority (BaFin) recently published guidelines under which crypto is a financial instrument. Regarding a press release on March 2, BaFin described crypto as a digital representation of value that is not issued or guaranteed by any central bank or authority. He added that the currency established by law does not tie cryptocurrencies. Hence, they do not have the legal status of currency or money. However, BaFin treats crypto as a medium of exchange accepted by individuals…

BaFin Supports Banks’ Growing Interest in Crypto Custody Services, New Report Reveals

Several German Banks have sought permission to set up digital asset custody businesses. This is according to a report by news outlet Handelsblatt. The Report indicates that Germany’s financial regulator BaFin acknowledged the receipt of over forty applications from parties intending to provide custodial services for cryptocurrencies. BaFin Empowering Financial Institutions The country recently overhauled its Money Laundering Act. The changes grant banks and other domestic financial providers the right to administer traditional securities including stocks and bonds, besides digital…