Cryptocurrency in Germany
A new regulation in Germany allows thousands of institutional investment funds to invest in Bitcoin. Over 4,000 institutional investment funds in Germany now have access to cryptocurrencies thanks to a new rule.
The measure might pave the way for widespread cryptocurrency adoption in Europe’s largest economy in the next months or years. Wealth and institutional investment fund managers (known as Spezialfonds) can now invest up to 20% of their portfolio in cryptocurrency under the new regulation. The law is due to take effect on July 1st.
The World’s Youngest Billionaires, according to Forbes Include a German adolescent in 2021 – April 2021 Austin Russell spent his adolescence conducting research at the Beckman Laser Institute at the University of California, Irvine.
After receiving a $100,000 fellowship from billionaire tech investor Peter Thiel, the lanky 6-foot-4 entrepreneur walked out of Stanford in 2012 to launch laser lidar (an abbreviation for light, detection, and ranging) business Luminar Technologies.
Its sensors are currently assisting self-driving cars from clients including Volvo, Toyota, and Intel’s Mobileye in seeing in three dimensions. In December 2020, the company went public via a SPAC merger, catapulting him into the billionaire ranks overnight.
Now that Kylie Jenner, 23, has dropped out of the lists, he is the world’s youngest self-made billionaire at the age of 26.
Is cryptocurrency legal in Germany?
Yes. The German Federal Central Tax Office or Bundeszentralamt für Steuern (BZSt) treats bitcoin and other virtual currencies as private money for tax purposes. Crypto is not treated as foreign currency, legal tender, nor property under the German Tax Acts.
Who regulates cryptocurrency in Germany?
Germany’s regulator for cryptocurrency is The Federal Financial Supervisory Authority, or BaFin (German: Bundesanstalt für Finanzdienstleistungsaufsicht).
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As the financial regulatory authority for Germany, BaFin presides over regulated activities for both traditional fiat banking and virtual assets.
The German Banking Act (German: Kreditwesengesetz – KWG) amendments allow custody of virtual currencies.