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First-nationwide-guidance-on-the-income-tax-treatment-of-cryptocurrencies-issued-by-Germany-s-federal-finance-ministry-BMF
According to a release, on Wednesday, Germany's federal finance ministry (BMF) issued the first nationwide guidance on the income tax treatment of cryptocurrencies which also includes other blockchain-based tokens.
It is a 24-page document that covers and explained technically various aspects of crypto-related issues in terms of Germany’s income tax law. In a statement, parliamentary state secretary Katja Hessel said that after one year of owning the assets individuals can sell acquired cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH). According to the finance ministry, the main point of guidance covers crypto-related topics such as mining, staking, lending, hard forks, and airdrops, as well as tax implications of buying and selling bitcoin and ether. Further, Staking and lending protocols may also use digital assets under the new guidance. Section 23 of the German Income Tax Act specifies that those gains are tax-free if more than one year passes between the acquisition and sale of an asset.
First-nationwide-guidance-on-the-income-tax-treatment-of-cryptocurrencies-issued-by-Germany-s-federal-finance-ministry-BMF
According to a release, on Wednesday, Germany's federal finance ministry (BMF) issued the first nationwide guidance on the income tax treatment of cryptocurrencies which also includes other blockchain-based tokens.
It is a 24-page document that covers and explained technically various aspects of crypto-related issues in terms of Germany’s income tax law. In a statement, parliamentary state secretary Katja Hessel said that after one year of owning the assets individuals can sell acquired cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH). According to the finance ministry, the main point of guidance covers crypto-related topics such as mining, staking, lending, hard forks, and airdrops, as well as tax implications of buying and selling bitcoin and ether. Further, Staking and lending protocols may also use digital assets under the new guidance. Section 23 of the German Income Tax Act specifies that those gains are tax-free if more than one year passes between the acquisition and sale of an asset.