Cryptocurrency Regulations in Germany

The history of cryptocurrencies has started in 2008 when Satoshi Nakamoto released a White Paper about an opportunity to create a digital equivalent to fiat money with the help of cryptographic methods. The first Bitcoin was issued in 2009 and it cost 0,07 USD. Since then, ca. 4000 cryptocurrencies were created.

Since Corona Pandemics, Bitcoins and other digital currencies gain more interest and acceptance. El Salvator became the first country in the world which declare Bitcoin as an official payment instrument. But also Bitcoin and other cryptocurrencies are getting accepted in online shops and stores everywhere in this world. Well-known banks like UBS Group AG which is a Swiss multinational investment bank and financial services company founded and based in Switzerland have announced, that it is going to allow their clients to buy and sell cryptos. It is going to be a milestone for other private banks. Because of the high volatility of Bitcoin and other cryptocurrencies, it is a great opportunity to trade cryptos. Many crypto exchanges are reliable for trading.

Cryptocurrencies are still very new compared with Fiat money or other financial instruments, therefore, the tax and other regulations are still being created and improved. In September 2020, the EU has announced the regulation „Markets in Crypto Assets“ which is supposed to be implemented in the national law of European countries.