Germany becomes first country to formally recognize and regulate Bitcoin
Germany becomes first country explained by professional Forex trading experts the “Germany becomes first country ” FX trading team.
Germany becomes first country
Germany’s Ministry of Finance considers Bitcoins a ‘unit of account’ — meaning BaFin licensing required, Bitcoin transactions subject to VAT…
Monday was a seminal day in the life of Bitcoin, with the release of a formal statement by Germany’s Ministry of Finance. The statement indicated that Germany formally designated Bitcoin as a ‘Rechnungseinheiten als Finanzinstrument’, or unit of account. That legally makes Bitcoin not quite ‘real’ money as far as Germany is concerned, but enough like money that its use is regulated and subject to the rules of money. For those of you from Canada, think Canadian Tire dollars.
So what does this mean? A few things.
1) Regulation of Bitcoin use. Entities involved in the selling or trading of Bitcoins will require to be licensed by Germany’s financial regulator BaFin — and have the required minimum €730,000 of capital, anti-money laundering procedures in place, regular filings with BaFin, etc.
2) Taxation of Bitcoins. Commercial transactions will be subject to Germany’s 19% VAT tax. (Some items such as food, books, medical supplies get a reduces 7% rate). Private Bitcoin transactions between individuals should be exempt.
3) Opening up Bitcoin use across Europe. Thanks to MiFID, those companies which do want to be recognized as ‘regulated Bitcoin dealers’ and set up shop in Germany can be formally recognized as regulated across the EU / EEA.
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