Amidst the turmoil in the markets, there was some significant positive news out of Germany, which is positive news for the cryptocurrency sector.
In the middle of last week, the German Federal Ministry of Finance (BMF) provided an update on the tax treatment of profits from virtual currencies and other tokens. As a result, profits from Crypto ETCs in Germany It is now tax-exempt after a one-year retention period.
This clarification of the rules means that crypto-ETC as BTCEAnd ZETH And ESOL It should be treated in the same way as physical gold ETC, for example Extra Gold or royal gold mint materialwhich is already tax deductible.
German private investors will not have to pay taxes on profits from these investments after at least a one-year holding period, thanks to the full physical backing of each ETC and the possibility of financial recovery. Additionally, there is no cap on this tax credit, which means investors can keep any amount.
Bradley Duke, founder and co-CEO of ETC Group said: “The ETC Group was formed to provide robust, highly liquid and innovative cryptocurrencies to investors in Germany and abroad. As part of product development, our goal was to apply the best properties of solid physical gold to our ETCs. This includes the ability for end investors to physically deliver the underlying cryptocurrency. The corollary This function is to achieve positive tax treatment for BTCE, ZETH and other ETC products.”
Trade the products of the ETC group on the stock exchange
Products traded on the ETC Group are traded on several stock exchanges across Europe, such as Borsa Italiana and Deutsche Boerse Xetra. For this reason, different acronyms sometimes occur for the same exchange-traded fund.
This means that it is possible to trade shares in these exchange-traded products through most Swedish banks and online brokers, for example DejeroAnd nordnet And keep it up.