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Germany declares tax-free crypto profits after 1 year, even if used for staking and lending

The German Ministry of Finance has published a letter officially confirming that the sale of crypto assets is tax-free after one year, even if the coins are used for gambling and lending.

How Cryptocurrency Profits are Taxed in Germany

The German Ministry of Finance announced on Wednesday that it has published a letter on cryptocurrency income tax, in which it states:

This is the first time that there is uniform administrative instruction at the national level on the subject.

The Ministry of Finance detailed that, at a hearing that took place last year, one of the most discussed questions was whether the tax-free period for borrowing and staking cryptocurrencies should be a minimum of 10 years.

The ministry highlighted that in coordination with the federal states:

The letter now states that the so-called 10-year period does not apply to virtual currencies.

In Germany, cryptocurrency is seen as “a private asset”, meaning it “attracts an individual income tax rather than a capital gains tax”, explained crypto tax firm Koinly, emphasizing that Germany “only taxes cryptocurrencies if they are sold within the same year it was purchased.”

More detailed Koinly:

As a “private sale” in Germany, crypto profits are completely tax-free after a one-year retention period.

“Additionally, earnings from cryptocurrency sales of up to €600 per calendar year remain tax-free,” the company added, noting that previously, “when it comes to withdrawing staked cryptocurrencies, this tax-free retention period is a minimum. of 10 years.”

Citing the letter published by the Ministry of Finance, cryptocurrency consultant Patrick Hansen explained on Twitter:

The sale of the purchased crypto assets will remain tax-free after one year, even if they are used for staking/borrowing.

Parliamentary Secretary of State Katja Hessel commented: “For individuals, the sale of purchased bitcoin and ether is tax-free after one year. The period does not extend to 10 years, even if, for example, Bitcoin has previously been used for lending or the taxpayer has provided ether as equity to someone else.”

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PayPal joins other payment and remittance providers in suspending services in Russia

Several payment and remittance platforms, now including PayPal, have restricted access to their services in Russia as Western sanctions over Moscow’s invasion of Ukraine continue to expand. Fintechs have been limiting operations in the Russian Federation as well in response to Kiev’s call for help.

Payments giant Paypal stops services in Russia and keeps withdrawals for now

Paypal, the global online payments provider, has joined a growing list of fintechs backing Western sanctions against Russia for its decision to invade neighboring Ukraine. The company, which offered Russians only international transactions, canceled its services in the Russian Federation on Saturday.

Cited by Reuters, President and CEO Dan Schulman explained the measure in “current circumstances”, noting that Paypal supports the international community and condemns Russia’s military aggression against Ukraine. The platform stopped accepting new users based in Russia earlier this week.

Through a spokesperson, Paypal added, however, that withdrawals will be supported for an unspecified period of time. The payments giant aims to “ensure that account balances are dispersed in accordance with applicable laws and regulations.”

The announcement follows calls from Kiev authorities to suspend services in Russia and support Ukraine’s fundraising efforts. The US-based California-based company revealed ahead of the weekend that it “has helped raise more than $150 million for charities supporting response efforts.” The Ukrainian government and local NGOs have also received millions in cryptocurrency donations.

Paypal’s move comes after other payment and remittance platforms already suspended certain services in Russia in late February. This includes Wise, which processed international payments for Russian users, and Remitly, which made it easy to send funds.

UK-based fintech Wise initially imposed a daily cap of £200 ($265) on transfers to the Russian Federation, but later suspended all money transfers as the US and its European allies imposed further restrictions on the system. financial situation, including the expulsion of some Russian banks. of the SWIFT interbank payment system.

As a result of the tougher sanctions, Remitly has also suspended support for money transfers to Russian recipients. Other remittance service providers have also introduced similar measures, including Transfergo and Zepz.

According to crypto media reports, UK-based Revolut has suspended payments to Russia and its ally Belarus, while an advertisement on its websites indicates the fintech is doing everything it can to ensure its users can send money to Ukraine. In a blog post, the company’s CEO, Nik Storonsky, highlighted its Russian and Ukrainian roots and expressed its opposition to the war.

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Golf startup offers $ 10.5 million in NFT sales

Par of the course: Playing golf LinksDAO can lead to the adoption of DAO in the country club.

No sector of the economy or life is safe from non-fungible tokens (NFTs) or tokenization. Golf is the latest sport to succumb to the pull of NFTs and a round of decentralization thanks to the efforts of LinksDAO.

In a sold-out NFT collapse, LinksDAO raised $ 10.5 million to fund its golf aspirations. Over 9,000 “leisure membership” and “global membership” NFTs have been purchased on the OpenSea platform, exchanged for Ether (ETH).

It seems that while 2021 has been a prosperous year for Decentralized Autonomous Organizations (DAO) activities, with some treasuries growing 40 times in value, golf is also driving the adoption of crypto.

However, unlike photos of boring monkeys or fundraising for presidential campaigns, LinksDAO NFTs contribute to the operation of a DAO, which would “improve transparency around certain aspects of the organizational governance of the businesses of the club”.

Consequently, LinksDAO NFTs are not golf club membership cards; they are the key to community access, governance and ‘a wide range of benefits’. NFTs will eventually unlock membership in LinksDAO’s first golf and leisure club.

As expected, the sale of NFT is just the start-up for the newly formed startup. Top of the LinksDAO business plan priority list is “Identify a list of golf courses for acquisition” and develop a $ LINKS cryptocurrency token. These plans are expected to be drawn up in mid-2022.

The group is led by Mike Dudas, a familiar figure in crypto as the founder and CEO of The Block. A vocal anti-Bitcoin (BTC) maximalist, he peaked at No. 83 on Cointelegraph’s Top 100 Most Influential People in Crypto in 2020. His Twitter nickname took the nickname “Mike DAOdas,” and is associated with The Block, 6th. Man Ventures to VC crypto, as well as Paxos and Venmo.

Despite the general exuberance of the DAO market, some golf fans and NFT collectors were left scratching their heads over the Doubts route to start a golf business by creating a DAO.

Doubts clarified in a tweet that the LinksDAO NFT “* does not * grant ownership of the asset, but does grant governance rights over the club’s design process and the ability to acquire membership in the club once open.”

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Samsung launches first smart TV with NFT browsing and commerce option

The non-fungible token (NFT) frenzy continued as we started in 2022 and electronics giants are already stepping into the tokenized wagon of the trend. Today, electronics multinational Samsung unveiled its “NFT aggregation platform” backed by its exclusive smart TV launches. According to Samsung, users can browse and exchange NFT through its MicroLed, Neo QLED and The Frame models.

The platform will literally function as an aggregator, displaying NFTs from various markets on users’ screens. In addition to displaying NFT, the platform will also display relevant details including creator name and relevant blockchain metadata. In addition, users can also view their valuable NFT assets using the platform.

Finally, Samsung stated that it has ensured quality display for the wide range of NFTs using its “Smart Calibration” technology that automatically adjusts the TV’s settings to match the original creator’s specifications.

“The role of the screen has changed dramatically in recent years with advances in technology and the way entertainment is provided. With our new product line, we're offering customers a fully immersive audio and video experience that can be customized to their needs... Whether you're a movie buff, TV lover, gamer, or even a music enthusiast. movie theater. Art, Samsung has cutting-edge offerings that can enhance any room,” said Simon Sung, executive vice president and head of Samsung's Visual Display Business sales and marketing team.

2021 The domain of the NFT will extend to 2022

NFT’s popularity soared over the past year, beating every trend in Defi’s landscape. According to Chainalysis 2021 NFT Market Report, approximately $26.9 billion of NFT was traded across all NFT markets, determining its growing dominance.

Social media, as well as institutional giants, are poised to incorporate NFT by 2022. Late last year, Instagram CEO Adam Mosseri confirmed that the leading social media platform is “actively exploring” NFTs. In addition, Kraken CEO Jesse Powell also decided to go a step further by securing the NFTs. Kraken, the big centralized encryption exchange, has announced the upcoming launch of its NFT marketplace, which will offer NFT-guaranteed loans.

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German Association of Savings Banks considering Crypto Wallet

Savings banks (Sparkasse) in Germany are developing an encryption project that will allow their customers to trade cryptocurrencies directly through their checking accounts.

Cryptocurrency trading without KYC

The German Association of Savings Banks, which includes more than 400 savings banks across the country, proposes a digital wallet option directly accessible through savings accounts. IT service provider S-Payment is preparing the concept to be presented to committees in early 2022. If approved, the project will allow the bank’s customers to directly purchase cryptocurrencies such as BTC and ETH. This means that customers would not have to go through lengthy and tedious KYC processes to join an encryption trading exchange. Instead, they can conduct their cryptographic activities directly through their Sparkasse checking accounts. Furthermore, Sparkasse’s legitimacy coupled with a volatile asset class such as cryptocurrency would attract financially conservative German clients.

Banks eager to launch encrypted wallet

If the committees approve the pilot, a bank-sponsored digital wallet can be launched by the end of next year. Individual savings banks would be responsible for initiating all related pilot projects. Even if the project is collectively given the green light, each of the 370 savings banks will be able to make the final decision whether to offer encryption services to customers or not. However, most banks are already very interested in the project.

With around 50 million customers, savings banks are market leaders among German financial institutions. When the digital wallet is launched, this entire customer base will be eligible to trade cryptocurrencies and this will bring a new economic dawn to the European banking scene as a whole. Many newer financial institutions and organizations, such as PayPal, have started offering encryption services to customers around the world. However, this will be the first time for a traditional financial institution of this size to venture into the world of cryptocurrencies.

Encryption as protection against inflation

The launch of the cryptographic services pilot program can be interpreted as Germany trying to provide protection to its citizens against rising global inflation. The president of the German Association of Savings Banks, Helmut Schleweis, pointed to the erosion of wealth that occurs due to the “toxic combination” of high prices and low interest rates on investments. With cryptocurrencies like the BTC slowly emerging as a solid hedge against inflation, the pilot project could witness major economic turmoil for Germany in 2022.