German Stock Exchange next to start Crypto Trading?
German Stock Exchange Deutsche Börse AG might be the next stock exchange to list Bitcoin, and other crypto currency related products in the near future.
Mr. Jeffrey Tessler who serves as the Chief Executive of Securities Businesses and Managing Director of Deutsche Börse AG stated, “Before we move forward with anything like Bitcoin we want to make sure we understand the underlying transaction which isn’t the easiest thing to do. We are deep at work with it.”
Mr. Tessler added that the possible launch of Bitcoin trading is still some time away as they are studying the volatility of the market and whether everything falls within regulation of German laws.
German laws are quite liberal in terms of taxation as long term capital gains are not taxed at all. Holding Bitcoin, Ethereum, Litecoin and any other altcoin held over a period of more than one year will mean no long term capital gains tax as it is considered private money and not a legal tender.
Another incentive of using Bitcoin as a currency instead of being merely a store of value is that payment in Bitcoin and other altcoins is the tax-exemption. The German Federal Ministry of Finances considers cryptocurrencies such as Bitcoin equal to the legal means of payment, as long as these so-called virtual currencies have been accepted as alternative and contractual means of payment by the parties involved in the transaction and have no other purpose than being used as a means of payment.
Currrently, exchanges like Chicago Board Options Exchange (CBOE), and the Chicago mercantile Exchange (CME) are the only ones offering futures option on Bitcoin trading. With other prominent exchanges like New York Stock Exchange rumored to be joining the ranks to set up a proper crypto currency exchange, the institutional investors could bring the big money into crypto space sooner than later.
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Written by SRJ