Germany Not to Tax Bitcoin Purchases

According to the Ministry of Finance, Germany won't tax bitcoin users for using the cryptocurrency as a means of payment
01 March 2018   1542

According to the guidance, published Tuesday by the Ministry of Finance, Germany will regard bitcoin as the equivalent to legal tender for tax purposes when used as a means of payment.

The Ministry of Finance based its guidance on a 2015 European Union Court of Justice ruling on value-added taxes (VAT).

The new German document considers cryptocurrencies as a legal method of payment. The document states that cryptocurrencies become the equivalent to legal means of payment.

According to the document, converting crypto into a fiat currency is a taxable miscellaneous benefit. However, an intermediary for the exchange will not be taxed.  But when a customer buys a product with bitcoin, an article of the EU's VAT Directive will be applied to the price of bitcoin at the time of the transaction.

The document also states that payment fees sent to digital wallet providers or other services can be taxed. Miners will not be taxed, as their services are considered to be voluntary.

Traders, that buy or sell bitcoin in their own name as an intermediary will receive a tax exemption. At the same time, an exchange operating as a technical marketplace will not receive any such exemption.
 

tZERO to Launch Bitcoin Trading App

Application itself is being developed by Bitsy; it may also begin to support Ethereum in the future
22 March 2019   167

The security tokens platform tZERO announced plans to launch a mobile application for buying and selling bitcoin. In the future, the application may also begin to support Ethereum,  CoinDesk reports.

According to Saum Noursalehi, CEO of tZERO, applications for iOS and Android devices should be launched in June. Bitsy is developing it, a cryptocurrency start-up that is part of the portfolio of the Overstock venture division of Medici Ventures.

That’s part of the reason we acquired Bitsy — to accelerate time to market for our mobile app. They have an app for trading crypto, primarily bitcoin, in a beta-phase, they built a wallet and key recovery mechanism, and this will be the foundation of the mobile app for tZERO. They are also working on some cool stuff like biometric login. 
 

Saum Noursalehi

CEO, tZero

According to him, the application will allow you to store cryptocurrency without the need to trust third parties and it will be connected to the network of exchanges through the API. The implementation of this plan will occur through partner tZERO, the institutional trading platform SFox.

In the future, the head of tZERO added, the platform also intends to create its own cryptocurrency vault to meet the demand from users.

The public beta testing of Bitsy wallet started in November 2018. With his help, the Overstock retailer plans to launch Bitcoin sales on its website.