We already knew our German neighbors rather favorable to the crypto-currency industry, allowing themselves to offer one of the most advantageous and accommodating taxes in Europe for the holders, considering these virtual currencies not as a commodity but as a private money.
Germany continues its momentum with the shock announcement of a new law that risks winning it a few places in the ranking of the most crypto-friendly countries.
A new law that could bring back $ 422 billion in investment
It is a historic announcement for the advance of virtual currencies, their legitimization and their adoption in Europe that the German legislator has just made, the law which will come into force on July 1 will authorize institutional investment funds, “Spezialfonds”, To invest up to 20% of their portfolio in crypto-currencies.
This new legislation will allow the potential injection of colossal liquidity by opening up access to 4000 existing Spezialfonds which could in theory bring more than $ 422 billion to the market according to Sven Hildebrandt, CEO of the German company Distributed Ledger Consulting, that’s almost half of Bitcoin’s market capitalization!
A healthy decision that should makeGermany a considerable weight of influence in the crypto landscape by becoming the central vector of their development and mass adoption in Europe. German parliamentarian Frank Schäffler told Decrypt: “The addition of crypto assets in the Spezialfonds is an important step for their acceptance. Here the law is heading in the right direction, and we expressly welcome it “
In view of its status as the greatest economic power in the euro zone, the promulgation of this future law in Germany has something to make really optimistic for the future of crypto-currencies and their acceptance on the old continent, we hope that others European states that are a little more backward will know how to draw inspiration from it and will be encouraged to keep up to date so as not to lag behind in the face of this inexorable new economy!
A strong believer in the cryptosphere since 2017, I am fully involved in the modern revolution represented by this new industry.
As Editor, I like to play a different role, educational and informative, with a view to the democratization and popularization of this universe.
The comments and opinions expressed in this article are those of the author alone, and should not be considered as investment advice. Do your own research before making any investment decisions.