The European Union has recently started investigating blockchain technology and the digital currency at much closer look than before, certainly, topics of discussions include the potential economic gains just as well as the risk of disrupting traditional and already working systems... Germany has not been too open about their general position when it comes down to the digital currencies but has now taken steps towards paving the road for the crypto legalization in the country. Keep reading to find out about current German bitcoin regulations, exchanges, and online gambling opportunities!
Bitcoin Regulations in Germany
Germany set some clear boundaries in 2013 by refusing to look at bitcoin as any legal form of currency but rather a unit of accounts. It was later on changed to that bitcoin is a unit of measure for the accounts but still not falling under legal currency or even e-money for that matter. While bitcoin is not officially regulated then activities such as mining do not require any license but keep in mind that if you are planning on performing bitcoin trading on a commercial scale then you will have to acquire a special license under German Banking Act. If you are looking to become a bitcoin miner and can find a renewable energy source to operate out of Germany then this seems like a great place due to their developed infrastructure and apparently no taxation for it!
German Bitcoin Exchanges
It is not hard to find exchanges that will sell bitcoin to German citizens and there are at least 30 different ones out there but which ones are some of the most convenient and customer friendly? CoinMama, certainly one of the top choices for anyone looking to purchase bitcoin for credit or debit cards and CM accepts customers from all around the world, including Germany. BitStamp is a UK-based BTC exchange and does sell bitcoin to Germany while being properly licensed in the region. CEX.io is another popular choice for you bitcoin purchasing needs. You can also find a few bitcoin ATM's using a CoinATMRadar search. One of the last options is to find a trade through a Peer-to-Peer bitcoin exchange platform such as Paxful or LocalBitcoins. Keep in mind to always trade with someone with 100% clean feedback and never release escrow before a trade is properly completed. Report any individual who is asking you to go outside of the platform to complete the trade!
Online Gambling in Germany
Just like many other European countries then hosting a betting site in Germany is illegal but the waters are unclear when it comes down to playing on the off-shore gambling sites. If you want to read the restriction act in the way which restricts that sort of activity then the grounds are there but it appears as German government has very little interest in reading or enforcing that law in such way. You can see a lot of German citizens bet on the popular off-shore casino, sportsbook, and poker sites. You might want to explore some of the anonymous bitcoin casinos out of our trusted bitcoin casino reviews to find a perfect house for you, good luck!