Germany allows private persons to trade cryptocurrencies – temporarily
Until now German authorities have classified cryptocurrencies as a financial instrument. However, the Berliner Oberlandesgericht has ruled that this classification no longer applies. So far, cryptocurrencies have been regulated by the German Financial Authority (BaFin). Consequentially, it has forbidden private persons to trade cryptocurrencies. As a financial instrument, only licensed entities have been allowed to do so. The state court of Berlin has now annulled this ruling. As a consequence, cryptocurrencies can be traded freely in German – at least temporarily. As further regulation will follow.
Binance launches in Uganda
The worlds biggest exhchange has opened its Fiat-to-Crypto service in Uganda. With this step, the biggest exchange by trading volume is fulfilling its expansion plan. Chengpeng Zhao has revealed earlier this year that he wants to expand Binance over five continents. Other exchanges like Coinbase and Huobi follow the same plan. Currently, Binance is also working on its decentralized exchange.
Spain mandates cryptocurrency holders to disclose their assets
The Spanish Ministry of Finance has decreed that holders of cryptocurrencies have to disclose their identity as well as their holdings in cryptocurrencies. The decision followed the draft of an anti-fraud law. Consequentially, holders of cryptocurrencies will have to pay taxes if they take profit. Further regulations are not unlikely.