It was just recently that new legislation in Germany came into force on July 1, Thursday, 2021. According to the new legislation, the cryptocurrency industry is going to gain a lot of exposure in the country among individual and mainstream institutions.
However, the new legislation is going to prove more advantageous for the so-called special funds in the country. The new legislation would provide the special funds in Germany the opportunity of investing in cryptocurrency assets. The report suggests that there are a total of 4,000 special funds in the country that will be provided with the opportunity as per the new legislation.
This would eventually help the investors’ community as well as the public in the country to gain exposure to cryptocurrencies. This way, the people in Germany would have more opportunities and understanding around cryptocurrencies.
This would prove to be one of the most promising steps taken by the government of Germany. This could prove to be a turning point for the cryptocurrency industry in Germany that has not been much friendly towards cryptocurrencies.
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However, it seems that similar to other countries such as the United States and Russia, Germany has realized the importance of cryptocurrencies. It is also making the effort of adopting cryptocurrencies and with a sophisticated and smart approach.
The new legislation passed by the German Government has also set a maximum limit that the special funds can invest in cryptocurrencies. According to the new legislation, the funds in Germany would be able to invest up to 20% of their total portfolio in cryptocurrency assets.
One of the associates at Schoenherr Attorneys at Law firm in Austria, Dominik Tyrybon has talked about the recent passing of the legislation in Germany. He has made his prediction in regards to the application of the new legislation and what impact it is going to have on Germany’s cryptocurrency and investment community.
Tyrybon stated that the cryptocurrency industry is definitely going to get more exposure in Germany after the passing of the new legislation. The country would prove to be one of the most beneficial financial investment hubs in the region. It would be able to boost its investment sector with the help of adding cryptocurrencies to its portfolio.
Tyrybon stated that the new legislation is one of the most critical steps taken by the German administration in terms of cryptocurrency adoption. With this step, it is now expected that the German Government would soon be moving towards legalizing cryptocurrencies in the country.
If this happens, cryptocurrencies will be added as a new component to boost the economy of the country. The German Government has already introduced new legislation and has started taking the necessary steps to streamline/regulate cryptocurrencies.