After 13 years: The BMF circular on the taxation of crypto assets is here!

After a long wait, the German Federal Ministry of Finance has published its decree “on the income tax treatment of virtual currencies and other tokens”. Fortunately, the decree clarifies a number of previously unclear legal issues for practitioners. At the same time, some points remain unresolved, such as the difficult distinction between asset management and commercial crypto trading, as well as the requirements for record-keeping and cooperation obligations of taxpayers.