{"id":4030,"date":"2026-06-16T11:39:05","date_gmt":"2026-06-16T09:39:05","guid":{"rendered":"https:\/\/bitcoin-bundesverband.de\/not-all-cryptocurrencies-are-the-same-why-a-blanket-tax-on-crypto-misses-the-heart-of-the-problem\/"},"modified":"2026-06-19T08:54:33","modified_gmt":"2026-06-19T06:54:33","slug":"not-all-cryptocurrencies-are-the-same-why-a-blanket-tax-on-crypto-misses-the-heart-of-the-problem","status":"publish","type":"post","link":"https:\/\/bitcoin-bundesverband.de\/en\/not-all-cryptocurrencies-are-the-same-why-a-blanket-tax-on-crypto-misses-the-heart-of-the-problem\/","title":{"rendered":"Not all cryptocurrencies are the same"},"content":{"rendered":"
[vc_row][vc_column][vc_empty_space][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text css=”.vc_custom_1781602703174{margin-top: -50px !important;padding-top: 30px !important;padding-bottom: 30px !important;background-color: #F7931A !important;}”]\n

Not all cryptocurrencies are the same<\/span><\/h1>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text css=”.vc_custom_1781602723101{margin-top: -50px !important;padding-top: 30px !important;padding-bottom: 30px !important;background-color: #F7931A !important;}”]\n

Why flat-rate crypto taxes miss the heart of the problem<\/strong><\/span><\/h2>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text css=””]\n

In political discourse, the term \u201ccryptocurrencies\u201d is often used as if it were a single, uniform asset class. This often leads to calls for all cryptocurrencies to be taxed differently in the future than they have been in the past.<\/p>\n

But that’s exactly where the problem begins.<\/p>\n

Today, the term \u201ccryptocurrencies\u201d encompasses thousands of very different projects, technologies, and use cases. Bitcoin, stablecoins, tokenized stocks, utility tokens, memecoins, and even future central bank digital currencies are often lumped together, even though they serve completely different economic functions. <\/p>\n

Anyone discussing the tax treatment of cryptocurrencies should therefore first answer the following question:<\/p>\n

Which cryptocurrencies, exactly?<\/strong><\/p>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row css=”.vc_custom_1738314649405{border-top-width: 3px !important;border-right-width: 3px !important;border-bottom-width: 3px !important;border-left-width: 3px !important;padding-top: 10px !important;padding-bottom: 10px !important;border-left-style: solid !important;border-right-style: solid !important;border-top-style: solid !important;border-bottom-style: solid !important;border-color: #F7931A !important;}”][vc_column][vc_column_text css=”.vc_custom_1781602804414{border-top-width: 0px !important;border-right-width: 0px !important;border-bottom-width: 0px !important;border-left-width: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;border-left-style: solid !important;border-right-style: solid !important;border-top-style: solid !important;border-bottom-style: solid !important;border-color: #F7931A !important;}”]\n

Not all Bitcoin is the same<\/h2>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text css=””]\n

Even within the crypto market, individual projects differ significantly.<\/p>\n

Bitcoin, for example, has:<\/p>\n[\/vc_column_text][vc_column_text css=”.vc_custom_1781602830823{margin-left: 50px !important;}”]\n

    \n
  • no publisher<\/li>\n
  • no central organization<\/li>\n
  • no dividends<\/li>\n
  • no claim against third parties<\/li>\n
  • no corporate structure<\/li>\n<\/ul>\n[\/vc_column_text][vc_column_text css=””]\n

    From an economic perspective, Bitcoin is therefore more akin to a digital commodity or a digital asset than to a stock or a traditional financial product.<\/p>\n

    It is not without reason that Bitcoin is often referred to as \u201cdigital gold.\u201d<\/p>\n

    Other cryptocurrencies, on the other hand, work completely differently.<\/p>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row css=”.vc_custom_1738314649405{border-top-width: 3px !important;border-right-width: 3px !important;border-bottom-width: 3px !important;border-left-width: 3px !important;padding-top: 10px !important;padding-bottom: 10px !important;border-left-style: solid !important;border-right-style: solid !important;border-top-style: solid !important;border-bottom-style: solid !important;border-color: #F7931A !important;}”][vc_column][vc_column_text css=”.vc_custom_1781602854730{border-top-width: 0px !important;border-right-width: 0px !important;border-bottom-width: 0px !important;border-left-width: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;border-left-style: solid !important;border-right-style: solid !important;border-top-style: solid !important;border-bottom-style: solid !important;border-color: #F7931A !important;}”]\n

    Stablecoins behave like digital currencies<\/h2>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text css=””]\n

    Stablecoins such as USDT or USDC have a completely different purpose.<\/p>\n

    They are designed to reflect the value of traditional currencies such as the U.S. dollar or the euro as accurately as possible and are primarily used as a means of payment or a unit of account.<\/p>\n

    Economically, they are therefore more similar to:<\/p>\n[\/vc_column_text][vc_column_text css=”.vc_custom_1781602876903{margin-left: 50px !important;}”]\n

      \n
    • Foreign currencies<\/li>\n
    • Electronic money<\/li>\n
    • digital payment systems<\/li>\n<\/ul>\n[\/vc_column_text][vc_column_text css=””]rather than an asset like Bitcoin.[\/vc_column_text][\/vc_column][\/vc_row][vc_row css=”.vc_custom_1738314649405{border-top-width: 3px !important;border-right-width: 3px !important;border-bottom-width: 3px !important;border-left-width: 3px !important;padding-top: 10px !important;padding-bottom: 10px !important;border-left-style: solid !important;border-right-style: solid !important;border-top-style: solid !important;border-bottom-style: solid !important;border-color: #F7931A !important;}”][vc_column][vc_column_text css=”.vc_custom_1781602905362{border-top-width: 0px !important;border-right-width: 0px !important;border-bottom-width: 0px !important;border-left-width: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;border-left-style: solid !important;border-right-style: solid !important;border-top-style: solid !important;border-bottom-style: solid !important;border-color: #F7931A !important;}”]\n

      Tokenized shares remain shares in economic terms<\/h2>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text css=””]\n

      As financial markets become increasingly digitized, more and more tokenized securities are emerging.<\/p>\n

      Technically speaking, these are blockchain tokens, but from an economic perspective, they are often:<\/p>\n[\/vc_column_text][vc_column_text css=”.vc_custom_1781602929657{margin-left: 50px !important;}”]\n

        \n
      • Stocks<\/li>\n
      • Bonds<\/li>\n
      • mutual fund shares<\/li>\n
      • Bonds<\/li>\n<\/ul>\n[\/vc_column_text][vc_column_text css=””]\n

        In these cases, the blockchain serves merely as a technical infrastructure.<\/p>\n

        Its economic function remains that of a traditional security.<\/p>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row css=”.vc_custom_1738314649405{border-top-width: 3px !important;border-right-width: 3px !important;border-bottom-width: 3px !important;border-left-width: 3px !important;padding-top: 10px !important;padding-bottom: 10px !important;border-left-style: solid !important;border-right-style: solid !important;border-top-style: solid !important;border-bottom-style: solid !important;border-color: #F7931A !important;}”][vc_column][vc_column_text css=”.vc_custom_1781602953777{border-top-width: 0px !important;border-right-width: 0px !important;border-bottom-width: 0px !important;border-left-width: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;border-left-style: solid !important;border-right-style: solid !important;border-top-style: solid !important;border-bottom-style: solid !important;border-color: #F7931A !important;}”]\n

        Utility tokens, memecoins, and digital memberships<\/h2>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text css=””]\n

        In addition, there are other categories:<\/p>\n

        Utility token<\/h3>\n

        They provide access to digital services or platforms and are often similar to digital vouchers or usage rights.<\/p>\n

        Meme coins<\/h3>\n

        They are often based on internet culture, community effects, and speculation. Their economic function differs fundamentally from that of Bitcoin or stablecoins. <\/p>\n

        Privacy Coins<\/h3>\n

        Projects like Monero and Zcash focus on protecting transaction privacy and, as a result, serve a different purpose than most other cryptocurrencies.<\/p>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row css=”.vc_custom_1738314649405{border-top-width: 3px !important;border-right-width: 3px !important;border-bottom-width: 3px !important;border-left-width: 3px !important;padding-top: 10px !important;padding-bottom: 10px !important;border-left-style: solid !important;border-right-style: solid !important;border-top-style: solid !important;border-bottom-style: solid !important;border-color: #F7931A !important;}”][vc_column][vc_column_text css=”.vc_custom_1781602980364{border-top-width: 0px !important;border-right-width: 0px !important;border-bottom-width: 0px !important;border-left-width: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;border-left-style: solid !important;border-right-style: solid !important;border-top-style: solid !important;border-bottom-style: solid !important;border-color: #F7931A !important;}”]\n

        The digital euro makes it even harder to draw a line<\/h2>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text css=””]\n

        In the coming years, the digital euro could add another category to the mix.<\/p>\n

        This is not a private cryptocurrency, but digital central bank money issued by the European Central Bank.<\/p>\n

        The digital euro would be:<\/p>\n[\/vc_column_text][vc_column_text css=”.vc_custom_1781603006169{margin-left: 50px !important;}”]\n

          \n
        • legal tender<\/li>\n
        • a claim against the central bank<\/li>\n
        • functionally comparable to cash<\/li>\n<\/ul>\n[\/vc_column_text][vc_column_text css=””]\n

          This example also illustrates just how varied digital assets can be.<\/p>\n

          The more digital financial instruments emerge, the more difficult it becomes to categorize all cryptocurrencies in a uniform manner.<\/p>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row css=”.vc_custom_1738314649405{border-top-width: 3px !important;border-right-width: 3px !important;border-bottom-width: 3px !important;border-left-width: 3px !important;padding-top: 10px !important;padding-bottom: 10px !important;border-left-style: solid !important;border-right-style: solid !important;border-top-style: solid !important;border-bottom-style: solid !important;border-color: #F7931A !important;}”][vc_column][vc_column_text css=”.vc_custom_1781603033868{border-top-width: 0px !important;border-right-width: 0px !important;border-bottom-width: 0px !important;border-left-width: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;border-left-style: solid !important;border-right-style: solid !important;border-top-style: solid !important;border-bottom-style: solid !important;border-color: #F7931A !important;}”]\n

          Politicians are facing a classification problem<\/h2>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text css=””]\n

          The real challenge isn’t coming up with a new tax.<\/p>\n

          The challenge lies in finding a meaningful way to classify the various cryptocurrencies.<\/p>\n

          Should Bitcoin be treated the same as gold for tax purposes?<\/p>\n

          Should a stablecoin be treated like a foreign currency?<\/p>\n

          Should a tokenized share be treated differently from a traditional share?<\/p>\n

          Should a utility token be treated like a voucher?<\/p>\n

          And how will we handle new categories that don’t even exist yet?<\/p>\n

          The closer you look, the harder it is to find a one-size-fits-all solution.<\/p>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row css=”.vc_custom_1738314649405{border-top-width: 3px !important;border-right-width: 3px !important;border-bottom-width: 3px !important;border-left-width: 3px !important;padding-top: 10px !important;padding-bottom: 10px !important;border-left-style: solid !important;border-right-style: solid !important;border-top-style: solid !important;border-bottom-style: solid !important;border-color: #F7931A !important;}”][vc_column][vc_column_text css=”.vc_custom_1781603060809{border-top-width: 0px !important;border-right-width: 0px !important;border-bottom-width: 0px !important;border-left-width: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;border-left-style: solid !important;border-right-style: solid !important;border-top-style: solid !important;border-bottom-style: solid !important;border-color: #F7931A !important;}”]\n

          The current system already solves this problem<\/h2>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text css=””]\n

          The current tax treatment of cryptocurrencies is part of the existing framework of German tax law.<\/p>\n

          Cryptocurrencies are generally treated in the same way as other assets, to which the provisions of Section 23 of the German Income Tax Act (EStG) also apply.<\/p>\n

          This includes, for example:<\/p>\n[\/vc_column_text][vc_column_text css=”.vc_custom_1781603084371{margin-left: 50px !important;}”]\n

            \n
          • Gold<\/li>\n
          • Precious metals<\/li>\n
          • Foreign currencies<\/li>\n
          • Works of art<\/li>\n
          • Classic car<\/li>\n
          • Collectibles<\/li>\n<\/ul>\n[\/vc_column_text][vc_column_text css=””]\n

            The standard one-year holding period applies to these assets.<\/p>\n

            This arrangement has proven to be workable over many years and provides a legally sound framework for a wide variety of assets.<\/p>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row css=”.vc_custom_1738314649405{border-top-width: 3px !important;border-right-width: 3px !important;border-bottom-width: 3px !important;border-left-width: 3px !important;padding-top: 10px !important;padding-bottom: 10px !important;border-left-style: solid !important;border-right-style: solid !important;border-top-style: solid !important;border-bottom-style: solid !important;border-color: #F7931A !important;}”][vc_column][vc_column_text css=”.vc_custom_1781603117758{border-top-width: 0px !important;border-right-width: 0px !important;border-bottom-width: 0px !important;border-left-width: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;border-left-style: solid !important;border-right-style: solid !important;border-top-style: solid !important;border-bottom-style: solid !important;border-color: #F7931A !important;}”]\n

            A special provision would create new problems<\/h2>\n

            <\/h2>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text css=””]\n

            Anyone wishing to tax cryptocurrencies differently in the future would first have to provide a convincing justification for why these assets, of all things, should be treated differently from gold, foreign currencies, or other economic assets.<\/p>\n

            At the same time, this would raise numerous new questions:<\/p>\n[\/vc_column_text][vc_column_text css=”.vc_custom_1781603144928{margin-left: 50px !important;}”]\n

              \n
            • Which cryptocurrencies are subject to the special rule?<\/li>\n
            • Who decides on the assignment?<\/li>\n
            • What happens if technical changes are made to a project?<\/li>\n
            • How are new token categories handled?<\/li>\n<\/ul>\n[\/vc_column_text][vc_column_text css=””]\n

              Rather than solving existing problems, a blanket special tax would create additional uncertainty.<\/p>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row css=”.vc_custom_1738314649405{border-top-width: 3px !important;border-right-width: 3px !important;border-bottom-width: 3px !important;border-left-width: 3px !important;padding-top: 10px !important;padding-bottom: 10px !important;border-left-style: solid !important;border-right-style: solid !important;border-top-style: solid !important;border-bottom-style: solid !important;border-color: #F7931A !important;}”][vc_column][vc_column_text css=”.vc_custom_1781603170030{border-top-width: 0px !important;border-right-width: 0px !important;border-bottom-width: 0px !important;border-left-width: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;border-left-style: solid !important;border-right-style: solid !important;border-top-style: solid !important;border-bottom-style: solid !important;border-color: #F7931A !important;}”]\n

              Why the status quo is compelling<\/h2>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text css=””]\n

              The sheer diversity of cryptocurrencies is a strong argument for maintaining the existing tax framework.<\/p>\n

              The current regulation:<\/p>\n[\/vc_column_text][vc_column_text css=”.vc_custom_1781603199321{margin-left: 50px !important;}”]\n

                \n
              • treats crypto assets consistently with other assets<\/li>\n
              • avoids complicated issues of demarcation<\/li>\n
              • ensures legal certainty<\/li>\n
              • reduces bureaucracy<\/li>\n
              • and provides a practical tax treatment for a wide variety of digital assets<\/li>\n<\/ul>\n[\/vc_column_text][vc_column_text css=””]\n

                Anyone wishing to change this well-established system must not only explain the economic consequences but also outline how the numerous new issues regarding classification and demarcation are to be resolved in the future.<\/p>\n

                So far, there have been no convincing answers to these questions.<\/p>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row css=”.vc_custom_1738314649405{border-top-width: 3px !important;border-right-width: 3px !important;border-bottom-width: 3px !important;border-left-width: 3px !important;padding-top: 10px !important;padding-bottom: 10px !important;border-left-style: solid !important;border-right-style: solid !important;border-top-style: solid !important;border-bottom-style: solid !important;border-color: #F7931A !important;}”][vc_column][vc_column_text css=”.vc_custom_1781603220277{border-top-width: 0px !important;border-right-width: 0px !important;border-bottom-width: 0px !important;border-left-width: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;border-left-style: solid !important;border-right-style: solid !important;border-top-style: solid !important;border-bottom-style: solid !important;border-color: #F7931A !important;}”]\n

                Conclusion<\/h2>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text css=””]\n

                The political debate about “cryptocurrencies” often falls short.<\/p>\n

                Bitcoin is not the same as a stablecoin. A stablecoin is not the same as a tokenized stock. And a tokenized stock is not the same as a memecoin. <\/p>\n

                The diversity of cryptocurrencies is precisely the strongest argument for maintaining the current tax system.<\/p>\n

                The one-year holding period has proven to be a workable solution. It places crypto assets within an existing legal framework, avoids new definitional issues, and treats digital assets in the same way as other economic assets such as gold, foreign currencies, art, or classic cars. <\/p>\n

                Anyone who wants to change the status quo should first be able to explain how the various cryptocurrencies should be classified in the future. Until then, there are good reasons to stick with the tried-and-true approach. <\/p>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_message message_box_color=”grey”]\n

                Note:<\/strong> This article was written by a member or author of the Bitcoin Bundesverband and reflects their personal opinion. It does not necessarily represent the official position of the Bitcoin Bundesverband. <\/p>\n[\/vc_message][\/vc_column][\/vc_row]\n<\/div>","protected":false},"excerpt":{"rendered":"

                [vc_row][vc_column][vc_empty_space][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text css=”.vc_custom_1781602703174{margin-top: -50px !important;padding-top: 30px !important;padding-bottom: 30px !important;background-color: #F7931A !important;}”] Not all cryptocurrencies are the […]<\/p>\n","protected":false},"author":3,"featured_media":4035,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"footnotes":""},"categories":[10],"tags":[],"class_list":["post-4030","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/bitcoin-bundesverband.de\/en\/wp-json\/wp\/v2\/posts\/4030","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoin-bundesverband.de\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoin-bundesverband.de\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoin-bundesverband.de\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoin-bundesverband.de\/en\/wp-json\/wp\/v2\/comments?post=4030"}],"version-history":[{"count":5,"href":"https:\/\/bitcoin-bundesverband.de\/en\/wp-json\/wp\/v2\/posts\/4030\/revisions"}],"predecessor-version":[{"id":4041,"href":"https:\/\/bitcoin-bundesverband.de\/en\/wp-json\/wp\/v2\/posts\/4030\/revisions\/4041"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoin-bundesverband.de\/en\/wp-json\/wp\/v2\/media\/4035"}],"wp:attachment":[{"href":"https:\/\/bitcoin-bundesverband.de\/en\/wp-json\/wp\/v2\/media?parent=4030"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoin-bundesverband.de\/en\/wp-json\/wp\/v2\/categories?post=4030"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoin-bundesverband.de\/en\/wp-json\/wp\/v2\/tags?post=4030"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}