币界网报道：Germany has emerged as one of the most crypto-friendly nations in Europe, with clear regulatory frameworks supporting digital asset adoption. The German Banking Act (KWG) classifies cryptocurrencies as financial instruments, requiring exchanges and custodial services to obtain a license from BaFin, the country’s financial regulator. Institutional investors, including Spezialfonds (special funds), can now allocate up to 20% of their holdings in crypto assets. Meanwhile, private investors benefit from tax exemptions if they hold Bitcoin or other cryptocurrencies for over a year. Stablecoins and security tokens are also regulated under existing financial laws, ensuring compliance with EU-wide MiCA (Markets in Crypto-Assets) regulations. Despite progressive policies, authorities remain vigilant against money laundering, enforcing strict KYC/AML measures for crypto businesses. Germany’s balanced approach fosters innovation while prioritizing investor protection.