- At the turn of the year, the stream of new political announcements ended. The Volksbanks in the DACH region are now activating their new crypto functions.
- The first customers are gaining access to Bitcoin trading and savings plans, while the institutions are “arming” their reporting processes to the Federal Central Tax Office.
The industry is talking about a “soft rollout” that will last several weeks. Technical bottlenecks and increased support loads are already visible, but were expected.
Data transmission begins
The operational implementation of the Crypto Transparency Act begins in Germany: banks, brokers and custodians are transmitting structured inventory and transaction data to the Federal Central Tax Office in Bonn for the first time.
Austria and Switzerland have also initiated the transition into practice. The first DAC8 information letters are being sent to investors, and CARF-compatible data structures are being tested in Switzerland. For the first time, crypto derivatives are also included in the new exchange formats.
While retail processes are getting underway, international players are providing strong impetus: Tether confirms a further increase in its Bitcoin reserves, which is being followed closely in the institutional environment in the DACH region.
At the same time, security analyzes warn of persistently high risks in the Web3 sector. For companies with crosschain activities, the pressure to tighten audits and monitoring is increasing.
The combination of new regulation and institutional dynamics marks the beginning of a year that will be more than ever characterized by transparency, compliance and structured on-chain processes.
Additional tax revenue in Germany
According to KPMG, the new transparency results in significant new tax potential. It is assumed that private crypto profits were partly not declared at all and partly declared incorrectly. Staking and lending income was often not treated as taxable.
In addition, stablecoin transactions are systematically recorded for the first time through MiCAR and DAC8. Conservative estimates from the industry assume a mid-three-digit million amount per year, which will also flow into the coffers of the tax offices – €300 to €600 million per year.
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