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Germany vs North Korea

Crypto regulation comparison

Germany

Germany

North Korea

North Korea

Legal
Banned

Germany has one of the most well-defined crypto regulatory environments in Europe. BaFin has regulated crypto custody as a financial service since 2020. Notably, crypto held for over one year by individuals is completely tax-free, making Germany one of the most favorable jurisdictions for long-term holders.

North Korea does not allow civilian cryptocurrency use. The regime has been accused by the UN and US of using state-sponsored hacking to steal cryptocurrency to fund weapons programs.

Tax Type Capital gains
Tax Type None
Tax Rate 0-45%
Tax Rate N/A
Exchanges Yes Yes
Exchanges No No
Mining Yes Yes
Mining No No
Regulator BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht)
Regulator Central Bank of North Korea
Stablecoin Rules Regulated under MiCA; BaFin already licensed crypto custody under existing German law since 2020
Stablecoin Rules Not applicable — crypto banned
Key Points
  • Crypto held for more than 1 year is completely tax-free for individuals
  • Short-term gains (under 1 year) taxed as income at up to 45% plus solidarity surcharge
  • Annual exemption of €1,000 for short-term crypto gains (since 2024, previously €600)
  • BaFin licenses crypto custody businesses under the KWG (German Banking Act) since January 2020
  • MiCA framework applicable from December 2024, complementing existing German regulation
Key Points
  • No civilian cryptocurrency use permitted
  • State-sponsored crypto theft alleged by UN and US
  • Lazarus Group linked to major crypto exchange hacks
  • International sanctions restrict all financial activities
  • Cryptocurrency used by state actors, not civilians