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Germany Loves Cryptos but Not DeFi.

Germany and crypto

According to Gemini’s 2022 Global State of Crypto report, 53% of Germans admit to being “crypto curious,” while 43% of high-income Germans own crypto assets.

Additionally, roughly 17% of all Germans own cryptocurrency. Germany’s 46% female crypto adoption rate is also one of the highest in the world.

Germany’s central bank is also open to crypto-assets and CBDCs; however, it is reluctant to deploy anything before sound regulations.

Currently, cryptocurrencies are not considered legal tender in Germany. All crypto businesses must acquire authorization from Germany’s Federal Financial Supervisory Authority (BaFin).

In June 2021, BaFin issued the first crypto custody business license for Coinbase.

The regulator said due to lack of precedent it would be forming an interdisciplinary, cross-departmental team to handle all crypto-related issues.

What Is Decentralized Finance

Decentralized finance (DeFi) is an emerging financial technology based on secure distributed ledgers similar to those used by cryptocurrencies.

The system removes the control, banks and institutions have on money, financial products, and financial services.

Are Germans open to crypto

Breaking down cryptocurrency ownership by income, ownership levels are significantly higher among the wealthy.

67% of the surveyed Germans have an annual income of over €800,000, 44% of them between €200,000 to €800,000, which is at least twice that of other income groups.

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