Cryptocurrency trading expands in Germany as Bunq introduces support for over 350 digital currencies.
In a significant move, European neobank Bunq has expanded its services in Germany, introducing Bunq Crypto for easy and MiCA-compliant cryptocurrency investment. This new service allows users to save, spend, and invest – including in crypto – all in one place.
According to an internal survey, 65% of Europeans express interest in such a platform. Bunq aims to simplify crypto investments, targeting a broad base of potential investors who desire a platform that combines banking, savings, and crypto investments.
The partnership with Kraken, an established crypto exchange, serves as a "Crypto-as-a-Service" platform. Kraken Embed, a proven infrastructure, is used for the technical implementation of Bunq Crypto. Kraken is one of the oldest and safest crypto exchanges worldwide and has recently obtained the MiCA license. This license ensures that the crypto offerings comply with the Markets in Crypto-Assets regulation (MiCA), thereby facilitating compliant crypto investment through Bunq.
With this integration, users in Germany can invest in cryptocurrencies through Bunq without needing to open separate accounts on third-party platforms. Kraken powers the security and regulatory compliance on the back end, ensuring a secure and regulation-compliant crypto investment experience.
Bunq also supports German users with tools to manage tax compliance related to crypto activities, aligning with local tax obligations enforced by German authorities like the Bundeszentralamt für Steuern (BZSt).
The new service includes an optional security feature called "Safety Shield" that holds withdrawal amounts for 24 hours to prevent impulsive sales or fraudulent transactions.
Trading fees for Bunq Crypto depend on the respective Bunq subscription, ranging from 0.25 percent for Elite to 1.99 percent per transaction for Free. The relatively high trading fees for the Free subscription compared to competitors is noteworthy.
Bunq remains a fully licensed bank with deposit protection of up to €100,000 per customer. The neobank is working on regulatory approvals for the British and US markets, including a broker-dealer license in the United States. Bunq aims to roll out Bunq Crypto within the European Economic Area by the end of 2025.
With the launch of Bunq Crypto in Germany, Bunq continues to push the boundaries of digital banking, offering a comprehensive financial solution that caters to the evolving needs of its customers.
[1] Source: Bunq Press Release [2] Source: German Federal Central Tax Office (BZSt) Guidelines for Cryptocurrency Taxation
The finance business sector recognizes Bunq's innovative move to offer MiCA-compliant cryptocurrency investment services, enabling users to manage their savings, spending, and crypto investments in one platform. With the technology provided by Kraken, Bunq ensures secure and regulation-compliant crypto transactions, facilitating an easier entry into the crypto world for German users.
