Have you ever heard of KuCoin? Well, it is a renowned crypto exchange platform. In a recent report that the latter prepared, statistics showed that 44% of the German people are, and we quote, “motivated to invest in cryptocurrencies to be a part of the future of finance”. Also in Germany, around 37% of the people have been already in the crypto world for more than a year, or approximately since it first got hyped. That’s not it. The report also states that 69% are men while 53% are women.

According to the CEO of KuCoin, Johnny Lyu, cryptocurrencies are here to stay. He says, and we quote, “Cryptocurrencies are very popular among the supporters of the accumulation strategy, especially among the younger generation. They prefer to save for retirement on their own and diversify their savings through the use of cryptocurrencies."

However, there are some challenges!

Even though the crypto world is intensely spreading in Germany, the country still hasn’t set any rules or regulations to govern the transactions and the industry as a whole. What needs to be taken into consideration as well is the fact that Germany has been seen as one of the first countries to every believe in Bitcoin as a “unit of value”. Still, regulating cryptocurrencies hasn’t succeeded yet.

On the bright side!

This, however, did not stop the Germans. Discussions have been and still are taking place in the parliament related to developing a blockchain strategy. The managing director of F5 Crypto, Florian Döhnert-Breyer, says, and we quote, “Germany is a role model for other EU countries, whose populations are generally more open to long-term investments. As the largest country in the EU with a notoriously risk-averse view of financial assets, Germany has a special role to play. The high number of women interested in crypto is particularly encouraging, as this target group is on average less active in the financial market (e.g. stock market).” Interesting, right?

Moreover, BaFin, or the Federal Financial Supervisory Authority for Germany, whose responsibility lies within regulating cryptocurrencies, has never caveated anyone about the risks. On the contrary, they recently allowed neobank N26 to debut crypto trading! Döhnert-Breyer adds, and says that he is “confident that Germany will continue to pursue crypto-friendly legislation”.

Lyu wraps it up!

The CEO of KuCoin says his final words, and we quote, “Last year, Germany took the first official step towards accepting crypto investments by approving special funds for investing in digital assets. I think the country has established a good bedrock to create a favorable climate for crypto users.”

This is crazy!