Exchange cryptocurrency for goods and, for tax purposes, you have disposed of that cryptocurrency. If more than twelve months passed between buying and swapping, the transaction is normally free of income tax in Germany. Below that, a taxable gain can arise — even though not a single euro ever touches a bank account.
In Germany, cryptocurrencies count as other economic assets. Sell them, swap them or use them as payment and you have carried out a private disposal within the meaning of §23 EStG. The Federal Fiscal Court confirmed this classification in 2023.
The key point: a swap is not a neutral event for tax. You give up one asset and receive another. Whether euros change hands is irrelevant. The transaction is treated as if you had sold the cryptocurrency at market value and bought gold with the proceeds.
The practical consequence: even if your bank account is untouched, a tax liability can arise. Conversely, the transaction is entirely tax-free once the holding period is met — and you then usually do not even have to declare it.
§23 EStG sets a one-year speculation period for private disposals. If you held the coins you spent for more than twelve months, the gain remains entirely tax-free — however large it is.
Within the period the gain is taxable, but an exemption limit applies: if all private disposal gains in a calendar year together stay under €1,000, no tax is due. Cross the limit and the entire amount is taxable, not just the excess.
The sale price is the market value of what you received — that is, the euro invoice amount of your gold order. From this you deduct the acquisition cost of the coins you spent, plus direct incidental costs such as network fees.
Where you have bought the same coin several times, allocation matters. The tax authorities accept the FIFO method (units bought first count as sold first) provided it is applied consistently. If you document wallet by wallet, you can allocate specific holdings deliberately.
On delivery, a fresh calculation begins for the gold. Investment gold is exempt from VAT under §25c UStG, which is why no VAT appears on your invoice. That does not apply to silver — there the full 19 percent has applied since 2025.
If you later sell the gold, §23 EStG applies again: after a twelve-month holding period the gain is tax-free. The acquisition date is the day you acquired it, and the acquisition value is the invoice amount.
We issue an invoice for every order showing the euro amount, the date and the cryptocurrency used. That gives you documented proof of the sale price the tax office wants to see.
The purchase itself triggers no tax on the gold, because investment gold is exempt from VAT under §25c UStG. What matters for tax is handing over the cryptocurrency: that counts as a disposal. After a twelve-month holding period the transaction is tax-free under §23 EStG; below that, a taxable gain can arise.
Since 2024, private disposals have carried an exemption limit of €1,000 per calendar year. If all gains together stay below it, no tax is due. Reach or exceed the limit and the entire gain is taxable.
Once the one-year period is met, no entry is normally required. If the swap falls within the period and the gain, together with other private disposal gains, exceeds the exemption limit, it belongs in Annex SO.
Yes. Every exchange of one cryptocurrency for another counts as a disposal of the one given up and an acquisition of the one received. A fresh holding period then starts for the stablecoin.
This article reflects the legal position as at July 2026 for private individuals with unlimited tax liability in Germany. It is general information and not tax advice. Before going live, this article will be reviewed and signed off by a tax adviser.