The German Bundestag has rejected a proposal to increase taxes on cryptocurrencies.

CoinFeed reported on May 22 that, according to Cryptopolitan, the German Bundestag's Finance Committee rejected a Green Party proposal to increase taxes on cryptocurrencies. The proposal aimed to eliminate the tax exemption for selling cryptocurrencies held for more than a year. Currently, German law exempts capital gains tax on the sale of cryptocurrencies held for more than a year. The Green Party argued that this provision was unreasonable and that crypto assets should be treated the same as other investments. However, critics pointed out that the proposal would place a higher tax burden on crypto investors than on ordinary stock investors. The CDU/CSU in the ruling coalition argued that the proposal did not close loopholes but could create new ones. The SPD hopes to await its own proposal from the Finance Minister. The Green Party estimates that eliminating the tax exemption would generate approximately €11.4 billion in additional tax revenue annually.