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Three compliance paths and tax considerations for German investors to buy Shiba Inu

For German investors who want to buy Shiba Inu (SHIB) through a bank or brokerage general brokerage account like buying and selling stocks, there is currently no mature and available product on the market. In Europe, the only listed Shiba Inu exchange-traded certificate (ETC) is listed in Stockholm and settled in Swedish krona; funds allowed to hold SHIB in the United States still hold other assets; and Japan's regulatory approval only applies to Japanese clients. Therefore, the current feasible path for German investors is to purchase directly through an exchange holding a MiCA license and keep the private key for themselves. This is not an insignificant detail, as the entire tax framework depends on this critical decision.

Market Overview: Price and Market Cap

As of Saturday afternoon, October 3, the trading price of SHIB was US$0.00000572 (approximately 0.0000509 euros), down 2.8% in 24 hours. The trading range for the day was US$0.0000553 to US$0.0000589, with a market value of approximately US$3.37 billion, ranking 35th, and the number of tokens in circulation was 589.24 trillion. Compared with the all-time high of US$0.00008616 set on October 27, 2021, the current price has dropped by 93.4%. Data comes from CoinGecko.

Three major regulatory access points: Europe, the United States and Japan

This article aims to sort out recent project dynamics rather than analyze price fluctuations. Mazrael, a senior member of the Shiba Inu community, summarized three key points at the moment in early September: tradable exchange-traded products (ETP) in Europe, approved funds to hold SHIBs in the United States, and regulated spot market access channels in Japan. His view is: "There is no ETF yet, but it is going well." Although this is the perspective of the participants, these three facts can be verified and deserve in-depth review.

European Path: The only SHIB certificate

This product in Europe is called Valour Shiba Inu SEK and will be available on the Spotlight Stock Market in Stockholm from August 27, 2025. It tracks the price of SHIB, which, according to the issuer, is entirely backed by the corresponding digital assets and stored in the cold wallets of licensed custodians such as Copper. The latest net value per unit is SEK 5.53, and the size of assets under management is approximately US$89,847.

Liquidity risk: Assets under management of less than US$90,000 are very small for exchange-traded products and even smaller than some individual orders on a crypto exchange. This means light trading and wide bid-ask spreads. Before choosing this route, investors should compare the spread in the order book with the spread on a regulated crypto exchange.

Transaction details: 该产品的ISIN代码为CH1108681524，交易代码为1VBS。它可通过Nordic地区的券商交易，面向瑞典、芬兰、挪威和丹麦的投资者。虽然发行方在欧洲多个交易场所运营超过85种ETP，但该SHIB产品仅在斯德哥尔摩交易。对德国投资者而言，这意味着需要寻找能访问Spotlight市场的券商，承担外汇转换费用，并承受克朗兑欧元的汇率风险。

成本结构：Valour对该系列产品收取每年1.9%的管理费。该费用不从账户单独扣除，而是持续从持仓中计提，导致证书表现落后于底层资产。如果SHIB价格在一年内保持不变，证书价值将下降约1.9%。相比之下，比特币等大型产品的费率通常在0.2%至1.5%之间，而Dogecoin ETP的费率为2.5%。对于长期持有者而言，直接持有代币通常成本更低，只需承担一次性交易费和密钥管理的精力成本。

美国路径：潜在ETF的筹备

美国目前尚未推出专门的Shiba Inu现货ETF。然而，T. Rowe Price已获美国证券监管机构批准，其NYSE Arca上的TKNZ产品可在未来持有SHIB。该基金为主动管理型，持有5至15种资产。根据2026年7月的招股说明书，基金允许持有18种加密货币，其中包括SHIB。目前持有的八种资产为：比特币、以太坊、BNB、Solana、XRP、Chainlink、Dogecoin和Cardano。

The difference between "may hold" and "actually hold": The references in the prospectus only represent options and do not generate actual demand. This approval will not be meaningful until the funds actually flow in. For German investors, such situations are mostly indirect concerns, as many U.S. funds with crypto exposure are not licensed for public distribution in Germany and many German custodian banks block purchases due to the lack of key information documents required by European law.

Japan Path: Regulated Spot Market

The third piece of the puzzle is located in Japan. Laser Digital Japan completed its registration as a crypto service provider under Japan's Payment Services Law in August 2026 and listed SHIB as one of six tradable assets. The bill requires crypto exchanges to obtain licenses and keep customer assets in isolation. In addition, Coinbase has launched crypto futures trading in Canada with 23 contracts including SHIB. Although these two developments do not directly affect German investors, they have changed the position of memecoin in the regulatory landscape, which in turn affects issuers 'decisions to launch new products in Europe.

Securities packaging vs. own wallets: Two legal frameworks

When purchasing a SHIB, investors face two main options: buy the tokens directly and keep them on their own, or hold the certificate through a brokerage account.

Buy directly (own wallet):Investors receive the token itself and can transfer it to their personal wallet. All resulting custody risks (such as loss of mnemonics, phishing or damage to equipment) are borne solely by the investor. The advantage is that there is no issuer default risk and no ongoing management fees.

Certificate holding (brokerage account): Tokens are held by the issuer's custodian, and investors hold claims against the issuer. Custody risk is transferred to the issuer, which increases the issuer's credit risk. The advantage is that no management key is required, positions appear on familiar account statements, and losses can be offset against securities loss reserves.

Current situation of the German market: With the European Union Cryptographic Asset Markets Regulation (MiCA) fully in effect in Germany, only licensed providers can commercially provide crypto asset trading and custody services. Investors need to confirm whether the provider has a MiCA license or BaFin approved premises and check whether it is allowed to withdraw coins to external addresses. If withdrawal is not possible, so-called "direct purchase" is economically closer to a certificate than a token.

Tax impact: Holding period and end of 2026 deadline

Which path is chosen will directly affect Germany's tax burden.

Directly held crypto assets: Article 23 of the German Income Tax Act applies and is regarded as a private disposal transaction. If held for more than one year, the income is exempt from tax. If sold within one year, the personal income tax rate applies, but there is a tax exemption of € 1,000 per calendar year. Note: Once it exceeds € 1,000, all proceeds will be subject to tax, not just the excess.

Certificates in brokerage accounts: Earnings are usually regarded as investment income subject to a 25% withholding tax plus solidarity surcharge and possible church taxes. There is no tax-free holding period for such earnings and only a savings tax exemption of € 1,000 applies. There is no final conclusion on whether physically supported bearer debt securities (such as the Xetra-Gold case) can be compared to cryptographic certificates, and it is recommended to consult a tax consultant before purchasing.

Deadline of December 31, 2026: According to the German draft law of October 2, 2026, December 31 is a key date for distinguishing old and new positions, which involves the allocation of acquisition costs. All investors holding SHIBs must fully record the acquisition date and acquisition cost of each transaction before this date, as missing records are difficult to reconstruct subsequently. Even transfers between owned addresses (not counted as sales and leaving the holding period unchanged) may disrupt the document chain because the exchange only records them as transfers.

Technical Background: Shibarium Pledge Suspension

Shibarium作为其二层链仍在运行，但验证者质押自2026年4月17日起已关闭。截至10月1日，已暂停167天，本周六达到169天。在此期间，委托BONE代币的用户无法获得奖励。这表明，受监管的接入渠道改善了代币的可触达性，但并不反映背后网络的状态。投资者应将两者分开看待，以免在产品公告未引发价格反应时感到失望，反之亦然，质押模块的停滞并不使批准成为坏消息，只是暂时无法推动价格上涨。

行动指南：您的下一步

1. 检查交易场所：在寻找ISIN之前，先查看您的账户是否支持斯德哥尔摩Spotlight市场。如果不支持，通过经纪账户购买的路径即行不通。
2. 测试提款功能：在进行大额交易前，测试提供商是否支持将SHIB提取到外部地址，并发送小额资金进行测试。确保护照提款功能的持牌提供商是关键。
3. 备份获取数据：在年底前，导出每笔SHIB交易的日期、数量和获取成本，并将其存储在交易所之外。这是计算持有期和应对12月31日截止日的基础。

（截至2026年10月3日。本文不构成投资建议。价格和费用结构可能会发生变化，购买前请向提供商核实条款。）