Crypto Regulation in Focus: Germany Excludes Bitcoin from Retirement Savings While SEC Scrutinizes Mining Services

Germany Plans Retirement Savings Depot Without Bitcoin

The German government is working on a reform of state-subsidized private retirement savings. The new retirement savings depot is set to replace the unpopular Riester pension starting January 1, 2027, and will enable citizens to invest in capital markets with state subsidies ^[1].

The draft approved by the Cabinet on December 17 still needs to pass through the Bundestag and Bundesrat. "Today we have launched the reform of private retirement savings and key points for the early-start pension. Our goal is: We want private retirement savings for all generations and all income levels," explained Federal Finance Minister Lars Klingbeil on December 17, 2025 ^[1].

Subsidies and Approved Investments

The retirement savings depot will be subsidized with up to 480 euros per year. For up to 1,200 euros, there will be a state subsidy of 30 percent, which is set to increase to 35 percent from 2029. In total, annual contributions of up to 1,800 euros will be subsidized, while up to 6,840 euros per year may be deposited ^[1].

Only selected actively managed funds, ETFs, and euro bonds are permitted. Funds and ETFs are only allowed up to risk class 5 ^[1].

Bitcoin Explicitly Excluded

It will not be possible to invest in Bitcoin or cryptocurrencies through the retirement savings depot – not even through exchange-traded products. In the EU, only crypto ETNs or ETCs are tradable, as the UCITS directive prohibits an ETF from consisting of only one asset ^[1].

Stock ETFs from crypto companies are also not permitted due to their high risk classification. Investments through shares of treasury companies like Strategy are also not possible, as individual stocks are generally excluded ^[1].

Even former Finance Minister Christian Lindner, who championed the idea of the retirement savings depot and advocated for Bitcoin during the election campaign, rejected crypto assets in his plan for the state-subsidized depot ^[1].

Sutor Bank Receives MiCA Approval

However, there are also positive developments for crypto service providers in Germany. Sutor Bank has received green light from BaFin for crypto trading orders under MiCA ^[2]. As a CRR credit institution, it does not require its own MiCA license; the bank merely needs to register the activity with BaFin ^[2].

With this approval, this service can also be extended to other EU countries. Sutor Bank has been active in the crypto market for years as a banking partner, providing infrastructure for accounts, payment transactions, and settlement. Connected providers include the European trading platform Bitvavo, among others ^[2].

SEC Classifies Mining Hosting Services as Securities

In the United States, the Securities and Exchange Commission (SEC) sued Bitcoin mining company VBit and its founder Danh Vo in a federal court in Delaware. The agency accuses them of fraud and misappropriation of approximately $48 million in investor funds between 2018 and 2022 ^[3].

"VBit's Hosting Agreements are investment contracts and therefore securities," the SEC argued. The agency claims that VBit's investment contracts meet the criteria of the securities-defining Howey Test ^[3].

The SEC stated that investors who purchased hosting agreements did so with the expectation of passive income and relied exclusively on VBit's efforts to generate a profit ^[3].

Mitchell Askew, Head of Blockware Intelligence, disagreed with this assessment in a statement to Cointelegraph: "Hosted Bitcoin mining simply means a customer purchases a computer and electricity. There is no pooling of capital, no profit sharing, and no reliance on a promoter to generate returns" ^[3]. He emphasized that the SEC's theory should not affect the hosted mining industry ^[3].