You can trade crypto options in Germany, but only through a provider with a MiFID licence and only after passing an appropriateness assessment. Since October 26, 2026, Kraken Pro is one of them: the exchange has opened European-style options on bitcoin and ether to clients in the European Economic Area. What this means for access, settlement and tax had not yet been brought together in German anywhere. This article fills that gap.

Two points matter before going into detail. First, an option is not a coin. You are not buying bitcoin; you are buying a right to a cash amount derived from the bitcoin price. Second, buyers of an option can lose their entire stake, and sellers, according to Kraken’s own risk disclosure, can lose considerably…