France plans to simplify the cryptocurrencies tax regime

Monday 12 November 2018 10:27 CET | News

The National Assembly Finance Commission of France has announced plans to simplify the tax regime imposed on the French cryptocurrency market.

The purpose of the amendment is to establish a valuation on cryptocurrencies with few variations. Thus, the commission submitted a new amendment for the 2019 budget bill that would see capital gains taxes due to the sale of crypto assets being lowered to 30%.

At the moment, there are 3 models of tax transactions applicable to cryptocurrencies, which are based on the sales periodicity and are used depending on whether the operation is occasional, habitual or for cryptocurrency mining activities.

If passed, France will not be the first European country to tax cryptocurrency-related activities, as in June 2018, Spain announced that it would apply taxes to cryptocurrencies transactions and that any profit obtained from these activities should be declared in the Income Tax.

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Keywords: France, regulating Bitcoin, cryptocurrency, crypto trading, cryptocurrency exchanges
Countries: World