France Outlines Significant Tax Cut for Cryptocurrency

The French government has announced a tax reform plan Thursday, which would reduce the tax ‎rates on revenues generated by cryptocurrency transactions, and cut the high-band rate from ‎‎45 percent to 19 percent.‎

The tax reform announced by the French Council of State may just be an opening ‎bid of a long path, but it delivers an aggressive cut that cryptocurrency enthusiasts ‎have been clamoring for.‎

After adding contributions to the social welfare system, the new rate goes up to nearly ‎‎35 percent, which is still a 25 percent reduction of the original fees, according to a report from French outlet Le Monde.‎‎

The stimulative effects of the tax cuts come as France changed the classification of ‎Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term and its ilk, which currently fall into the “moveable property” category, ‎meaning that it is subject the flat tax of 19 percent on capital gains. Before that, cryptocurrency gains ‎were considered “industrial and commercial profits” while occasional transactions ‎constituted as “non-commercial profits.”‎

Bitcoin was trading near the $9,500 mark on Friday following the news, as cryptocurrency ‎investors were optimistic that Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term may become less stringent ahead.‎

Earlier in January, France's Finance Minister Bruno Le Maire debated cryptocurrency and said Germany and France will jointly push for global regulation during the ‎‎summit of the G20 in Argentina.‎

At the time, Le Maire told reporters that authorities “will ‎have a joint Franco-German ‎analysis of the risks linked to ‎bitcoin, regulation proposals and these will be ‎submitted ‎as a joint proposal to our G20 counterparts at the G20 ‎summit in ‎Argentina in March.”‎