Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Saturday, Apr 20, 2024

Is France about to relax its rules on cryptocurrencies?

Is France about to relax its rules on cryptocurrencies?

One young French politician is pushing to relax rules on taxing cryptos but others fear there are not enough investors to be worthwhile.

French lawmakers were discussing new laws on Wednesday to clarify the taxation of cryptocurrency assets such as Bitcoin.

Pierre Person, a 32-year-old deputy in the French National Assembly and a member of its law commission, has been the most vocal on the topic and despite being in favour of cryptos, has said there is an issue with taxation.

In September, Person tabled a series of amendments, which he said would “simplify the life of crypto-asset holders and strengthen the attractiveness of this sector in France”.

Person argued a flat tax rate of 30 per cent on digital assets would remove uncertainty over tax, which can cause people to relocate to other countries.


How are cryptos currently regulated in France?

In France, cryptocurrency is taxed in the same way that movable property is taxed. For occasional traders, there is a flat tax of 30 per cent. For crypto miners, there is a tax of 45 per cent and for professional traders there is a tax of 45 per cent.

Paying for goods and services through cryptocurrencies in France also leads to long procedural requirements as it creates a tax obligation.

Another of the suggested requirements put forward by Person is that there would be no tax on crypto payments if the sum does not exceed €3,000.


He has also made a request for French companies to be able to pay their employees and partners in digital assets, and wants to change rules that currently do not allow crypto-asset holders to claim capital losses on their returns.

Person urged in Wednesday that the amendments be made quickly

“Several billion is held by the French in crypto-assets. This money, which sleeps in ‘wallets’, could be reinjected into the real economy," he told parliament.

Why are French ministers against the amendments?


But the Minister of Public Action and Accounts, Olivier Dussopt, called for the provisions toapply from January 1, 2023, leaving the government time to “work out” the amendments.

Some fear that there are not enough crypto investors in Francef or the amendments to work.

“The 30 per cent tax on capital gains on disposal is not attractive enough, we must encourage the many investors to transform their crypto-assets into fiat money (government issued currency),” French politician Eric Woerth recently quoted as saying.

Newsletter

Related Articles

Hong Kong News
0:00
0:00
Close
It's always the people with the dirty hands pointing their fingers
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
'I am not your servant': IndiGo crew member, passenger get into row over airline meal
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
BMW driver…
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
×