Cryptocurrency significant tax cut by France

[Pamela1966]

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 simulative effects of the tax cuts come as France changed the classification of ‎bitcoin 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 may become less stringent ahead.   https://www.financemagnates.com/cryptocurrency/news/france-outlines-significant-tax-cut-cryptocurrency/.
Hoping very very soon other big economies of the world would follow this trend

[Puroc]

Considering fact, tax implementation should also consider the range of someone's income on cryptocurrency, like who earn 1000 usd a month will be exempted, 1000 usd to 10000 usd will subjected to regular tax, but 100000usd per month will be subjected to extra tax, as the regular law implies with someone's income!

[JariKriting]

i think is very good if crypto curency user in france is already about tax
this mean in there(france) crypto curency already regulate

[Tactical Genius]

The point is that alot of economies are very critical when it comes to handling issues on cryptocurrencies so that they dont end up suffering dire consequencies.That's why the French are taking this kind of stance which renews further commitment to help mass adoption of the blockchain technology.In my home country,they are currently weighing streamlining of cryptocurrencies in the financial sector.

[Ozero]

This is another good news, allowing you to grow in price crypto currency. Reducing the income tax a crypto currency in France from 45 to 19 percent is very lively there the local market and will promote the spread of the crypto currency in this country. In Russia, however, they plan to introduce a practically minimal profit tax on crypto currency in the amount of 13 percent. That would be pretty good. In general, the situation with the legalization of crypto-currencies around the world looks pretty good. So far, there are no insoluble problems.

[siddartha1492]

France is cutting crypto taxes and here in India, banks are closing accounts of crypto exchanges. No wonder, we always lack behind.

[CryptoAlphaStar]

France is definitely going pro-crypto. They took a liberal stance on ICOs and now reduce the taxes for cryptos. There seem to be quite a battle between European countries for attacting the crypto money in their ecosystem.

[bigcash2011]

That is great news, it just goes to show that crypto is slowly but surely accepted by the world, soon it will become mainstream asset, looks like European union will be the first region that will fully legalize the crypto business, i hope rest of the world will follow and legalise crypto in their countries.

[criptoman83]

I like to read such news, I hope soon i will read similar news about Russia. Regulation is necessary, it will help the cryptocurrency to develop freely, complicate the process of entering the ICO for scam projects, and won't allow the whales to manipulate the market so much by stuffing news when they want. That is, the market will be more free.

[asdlolciterquit]

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 simulative effects of the tax cuts come as France changed the classification of ‎bitcoin 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 may become less stringent ahead.   https://www.financemagnates.com/cryptocurrency/news/france-outlines-significant-tax-cut-cryptocurrency/.
Hoping very very soon other big economies of the world would follow this trend

first i need to understand one very important think. In france already people pay taxes on cryptocurrency? Is it possible?
Or this new tax reform is only about the future?
I was pretty sure that, at least in europe, nobody have paid taxes on cryptocurrency!

[richminded]

France is definitely going pro-crypto. They took a liberal stance on ICOs and now reduce the taxes for cryptos. There seem to be quite a battle between European countries for attacting the crypto money in their ecosystem.

This is a good news for everyone because I see this news will attract more investors to believe in the power of cryptocurrency. Well, we know that there's still a competition in those countries but those who will fully adopt cryptocurrency will surely go ahead in the future.

France is cutting crypto taxes and here in India, banks are closing accounts of crypto exchanges. No wonder, we always lack behind.

Don't worry for sure time will come and your country will finally adopt the system. For now, just relax yourself and keep on believe about cryptocurrency, not all country has made their final decision about cryptocurrency but let's hope for the better.

[Dinct]

%45 is too much man. If that is true no one will stay there. There are many other countries to take the cash out now worries. If you know the right way it is really easier than you think.

[shahani]

Many people agree about tax reform program on cryptocurrency business, although cryptocurrency is a decentralized business system but in the long process it will end into centralized business transactions when cryptocurrency converted into a real paper money, so decentralized digital cryptocurrency is normally connected into centralized transactions. And even we says that cryptocurrency is a decentralized business but we accept the fact that it will link into centralized transactions, that's why government can also monitor and form to collect taxes on cryptocurrency business, however when there was a tax implementation on cryptocurrency it will also develop the popularity and develop high trust from people and increase the number of member who want to access cryptocurrency.

[jakaKak]

Im am really surprised they decided to do that since it benefits crypto a lot but on the other hand, with such a low tax rate will, many people will decide to pay it and not risk the consequence if they get caught. Looks like governments starting to see a potential in crypto.

[LeroyBro]

France is definitely going pro-crypto. They took a liberal stance on ICOs and now reduce the taxes for cryptos. There seem to be quite a battle between European countries for attacting the crypto money in their ecosystem.

I think the EU is generally pro-crypto, and I think countries in Europe will be one of the first few countries who will start adapting crypto.

[noriksiayol]

Taxes in cryptocurrency is about the good contributions on the economic development on a certain country who force to collect taxes on crypto business. Hopefully government will form a full support on which the cryptocurrency business can freely operate with mass adoption to every banking institutions or can be acceptable to purchase any products on different business establishment, and in direct words cryptocurrency can be used as a medium of exchange.

[$Darkloard$]

At the moment, the proceeds from the sale of crypto-currencies are subject to taxes on "industrial and commercial revenues," and the profits from random transactions are classified as "non-commercial incomes."

[keycellko]

Well this is good news. Lowering down taxes for crypto is a start. We do hope they wont tax it anymore. But if its income generating then it has to be taxed. Then by all means, if it has low rate people will adopt it and not counter it. France is making a good exanple to the whole world. If all other government will make the same decision, people will accept it.

[Kryten12]

France seems to be taking a very proactive stance with cryptocurrency I would expect Germany will also follow closely behind and then the rest of the European countries in General. They still have some way to catch up with the likes of Switzerland and now Malta but all of these steps are moving acceptance forward.

[netadacadug]

https://www.financemagnates.com/cryptocurrency/news/france-outlines-significant-tax-cut-cryptocurrency

Wow if this happen in all country not only in france so nice, but sad to say only france people can benifits about this very low taxes in cryptocurrency, but no fair no gear still going on for the success