Hello everybody!
France has significantly reduced taxes on profits from transactions with Bitcoin and other cryptocurrencies.
According to a report by Le Monde profits from transactions with crypto currencies should not be taxed as before along with the income. This is said to have resulted in investors having to pay up to 45% tax on their profits.
In the future, cryptocurrencies should be considered movable property. This should lead to a flat-rate taxation of 19%. However, depending on the nature of the transaction, it may be possible that other tax-laws are applicable in the future. This should in turn then be reflected in the level of taxation.
Given France's political relevance and economic power, this could lead to an increased willingness to invest in cryptocurrencies.
Have a relaxing weekend!
Your JP