Taxation Won’t Be Eased For Crypto Owners In France

The French parliament has officially rejected the amendments to the 2019 finance bill that were supposed to ease the taxes for crypto owners. In today’s crypto news we discuss this decision further.

The lower house of the French parliament rejected the amendments that referred to a draft for the government finance bill for 2019.

According to local news outlet Bitcoin.fr, the Parliament rejected approximately four proposals. One of the proposals referred to the introduction of the distinction between regular crypto transactions and occasional ones.

Another amendment proposed an increase in the annual volume of transactions that actually falls under tax exemption from 305 Euro to 3,000 Euro.
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Also, a proposal to follow guidelines for securities was denied as well.

Back in November, a reduction of the crypto income tax from 36 to 30 percent was proposed but its status remains unclear.

Alexandre Stachtchenko, the head of French blockchain association, told Capital that this government move doesn’t provide legal certainty for all of the crypto traders in the country. He also believes that with this current legislation, many traders and investors will not report their incomes.

Emmanuel Macron, the French President, said that he really likes for France to achieve a ‘’blockchain revolution.’’

The political deputies offered to spend about 500 million Euros on blockchain deployment in a period of three years and be compliant with the course created by le Maire. However, the current attitude towards cryptocurrencies is still pretty ambiguous.

The French Central Bank even refused to implement a plan that allows for hundreds of kiosks to sell bitcoin from January 2019.