Spanish Bitcoin ATM Owners Are Not Following EUs AML Regulations

France is in the news this Friday for ‘a major advancement’, as seen by crypto traders and investors. According to a French online publication, the French Council of State has recently decided to change the classification of cryptocurrency capital gains – and halved the cryptocurrency income tax rate on the capital gains.

This will certainly incentivize citizens to invest in and take profits in the expanding market. The tax rate has been lowered from the original (high) of 45% – to a flat rate of 19%, according to the publication. The added generalized social contribution (GSC) that is present for most incomes in France will make the tax rate rise – but it will still fall under the 40% threshold.

According to many experts, this revision could not come at a better time for the crypto investors. In times when Bitcoin trading is breaking records and when the cryptocurrency sits above $9,000 – the French need to take advantage of the situation and see some gains.

Meanwhile, France’s highest court for administration which is the Council of State, classified the cryptocurrency profits as “moveable property” – making them subject to a lower tax rate than the previously rewritten rules that had been in place since 2014.

Before that, the cryptocurrency gains were identified as industrial, commercial or non-commercial profits. Under the prior classification system, the capital gains tax fell at the high end for residents in the highest tax bracket.

Currently, the “moveable property” makes cryptocurrency profits akin to assets that can be transported – attaching a more attractive 19% tax rate for transferring them.

Last year, France gave the green light to banks to start trading of unlisted securities using the blockchain technology.